Submits Recalculated Initial Offer of $4.75 Based on Board's Value Destructive Actions Nominated Two Independent Candidates to Restore Oversight and Protect Shareholders Urges Shareholders to Vote FOR Lynx1's Independent Nominees on the BLUE Card

基於董事會的價值破壞行為，重新提交初始報價 4.75 美元 提名兩名獨立候選人以恢復監督並保護股東 敦促股東在藍色卡片上投票支持 Lynx1 的獨立提名人

, /PRNewswire/ -- Lynx1 Master Fund LP (together with its affiliates, "Lynx1"), the beneficial owner of 875,328 shares of common stock, par value $0.00001 per share ("Common Stock"), of Neuphoria Therapeutics Inc., a Delaware corporation ("Neuphoria" or the "Company"), today sent an open letter to the shareholders of Neuphoria.

, /PRNewswire/ -- Lynx1 Master Fund LP（連同其附屬公司，"Lynx1"），是 Neuphoria Therapeutics Inc.（一家特拉華州公司，"Neuphoria"或"公司"）875,328 股普通股（面值 0.00001 美元每股，"普通股"）的實益擁有者，今天向 Neuphoria 的股東發送了一封公開信。

In its letter, Lynx1, an investor in Neuphoria since January 2023, details why it is calling for change at Neuphoria. Lynx1 notes that the Company's board of directors (the "Board") has demonstrated a pattern of mismanagement that has led to clinical failures and an opaque review of strategic alternatives.

在信中，Lynx1 自 2023 年 1 月以來一直是 Neuphoria 的投資者，詳細説明了其為何呼籲 Neuphoria 進行變革。Lynx1 指出，公司董事會（"董事會"）表現出管理不善的模式，導致臨牀失敗和對戰略選擇的模糊審查。

As part of its engagement, Lynx1 submitted an initial offer to acquire the Company or a select asset, which it subsequently withdrew due to the Board's intervening actions. Lynx1 today resubmitted its offer to acquire all of the outstanding shares of the Company, for $4.75 per share in cash. This updated proposal preserves the economics of Lynx1's initial offer, as adjusted for share issuances since October 27, 2025, the Company's more recent cash balance figure (as projected by us, based on the Company's public filings subsequent to our initial offer) and the Company's continued spending in defense of its proxy contest with us. The revised price represents a 16% premium to Neuphoria's closing stock price on November 7, 2025 (the last full trading day prior to the submission and public disclosure of our initial offer). While this reflects a meaningful premium, it is reduced from the original 27% premium due to the entrenchment actions taken by the Board following our initial offer.

作為其參與的一部分，Lynx1 提交了收購公司或特定資產的初始報價，但由於董事會的干預行為而隨後撤回。Lynx1 今天重新提交了收購公司所有流通股的報價，現金每股 4.75 美元。此更新提案保留了 Lynx1 初始報價的經濟條件，經過調整以考慮自2025年10月27日以來的股份發行、公司最近的現金餘額（根據我們基於公司在初始報價後公開文件的預測）以及公司在與我們進行代理爭奪戰中的持續支出。修訂後的價格相較於2025年11月7日（我們初始報價提交和公開披露前的最後一個完整交易日）Neuphoria 的收盤股價有 16% 的溢價。雖然這反映了一個有意義的溢價，但由於董事會在我們初始報價後採取的鞏固行動，溢價從原來的 27% 減少。

Lynx1 said it plans to continue attempting to engage with Neuphoria and hopes that there are directors currently on the Board who are willing to look past entrenched interests and focus instead on what is best for Neuphoria and its shareholders.

Lynx1 表示，計劃繼續嘗試與 Neuphoria 進行接觸，並希望董事會中有願意超越既得利益、專注於 Neuphoria 及其股東最佳利益的董事。

The full text of the letter follows:

信的全文如下：

***

December 2, 2025

2025年12月2日

Dear Fellow Neuphoria Shareholders,

親愛的 Neuphoria 股東，

Lynx1 Master Fund LP (together with its affiliates, "Lynx1" or "we") is currently the largest shareholder of Neuphoria Therapeutics Inc. ("Neuphoria" or the "Company"), owning approximately 16.3% of the Company's outstanding shares (based on the Company's shares outstanding as of November 14, 2025). We have been significant investors in Neuphoria (and its predecessor) because we believe that its assets have real potential to help patients and create long-term value. We are writing this open letter to all Neuphoria shareholders because Neuphoria is at a critical inflection point. The problem is not the Company's assets—the problem is a failure of judgment, execution and oversight by the Company's board of directors (the "Board").

Lynx1 Master Fund LP（連同其附屬公司，"Lynx1"或"我們"）目前是 Neuphoria Therapeutics Inc.（"Neuphoria"或"公司"）的最大股東，擁有公司約 16.3% 的流通股（基於2025年11月14日的公司流通股）。我們一直是 Neuphoria（及其前身）的重要投資者，因為我們相信其資產具有真正幫助患者和創造長期價值的潛力。我們寫這封公開信給所有 Neuphoria 股東，因為 Neuphoria 正處於一個關鍵的轉折點。問題不在於公司的資產——問題在於公司董事會（"董事會"）的判斷、執行和監督的失敗。

Over the last several months, the Board's decisions have destroyed shareholder value and confidence, dramatically diluted existing owners and raised serious questions about independence and process. For these reasons, we have nominated two highly qualified director candidates independent from both the Company and Lynx1—Dr. Stephen Doberstein, Ph.D. and Kimberly Smith—for election to the Board at the Company's 2025 annual meeting of shareholders (the "2025 Annual Meeting"). We believe having truly independent directors on the Board is the only way to restore accountability, stabilize Neuphoria's capital structure and maximize value amid the Company's ongoing strategic review.

在過去幾個月中，董事會的決策摧毀了股東價值和信心，嚴重稀釋了現有股東的權益，並對獨立性和程序提出了嚴重質疑。基於這些原因，我們提名了兩名與公司和 Lynx1 完全獨立的高素質董事候選人——Stephen Doberstein 博士和 Kimberly Smith——在公司 2025 年年度股東大會（"2025 年度大會"）上選舉進入董事會。我們認為，董事會中擁有真正獨立的董事是恢復問責制、穩定 Neuphoria 資本結構並在公司持續的戰略審查中最大化價值的唯一途徑。

How We Got Here

我們是如何走到這一步的

The Company has promising assets, but a lack of urgency and planning has badly damaged its credibility and shareholder confidence.

公司擁有有前景的資產，但缺乏緊迫感和規劃嚴重損害了其信譽和股東信心。

Over the past three years, the Company has delivered a staggering -95.7% total shareholder return, while relevant indices, such as the Russell Microcap and Russell 3000, posted gains of +49.9% and +83.1%, respectively. We reference these indices for transparency, but the comparative indices or peer set is irrelevant – there is no reasonable set of peers or index that would perform similarly to the destruction of 95.7% of the value of the Company.

在過去三年中，公司交付了驚人的-95.7% 的總股東回報，而相關指數，如 Russell Microcap 和 Russell 3000，分別上漲了 +49.9% 和 +83.1%。我們提及這些指數是為了透明，但比較指數或同行組並不相關——沒有合理的同行或指數能夠與公司 95.7% 價值的毀滅 相提並論。

In July 2024, Neuphoria's predecessor, Bionomics Limited, announced the initiation of its AFFIRM-1 Phase 3 clinical trial of BNC210 for the acute treatment of social anxiety disorder ("SAD"). The Company's PREVAIL Phase 2 clinical trial of BNC210 for the acute treatment of SAD had missed its primary endpoint in December 2022. However, the Company chose to proceed with a trial design—measuring self-reported anxiety levels during a public speaking task at a low dose—that would have little chance of success in the subsequent AFFIRM-1 Phase 3 trial. As a result of these decisions, despite our belief in the assets and the science of the Company, we reduced our ownership in Neuphoria due to a lack of confidence in the viability of these trials.

2024 年 7 月，Neuphoria 的前身 Bionomics Limited 宣佈啓動其 BNC210 用於社交焦慮症（"SAD"）的 AFFIRM-1 三期臨牀試驗。公司的 BNC210 用於 SAD 的 PREVAIL 二期臨牀試驗在 2022 年 12 月未能達到其主要終點。然而，公司選擇繼續進行一種試驗設計——在低劑量下測量公眾演講任務中的自我報告焦慮水平——這在隨後的 AFFIRM-1 三期試驗中幾乎沒有成功的機會。由於這些決策，儘管我們對公司的資產和科學持有信心，但由於對這些試驗的可行性缺乏信心，我們減少了在 Neuphoria 的持股。

Unsurprisingly, on October 20, 2025, the Company announced that the AFFIRM-1 Phase 3 trial failed to meet its primary endpoint and did not achieve statistical significance on its secondary endpoints. At the same time, the Company announced it would discontinue the SAD program and commence a strategic review of its portfolio and business operations. Despite the outcome of the trial, our confidence in the assets remains strong.

不出所料，2025年10月20日，公司宣佈 AFFIRM-1 三期試驗未能達到其主要終點，並且在其次要終點上未達到統計顯著性。同時，公司宣佈將停止 SAD 項目，並開始對其投資組合和業務運營進行戰略審查。儘管試驗結果不佳，我們對資產的信心依然強烈。

The initial reaction by the Company, to initiate a strategic review, seemed sensible. However, the Company's subsequent actions did not align with the announcement. Despite multiple good-faith outreach efforts by Lynx1 to engage with the Board beginning as early as January 2025, the Board has consistently refused to engage with us. Initially, management inaccurately asserted that it could not sell to Lynx1 or any other party a royalty asset that Lynx1 had expressed an interest in purchasing. Later, the Company delivered an off-market non-disclosure agreement to Lynx1 as a condition to allowing Lynx1 to participate in the Company's potential M&A process, but this agreement would have forced Lynx1 to withdraw its proxy contest and sit on the sidelines for two years.

公司的初步反應，啓動戰略審查，似乎是明智的。然而，公司的後續行動與公告並不一致。儘管 Lynx1 自 2025 年 1 月起多次真誠地嘗試與董事會接觸，但董事會始終拒絕與我們溝通。最初，管理層錯誤地聲稱無法向 Lynx1 或任何其他方出售 Lynx1 表示有意購買的特許權資產。後來，公司向 Lynx1 提供了一份場外保密協議，作為允許 Lynx1 參與公司潛在併購過程的條件，但該協議迫使 Lynx1 撤回其代理權爭奪，並在兩年內保持旁觀。

In addition, on November 11, 2025, the Company migrated the purpose of the strategic review and now seeks "to advance the Company's promising pipeline programs and… to maximize stockholder value." The Company's failed design of the AFFIRM-1 Phase 3 trial does not inspire confidence in the Board's and management's ability to realistically assess the likelihood of success of additional clinical trials (whether BNC210 in the treatment of post-traumatic stress disorder or in trials for which BNC210 may otherwise be suited) or to execute thereon even if successful.

此外，在2025年11月11日，公司改變了戰略審查的目的，現在尋求 “推進公司的有前景的管線項目，並……最大化股東價值。” 公司未能設計 AFFIRM-1 第三階段試驗並未能激發對董事會和管理層在現實評估額外臨牀試驗成功可能性（無論是 BNC210 在創傷後應激障礙治療中的應用，還是 BNC210 可能適用的其他試驗）或即使成功也能執行的信心。

During this same period, the Company has built a war chest of cash through the issuance of new shares, causing substantial dilution for its existing shareholders. Neuphoria claims that it raised the capital "due to the anticipated data readout" in order to "ensure that the Company is well positioned for all possible outcomes associated with the data readout." We agree with and would have supported such an approach, but this is not what the Company actually did. The assertion that the Company issued these shares in anticipation of the trial is a fallacy. In fact, in the three weeks after October 20, 2025, the date the Company announced the failure of the AFFIRM-1 Phase 3 trial, the Company issued more than 3 million shares at a price we believe was below the Company's cash value per share. This represented a 128% increase in shares outstanding. These issuances were conducted through the Company's at-the-market offering program (the "ATM"); H.C. Wainwright, the Company's financial advisor in its strategic alternatives process, also serves as the Company's sales agent under the ATM and earns a 3% commission on the gross proceeds generated thereunder.

在此期間，公司通過發行新股積累了現金儲備，導致現有股東的重大稀釋。Neuphoria 聲稱其籌集資金 “是由於預期的數據發佈”，以 “確保公司在與數據發佈相關的所有可能結果中處於良好位置。” 我們同意並支持這種做法，但這並不是公司實際所做的。公司聲稱在試驗前發行這些股票是一個謬論。事實上，在2025年10月20日公司宣佈 AFFIRM-1 第三階段試驗失敗後的三週內，公司發行了超過 300 萬股，價格我們認為低於公司的每股現金價值。這代表了流通股增加了 128%。這些發行是通過公司的市場發行計劃（“ATM”）進行的；H.C. Wainwright，作為公司戰略選擇過程中的財務顧問，也作為 ATM 下的銷售代理，並從中獲得 3% 的佣金。

Our $5.20 Initial Proposal and our $4.75 Revised Proposal

我們的 5.20 美元初步提案和 4.75 美元修訂提案

Our conviction in the Company hasn't changed; what has changed is the Board's unfortunate and questionable decision to flood the market with new shares at distressed prices while claiming to run a strategic review.

我們對公司的信心沒有改變；改變的是董事會不幸且值得懷疑的決定，在聲稱進行戰略審查的同時，以低迷價格向市場大量發行新股。

On November 10, 2025, we delivered a non-binding indication of interest to acquire all of Neuphoria's outstanding shares at $5.20 per share in cash, representing a 27% premium to the prior trading day's closing price and based on an assumption of approximately 3.3 million shares outstanding. The proposal had no financing condition and was backed by committed capital. We also expressly stated that we were open to alternative paths to maximize value for shareholders, including a sale of a select asset. The Board's reaction was to:

在2025年11月10日，我們提交了一份非約束性的收購意向，擬以每股 5.20 美元現金收購 Neuphoria 所有流通股份，較前一個交易日的收盤價溢價 27%，並基於大約 330 萬股流通股的假設。該提案沒有融資條件，並得到了承諾資本的支持。我們還明確表示，我們願意探索其他路徑以最大化股東價值，包括出售特定資產。董事會的反應是：

Issue a brief press release stating it would "evaluate and consider" the indication of interest;
Ignore our attempts at direct engagement, including requests for opportunities to communicate with the Chair of the Board;
Fail to articulate any process or timeline for evaluation of the indication of interest;
Ignore requests from Lynx1 for an NDA permitting open discussion between the parties; and
Send a proposed NDA to Lynx1 11 days after we submitted our initial indication of interest, which included unreasonable, off-market provisions aimed at requiring Lynx1 to withdraw its proxy contest and sit on the sidelines for two years.

發佈簡短的新聞稿，表示將 “評估和考慮” 該收購意向；
忽視我們直接接觸的嘗試，包括與董事會主席溝通的請求；
未能闡明評估收購意向的任何流程或時間表；
忽視 Lynx1 關於允許雙方進行開放討論的保密協議的請求；並且
在我們提交初步收購意向後 11 天向 Lynx1 發送了一份擬議的保密協議，其中包含不合理的場外條款，旨在要求 Lynx1 撤回其代理權爭奪，並在兩年內保持旁觀。

In addition, on November 14, 2025, just days after our proposal, the Company disclosed that its shares outstanding had increased to 5.4 million shares and filed an amendment to its registration statement indicating the intent to raise up to an additional $20 million through its ATM. This rapid and presumably ongoing transformation of Neuphoria's capital structure made it impossible for any responsible bidder to provide a specific price for the transaction. As a result, we were forced to withdraw our initial offer on November 18, 2025 in direct response to the Company's disclosure. At the time of our initial bid, we believe there were 3.3 million shares outstanding. Based on the Company's disclosure, there were more than 2 million additional shares outstanding, plus potentially another 4-5 million that could be issued at prices that were either undisclosed or would be determined in the future. We indicated in our withdrawal that we were willing to stand behind the economics of our initial offer, but that the massive and potentially ongoing dilution at undisclosed prices made it impossible to determine a specific offer price that would capture the economics of that dilution.

此外，在2025年11月14日，就在我們提案後的幾天，公司披露其流通股已增加至 540 萬股，並提交了註冊聲明的修正案，表明計劃通過 ATM 再籌集最多 2000 萬美元。這種快速且可能持續的 Neuphoria 資本結構轉變使任何負責任的競標者都無法為交易提供具體價格。因此，我們被迫在2025年11月18日撤回我們的初步報價，以直接回應公司的披露。在我們初步出價時，我們認為流通股為 330 萬股。根據公司的披露，流通股增加了超過 200 萬股，還有可能再增加 400-500 萬股，價格要麼未披露，要麼將在未來確定。我們在撤回時表示，我們願意支持我們初步報價的經濟條件，但大規模且可能持續的稀釋在未披露價格下使得確定一個具體的報價價格以捕捉該稀釋的經濟條件變得不可能。

On November 25, 2025, the Company disclosed that it has ceased issuing shares under the ATM. As a result, we submitted a revised offer letter on December 2, 2025 with a recalculated offer price of $4.75 per share. This recalculated offer preserves the economics of our prior bid, adjusting our prior offer for the impact of dilutive issuances that occurred since our prior offer and the Company's continued spending in defense of this unnecessary proxy contest. Based on the information publicly available to us, Lynx1 has proposed to acquire all of the outstanding shares of the Company's capital stock for a price of $4.75 per share in an all-cash transaction, representing a price per share premium of 16% over the closing price of the Common Stock on November 7, 2025, the last trading day prior to the submission and public disclosure of our initial offer. The premium is lower than the 27% premium of our prior offer as a direct result of the Company's value destructive share issuances and proxy contest defense.

2025年11月25日，公司披露已停止通過自動櫃員機（ATM）發行股票。因此，我們於2025年12月2日提交了一份修訂後的要約函，重新計算的要約價格為每股 4.75 美元。這個重新計算的要約保留了我們之前出價的經濟性，調整了我們之前的要約，以考慮自我們之前的要約以來發生的稀釋性發行的影響，以及公司在防禦這一不必要的代理爭奪戰中持續的支出。根據我們公開獲得的信息，Lynx1 提議以每股 4.75 美元的現金交易收購公司所有已發行的普通股，較2025年11月7日（即我們首次提交和公開披露初始要約的前一個交易日）的普通股收盤價溢價 16%。這一溢價低於我們之前要約的 27%，直接原因是公司的價值破壞性股票發行和代理爭奪戰的防禦。

Series of Actions That Disenfranchise Shareholders

剝奪股東權利的一系列行動

While the Board states that it "welcomes constructive engagement," its actions reflect an entrenched leadership more focused on preserving its and management's positions than on acting in the best interests of Neuphoria's shareholders.

儘管董事會表示 “歡迎建設性互動”，但其行動反映出一個更專注於維護自身及管理層職位的根深蒂固的領導層，而非以 Neuphoria 股東的最佳利益為重。

During the past several months (and in particular over the past few weeks), the Board and management have taken a series of actions that have entrenched them and disenfranchised shareholders. For example, they have:

在過去幾個月（尤其是過去幾周）中，董事會和管理層採取了一系列使其鞏固地位並剝奪股東權利的行動。例如，他們：

failed to hold an annual meeting for nearly two years, in violation of securities laws and Nasdaq listing requirements;
set a record date for the Company's 2025 Annual Meeting immediately prior to the announcement of the failure of the AFFIRM-1 Phase 3 trial, which precedes the Company's announcement of the meeting date and further predates the Company's dilutive share issuances, thereby disenfranchising over 55% of its current shareholders;
set a meeting date for the 2025 Annual Meeting that provided shareholders only 10 days to nominate directors for election at that meeting;
adopted a poison pill intended to restrict shareholders from acquiring shares on the open market or collaborating with other shareholders, while simultaneously increasing its shares outstanding by 128% through issuances under its ATM;
announced the initiation of a review of strategic alternatives while retaining H.C. Wainwright, the sales agent earning a 3% commission on gross sales proceeds under its ATM, as the financial advisor in connection with such review; and
presented to us, in response to our submission of a non-binding indication of interest, a proposed NDA with unreasonable provisions that would have the effect of requiring us to withdraw our proxy contest and sit on the sidelines for two years.

近兩年來未能召開年度會議，違反了證券法和納斯達克上市要求；
在 AFFIRM-1 三期試驗失敗公告之前立即設定了公司 2025 年度會議的記錄日期，這一日期早於公司公告會議日期，並且早於公司的稀釋性股票發行，從而剝奪了超過 55% 的現有股東的權利；
為 2025 年度會議設定的會議日期僅給予股東 10 天的時間提名董事參加選舉；
採用了毒丸計劃，旨在限制股東在公開市場上收購股份或與其他股東合作，同時通過其 ATM 的發行將流通股增加了 128%；
宣佈啓動戰略替代方案的審查，同時保留 H.C. Wainwright 作為財務顧問，該銷售代理在其 ATM 下的總銷售收入中賺取 3% 的佣金；
針對我們提交的非約束性興趣表示，向我們提出了一份包含不合理條款的擬議保密協議，該協議將要求我們撤回代理爭奪戰並在兩年內保持旁觀。

In light of its inability to act independently in the best interests of all shareholders, the Board needs strong fiduciaries who will hold management accountable, prevent further entrenchment tactics and oversee a review of strategic alternatives to maximize value for all shareholders.

鑑於其無法獨立行事以維護所有股東的最佳利益，董事會需要強有力的受託人來追究管理層的責任，防止進一步的鞏固策略，並監督戰略替代方案的審查，以最大化所有股東的價值。

Our Independent Nominees

我們的獨立提名人

Our nominees, Dr. Stephen Doberstein and Ms. Kimberly Smith (the "Independent Nominees"), are independent of Neuphoria and independent of Lynx1, with no prior relationship other than their willingness to serve as fiduciaries for all shareholders.

我們的提名人，斯蒂芬·多伯斯坦博士和金伯莉·史密斯女士（“獨立提名人”），與 Neuphoria 和 Lynx1 獨立，沒有其他關係，除了他們願意作為所有股東的受託人。

We are not seeking representation on the Board. Rather, Dr. Doberstein and Ms. Smith are completely independent from us and also free of the conflicts and self-interest that have plagued the current Board. Moreover, if both of them are elected, they will hold two of five Board seats—a minority. And notably, they will bring the skills and independence Neuphoria needs at this moment. Dr. Doberstein brings deep medical and biotech R&D expertise (including as a director of Invea Therapeutics, which is studying transformational precision medicines) and direct experience in delivering high-premium biotechnology transactions that is conspicuously absent from the current Board and is essential to evaluating Neuphoria's remaining pipeline and partnership opportunities. Ms. Smith adds critical capital markets, M&A and governance expertise, which is exactly what Neuphoria needs as it navigates a high-stakes review of strategic alternatives and reassesses its pipeline. Our Independent Nominees bring the specialized, domain-specific expertise needed to restore discipline, enhance governance and evaluate clinical and commercial pathways for the Company, and they would replace two incumbent directors with investment banking backgrounds (experience that is overrepresented on a five-person Board) and little to no experience in life sciences or biotechnology other than through investing. Moreover, one of these incumbents, David Wilson, has an advisory relationship with the Company through which he collects (on top of his standard compensation for his Board service to the Company) a monthly fee as well as up to 5% in commissions on fundraising proceeds earned by the Company.

我們並不尋求在董事會中佔有席位。相反，多伯斯坦博士和史密斯女士與我們完全獨立，並且沒有當前董事會所困擾的利益衝突和自利行為。此外，如果他們兩人當選，他們將佔據五人董事會中的兩個席位——這只是少數席位。值得注意的是，他們將帶來 Neuphoria 此刻所需的技能和獨立性。多伯斯坦博士在醫學和生物技術研發方面擁有深厚的專業知識（包括作為 Invea Therapeutics 的董事，該公司正在研究變革性的精準醫學），並在交付高溢價生物技術交易方面擁有直接經驗，而這些在當前董事會中顯然缺失，並且對於評估 Neuphoria 剩餘的管道和合作機會至關重要。史密斯女士則增加了關鍵的資本市場、併購和治理專業知識，這正是 Neuphoria 在進行高風險的戰略替代方案審查和重新評估其管道時所需的。我們的獨立提名人帶來了恢復紀律、增強治理和評估公司臨牀及商業路徑所需的專業領域特定知識，他們將取代兩位具有投資銀行背景的現任董事（在五人董事會中經驗過於集中），而在生命科學或生物技術方面幾乎沒有經驗，除了通過投資。此外，其中一位現任董事大衞·威爾遜與公司有顧問關係，通過該關係他除了獲得董事會服務的標準薪酬外，還收取每月費用以及公司籌款收入的最高 5% 的佣金。

Plan for the Reconstituted Board

重組董事會的計劃

Our objectives are entirely compatible with any outcome the full Board ultimately chooses, so long as that outcome is reached through an independent, transparent and value maximizing process.

我們的目標與全體董事會最終選擇的任何結果完全兼容，只要該結果是通過獨立、透明和最大化價值的過程達成的。

If elected, the Independent Nominees will work constructively with their fellow directors and independently from Lynx1 to pursue three core objectives:

如果當選，獨立提名人將與其他董事合作，並獨立於 Lynx1 追求三個核心目標：

Conduct a credible strategic review

進行可信的戰略審查

The Independent Nominees would provide their experience to facilitate a successful strategic review. The reconstituted Board would be equipped to oversee a disciplined, transparent strategic review process focused on maximizing value for all shareholders.

獨立提名人將提供他們的經驗，以促進成功的戰略審查。重組後的董事會將能夠監督一個以最大化所有股東價值為目標的有紀律、透明的戰略審查過程。

Stop reckless dilution

停止無謂的稀釋

Neuphoria has temporarily ceased its dilutive issuances during the pendency of this proxy contest, but it has nevertheless indicated its intent to raise up to another $20 million under its ATM program. We believe the Independent Nominees would insist on a clearly justified rationale for further issuances in order to enhance shareholder value.

Neuphoria 在此次代理權爭奪期間暫時停止了稀釋性發行，但仍表示有意通過其自動提款機（ATM）計劃再籌集最多 2000 萬美元。我們認為獨立提名人會堅持要求對進一步發行提供明確的合理依據，以增強股東價值。

Effectively oversee the Company

有效監督公司

If Neuphoria remains a public company following the completion of the review of strategic alternatives, the Independent Nominees would leverage their expertise to ensure prudent oversight of the Board and the leadership team and ensure that both clinical and capital allocation decisions were prudently made for the benefit of all shareholders.

如果 Neuphoria 在戰略選擇審查完成後仍然是一家上市公司，獨立提名人將利用他們的專業知識確保對董事會和領導團隊的審慎監督，並確保臨牀和資本配置決策都能為所有股東的利益而謹慎作出。

* * *

Neuphoria's scientific potential is worth fighting for. With the right leadership and governance, we believe the Company can still deliver meaningful value for patients and for all of its stakeholders. We strongly encourage Neuphoria shareholders to vote FOR both Independent Nominees—Dr. Stephen Doberstein, Ph.D. and Kimberly Smith—on the BLUE universal proxy card, and to WITHHOLD on the Company's nominees.

Neuphoria 的科學潛力值得為之奮鬥。我們相信，在正確的領導和治理下，公司仍然可以為患者和所有利益相關者提供有意義的價值。我們強烈鼓勵 Neuphoria 的股東在藍色通用代理卡上投票支持兩位獨立提名人——Stephen Doberstein 博士和 Kimberly Smith，並對公司的提名人投棄權票。

Sincerely,

誠摯的，

/s/ Weston Nichols

Weston Nichols

Managing Partner

管理合夥人

[email protected]

Our Independent Nominees

我們的獨立提名人

Stephen Doberstein, Ph.D.

Former Chief Scientific Officer and Chief R&D Officer at Nektar Therapeutics, with prior senior roles at XOMA, Five Prime Therapeutics and Xencor
More than two decades of experience designing and running clinical programs, including in complex therapeutic areas
Prior public-company board experience (including at Dicerna Pharmaceuticals) and current advisory roles to multiple biotech companies

曾任 Nektar Therapeutics 首席科學官和首席研發官，之前在 XOMA、Five Prime Therapeutics 和 Xencor 擔任高級職務
擁有超過二十年的臨牀項目設計和管理經驗，包括複雜治療領域
具有公共公司董事會經驗（包括 Dicerna Pharmaceuticals）以及目前對多家生物科技公司的顧問角色

Kimberly Smith

Founder and CIO of Ausangate Capital, a biotech-focused hedge fund, and former healthcare investor at Putnam Investments and Surveyor Capital
20 years of experience assessing biotech companies, financing needs and strategic pivots, with a strong focus on capital allocation discipline
Chair of the Wyoming Bioscience Alliance and member of the external advisory committee of the Sylvester Comprehensive Cancer Center

Ausangate Capital 的創始人兼首席投資官，這是一家專注於生物科技的對沖基金，曾在 Putnam Investments 和 Surveyor Capital 擔任醫療保健投資者
擁有 20 年的生物科技公司評估、融資需求和戰略轉型經驗，注重資本配置紀律
懷俄明生物科學聯盟主席，西爾維斯特綜合癌症中心外部顧問委員會成員

Cautionary Statement Regarding Forward-Looking Statements

關於前瞻性聲明的警示性聲明

This release contains forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and words such as "anticipate," "believe," "expect," "potential," "opportunity," "estimate," "plan," "may," "will," "projects," "targets," "forecasts," "seeks," "could" and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date of the release and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Lynx1. Although Lynx1 believes that the assumptions underlying the projected results or forward-looking statements are reasonable as of the date of the release, any of the assumptions could be inaccurate and therefore, there can be no assurance that the projected results or forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included herein, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. Lynx1 will not undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events, except as required by applicable law.

本發佈包含前瞻性聲明。所有不明顯是歷史性質的聲明或必然依賴於未來事件的聲明均為前瞻性聲明，諸如 “預期”、“相信”、“期望”、“潛在”、“機會”、“估計”、“計劃”、“可能”、“將”、“項目”、“目標”、“預測”、“尋求”、“可能” 等類似詞語通常用於識別前瞻性聲明。此處包含的預測結果和聲明並非歷史事實，基於當前預期，僅在發佈之日有效，並涉及風險、不確定性及其他因素，可能導致實際結果、表現或成就與任何未來結果、表現或成就存在重大差異。與前述相關的假設涉及對未來經濟、競爭和市場條件以及未來商業決策的判斷，這些判斷都難以或不可能準確預測，且許多因素超出 Lynx1 的控制範圍。儘管 Lynx1 相信，作為發佈之日的預測結果或前瞻性聲明的基礎假設是合理的，但任何假設都可能不準確，因此不能保證此處包含的預測結果或前瞻性聲明將被證明是準確的。鑑於此處包含的預測結果和前瞻性聲明固有的重大不確定性，包含此類信息不應被視為對未來結果的陳述，或對此類預測結果和前瞻性聲明所表達或暗示的目標和戰略舉措將實現的保證。Lynx1 不會承擔並明確拒絕任何義務，披露可能對任何預測結果或前瞻性聲明進行的修訂結果，以反映此類預測結果或聲明日期之後的事件或情況，或反映預期或未預期事件的發生，除非法律要求。

Certain Information Concerning the Participants

關於參與者的某些信息

On November 24, 2025, Lynx1 Master Fund LP, a Cayman Islands exempted limited partnership ("Lynx1" and together with the other participants named herein collectively, the "Lynx1 Participants") filed a definitive proxy statement and accompanying BLUE universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of Lynx1's slate of highly qualified, independent director nominees at the 2025 annual meeting of shareholders of Neuphoria Therapeutics Inc., a Delaware corporation (the "Company"). Also on November 24, 2025, the Lynx1 Participants began dissemination of their definitive proxy statement and accompanying BLUE universal proxy card to shareholders of record of the Company as of October 15, 2025. The participants in the proxy solicitation are expected to be Lynx1 Master Fund LP, Lynx1 Capital Management LP (the "Investment Manager"), Mr. Weston Nichols (managing partner of the Investment Manager), Ms. Nathali Partyka Zamora, Dr. Stephen Doberstein and Ms. Kimberly Smith. As of the date hereof, Lynx1, the Investment Manager and Mr. Weston Nichols beneficially own 875,328 shares of common stock, par value $0.00001 per share (the "Common Stock") of the Company. Neither Dr. Stephen Doberstein nor Ms. Kimberly Smith beneficially owns any shares of Common Stock.

2025年11月24日，Lynx1 Master Fund LP，一家開曼羣島豁免有限合夥企業（“Lynx1”，與此處提到的其他參與者統稱為 “Lynx1 參與者”）向證券交易委員會（“SEC”）提交了一份最終代理聲明及隨附的藍色通用代理卡，以用於徵集對 Lynx1 在 2025 年 Neuphoria Therapeutics Inc.（一家特拉華州公司）年度股東大會上提名的高素質獨立董事候選人的投票。同時在2025年11月24日，Lynx1 參與者開始向截至2025年10月15日的公司股東分發其最終代理聲明及隨附的藍色通用代理卡。代理徵集的參與者預計包括 Lynx1 Master Fund LP、Lynx1 Capital Management LP（“投資經理”）、Weston Nichols 先生（投資經理的管理合夥人）、Nathali Partyka Zamora 女士、Stephen Doberstein 博士和 Kimberly Smith 女士。截至目前，Lynx1、投資經理和 Weston Nichols 先生共同持有 875,328 股面值為每股 0.00001 美元的普通股（“普通股”）。Stephen Doberstein 博士和 Kimberly Smith 女士均不持有任何普通股。

IMPORTANT INFORMATION AND WHERE TO FIND IT

重要信息及獲取信息的途徑

THE LYNX1 PARTICIPANTS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS, INCLUDING THE PROXY CARD, AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO OKAPI PARTNERS LLC, THE PARTICIPANTS' PROXY SOLICITOR.

LYNX1 參與者強烈建議公司所有股東在代理聲明及其他代理材料（包括代理卡）可用時閲讀，因為這些材料將包含重要信息。這些代理材料將在美國證券交易委員會的網站上免費提供，網址為 http://www.sec.gov。此外，本次代理徵集的參與者將在請求時提供代理聲明的副本，且不收取費用。請求副本應發送至 OKAPI PARTNERS LLC，參與者的代理徵集人。

Media Contact:

媒體聯繫人：

Weston Nichols

Lynx1 Capital Management LP

Email: [email protected]

電子郵件：[email protected]

Investor Contact: Okapi Partners LLC

投資者聯繫人： Okapi Partners LLC

Direct: (212) 297-0720

電話： (212) 297-0720

Toll Free: (877) 629-6357

免費電話： (877) 629-6357

Email: [email protected]

電子郵件：[email protected]

SOURCE Lynx1 Capital Management LP

來源：Lynx1 Capital Management LP

Lynx1 向 Neuphoria Therapeutics 的股東發送了一封公開信