Neuphoria Therapeutics (NEUP) Q4 2025 earnings summary

Executive summary

• Achieved last patient last visit milestone in AFFIRM-1 Phase 3 trial for BNC-210 in social anxiety disorder; topline data expected early Q4 2025.

• Initiated start-up activities for SYMPHONY Phase 2b/3 PTSD trial, with study launch planned for H1 2026.

• Strategic partnership with Merck advancing two early-stage CNS drug candidates, including a Phase 2 Alzheimer's trial.

Financial highlights

• Cash and cash equivalents totaled $14.2 million as of June 30, 2025, sufficient to fund operations through fiscal Q2 2027.

• R&D expenses were $9.0 million for FY2025, down from $9.4 million in FY2024, mainly due to timing of clinical and consulting spend.

• G&A expenses were $7.8 million for FY2025, down from $8.5 million in FY2024, reflecting lower headcount and insurance costs.

• Net loss was $0.4 million ($0.23 per share) for FY2025, a significant improvement from $15.5 million ($18.62 per share) in FY2024.

Outlook and guidance

• Topline results from AFFIRM-1 Phase 3 trial in SAD expected in early Q4 2025.

• SYMPHONY Phase 2b/3 PTSD trial planned to begin in H1 2026.

• Cash runway projected through fiscal Q2 2027.