Neuphoria Therapeutics is a clinical-stage biotechnology company that has ceased active internal drug development and is focused on completing a proposed merger with Scancell Holdings. Historically, Neuphoria developed small-molecule therapies for psychiatric and neurological disorders. Its lead internal candidate, BNC210, is an oral negative allosteric modulator of the alpha7 nicotinic acetylcholine receptor targeted at post-traumatic stress disorder and social anxiety disorder, though active clinical trials have ended. Neuphoria operates a passive business model based on legacy partnerships and out-licensed intellectual property. These include an alpha7 research collaboration with Merck, an economic interest in a breast cancer program licensed to Pfizer, and a CAR-T oncology licensing agreement with Carina Biotech. In these arrangements, partner companies manage and fund all clinical development, while Neuphoria retains rights to potential milestone payments and royalties on commercial sales. Under the terms of the pending merger, proceeds from these partner agreements are designated for contingent value right holders.