Neuphoria is a clinical-stage biotech with no approved products or product revenue, focused entirely on developing BNC210, an oral drug for neuropsychiatric disorders. BNC210 works by dampening overactive signaling in brain regions associated with anxiety, and Neuphoria is pursuing two indications: Social Anxiety Disorder (SAD) and Post-Traumatic Stress Disorder (PTSD). For SAD, BNC210 is designed as an acute, as-needed treatment taken roughly an hour before a stressful event — a use case with no FDA-approved drug today. The Phase 3 AFFIRM-1 trial is underway, with topline results expected in Q4 2025. For PTSD, BNC210 is being developed as a twice-daily chronic treatment; the Phase 2b ATTUNE trial met its primary endpoint, and a Phase 2b/3 trial is planned for H1 2026, contingent on raising additional capital. Neuphoria argues BNC210 is differentiated from SSRIs and benzodiazepines by its fast onset, non-sedating profile, and lack of addiction risk. Neuphoria's near-term cash comes from milestone payments, primarily under a partnership with Merck, which licensed Neuphoria's α7 receptor technology for Alzheimer's and other CNS conditions. Neuphoria has received $45M under this deal and is eligible for up to $450M in additional milestones plus royalties, though Merck controls all development decisions. Neuphoria operates with only seven full-time employees, and its cash burn is driven almost entirely by clinical trial costs.