Eupraxia Pharmaceuticals is a clinical-stage biotech developing extended-release injectable corticosteroid treatments for inflammatory conditions. Its core technology, called Diffusphere, encapsulates fluticasone propionate in polymer-coated microspheres that slowly release the drug at a disease site over months, providing sustained local anti-inflammatory effects while minimizing the systemic side effects associated with conventional corticosteroid injections. Eupraxia has two pipeline assets. EP-104GI, its primary focus, is an endoscopically delivered injection for eosinophilic esophagitis (EoE), a chronic inflammatory esophageal disease. It is designed to provide 9–12 months of efficacy from a single administration, compared to existing approved therapies that require daily dosing or weekly injections. EP-104GI is currently in a Phase 1b/2 trial, with Part 2 (dose optimization, ~120 patients) having dosed its first patient in July 2025; Eupraxia plans to file a U.S. IND and initiate Phase 3. EP-104IAR, its second asset, is an intra-articular injection for knee osteoarthritis that completed a Phase 2b trial with positive results, but development is paused pending a partnership to fund Phase 3. Eupraxia has no approved products or revenue, funding itself through equity raises and potential licensing deals. The company outsources all manufacturing and has 49 employees. Its IP runway extends through 2034–2043 depending on patent type, under an exclusive license from Auritec that carries royalty obligations and milestone payments.