Neuphoria Therapeutics Reports $662,715 Revenue in Q2 FY2025, Continues to Operate at a Loss

Neuphoria Therapeutics Inc., formerly known as Bionomics Limited, reported its financial results for the second quarter of fiscal year 2025, revealing a revenue of $662,715 for the three months ended December 31, 2024, a significant increase from zero revenue in the same period last year. This revenue was primarily attributed to a milestone payment from a licensing agreement with Carina Biotech. However, the company continues to operate at a loss, with a net loss of $1.9 million for the quarter, an improvement compared to a net loss of $4.6 million in the prior year.

The company’s total operating expenses for the quarter were $4.37 million, slightly down from $4.55 million in the same quarter of the previous year. Research and development expenses decreased by 14.6% to $1.74 million, reflecting reduced costs associated with ongoing clinical trials for its lead product candidate, BNC210, which targets social anxiety disorder and post-traumatic stress disorder. General and administrative expenses increased by 4.4% to $2.63 million, driven by professional fees related to the company's recent redomiciliation from Australia to the United States.

Neuphoria's balance sheet as of December 31, 2024, showed total assets of $18.17 million, down from $27.65 million at the end of the previous fiscal year. The decline in assets was primarily due to a reduction in cash and cash equivalents, which fell to $4.34 million from $12.61 million. The company’s accumulated deficit increased to $180.73 million, reflecting ongoing operational losses. Current liabilities also decreased to $2.13 million from $3.83 million, indicating improved management of short-term obligations.

Strategically, Neuphoria has made significant organizational changes, including its redomiciliation to Delaware, which was completed on December 23, 2024. This move allows the company to operate under U.S. regulations and access capital markets more effectively. Following the redomiciliation, Neuphoria's common stock began trading on the Nasdaq under the symbol "NEUP." The company has also established a new equity incentive plan, allowing for the issuance of up to 1 million shares to attract and retain talent.

Looking ahead, Neuphoria anticipates continued operational losses as it invests in the development of its product candidates. The company expects its existing cash reserves, combined with potential milestone payments and an at-the-market (ATM) facility, to fund operations into late fiscal year 2025. However, there remains substantial doubt about its ability to continue as a going concern without raising additional capital, which the company plans to pursue through equity offerings and collaborations.