05:18 PM EDT, 10/20/2025 (MT Newswires) -- Neuphoria Therapeutics ( NEUP ) said Monday that a phase 3 trial of BNC210 for the acute treatment of social anxiety disorder did not meet its primary endpoint.

Additionally, analyses of secondary endpoints did not show "statistically significant differences," the company said.

Neuphoria said that following the results of the trial, it will stop development of the social anxiety disorder program. The company will launch a strategic review of operations and will release an update by the end of the year, it said.

Neuphoria said that, as of June 30, its cash and cash equivalents were $14.2 million, which should be enough to fund operations through fiscal Q2 2027.

The company also said it has a partnership with Merck (MRK) and that MK-1167, which is being advanced in the partnership, is being assessed in a Merck-led phase 2 trial in Alzheimer's disease. Neuphoria may receive up to $450 million in additional milestone payments for development and commercial milestones plus royalties, it said.

Neuphoria shares were down 66% in after-hours activity.