NEUP Neuphoria Therapeutics Inc.

$NEUP F-4 Part 2: The Lynx1 Angle Lynx1 (~26.5%) made two cash offers ($5.20, $4.75) — both rejected. Declined voting support, declined the PIPE, then tried to buy BNC210/Merck IP directly from Scancell pre-close. Refused. Not a hostile blocker. An asset extractor. They want BNC210, not SCLP equity. Newbridge (independent advisor) valued Scancell at $228.9M–$240.7M vs. $194M in deal terms. NEUP holders buying in below fair value. **Two scenarios:** Bear: Poison pill expires, Lynx1 accumulates, votes no, deal fails, buys BNC210 in liquidation. CVR gone. Holders get residual cash only. Bull: Deal closes, Lynx1 forced to bid properly post-close. CVR mandates 100% of proceeds to NEUP legacy holders. Early payout at fair value. Both end with Lynx1 getting the asset. CVR structure determines whether you get paid fairly. Poison pill expiry = key date.

$NEUP SCLP just issued a business update, Form F-4 on the RM with Neup to be filed today, 09.10.26 with SEC

$NEUP Oct 27 is the expiration of the poison pill. Lynx still is holding their shares. Is there any chance after the Oct 27 poison pill expires that they accumulate more to go above 50% and try to cancel the entire merger w/ Scancell? Anyone more familiar with how this works?

$NEUP 4.45 USD based on Merger terms formula (37.77 shares Merger ratio x .09 issuance pps x 1.32 GBPUSD) add CVRs, I see value here, Scancell does own very interesting platforms, lets Hope Merger effective within Q1 2027 and ph3 trial to start concurrently. Low volumes dont help.

$NEUP Anyone have any thoughts on below from F-4? So do NEUP CVR holders get proceeds from a potential BNC210 sale or will proceeds go to the combined new Scancell/NEUP co. instead? "On May 13, 2026, NEUP's initial CVR draft contemplated payments tied to the disposition of legacy assets, particularly BNC210, within two years after closing. It also included specified milestones under the Merck and CRC commercialisation agreements. By May 21, the parties had revised the CVR structure to remove the disposition of BNC210 as a distinct payment trigger and eliminate the separate milestone-amount component. The revised concept instead centered on 100% of amounts actually received under the defined Partner Agreements. The negotiations continued through July, adding or refining certain Merck-related IP-disposition provisions and the Australian R&D tax-credit claim. The final CVR is therefore not a blanket entitlement to proceeds from selling every legacy NEUP asset"

$NEUP how can NEUP still trading below 5/6 USD a mistery to me. 3.33 usdIs a misery just the cash, not a cent for Shell Nols and assets. 🤔😩

$NEUP I think we have the answer why Lynx is still around: they WANT the BNC210 asset which is still linked to Merck, so Merck not fully out and Lynx approached SCLP on July 21 to negotiate for the BNC210 asset - they’re likely more interested in the CVR than the SCLP equity. This is kind of a double edged sword where Lynx if successful post poison pill increases shares to block the deal they get the asset for far below market value