Neuphoria Therapeutics (NASDAQ:NEUP) stock rose 4% after the clinical-stage biotechnology company announced it has initiated a strategic review to maximize stockholder value.

The company, which focuses on developing treatments for neuropsychiatric disorders, is considering various strategic alternatives including mergers, acquisitions, partnerships, joint ventures, and licensing arrangements. Neuphoria has engaged H.C. Wainwright & Co. as its exclusive financial advisor to assist with the evaluation process.

Additionally, Neuphoria disclosed that it received an unsolicited non-binding indication of interest from Lynx1 Master Fund LP on November 10, 2025. The fund expressed interest in acquiring all outstanding shares it doesn’t already own for $5.20 per share in cash. Lynx1 also indicated its intent to nominate individuals for election to Neuphoria’s Board of Directors at the company’s 2025 Annual Meeting of Stockholders scheduled for December 12, 2025.

The company’s Board of Directors stated it will evaluate the Lynx1 offer as part of its broader strategic review. Neuphoria emphasized that no timeline has been established for the strategic evaluation process and noted that there is no guarantee that the process will result in any transaction being announced or completed.

The company has advised stockholders that no action is required at this time, and that any previously submitted votes from the October 30, 2025 proxy statement will be disregarded.