In December 2024, Neuphoria adopted its 2024 Equity Incentive Plan (“2024 Plan”). The maximum number of shares of common stock of the Company that are available for issuance under the 2024 Plan is 1,000,000 shares. The structure of equity awards is under the active review of the Compensation Committee to ensure it meets good corporate practice for a company of our size, nature, and company lifecycle. The Committee may, from time to time, grant options, stock appreciation rights, restricted stock, restricted stock units, stock bonus awards and/or performance awards to one or more eligible persons. At December 31, 2025, there were 863,230 shares available for grant under the 2024 Plan.

The following table summarizes employee and non-employee share option activity for the six months ended December 31, 2025:


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value (1)
						(in years)
Outstanding as of June 30, 2025		91,211		$	88.79		6.15	$	-
Granted		51,839		$	8.27		9.91	$	-
Lapsed		(6,023	)	$	18.85		-	$	-
Outstanding as of September 30, 2025		137,027		$	61.41		7.67	$	-
Lapsed		(257	)	$	347.27		-	$	-
Outstanding as of December 31, 2025		136,770		$	61.41		7.67	$	-
Options exercisable as of December 31, 2025		72,210		$	106.68		5.72	$	-

As of December 31, 2025, there was approximately $0.4 million of unrecognized compensation cost related to unvested employee share option awards outstanding, which is expected to be recognized as expense over a weighted average period of 1.46 years.

In determining the fair value of the share-based awards, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment to determine.

The weighted average grant date fair value of options granted during the six months ended December 31, 2025 and 2024 was approximately $7.88 and $4.58 per share, respectively.

During the three months ended December 31, 2025 and 2024, the Company recognized total share-based compensation expense of $0.1 million and less than $0.1 million, respectively. During the six months ended December 31, 2025 and 2024, the Company recognized total share-based compensation expense of $0.2 million and less than $0.1 million, respectively. Substantially all the share-based compensation expense was recorded as general and administrative expense in each period.

Terms of RSU agreements, including vesting requirements, are determined by the board of directors or its compensation committee, subject to the provisions of the 2024 Plan. RSUs granted by the Company vest according to the terms of the underlying grant agreement and are awarded at the closing stock share price on the date of grant. In the event the recipient's employment with the Company terminates, any unvested underlying shares are forfeited and revert to the 2024 Plan. RSUs are not included in issued and outstanding common stock until vested and the underlying shares are released. There were 33,915 RSUs fully vested and unexercised at December 31, 2025.

The Company recognized approximately $0.1 million of stock-based compensation expense associated with the RSUs for the six months ended December 31, 2025. As of December 31, 2025, the unexercised RSUs had an aggregate intrinsic value of $0.1 million.