Clinical Trial Failure Risk: The lead product candidate, EPX-101, or any future pipeline assets, may fail to meet primary or secondary endpoints in ongoing or future clinical trials, leading to significant delays or discontinuation of development.

Regulatory Approval Uncertainty: Despite positive clinical data, there is no guarantee that regulatory bodies like the FDA or Health Canada will grant marketing approval for EPX-101 or other product candidates, potentially delaying or preventing commercialization.

Future Financing Needs: Eupraxia Pharmaceuticals operates at a loss and will require substantial additional capital to fund its research, development, and commercialization activities, which may not be available on favorable terms or at all.