On June 2, 2023, Daewoong Pharmaceutical announced that it and Neurogastrx have agreed to terminate the June 2021 license agreement, which granted Neurogastrx exclusive right to develop and commercialize Fexuprazan with respect to the U.S. and Canada market. Neurogastrx has re-evaluated its development pipeline and determined that the development of Fexuprazan no longer aligns with its strategic business plan. Daewoong needs a new partner to quickly develop Fexuprazan for multiple indications simultaneously, and thereby concluded with Neurogastrx to mutually terminate the June 2021 license agreement.

Under the terms of the termination agreement, Daewoong regains all rights to the commercialization and clinical development of Fex uprazan in the U.S. andCanada. Daewoong is not obligated to return the upfront payment in the form of common stocks of Neurogastrx. Neurogastrx has transferred all information, data, and assets related exclusively to the Fexuprazan compound.