SCHEDULE: Insider Boosts Eupraxia Stake to 9.0% in Key Filing

Joseph S. Freedman increased his beneficial ownership in Eupraxia Pharmaceuticals Inc. to 9.0% through recent share purchases and warrant exercises.

Summary

• Joseph S. Freedman, the Reporting Person, now beneficially owns 5,843,215 Common Shares of Eupraxia Pharmaceuticals Inc., representing 9.0% of the class.
• This ownership includes Common Shares, Preferred Shares (convertible to Common Shares), Option Shares, and Restricted Stock Unit (RSU) Shares held directly, by his spouse, a trust, and minor children.
• On February 20, 2026, Mr. Freedman purchased 275,517 Common Shares and his spouse purchased 4,483 Common Shares in an underwritten public offering at $7.00 per share, totaling an aggregate purchase price of $1,960,000 from personal funds.
• On February 27, 2026, a trust for which Mr. Freedman is the sole trustee acquired 150,000 Common Shares by exercising warrants at $2.20 per share, for an aggregate price of $330,000.
• Also on February 27, 2026, Mr. Freedman's minor children acquired 20,000 Common Shares by exercising warrants at $2.20 per share, for an aggregate price of $44,000.
• The calculation of the 9.0% ownership is based on 61,503,180 outstanding Common Shares as of March 13, 2026, plus the Preferred Shares, Option Shares, and RSU Shares beneficially owned by the Reporting Person.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a strong positive signal, indicating significant insider confidence in Eupraxia Pharmaceuticals Inc. through substantial personal investment and increased beneficial ownership.

Positives

• Significant increase in beneficial ownership by a key insider, Joseph S. Freedman, signaling strong confidence in the company's future.
• Participation in a public offering by the Reporting Person and his spouse demonstrates a willingness to invest substantial personal funds at the market price.
• Exercise of warrants by the trust and minor children further increases the insider's overall stake and alignment with shareholder interests.

Future Outlook

This filing does not contain forward-looking statements or guidance from the company's management regarding future performance or strategic direction. It solely reports changes in beneficial ownership by a significant shareholder.

Industry Context

StockSavvy.ai notes that a substantial increase in beneficial ownership by a significant insider, such as Joseph S. Freedman, often signals strong conviction in the company's prospects. This action can be interpreted by the market as a positive indicator, suggesting that the insider believes the company's shares are undervalued or that significant positive developments are anticipated. Such insider buying can sometimes precede periods of positive share price performance, as it aligns the interests of a major shareholder even more closely with those of other investors.

Related Party Transactions

• Joseph S. Freedman's spouse purchased 4,483 Common Shares in the 2026 Offering.
• A trust for which Mr. Freedman serves as the sole trustee acquired 150,000 Common Shares via warrant exercise.
• Mr. Freedman's minor children acquired 20,000 Common Shares via warrant exercise.

Stakeholder Impact

• Shareholders: Increased insider ownership can enhance confidence and align management/significant shareholder interests with those of other investors, potentially leading to positive market perception.
• Company: The public offering in which the insider participated provided capital to the company.

Key Dates

Keywords

Eupraxia Pharmaceuticals, Joseph S. Freedman, Schedule 13D, beneficial ownership, insider buying, common shares, warrant exercise, public offering, equity stake