<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: MANCHESTER MANAGEMENT CO LLC -->
          <cik>0001169253</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001581178</issuerCik>
        <issuerName>EUPRAXIA PHARMACEUTICALS INC.</issuerName>
        <issuerCusip>29842P105</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>201-2067 CADBORO BAY RD</com:street1>
          <com:city>VICTORIA, BRITISH COLUMBIA</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>V8R 5G4</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>MANCHESTER MANAGEMENT COMPANY, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>4720144.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4720144.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4720144.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.8</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>MANCHESTER MANAGEMENT PR, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>PR</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>4720144.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4720144.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4720144.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.8</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>MANCHESTER EXPLORER, L.P</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>4597217.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>4597217.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4597217.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.6</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>JAMES E. BESSER</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>138293.00</soleVotingPower>
        <sharedVotingPower>4720144.00</sharedVotingPower>
        <soleDispositivePower>138293.00</soleDispositivePower>
        <sharedDispositivePower>4720144.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4858437.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.1</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>MORGAN C. FRANK</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>307306.00</soleVotingPower>
        <sharedVotingPower>4597217.00</sharedVotingPower>
        <soleDispositivePower>307306.00</soleDispositivePower>
        <sharedDispositivePower>4597217.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4904523.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.2</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>EUPRAXIA PHARMACEUTICALS INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>201-2067 CADBORO BAY RD., VICTORIA, BRITISH COLUMBIA, CANADA, V8R 5G4</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>MANCHESTER MANAGEMENT COMPANY, LLC
MANCHESTER MANAGEMENT PR, LLC
MANCHESTER EXPLORER, L.P.
JAMES E. BESSER
MORGAN C. FRANK</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>MANCHESTER MANAGEMENT COMPANY, LLC
2 CALLE CANDINA, #1701, SAN JUAN, PUERTO RICO, 00907

MANCHESTER MANAGEMENT PR, LLC
2 CALLE CANDINA, #1701, SAN JUAN, PUERTO RICO, 00907

MANCHESTER EXPLORER, L.P.
2 CALLE CANDINA, #1701, SAN JUAN, PUERTO RICO, 00907

JAMES E. BESSER
2 CALLE CANDINA, #1701, SAN JUAN, PUERTO RICO, 00907

MORGAN C. FRANK
2 CALLE CANDINA, #1701, SAN JUAN, PUERTO RICO, 00907</principalBusinessOfficeOrResidenceAddress>
        <citizenship>MANCHESTER MANAGEMENT COMPANY, LLC - Delaware
MANCHESTER MANAGEMENT PR, LLC - Other - Puerto Rico
MANCHESTER EXPLORER, L.P. - Delaware
JAMES E. BESSER - United States
MORGAN C. FRANK - United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>MANCHESTER MANAGEMENT COMPANY, LLC - 4,720,144
MANCHESTER MANAGEMENT PR, LLC - 4,720,144
MANCHESTER EXPLORER, L.P. - 4,597,217
JAMES E. BESSER - 4,858,437
MORGAN C. FRANK - 4,904,523</amountBeneficiallyOwned>
        <classPercent>MANCHESTER MANAGEMENT COMPANY, LLC - 8.8%
MANCHESTER MANAGEMENT PR, LLC - 8.8%
MANCHESTER EXPLORER, L.P. - 8.6%
JAMES E. BESSER - 9.1%
MORGAN C. FRANK - 9.2%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>MANCHESTER MANAGEMENT COMPANY, LLC - 0
MANCHESTER MANAGEMENT PR, LLC - 0
MANCHESTER EXPLORER, L.P. - 0
JAMES E. BESSER - 138,293
MORGAN C. FRANK - 307,306</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>MANCHESTER MANAGEMENT COMPANY, LLC - 4,720,144
MANCHESTER MANAGEMENT PR, LLC - 4,720,144
MANCHESTER EXPLORER, L.P. - 4,597,217
JAMES E. BESSER - 4,720,144
MORGAN C. FRANK - 4,597,217</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>MANCHESTER MANAGEMENT COMPANY, LLC - 0
MANCHESTER MANAGEMENT PR, LLC - 0
MANCHESTER EXPLORER, L.P. - 0
JAMES E. BESSER - 138,293
MORGAN C. FRANK - 307,306</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>MANCHESTER MANAGEMENT COMPANY, LLC - 4,720,144
MANCHESTER MANAGEMENT PR, LLC - 4,720,144
MANCHESTER EXPLORER, L.P. - 4,597,217
JAMES E. BESSER - 4,720,144
MORGAN C. FRANK - 4,597,217</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>All of the securities reported in this Schedule 13G, other than those securities reported herein that James E. Besser and Morgan C. Frank have the sole power to vote, direct the vote, dispose of or direct the disposition of,  are directly owned by advisory clients of Manchester Management PR, LLC. None of those advisory clients, other than Manchester Explorer, L.P., may be deemed to beneficially own more than 5% of the Common Shares.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <exhibitInfo>Exhibit A - Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>MANCHESTER MANAGEMENT COMPANY, LLC</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ James E. Besser</signature>
        <title>James E. Besser, Managing Member</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>MANCHESTER MANAGEMENT PR, LLC</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ James E. Besser</signature>
        <title>James E. Besser, Managing Member</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>MANCHESTER EXPLORER, L.P</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ James E. Besser</signature>
        <title>James E. Besser, Managing Member of the General Partner</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>JAMES E. BESSER</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ James E. Besser</signature>
        <title>ames E. Besser</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>MORGAN C. FRANK</reportingPersonName>
      <signatureDetails>
        <signature>By: /s/ Morgan C. Frank</signature>
        <title>Morgan C. Frank</title>
        <date>02/17/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureComments>* Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.</signatureComments>
  </formData>

</edgarSubmission>
