While cost discipline improved financials, the delay in NMRA-215 due to toxicology concerns introduces pipeline risk. Investors should monitor the Q2 2026 readouts for navacaprant and NMRA-898, which are key near-term catalysts. The strong cash position reduces near-term dilution risk.
Price Chart
Executive Summary
Neumora Therapeutics reported Q4 and full-year 2025 financial results with reduced R&D and G&A expenses, resulting in a narrower net loss compared to the prior year. The company highlighted clinical progress across its pipeline, including new Phase 1b data for NMRA-511 in Alzheimer’s agitation, full enrollment in the KOASTAL-2 and -3 trials for navacaprant, and advancement of NMRA-898 as the lead M4 program in schizophrenia. With $182.5 million in cash, Neumora expects to fund operations into Q3 2027.
Key Financial Metrics
Key Facts
- Neumora reported $182.5 million in cash, cash equivalents, and marketable securities as of December 31, 2025.
- R&D expenses decreased to $176.1 million in 2025 from $200.9 million in 2024, primarily due to reduced navacaprant-related costs.
- Net loss for full-year 2025 was $236.9 million, down slightly from $243.8 million in 2024.
- NMRA-511 showed a Cohen’s d effect size of 0.34 on CMAI total score and 0.51 on aggression sub-factor in a pre-specified Alzheimer’s agitation population.
- KOASTAL-2 and -3 trials for navacaprant are fully enrolled, with topline data expected in Q2 2026.
- NMRA-898 has been selected as the lead M4 program based on favorable Phase 1 pharmacokinetics and target engagement data.
- A 13-week rat toxicology study for NMRA-215 revealed unexpected adverse findings in 5 of 142 animals; Neumora is repeating the study and delaying clinical initiation to Q1 2027.
Financial Impact
Reduced R&D spending by $24.8M YoY contributed to lower net loss. Cash runway extended into Q3 2027.
Risk Factors
- Unexpected toxicology findings in NMRA-215 could signal safety issues or development challenges.
- Clinical data for navacaprant and NMRA-511 remain upcoming; failure to meet endpoints could negatively impact valuation.
- Biotech sentiment and financing conditions may affect future capital raising if extended runway is needed.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3264464 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 20, 2026 6w ago | 144 | $1.63 $0.6918 | ▲ +57.56% | ▲ +57.03% | $0.4999 (+69.33%) |
Aug 17, 2026 6w ago | 144 | $1.64 $0.7732 | ▲ +52.85% | ▲ +51.54% | $0.4999 (+69.52%) |
Aug 14, 2026 7w ago | 8-K | $1.60 $0.9994 | ▼ −37.54% | ▼ −35.55% | $0.4999 (−68.76%) |
Aug 14, 2026 7w ago | Press Release | $1.60 $0.9994 | ▼ −37.54% | ▼ −35.55% | $0.4999 (−68.76%) |
Jul 27, 2026 9w ago | 8-K | $1.66 $1.53 | ▼ −8.13% | ▼ −11.43% | $0.4999 (−69.89%) |
Jul 27, 2026 9w ago | Press Release | $1.66 $1.53 | ▼ −8.13% | ▼ −11.43% | $0.4999 (−69.89%) |
Jun 15, 2026 15w ago | 8-K | $0.9145 $1.60 | ▼ −74.96% | ▼ −75.71% | $0.4999 (+45.34%) |
Apr 17, 2026 24w ago | DEFA14A | $2.19 $1.77 | ▼ −19.18% | ▼ −23.38% | $0.4999 (−77.17%) |
Mar 30, 2026 26w ago | Press Release | $1.93 $2.25 | ▲ +16.58% | ▲ +3.98% | $0.4999 (−74.10%) |
Mar 16, 2026 28w ago | Press Release | $2.87 $2.03 | ▼ −29.27% | ▼ −33.05% | $0.4999 (−82.58%) |
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