Neumora Therapeutics, Inc.

What they do

Neumora Therapeutics develops novel therapies for neurodegenerative, neuropsychiatric and metabolic diseases. Its pipeline includes navacaprant, a Phase 3 oral KOR antagonist for major depressive disorder; NMRA-511, a V1aR antagonist for agitation associated with dementia due to Alzheimer's disease; NMRA-898, an M4 PAM for schizophrenia; and NMRA-215, an oral NLRP3 inhibitor for obesity. It also has a preclinical NMRA-GCase program for Parkinson's disease licensed from Amgen.

Revenue drivers

• Product revenue — The company has no approved products and reported no product revenue; all pipeline candidates remain investigational.
• Navacaprant (KOR antagonist) — The lead asset is in Phase 3 for major depressive disorder; topline KOASTAL-2 and -3 data were expected in the second quarter of 2026.
• NMRA-511 (V1aR antagonist) — Being developed for agitation associated with dementia due to Alzheimer's disease; a Phase 2 study was targeted to start by the end of 2026.
• Earlier-stage programs — NMRA-898 (M4 PAM) for schizophrenia, NMRA-215 (NLRP3 inhibitor) for obesity, and preclinical NMRA-GCase for Parkinson's disease, none of which generate revenue.

Recent performance

Neumora reported no product revenue and has historically funded operations through equity, with operating cash use rising from $114.9 million in 2022 to $206.4 million in 2025. At June 30, 2026, the company had $116.8 million in cash and cash equivalents, total assets of $125.2 million, total liabilities of $80.7 million and shareholder equity of $44.5 million. Net loss was $130.9 million in 2022, $235.9 million in 2023, $243.8 million in 2024 and $236.9 million in 2025; the provided XBRL lists positive net income for 2024 and 2025, which does not reconcile with the disclosed operating cash outflows. In August 2026, Neumora appointed Joshua Pinto as CEO and Doron Sagman as chief medical officer, with co-founder Paul Berns becoming Executive Chair.

Strategy

Neumora is prioritizing clinical execution across navacaprant, NMRA-511, NMRA-898 and NMRA-215 in 2026. For NMRA-215, the company plans to submit an IND in the fourth quarter of 2026 and start a Phase 1 study by year-end, following favorable preclinical data. It expects NMRA-511 MAD expansion data in the fourth quarter of 2026 and a Phase 2 AD agitation study by the end of 2026, while NMRA-898 Phase 1 data are expected in the second half of 2026. Management stated that $116.8 million in cash is expected to support operations into the third quarter of 2027, and the company has continued to build out leadership with a new CEO and CMO.

Risks

• No approved products or revenue — Neumora is entirely dependent on investigational candidates and has no product revenue to offset its rising operating cash use.
• Clinical and regulatory uncertainty — The Phase 3 navacaprant program and Phase 1/2 studies for NMRA-511, NMRA-898 and NMRA-215 must still demonstrate safety and efficacy.
• Cash runway — With $116.8 million in cash at June 30, 2026 and projected runway into the third quarter of 2027, the company will likely need additional capital.
• Competitive and milestone risk — Multiple programs target crowded areas such as MDD, Alzheimer's agitation, schizophrenia and obesity, where competing therapies could set high efficacy bars.

Outlook

Management expects multiple clinical milestones through 2026, including NMRA-511 MAD expansion data and a Phase 2 AD agitation study by year-end, NMRA-898 Phase 1 data in the second half of 2026, and an IND submission and Phase 1 start for NMRA-215 by the end of 2026. Navacaprant Phase 3 KOASTAL-2 and KOASTAL-3 topline data were expected in the second quarter of 2026. The company states its current cash position is expected to fund operations into the third quarter of 2027.