Neumora Therapeutics Highlights 2026 Pipeline Strategy and Anticipated Upcoming Milestones

Rhea-AI Summary

Neumora Therapeutics (NASDAQ: NMRA) outlined its 2026 pipeline strategy and key near-term milestones, highlighting multiple clinical readouts and program advances. The company expects a joint topline readout for KOASTAL-2 and KOASTAL-3 in Q2 2026 and plans to increase enrollment in each study by up to 25% beyond the original 332 target where protocols allow. Neumora plans to initiate a Phase 1 program for NMRA-215 in H1 2026 with weight-loss data expected around year-end 2026. The company reported positive Phase 1b results for NMRA-511 showing a clinically meaningful effect on AD agitation and no somnolence. Cash runway is expected into Q3 2027.

Positive

• KOASTAL-2/3 joint readout expected in Q2 2026
• Enrollment target increased up to 25% beyond 332 per study
• NMRA-511 Phase 1b showed clinically meaningful effect on AD agitation
• No somnolence reported in NMRA-511 Phase 1b tolerability results
• Cash runway expected to support operations into Q3 2027
• Plan to initiate NMRA-215 Phase 1 in H1 2026 with weight-loss data end-2026

Negative

• None.

Key Figures

KOASTAL enrollment target 332 patients Original per-study target before planned 25% increase

KOASTAL over-enrollment 25% increase Planned expansion above original 332-patient target per study

KOASTAL-2/3 readout Q2 2026 Planned consolidated topline data for navacaprant in MDD

NMRA-215 Phase 1 start H1 2026 Planned initiation for obesity monotherapy and combination program

NMRA-215 weight data End of 2026 Expected timing for weight loss data from NMRA-215 program

M4 update timing Mid-2026 Comprehensive franchise update for NMRA-898 and NMRA-861

NMRA-511 phase Phase 1b Study in Alzheimer’s disease agitation meeting goal with meaningful effect size

Cash runway Into Q3 2027 Cash, cash equivalents and marketable securities per pipeline update

Market Reality Check

$2.34 Last Close

Volume Volume 1,981,604 is 2.28x the 20-day average of 869,670, indicating elevated trading interest. high

Technical Price $1.66 is trading above the 200-day MA at $1.51.

Peers on Argus

NMRA fell 7.26% while several biotech peers also declined: ANNX -8.04%, VNDA -5.5%, CADL -5.23%, AVIR -2.25%. TNXP diverged at +1.85%, suggesting a mix of stock-specific and sector pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 06	Earnings & pipeline	Positive	-1.5%	Q3 2025 financials plus broad pipeline timing and funding into 2027.
Nov 03	Conference participation	Neutral	-0.3%	Announcement of November 2025 healthcare conference appearances and webcasts.
Oct 27	Clinical trial start	Positive	+2.3%	Initiation of Phase 1 SAD/MAD clinical trial for M4 PAM NMRA-898.
Oct 27	Preclinical obesity data	Positive	+2.3%	Class-leading weight loss data for NMRA-215 in diet-induced obesity model.
Oct 01	R&D day preview	Neutral	-2.2%	Announcement of virtual R&D Day highlighting seven programs and key assets.

Pattern Detected

Recent news has usually led to modest moves, with generally aligned reactions except for a mild selloff on the last earnings and pipeline update.

Recent Company History

Over the past few months, Neumora has steadily advanced its neuroscience pipeline. On Oct 27, 2025, it initiated a Phase 1 study of M4 PAM NMRA-898 and separately reported preclinical obesity data for NMRA-215 showing up to 26% weight loss, both drawing positive price reactions. A virtual R&D day on Oct 27, 2025 and November conference plans had limited impact. The Nov 6, 2025 Q3 update confirmed cash of $171.5M and funding into 2027, but shares slipped modestly, hinting at cautious sentiment despite pipeline progress. Today’s pipeline milestone update extends that trajectory into 2026–2027.

Market Pulse Summary

This announcement lays out a dense 2026 catalyst calendar, with KOASTAL-2 and -3 Phase 3 readouts in Q2 2026, initiation of NMRA-215 obesity studies in H1 2026, a mid-2026 M4 franchise update, and positive Phase 1b data for NMRA-511 in Alzheimer’s agitation. Management also indicates funding into the third quarter of 2027. Investors may track whether these timelines hold, the robustness of navacaprant efficacy data, and how early NMRA-215 results compare with prior preclinical findings.

Key Terms

major depressive disorder medical

"assessment of navacaprant efficacy in major depressive disorder in the KOASTAL program"

A clinical condition characterized by persistent, severe low mood, loss of interest in daily activities, and reduced ability to function at work or home, lasting weeks or longer. It matters to investors because it drives demand for treatments and mental health services, affects workforce productivity and absenteeism, influences health-care and insurance costs, and shapes risks and opportunities for companies developing drugs, therapies or workplace programs—like a long-lasting storm that lowers economic output.

phase 1 medical

"Plans to conduct NMRA-215 clinical program in 2026 following class-leading preclinical data"

Phase 1 is the first stage of testing a new drug or medical treatment in people, focused primarily on safety, how the body handles the product, and finding a tolerated dose. Think of it as a short, tightly controlled experiment with a small group to check for dangerous side effects before wider testing; for investors it is an early milestone that reduces some uncertainty but still carries high risk and potential for both big value changes and setbacks.

phase 1b medical

"Advancing NMRA-511 following Phase 1b results demonstrating clinically meaningful effect"

"Phase 1b" is an early stage in testing a new medical treatment or vaccine, where it is given to a small group of people to evaluate its safety and determine the right dose. For investors, this phase signals progress in development, indicating the treatment is advancing through initial safety checks, which can influence expectations for future success and potential market impact.

m4 positive allosteric modulator medical

"M4 Positive Allosteric Modulator (PAM) Franchise: Progressing Phase 1 clinical studies"

A m4 positive allosteric modulator is a drug-like molecule that boosts the activity of the M4 muscarinic receptor, a protein on nerve cells involved in brain signaling, by attaching to a different spot than the natural chemical messenger. Think of it as a remote that turns up a specific channel’s volume without changing the channel itself. Investors care because these compounds can offer targeted treatments for neurological or psychiatric conditions, influencing a drug candidate’s clinical promise, patent value, and development risk.

nlrp3 inhibitor medical

"prioritized obesity as the lead indication for our highly brain-penetrant NLRP3 inhibitor, NMRA-215"

An NLRP3 inhibitor is a substance that blocks a specific part of the body’s immune system responsible for inflammation. By preventing excessive inflammation, it has potential uses in treating certain diseases, which may affect the value of related biotech or pharmaceutical companies. For investors, understanding NLRP3 inhibitors can offer insights into emerging medical therapies and future market opportunities.

vasopressin 1a receptor (v1ar) medical

"selective antagonist of the vasopressin 1a receptor (V1aR) met the goal of the Phase 1b study"

A vasopressin 1a receptor (V1aR) is a protein on the surface of certain cells that acts like a lock for the hormone vasopressin; when the hormone fits the lock it changes cell behavior related to blood vessel tightening, fluid balance and some brain functions. Investors care because drugs that block or activate this receptor are potential treatments for conditions such as blood-pressure problems, bleeding disorders and behavioral or psychiatric disorders, so success or failure in trials and approvals can drive significant commercial value.

cmai total score medical

"Phase 1b results demonstrating clinically meaningful effect on CMAI total score"

The CMAI total score is the combined numeric result from the Cohen‑Mansfield Agitation Inventory, a clinical checklist that rates how often a patient exhibits different agitated behaviors. Investors see it as a single summary measure of a drug or intervention’s effect on agitation in dementia studies—like a report card grade that reflects whether a treatment meaningfully calms patients, which can influence trial success, regulatory decisions and commercial prospects.

monotherapy medical

"clinical program evaluating NMRA-215 monotherapy and combination therapy for the treatment of obesity"

Monotherapy is a treatment approach that uses only one type of medicine or therapy to address a condition, instead of combining multiple options. For investors, understanding monotherapy matters because it can influence a company's development strategy, risk profile, and potential market size, especially if the single-treatment approach proves effective or faces limitations compared to combination therapies.

AI-generated analysis. Not financial advice.

Multiple clinical data readouts expected in 2026 present opportunity for substantial value creation

KOASTAL-2 and -3 on track for consolidated topline readout in the second quarter of 2026

Plans to conduct NMRA-215 clinical program in 2026 following class-leading preclinical data from diet induced obesity model

Advancing NMRA-511 following Phase 1b results demonstrating clinically meaningful effect on CMAI total score

Cash, cash equivalents and marketable securities expected to support operations into the third quarter of 2027

WATERTOWN, Mass., Jan. 05, 2026 (GLOBE NEWSWIRE) -- Neumora Therapeutics, Inc. (Nasdaq: NMRA), a clinical-stage biopharmaceutical company with a therapeutics pipeline consisting of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases, today announced key pipeline updates and anticipated 2026 milestones that support the Company’s mission to redefine neuroscience drug development with the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients living with brain diseases.

“2025 was a productive and strategically important year for Neumora, as we advanced our pipeline of novel mechanism therapies, prioritized obesity as the lead indication for our highly brain-penetrant NLRP3 inhibitor, NMRA-215, expanded our M4 PAM franchise with two new programs in clinical development, progressed the Phase 3 program for navacaprant, and produced compelling data for NMRA-511 – all while continuing to strengthen our financial foundation,” said Paul L. Berns, co-founder, chairman and chief executive officer of Neumora. “This progress set up important expected milestones across our programs. We are entering a catalyst-rich period that I believe will meaningfully shape the future of Neumora, as well as the future of treatment for several underserved disease areas. Supported by a strong team, we are well-positioned to execute on our goal to advance a next generation of therapies for people living with brain diseases.”

2026 PIPELINE STRATEGY

Navacaprant: Planned joint readout of KOASTAL-2 and -3 in second quarter of 2026
Neumora today announced that it plans to increase enrollment in each of the KOASTAL studies, targeting up to 25 percent enrollment beyond the original target of 332, as the study protocols permit. The Company expects a joint topline data readout for both KOASTAL-2 and KOASTAL-3 in the second quarter of 2026 and believes this approach optimizes assessment of navacaprant efficacy in major depressive disorder in the KOASTAL program.

NMRA-215: Plans to initiate Phase 1 clinical program following class-leading preclinical data
Neumora expects to initiate a clinical program evaluating NMRA-215 monotherapy and combination therapy for the treatment of obesity in the first half of 2026. The Company expects to report weight loss data following treatment with NMRA-215 around the end of 2026.

M4 Positive Allosteric Modulator (PAM) Franchise: Progressing Phase 1 clinical studies for NMRA-898 and NMRA-861
Neumora expects to provide a comprehensive M4 franchise update in mid-2026, including potentially advancing development of one or both programs.

NMRA-511: Reported positive results from Phase 1b study in Alzheimer’s disease (AD) agitation
In January 2026, NMRA-511, an oral, highly potent, brain-penetrant and selective antagonist of the vasopressin 1a receptor (V1aR) met the goal of the Phase 1b study, demonstrating a clinically meaningful effect size in people with AD agitation. In the study, NMRA-511 demonstrated a favorable tolerability and safety profile with no reports of somnolence or sedation.

KEY BUSINESS UPDATES

The Company is in a strong financial position and expects its cash, cash equivalents and marketable securities to support operations into the third quarter of 2027.

About Neumora
Neumora Therapeutics, Inc. is a clinical-stage biopharmaceutical company founded to confront the global brain disease crisis by taking a fundamentally different approach to the way treatments for brain diseases are developed. Our therapeutic pipeline currently consists of seven neuroscience programs that target novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases. Our work is supported by an integrated suite of translational, clinical and computational tools to generate insights that can enable precision medicine approaches. Neumora’s mission is to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients suffering from brain diseases.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements about Neumora Therapeutics, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including statements related to: Neumora’s intention to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients suffering from brain diseases; the timing, progress and plans for its therapeutic development programs, including the NMRA-511, NMRA-215 and M4 programs, the KOASTAL-2 and KOASTAL-3 studies, and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Other than statements of historical facts, all statements contained in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause the actual results to be materially different from the information expressed or implied by these forward-looking statements, including, among others: the risks related to the inherent uncertainty of clinical drug development and unpredictability and lengthy process for obtaining regulatory approvals; risks related to the timely initiation and enrollment in our clinical trials; risks related to our reliance on third parties, including contract research organizations; risks related to serious or undesirable side effects of our therapeutic candidates; risks related to our ability to utilize and protect our intellectual property rights; and other matters that could affect sufficiency of capital resources to fund operations. For a detailed discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Neumora’s business in general, please refer to the risk factors identified in the Company’s filings with the Securities and Exchange Commission (SEC), including but not limited to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which was filed with the SEC on November 6, 2025. Forward-looking statements speak only as of the date hereof, and, except as required by law, Neumora undertakes no obligation to update or revise these forward-looking statements.

Neumora Contact
Helen Rubinstein
617-402-5700
Helen.Rubinstein@neumoratx.com

FAQ

When will Neumora (NMRA) report KOASTAL-2 and KOASTAL-3 topline data?

Neumora expects a joint topline readout for KOASTAL-2 and KOASTAL-3 in Q2 2026.

How much is Neumora increasing enrollment in each KOASTAL study (NMRA)?

The company plans to target up to 25% more enrollment in each KOASTAL study beyond the original 332 participants where protocols permit.

What were the Phase 1b results for NMRA-511 (NMRA) in Alzheimer’s agitation?

NMRA-511 met the Phase 1b goal, demonstrating a clinically meaningful effect on AD agitation with favorable tolerability and no somnolence.

When will Neumora (NMRA) start clinical testing of NMRA-215 for obesity?

Neumora expects to initiate the NMRA-215 clinical program in the first half of 2026 and report weight-loss data around end of 2026.

How long is Neumora's (NMRA) cash runway expected to last?

The company expects its cash, cash equivalents and marketable securities to support operations into Q3 2027.

When will Neumora provide an update on its M4 PAM programs (NMRA)?

Neumora expects to provide a comprehensive M4 franchise update in mid-2026, potentially advancing one or both programs.