Neumora Therapeutics Reports Second Quarter 2025 Financial Results and Provides Business Update
Neumora Therapeutics (NASDAQ: NMRA) reported Q2 2025 financial results and provided significant pipeline updates. The company ended Q2 with $217.6 million in cash, expected to fund operations into 2027. Key developments include initiating a Phase 1 SAD/MAD study for NMRA-861 in schizophrenia and prioritizing obesity as the lead indication for NMRA-215, their brain-penetrant NLRP3 inhibitor.
Financial results showed R&D expenses of $38.7 million (down from $48.6M in Q2 2024) and a net loss of $52.7 million (improved from $58.7M). The company anticipates six clinical data readouts over the next 18 months, including Phase 3 data for navacaprant in major depressive disorder and Phase 1b data for NMRA-511 in Alzheimer's disease agitation.
Neumora Therapeutics (NASDAQ: NMRA) ha comunicato i risultati finanziari del secondo trimestre 2025 e ha fornito aggiornamenti importanti sul proprio pipeline. La società ha chiuso il trimestre con 217,6 milioni di dollari in cassa, fondi che dovrebbero sostenere le operazioni fino al 2027. Tra gli sviluppi chiave vi è l'avvio di uno studio di Fase 1 SAD/MAD per NMRA-861 nella schizofrenia e la scelta dell'obesità come indicazione principale per NMRA-215, il loro inibitore NLRP3 in grado di penetrare nel cervello.
I risultati finanziari hanno mostrato spese per R&S di 38,7 milioni di dollari (in calo rispetto ai 48,6 milioni del secondo trimestre 2024) e una perdita netta di 52,7 milioni di dollari (migliorata rispetto ai 58,7 milioni). L’azienda prevede sei letture di dati clinici nei prossimi 18 mesi, tra cui i dati di Fase 3 per navacaprant nel disturbo depressivo maggiore e i dati di Fase 1b per NMRA-511 nell'agitazione associata alla malattia di Alzheimer.
Neumora Therapeutics (NASDAQ: NMRA) informó los resultados financieros del segundo trimestre de 2025 y proporcionó actualizaciones importantes sobre su pipeline. La compañía terminó el trimestre con 217,6 millones de dólares en efectivo, fondos que se espera financien las operaciones hasta 2027. Entre los avances clave se incluye el inicio de un estudio de Fase 1 SAD/MAD para NMRA-861 en esquizofrenia y la priorización de la obesidad como indicación principal para NMRA-215, su inhibidor NLRP3 con capacidad de penetrar en el cerebro.
Los resultados financieros mostraron gastos de I+D de 38,7 millones de dólares (una disminución respecto a los 48,6 millones del segundo trimestre de 2024) y una pérdida neta de 52,7 millones de dólares (mejorada desde 58,7 millones). La compañía anticipa seis presentaciones de datos clínicos en los próximos 18 meses, incluyendo datos de Fase 3 para navacaprant en trastorno depresivo mayor y datos de Fase 1b para NMRA-511 en agitación asociada con la enfermedad de Alzheimer.
Neumora Therapeutics (NASDAQ: NMRA)는 2025년 2분기 재무 실적을 발표하고 주요 파이프라인 업데이트를 제공했습니다. 회사는 2분기를 2억 1,760만 달러의 현금으로 마감했으며, 2027년까지 운영 자금을 확보할 것으로 예상됩니다. 주요 개발 사항으로는 조현병 치료를 위한 NMRA-861의 1상 SAD/MAD 연구 개시와 뇌 침투형 NLRP3 억제제인 NMRA-215의 주요 적응증으로 비만을 우선시한 점이 포함됩니다.
재무 결과는 연구개발비가 3,870만 달러(2024년 2분기 4,860만 달러에서 감소)이며 순손실은 5,270만 달러(5,870만 달러에서 개선)로 나타났습니다. 회사는 향후 18개월 동안 주요 우울증에 대한 navacaprant의 3상 데이터와 알츠하이머병 관련 초조함에 대한 NMRA-511의 1b상 데이터를 포함하여 6건의 임상 데이터 발표를 예상하고 있습니다.
Neumora Therapeutics (NASDAQ : NMRA) a publié ses résultats financiers du deuxième trimestre 2025 et a fourni des mises à jour importantes sur son pipeline. La société a clôturé le trimestre avec 217,6 millions de dollars en liquidités, ce qui devrait financer ses opérations jusqu'en 2027. Parmi les développements clés, on compte le lancement d'une étude de phase 1 SAD/MAD pour NMRA-861 dans la schizophrénie et la priorité donnée à l'obésité comme indication principale pour NMRA-215, leur inhibiteur NLRP3 capable de pénétrer le cerveau.
Les résultats financiers ont montré des dépenses en R&D de 38,7 millions de dollars (en baisse par rapport à 48,6 millions au T2 2024) et une perte nette de 52,7 millions de dollars (améliorée par rapport à 58,7 millions). La société prévoit six publications de données cliniques au cours des 18 prochains mois, incluant des données de phase 3 pour le navacaprant dans le trouble dépressif majeur et des données de phase 1b pour le NMRA-511 dans l'agitation liée à la maladie d'Alzheimer.
Neumora Therapeutics (NASDAQ: NMRA) veröffentlichte die Finanzergebnisse für das zweite Quartal 2025 und gab bedeutende Updates zum Produktpipeline bekannt. Das Unternehmen schloss das zweite Quartal mit 217,6 Millionen US-Dollar in bar ab, was voraussichtlich die Betriebskosten bis 2027 decken wird. Zu den wichtigsten Entwicklungen gehört der Start einer Phase-1-SAD/MAD-Studie für NMRA-861 bei Schizophrenie sowie die Priorisierung von Adipositas als Hauptindikationsgebiet für NMRA-215, ihren gehirngängigen NLRP3-Inhibitor.
Die Finanzergebnisse zeigten F&E-Ausgaben in Höhe von 38,7 Millionen US-Dollar (ein Rückgang von 48,6 Mio. im zweiten Quartal 2024) und einen Nettoverlust von 52,7 Millionen US-Dollar (verbessert von 58,7 Mio.). Das Unternehmen erwartet sechs klinische Datenauswertungen in den nächsten 18 Monaten, darunter Phase-3-Daten für Navacaprant bei Major Depression und Phase-1b-Daten für NMRA-511 bei Alzheimer-bedingter Agitation.
- Strong cash position of $217.6M expected to fund operations into 2027
- Six clinical data readouts expected in next 18 months
- Net loss improved to $52.7M from $58.7M year-over-year
- R&D expenses decreased to $38.7M from $48.6M year-over-year
- Strategic expansion into obesity market with NMRA-215
- Continued significant net losses of $52.7M in Q2 2025
- Key clinical data readouts not expected until 2026
- Entering competitive obesity market as a new player
Insights
Neumora reports solid financial position with promising pipeline progress, including obesity as new target for NLRP3 inhibitor.
Neumora's Q2 results reveal a company entering a catalyst-rich period with six clinical readouts expected over the next 18 months. The
The most significant development is their strategic pivot to prioritize obesity as the lead indication for NMRA-215, their brain-penetrant NLRP3 inhibitor. This represents a calculated entry into the lucrative obesity market with a differentiated mechanism compared to GLP-1 agonists. Their focus on CNS-penetrant compounds could address limitations of current therapies, particularly targeting the
The advancement of NMRA-861 (M4 PAM) into Phase 1 studies for schizophrenia also deserves attention. The muscarinic receptor approach has shown promise in addressing both positive and negative symptoms of schizophrenia with potentially fewer metabolic side effects than standard antipsychotics.
Financially, R&D expenses decreased to
The company's most advanced asset, navacaprant for depression, has Phase 3 data expected in 1H 2026, representing their nearest potential commercialization opportunity. The confluence of multiple clinical readouts in 2025-2026 creates a favorable setup for potential catalysts that could significantly impact valuation.
Neumora's mechanistic approach to CNS disorders shows sophisticated understanding of neuropsychiatric disease biology. Their M4 PAM program (NMRA-861) represents a targeted approach to schizophrenia treatment that could overcome limitations of current antipsychotics. Unlike broad-spectrum D2 antagonists, selective M4 PAMs can theoretically modulate dopamine release in specific brain regions, potentially addressing both positive symptoms and cognitive deficits with fewer metabolic and motor side effects.
The company's strategic pivot toward obesity with NMRA-215 (NLRP3 inhibitor) is scientifically sound. Neuroinflammation and hypothalamic NLRP3 inflammasome activation are increasingly recognized as contributors to obesity pathophysiology. By developing a highly brain-penetrant NLRP3 inhibitor, Neumora is targeting central inflammatory mechanisms that regulate appetite and metabolism, which current GLP-1 therapies don't directly address.
Their navacaprant program for depression appears to be progressing steadily through Phase 3, though the KAPPA approach has had mixed results historically in psychiatry. The development of NMRA-511 for Alzheimer's agitation represents another unmet need with significant market potential, as current options like antipsychotics carry black box warnings in elderly patients.
The company's focus on CNS penetration and selective modulation of specific neural pathways demonstrates a sophisticated drug development strategy compared to traditional CNS approaches. Their emphasis on biomarkers and targeted mechanisms suggests they're positioning themselves at the forefront of precision neuroscience, moving beyond the symptom-based approaches that have dominated CNS drug development for decades.
Initiated Phase 1 single-ascending dose/multiple-ascending dose (SAD/MAD) study with M4 positive allosteric modulator (PAM) NMRA-861, with data expected in the first quarter of 2026
Announces prioritization of obesity as lead indication for NMRA-215, a highly brain-penetrant NLRP3 inhibitor, with data from diet-induced obesity (DIO) mouse model expected in 2025
Entering catalyst-rich period with up to six clinical data readouts in patients over the next 18 months, including Phase 3 data for navacaprant in major depressive disorder (MDD) and Phase 1b data for NMRA-511 in Alzheimer’s disease agitation
Strong financial position with
Company to host conference call today at 4:30 p.m. ET
WATERTOWN, Mass., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Neumora Therapeutics, Inc. (Nasdaq: NMRA) a clinical-stage biopharmaceutical company with a therapeutics pipeline consisting of seven programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases, today announced financial results for the second quarter ended June 30, 2025, and provided a business update.
“Our R&D efforts have fueled multiple upcoming catalysts, with up to six clinical data readouts in patients over the next 18 months. Additionally, we have productively advanced our pre-clinical pipeline, including prioritizing obesity as the lead indication for NMRA-215, our highly brain-penetrant NLRP3 inhibitor. An increasing body of evidence supports the need for the role of centrally acting drugs to drive weight loss in obesity, and we believe our expertise in developing highly brain-penetrant chemistry will support our advancement into the field. Obesity is associated with significant negative outcomes and lower quality of life, and unmet needs remain high despite the current generation of incretin therapies. In fact, up to a third of patients are non-responders to current therapies, and do not experience clinically meaningful weight loss. Additionally, patients experience significant on-target GI adverse effects, and weight regain is common after patients stop taking these drugs. We expect to initiate clinical studies with NMRA-215 in the first quarter of 2026,” said Paul L. Berns, chairman and chief executive officer, Neumora. “We are also looking forward to the upcoming clinical data readouts for navacaprant and NMRA-511, and we recently initiated a Phase 1 study with NMRA-861, our M4 PAM with potential best-in-class pharmacology. We anticipate data from the NMRA-861 study in early 2026 and are excited about its potential as a therapeutic option for people with schizophrenia that addresses the need for more effective and better tolerated therapies beyond current antipsychotics and non-selective muscarinic agents.”
KEY PIPELINE HIGHLIGHTS
M4 Positive Allosteric Modulator (PAM) Franchise: Initiated Phase 1 Clinical Study of NMRA-861
In July 2025, Neumora announced the initiation of a Phase 1 single-ascending dose/multiple-ascending dose (SAD/MAD) study of NMRA-861 in healthy adult participants and adults with stable schizophrenia. NMRA-861 is a highly potent and selective M4 PAM with potential best-in-class pharmacology that Neumora plans to develop for the treatment of schizophrenia and other neuropsychiatric disorders.
Neumora expects to report data from the Phase 1 SAD/MAD study in the first quarter of 2026, including safety and tolerability, and human pharmacokinetic data confirming the potential for once-daily dosing and central nervous system penetration. Additionally, the Company expects to bring another M4 PAM, NMRA-898, into the clinic in 2025.
NMRA-215: Obesity Prioritized as Lead Indication for NLRP3 Inhibitor Program
Neumora today announced that the Company prioritized obesity as the lead indication for NMRA-215, its potential best-in-class, highly potent and brain-penetrant NLRP3 inhibitor. NMRA-215 has demonstrated potential best-in-class brain penetration, target engagement and pharmacodynamic activity in relevant animal models.
Neumora is currently conducting preclinical DIO studies to characterize the potential of NMRA-215 in obesity and expects to report data in 2025. Additionally, Neumora expects to progress NMRA-215 into the clinic in the first quarter of 2026.
Navacaprant: Enrollment Ongoing in Phase 3 KOASTAL Program; Topline Data Expected in 1H 2026
The Company is on track to report topline data with navacaprant in MDD from KOASTAL-3 in the first quarter of 2026 and KOASTAL-2 in the second quarter of 2026.
NMRA-511: On Track to Report Data from Phase 1b Signal-seeking Study in Alzheimer’s Disease (AD) Agitation Around the End of 2025
Neumora is on track to report data from a Phase 1b signal-seeking study evaluating NMRA-511 as a treatment for AD agitation around the end of 2025.
SECOND QUARTER 2025 FINANCIAL RESULTS
- Cash Position: As of June 30, 2025, Neumora had cash, cash equivalents and marketable securities of
$217.6 million . - Financial Guidance: The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2025, will enable it to fund its operating plan into 2027.
- R&D Expense: Research and development expenses for the second quarter of 2025 were
$38.7 million , as compared to$48.6 million for the same period in 2025. This decrease was primarily due to a reduction in stock-based compensation and personnel related expense, and a reduction in clinical trial costs. - G&A Expense: General and administrative expenses for the second quarter of 2025 were
$15.3 million , as compared to$15.2 million for the same period in 2024. - Net Loss: The Company reported a net loss of
$52.7 million for the second quarter of 2025, as compared to$58.7 million for the same period in 2024.
Conference Call Information
Neumora will host a live conference call and webcast at 4:30 p.m. ET today to review these updates. A live webcast of the event will be available on the events and presentations section of the Company’s website at www.neumoratx.com. A replay of the webcast will be available following the completion of the event and will be archived for up to 30 days. Participants may register for the conference call here and are advised to do so at least 10 minutes prior to joining the call.
About Neumora
Neumora Therapeutics, Inc. is a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by taking a fundamentally different approach to the way treatments for brain diseases are developed. Our therapeutic pipeline currently consists of seven programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. 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.
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; the timing, progress and plans for its therapeutic development programs, including the timing of clinical trial initiation and data readouts and upcoming milestones and catalysts; expectations and projections regarding future operating results and financial performance, including the sufficiency of its cash resources and expectation of the timing of its cash runway; 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 June 30, 2025 which was filed with the SEC on or about the date hereof. 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. Our results for the quarter ended June 30, 2025 are also not necessarily indicative of our operating results for any future periods.
Financial Tables
| NEUMORA THERAPEUTICS, INC. | ||||||||||||||||
| Unaudited Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| (in thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 38,724 | $ | 48,628 | $ | 90,875 | $ | 94,385 | ||||||||
| General and administrative | 15,316 | 15,194 | 34,101 | 29,511 | ||||||||||||
| Total operating expenses | 54,040 | 63,822 | 124,976 | 123,896 | ||||||||||||
| Loss from operations | (54,040 | ) | (63,822 | ) | (124,976 | ) | (123,896 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income, net | 1,814 | 5,271 | 4,888 | 11,636 | ||||||||||||
| Other income (expense), net | (480 | ) | (24 | ) | (505 | ) | (36 | ) | ||||||||
| Total other income | 1,334 | 5,247 | 4,383 | 11,600 | ||||||||||||
| Net loss before income taxes | (52,706 | ) | (58,575 | ) | (120,593 | ) | (112,296 | ) | ||||||||
| Provision for income taxes | 25 | 125 | 130 | 125 | ||||||||||||
| Net loss | (52,731 | ) | (58,700 | ) | (120,723 | ) | (112,421 | ) | ||||||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized loss on marketable securities | (12 | ) | (39 | ) | (77 | ) | (111 | ) | ||||||||
| Comprehensive loss | $ | (52,743 | ) | $ | (58,739 | ) | $ | (120,800 | ) | $ | (112,532 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.33 | ) | $ | (0.37 | ) | $ | (0.75 | ) | $ | (0.71 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 161,691 | 158,984 | 161,572 | 158,464 | ||||||||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| (in thousands) | ||||||
| June 30, 2025 | December 31, 2024 | |||||
| Cash, cash equivalents and marketable securities | $ | 217,588 | $ | 307,578 | ||
| Total assets | $ | 223,825 | $ | 316,972 | ||
| Total liabilities | $ | 40,946 | $ | 29,908 | ||
| Total stockholders’ equity | $ | 182,879 | $ | 287,064 | ||
Neumora Contact
Helen Rubinstein
617-402-5700
Helen.Rubinstein@neumoratx.com
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