Neumora Therapeutics, Inc. Common Stock

Neumora reported $182.5 million in cash, cash equivalents and marketable securities at December 31, 2025, and said that cash supports operations into the third quarter of 2027. Total net loss for 2025 was comparable to 2024. Management did not provide revenue, EPS, or gross margin figures on the call. Looking ahead, KOASTAL-2 and KOASTAL-3 navacaprant data are expected in the second quarter of 2026; NMRA-511 MAD extension data are expected in the second half of 2026; NMRA-898 MAD data are expected in the second half of 2026; and NMRA-215 is now expected to enter the clinic in the first quarter of 2027.

Paul Berns framed 2025 as a year of clinical execution and pipeline expansion, highlighting progress across NMRA-511, navacaprant, the M4 PAM franchise, and NMRA-215. His tone was confident and upbeat, emphasizing a “catalyst-rich” 2026 with multiple potential value-creating milestones and saying Neumora is well positioned to deliver on its differentiated, brain-penetrant approach to novel mechanisms. He also stressed the company’s mission to develop better therapies for brain diseases and said the team is focused on near-term readouts.

Mike Milligan said Neumora ended 2025 with $182.5 million in cash, cash equivalents and marketable securities and expects that to fund operations into the third quarter of 2027. He noted that additional operating expense detail was in the press release and said total net loss for 2025 was comparable to 2024. On capital allocation, management later said the delay of NMRA-215 to first-quarter 2027 reduces this year’s spend on that program and frees up capital for other areas.

Analysts focused heavily on three issues: what counts as sufficient evidence to support navacaprant filing, what exactly went wrong in the NMRA-215 tox study, and why NMRA-898 was chosen as the lead M4 PAM. Management said one positive KOASTAL study plus supportive data could be enough to request a pre-NDA meeting, with supportive evidence potentially including SHAPS or tolerability data. On NMRA-215, executives declined to give details because of the ongoing audit, but said the findings appeared procedure-related and that repeating the study is a common industry path. On 898, they said the decision was driven by its strong data, including long half-life, low variability, and pharmacodynamic signals; 861 remains a future option.