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Neumora Therapeutics (NMRA) investor relations material
Neumora Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved significant clinical and pipeline progress in 2025, advancing next-generation therapies for brain diseases and obesity.
Reported compelling NMRA-511 data in Alzheimer's agitation and advanced phase III Navacaprant studies for major depressive disorder.
Expanded M4 PAM franchise with NMRA-898 as lead for schizophrenia and prioritized NMRA-215 for obesity, supported by class-leading preclinical data.
Strong cash position of $182.5 million expected to fund operations into Q3 2027.
Entering 2026 with multiple anticipated clinical data readouts and value-creating milestones.
Financial highlights
Ended 2025 with $182.5 million in cash equivalents and marketable securities.
Q4 2025 R&D expenses were $44.7 million, down from $45.9 million in Q4 2024; full year R&D was $176.1 million, down from $200.9 million.
Q4 2025 G&A expenses were $13.8 million, down from $17.0 million in Q4 2024; full year G&A was $60.1 million, down from $62.5 million.
Net loss for 2025 was $236.9 million, compared to $243.8 million in 2024.
Net loss for 2025 was comparable to 2024.
Outlook and guidance
Cash runway expected to support operations into Q3 2027.
Multiple clinical data readouts expected in 2026, including NMRA-511 MAD extension and Navacaprant KOASTAL-2/3 phase III results.
NMRA-511 phase II study planned for Q1 2027; NMRA-215 clinical entry also targeted for Q1 2027.
NMRA-898 MAD study data in schizophrenia expected in H2 2026.
- Advancing novel therapies for brain and metabolic disorders with key milestones expected by 2027.NMRA
Corporate presentation30 Mar 2026 - NMRA-511 shows strong efficacy in Alzheimer's agitation; pipeline and funding support robust growth.NMRA
Guggenheim Securities Emerging Outlook: Biotech Summit 202612 Feb 2026 - Advancing brain-penetrant therapies for obesity, Alzheimer's agitation, and psychiatric disorders.NMRA
Corporate presentation11 Feb 2026 - Navacaprant’s phase III COASTAL studies for MDD are on track, targeting robust efficacy and safety.NMRA
Status Update20 Jan 2026 - Pivotal Phase 3 data for navacaprant in MDD expected by year-end, with strong cash runway.NMRA
Q3 202414 Jan 2026 - Navacaprant's phase 3 trials for MDD target key endpoints, with pivotal data due by 2025.NMRA
Guggenheim Securities Inaugural Healthcare Innovation Conference14 Jan 2026 - Key phase III MDD data expected by mid-2025, supporting a robust, expanding pipeline.NMRA
Stifel 2024 Healthcare Conference13 Jan 2026 - Multiple neuroscience programs advance with strong financials and key clinical readouts ahead.NMRA
43rd Annual J.P. Morgan Healthcare Conference 202510 Jan 2026 - NMRA-511 showed strong efficacy and safety in Alzheimer's agitation, especially for anxious patients.NMRA
Study Result5 Jan 2026
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