Neumora Therapeutics (NMRA) Q2 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on brain-penetrant therapies for neuropsychiatric and neurodegenerative diseases, with a pipeline including NMRA-511 (Alzheimer's agitation), NMRA-898 (schizophrenia), and NMRA-215 (obesity/CV risk), advancing toward key clinical milestones in late 2026.

• Discontinued navacaprant in major depressive disorder after Phase 3 trial failures in June 2026, shifting focus to other pipeline assets.

• Leadership transition with Joshua Pinto, Ph.D., appointed CEO, Paul L. Berns as Executive Chair, and Doron Sagman, M.D., as Chief Medical Officer.

• No product revenue to date; operations funded by equity, debt, and collaborations.

Financial highlights

• Cash and cash equivalents were $116.8 million as of June 30, 2026, down from $182.5 million at year-end 2025, expected to fund operations into Q3 2027.

• Net loss for Q2 2026 was $43.1 million, improved from $52.7 million in Q2 2025; net loss per share was $0.23.

• Research and development expenses were $29.3 million, down 24% year-over-year for Q2, mainly due to the conclusion of the navacaprant program.

• General and administrative expenses were $12.9 million, down 16% year-over-year for Q2.

• Interest expense rose to $1.8 million for Q2 2026 due to higher term loan balances.

Outlook and guidance

• Cash runway projected to support operations into Q3 2027, but substantial doubt exists about the ability to continue as a going concern; current cash may be insufficient to fund operations for 12 months from the report date.

• Plans to finance future needs through equity, debt, or strategic collaborations, but no assurance of success.

• Pipeline catalysts expected in late 2026 include Phase 1 and 2 trial initiations and data readouts for NMRA-511, NMRA-898, and NMRA-215; IND submission for NMRA-215 planned for Q4 2026.