Neumora Therapeutics (NMRA) Q4 2025 earnings summary

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.