Neumora Therapeutics (NMRA) Q1 2026 earnings summary

Executive summary

• Focused on developing next-generation, brain-penetrant therapies for neurodegenerative, neuropsychiatric, and metabolic diseases, with a pipeline including Phase 3 navacaprant for major depressive disorder, NMRA-511 for Alzheimer's agitation, NMRA-898 for schizophrenia, and NMRA-215 for obesity.

• Led by an experienced management team and board with backgrounds in neuroscience drug development and biotech.

• Achieved full enrollment in KOASTAL-2 and -3 studies for navacaprant in major depressive disorder, with topline data expected in Q2 2026.

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

• Advancing three core franchises: neurodegenerative disease (NMRA-511, NMRA-GCASE, NMRA-CK15), neuropsychiatric disease (navacaprant, NMRA-898), and metabolic disease (NMRA-215).

Financial highlights

• Cash and cash equivalents totaled $147.1 million as of March 31, 2026, supporting operations into Q3 2027.

• Net loss for Q1 2026 was $53.5 million, an improvement from $68.0 million in Q1 2025.

• R&D expenses were $38.6 million, down from $52.2 million year-over-year, mainly due to lower navacaprant and NMRA-511 costs and reduced Amgen collaboration activity.

• G&A expenses decreased to $14.3 million from $18.8 million year-over-year, reflecting lower personnel and stock-based compensation costs.

• Weighted-average shares outstanding increased to 179.9 million from 161.5 million year-over-year.

Outlook and guidance

• Cash runway expected to fund operations into Q3 2027.

• Multiple clinical catalysts expected in 2026, including NMRA-511 MAD data, KOASTAL-2 and -3 topline data, NMRA-898 Phase 1 data, and initiation of NMRA-215 clinical program in early 2027.

• Anticipates increased expenses and operating losses as clinical programs advance and pipeline expands; additional capital will be required for full development and commercialization.