Neumora Therapeutics reported its third‑quarter 2025 financial results, showing a net loss of $56.8 million—an improvement from the $72.5 million loss recorded in the same quarter a year earlier. The company’s research and development spend fell to $40.5 million from $60.6 million, while general and administrative expenses dropped to $12.2 million from $16.0 million, reflecting disciplined cost management as the company scales its operations.
Cash, cash equivalents and marketable securities stood at $171.5 million as of September 30 2025, bolstered by a $40 million draw from its existing debt facility with K2 HealthVentures. The enhanced liquidity is expected to support Neumora’s clinical programs through 2027, giving the company a runway that extends well beyond the current quarter’s expenses.
The company’s pipeline remains a key driver of its outlook. In obesity, class‑leading preclinical data for NMRA‑215 were announced in October 2025, and the program is slated to enter Phase 1 in Q1 2026. Two structurally distinct M4 positive allosteric modulators—NMRA‑861 and NMRA‑898—have both entered Phase 1, with a franchise update anticipated in mid‑2026. For Alzheimer’s disease agitation, data from the Phase 1b study of NMRA‑511 are expected by year‑end 2025.
Navacaprant, the company’s lead candidate in major depressive disorder, continues to advance through its KOASTAL program. While the Phase 3 KOASTAL‑1 trial failed to meet its primary endpoint in January 2025, the company has optimized the design of KOASTAL‑2 and KOASTAL‑3, with topline data expected in Q1 2026 and Q2 2026 respectively. The continuation of this program signals confidence that the lessons learned from KOASTAL‑1 can be leveraged to achieve clinical success in future cohorts.
Management emphasized the importance of cost discipline and strategic investment. CEO Paul L. Berns noted, “Our recent progress reflects the strength of our pipeline and the differentiated approach we’re taking to address some of the most pressing medical challenges of our time.” The improved loss margin, driven by lower R&D and G&A spending, positions Neumora to focus resources on advancing its most promising candidates while maintaining financial flexibility.
The company’s financial trajectory shows a clear trend toward reduced losses and a stronger cash base, underscoring its ability to fund ongoing clinical development without immediate additional financing. The combination of a robust pipeline, disciplined spending, and a solid liquidity position provides a solid foundation for Neumora’s next milestones.
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