Neumora Therapeutics (NASDAQ:NMRA), a clinical-stage biotechnology company pioneering precision medicines for brain diseases, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
The company enters 2026 at a critical operational inflection point, with its lead Phase 3 programs in major depressive disorder (MDD) fully enrolled and a robust pipeline of next-generation psychiatric assets advancing through early-stage testing.
The company concluded 2025 with a strong liquidity position, reporting $182.5 million in cash and cash equivalents.
Based on current operating plans, Neumora expects its existing capital to provide a functional runway into the third quarter of 2027.
This financial stability allows the firm to focus on its "KOASTAL" clinical program, which is evaluating navacaprant (NMRA-139), a once-daily kappa opioid receptor (KOR) antagonist.
Neumora achieved a major milestone by completing enrollment for both the KOASTAL-2 and KOASTAL-3 Phase 3 trials, each exceeding 400 patients.
A joint topline data readout for these pivotal studies is now expected in the second quarter of 2026.
If positive, the data will form the basis for a potential New Drug Application (NDA) for navacaprant as a monotherapy for MDD.
Beyond its lead asset, the company highlighted promising signals in its NMRA-511 program for Alzheimer’s disease (AD) agitation.
In a pre-specified cohort of 53 patients, NMRA-511 demonstrated notable effect sizes of 0.34 on the Cohen-Mansfield Agitation Inventory (CMAI) total score and 0.51 on the CMAI aggression subscore.
These findings support the continued development of the compound as a targeted therapy for the behavioral symptoms of dementia.
In the muscarinic space, Neumora has selected NMRA-898 as its lead M4 receptor positive allosteric modulator.
The candidate features a favorable half-life of approximately 80–100 hours, potentially allowing for stable plasma concentrations and improved patient compliance.
However, the company noted a shift in the timeline for NMRA-215.
Following a toxicology signal currently under internal audit, the planned clinical start for this asset has been rescheduled for the first quarter of 2027 to ensure a comprehensive safety profile prior to human dosing.