Neumora Therapeutics, Inc.

Previous wording

We are a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by taking a fundamentally different approach to the way treatments for brain and centrally mediated diseases are developed. The Company’s therapeutic pipeline currently consists of seven programs that target novel mechanisms of action for a broad range of underserved, prevalent, diseases. The Company is advancing a Phase 3 program for navacaprant , a novel once-daily oral kappa opioid receptor (KOR) antagonist that is being developed for the treatment of major depressive disorder (MDD), which the Company believes has the potential to provide significant advantages relative to the standard of care, if approved. The Company is also advancing a Phase 1b signal-seeking study with NMRA-511, a highly selective, novel antagonist of the vasopressin 1a receptor (V1aR) being developed for the treatment of agitation associated with dementia due to Alzheimer’s disease (AD). Additionally, Neumora is advancing a Phase 1 single-ascending dose/multiple-ascending dose (SAD/MAD) study of NMRA-861 in healthy adult participants and adults with stable schizophrenia. NMRA-861 is a highly potent and selective M4 PAM with potential best-in-class pharmacology that Neumora plans to develop for the treatment of schizophrenia and other neuropsychiatric disorders.

Current wording

We are a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by taking a fundamentally different approach to the way treatments for brain and centrally mediated diseases are developed. The Company’s therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent, diseases. The Company is advancing a Phase 3 program for navacaprant , a novel once-daily oral kappa opioid receptor (“KOR”) antagonist that is being developed for the treatment of major depressive disorder (“MDD”), which the Company believes has the potential to provide significant advantages relative to the standard of care, if approved. The Company is also advancing a Phase 1b signal-seeking study with NMRA-511, a highly selective, novel antagonist of the vasopressin 1a receptor (“V1aR”) being developed for the treatment of agitation associated with dementia due to Alzheimer’s disease (“AD”). Beyond navacaprant and NMRA-511, Neumora is advancing Phase 1 single-ascending dose/multiple-ascending dose (“SAD/MAD”) studies of NMRA-861 and NMRA-898, novel M4 PAMs with potential best-in-class pharmacology. With NMRA-861 and NMRA-898 now in the clinic, Neumora is no longer advancing the development of its other M4 PAM NMRA-266. Additionally, Neumora is developing NMRA-215, a potentially best-in-class, highly brain-penetrant, oral NLRP3 inhibitor for the treatment of obesity. The Company expects to initiate a Phase 1 study with NMRA-215 in the first quarter of 2026 and to report human proof of concept data in 2026.

Previous wording

As shown in the table below, our current pipeline includes seven programs.

Current wording

Our current pipeline is shown in the table below.

Previous wording

ALS = Amyotrophic lateral sclerosis; CK1δ= Casein Kinase I Isoform delta; GCase = Glucocerebrosidase; IP = Intellectual Property; KOR = kappa opioid receptor; M4R = Muscarinic Acetylcholine Receptor M4; NLRP3 = Nucleotide-binding Domain, Leucine-rich–containing Family, Pyrin Domain–containing-3; V1aR = Vasopressin 1a Receptor; DIO = diet induced obesity mouse model.

Current wording

ALS = Amyotrophic lateral sclerosis; CK1δ= Casein Kinase I Isoform delta; GCase = Glucocerebrosidase; KOR = kappa opioid receptor; M4R = Muscarinic Acetylcholine Receptor M4; NLRP3 = Nucleotide-binding Domain, Leucine-rich–containing Family, Pyrin Domain–containing-3; V1aR = Vasopressin 1a Receptor.

Previous wording

Research and development expenses decreased by $9.9 million, or 20%, to $38.7 million for the three months ended June 30, 2025, from $48.6 million for the three months ended June 30, 2024. Direct external program expenses decreased $1.7 million primarily driven by reduced navacaprant program costs of $3.3 million due to reduced manufacturing and clinical trial related costs incurred, partially offset by an increase in M4 PAM program expenses of $1.1 million due to increased manufacturing and clinical trial costs incurred in preparation for the NMRA-861 Phase 1 clinical study. Internal and unallocated expenses decreased $8.2 million, which were primarily driven by lower personnel-related costs, including a reduction in stock based compensation expense of $5.4 million and one time severance charges of $1.2 million incurred during 2024. The reduction in stock based compensation was driven by lower headcount and one time stock modification expense of $3.7 million incurred in 2024.

Current wording

Direct external program expenses decreased $3.4 million primarily driven by:

Previous wording

Interest income decreased by $3.5 million to $1.8 million for the three months ended June 30, 2025 from $5.3 million for the three months ended June 30, 2024, which was attributable to less interest earned on our lower balances in cash equivalents and marketable securities.

Current wording

Interest income decreased by $2.5 million to $1.7 million for the three months ended September 30, 2025 from $4.2 million for the three months ended September 30, 2024, which was attributable to less interest earned on our lower balances in cash equivalents and marketable securities.

Previous wording

For the Six Months Ended June 30, 2025 and 2024

Current wording

For the Nine Months Ended September 30, 2025 and 2024

Previous wording

Research and development expenses decreased by $3.5 million, or 4%, to $90.9 million for the six months ended June 30, 2025, from $94.4 million for the six months ended June 30, 2024. Direct external program expenses decreased by $2.9 million, primarily driven by reduced navacaprant program costs of $3.1 million due to reduced manufacturing and clinical trial related costs incurred and decreased preclinical program research of $1.4 million, partially offset by an increase in NMRA-511 program expenses of $1.1 million due to increase clinical trial activity of the Phase 1b study. Internal and unallocated expenses decreased $0.6 million, which were primarily driven by lower personnel-related costs, including a reduction in stock based compensation expense of $4.5 million and one time severance charges of $1.5 million incurred during 2024, partially offset by an increase in other costs of $5.7 million primarily due to the final $6.3 million of costs incurred under the Amgen Collaboration Agreement. The reduction in stock based compensation was driven by lower headcount and one time stock modification expense of $3.7 million incurred in 2024.

Current wording

and an increase in NMRA-511 program expenses of $1.4 million due to increased clinical trial activity of the Phase 1b study.

Previous wording

General and administrative (G&A) expenses increased by $4.6 million, or 16%, to $34.1 million for the six months ended June 30, 2025 from $29.5 million for the six months ended June 30, 2024. The increase was primarily attributable to higher personnel-related costs, including severance pay and one time bonus payments for key executives of $2.0 million and increased stock-based compensation expense of $1.0 million.

Current wording

General and administrative (“G&A”) expenses increased by $0.8 million, or 2%, to $46.3 million for the nine months ended September 30, 2025 from $45.5 million for the nine months ended September 30, 2024. The increase was primarily attributable to higher personnel-related costs, including severance pay and one time bonus payments for key executives of $2.0 million.

Previous wording

Interest income decreased by $6.7 million, or 58%, to $4.9 million for the six months ended June 30, 2025 from $11.6 million for the six months ended June 30, 2024, which was attributable to less interest earned on our lower balances in cash equivalents and marketable securities.

Current wording

Interest income decreased by $8.8 million, or 56%, to $7.0 million for the nine months ended September 30, 2025 from $15.8 million for the nine months ended September 30, 2024, which was attributable to less interest earned on our lower balances in cash equivalents and marketable securities.

Previous wording

As of June 30, 2025, we had $217.6 million of cash, cash equivalents and marketable securities. Prior to our IPO we primarily funded our operations with the net proceeds from the sale and issuance of our convertible preferred stock and convertible promissory notes and raised gross cash proceeds of over $600 million including from the sale of convertible preferred stock, borrowings pursuant to convertible promissory notes and cash acquired in our acquisitions of assets. In September, 2023, we completed our IPO pursuant to which we issued and sold an aggregate of 14,710,000 shares of common stock at a price to the public of $17.00 per share. We received aggregate net proceeds of $226.5 million after deducting underwriting discounts and commissions of $17.5 million and other offering expenses of $6.0 million. Since our IPO, in October 2024 we entered into a sales agreement with Leerink to sell shares of our common stock, from time to time, with aggregate gross sales proceeds of up to $300.0 million, through an at-the-market equity offering program (ATM) with Leerink as the sales agent. We received aggregate net proceeds of $13.7 million under the ATM after deducting commissions and offering expenses of $0.8 million during the year ended December 31, 2024. There were no sales under the ATM during the six months ended June 30, 2025. On May 9, 2025 (the “Closing Date”) we entered into a loan and security agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) that provides up to $125.0 million principal in term loans over four tranches. The first tranche consists of up to $40.0 million with $20 million funded on the Closing Date and an option for an additional $20.0 million at our request through December 31, 2025.

Current wording

As of September 30, 2025, we had $171.5 million of cash, cash equivalents and marketable securities. Prior to our IPO we primarily funded our operations with the net proceeds from the sale and issuance of our convertible preferred stock and convertible promissory notes and raised gross cash proceeds of over $600 million including from the sale of convertible preferred stock, borrowings pursuant to convertible promissory notes and cash acquired in our acquisitions of assets. In September, 2023, we completed our IPO pursuant to which we issued and sold an aggregate of 14,710,000 shares of common stock at a price to the public of $17.00 per share. We received aggregate net proceeds of $226.5 million after deducting underwriting discounts and commissions of $17.5 million and other offering expenses of $6.0 million. Since our IPO, in October 2024 we entered into a sales agreement with Leerink to sell shares of our common stock, from time to time, with aggregate gross sales proceeds of up to $300.0 million, through an at-the-market equity offering program (“ATM”) with Leerink as the sales agent. We received aggregate net proceeds of $13.7 million under the ATM after deducting commissions and offering expenses of $0.8 million during the year ended December 31, 2024. There were no sales under the ATM during the nine months ended September 30, 2025. On May 9, 2025 (the “Closing Date”) we entered into a loan and security agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) that provides up to $125.0 million principal in term loans over four tranches. The first tranche consists of up to $40.0 million with $20.0 million funded on the Closing Date and an option for an additional $20.0 million at our request through December 31, 2025, which was funded on November 4, 2025. On November 4, 2025, we entered into a First Amendment to the Loan Agreement, which among other things, provides for availability under the fourth tranche term loan equal to $20.0 million, which was funded on November 4, 2025.

Previous wording

Since our inception, we have not generated any revenue from the sale of products and we have incurred significant net losses, which are primarily attributable to acquired intangible in-process research and development intangible asset (IPR&D) costs pursuant to our acquisitions, which occurred in 2020 and were accounted for as an acquisition of assets, and negative cash flows from operations. Our primary use of our capital resources is to fund our operating expenses, which consist primarily of expenditures related to identifying, acquiring, developing, and in-licensing our precision neuroscience approach, programs, and product candidates, and conducting preclinical studies and clinical trials, and to a lesser extent, general and administrative expenditures. We have not yet commercialized any products and we do not expect to generate revenue from sales of any product candidates for a number of years, if ever. As of June 30, 2025, we had an accumulated deficit of $1,067.9 million.

Current wording

Since our inception, we have not generated any revenue from the sale of products and we have incurred significant net losses, which are primarily attributable to acquired intangible in-process research and development intangible asset (“IPR&D”) costs pursuant to our acquisitions, which occurred in 2020 and were accounted for as an acquisition of assets, and negative cash flows from operations. Our primary use of our capital resources is to fund our operating expenses, which consist primarily of expenditures related to identifying, acquiring, developing, and in-licensing our precision neuroscience approach, programs, and product candidates, and conducting preclinical studies and clinical trials, and to a lesser extent, general and administrative expenditures. We have not yet commercialized any products and we do not expect to generate revenue from sales of any product candidates for a number of years, if ever. As of September 30, 2025, we had an accumulated deficit of $1,124.7 million.

Previous wording

Net cash used in operating activities for thesix months ended June 30, 2025 was $111.9 million, which consisted of a net loss of $120.7 million and a change in our net operating assets and liabilities of $8.1 million, partially offset by noncash charges of $17.0 million. The change in our net operating assets and liabilities primarily resulted from an a decrease in accrued liabilities of $4.7 million primarily related to our clinical programs, a decrease accounts payable of $2.7 million due to the timing of our accounts payable, a decrease in current operating lease liabilities of $1.9 million due to the expiration of an office and lab lease agreement, and increase in prepaid expenses of $1.1 million primarily due to deferred debt issuance costs related to the term loan with K2HV. The noncash charges primarily consisted of $16.5 million of stock-based compensation, $1.8 million of noncash operating lease expense, partially offset by $2.2 million on of net accretion of discounts on marketable securities.

Current wording

Net cash used in operating activities for thenine months ended September 30, 2025 was $158.5 million, which consisted of a net loss of $177.5 million and a change in our net operating assets and liabilities of $3.6 million, partially offset by noncash charges of $22.6 million. The change in our net operating assets and liabilities primarily resulted from a decrease in accounts payable of $2.8 million due to the timing of our accounts payable, a decrease in current operating lease liabilities of $1.8 million due to the June 2025 expiration of an office and lab lease agreement, an increase in prepaid expenses of $0.8 million primarily due to deferred debt issuance costs related to the term loan with K2HV, and an increase in accrued liabilities of $0.2 million primarily related to our clinical programs. The noncash charges primarily consisted of $22.5 million of stock-based compensation, $1.8 million of noncash operating lease expense, partially offset by $2.8 million on of net accretion of discounts on marketable securities.

Previous wording

Net cash used in operating activities for thesix months ended June 30, 2024 was $99.1 million, which consisted of a net loss of $112.4 million and a change in our net operating assets and liabilities of $5.4 million, partially offset by $18.8 million in noncash charges. The change in our net operating assets and liabilities primarily resulted from an increase of $2.4 million in prepaid expenses and other current assets related to our clinical programs, a decrease of $2.2 million in accrued liabilities primarily related to our clinical programs, and a decrease in operating lease liabilities of $1.6 million, partially offset by a $0.7 million increase in accounts payable primarily due to the timing of our accounts payable. The noncash charges primarily consisted of $20.1 million of stock-based compensation, $1.6 million of noncash operating lease expense and $0.3 million of depreciation and amortization, partially offset by $3.3 million of net accretion of discounts on marketable securities.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2024 was $132.6 million, which consisted of a net loss of $185.0 million, partially offset by a change in our net operating assets and liabilities of $24.0 million and noncash charges of $28.4 million. The change in our net operating assets and liabilities primarily resulted from a decrease of $15.3 million in prepaid expenses and other current assets related to our clinical programs and the Amgen Collaboration Agreement, an increase of $5.4 million and $5.8 million in accrued liabilities and accounts payable, respectively, primarily related to our clinical programs and timing of our accounts payable, partially offset by a decrease in operating lease liabilities of $2.5 million. The noncash charges primarily consisted of $30.1 million of stock-based compensation, $2.4 million of noncash operating lease expense, partially offset by $4.6 million of net accretion of discounts on marketable securities.

Previous wording

Net cash provided by investing activities for thesix months ended June 30, 2025 was $74.6 million, which primarily consisted of $157.3 million in proceeds from maturities of marketable securities, partially offset by $82.9 million in purchases of marketable securities.

Current wording

Net cash provided by investing activities for thenine months ended September 30, 2025 was $125.9 million, which primarily consisted of $208.6 million in proceeds from maturities of marketable securities, partially offset by $82.9 million in purchases of marketable securities.

Previous wording

Net cash used in investing activities for thesix months ended June 30, 2024 was $128.7 million, which primarily consisted of $205.3 million in purchases of marketable securities, partially offset by $77.4 million in proceeds from sales and maturities of marketable securities.

Current wording

Net cash used in investing activities for thenine months ended September 30, 2024 was $28.2 million, which primarily consisted of $205.3 million in purchases of marketable securities, partially offset by $234.3 million in proceeds from sales and maturities of marketable securities.

Previous wording

Net cash provided by financing activities for thesix months ended June 30, 2025 was $18.5 million, which primarily consisted of the net proceeds from the term loan with K2HV.

Current wording

Net cash provided by financing activities for thenine months ended September 30, 2025 was $18.3 million, which primarily consisted of the net proceeds from the term loan with K2HV.

Previous wording

Net cash provided by financing activities for thesix months ended June 30, 2024 was $4.5 million, which consisted of proceeds from the exercise of stock options.

Current wording

Net cash provided by financing activities for thenine months ended September 30, 2024 was $6.0 million, which consisted of proceeds from the exercise of stock options.

Previous wording

As of June 30, 2025, our contractual obligations and commitments relate primarily to our operating lease for our office and laboratory facilities located in Massachusetts with a lease term that expired on June 30, 2025. In June 2025, we entered into a new operating lease for office space located in Massachusetts with a noncancellable lease term expiring in August 2027.

Current wording

In June 2025, we entered into a new operating lease for office space located in Massachusetts with a noncancellable lease term expiring in August 2027.

Previous wording

We were also a “smaller reporting company,” as defined in the Securities Exchange Act of 1934, as amended (Exchange Act) until December 31, 2024.

Current wording

We were also a “smaller reporting company,” as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”) until December 31, 2024.