Neumora Therapeutics, Inc.

Previous wording

We are a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by bringing forward the next generation of novel therapies with brain-penetrant chemistry that offer improved treatment outcomes and quality of life for patients. Our therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. We are 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 we believe has the potential to provide significant advantages relative to the standard of care, if approved. We are also advancing 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 NMRA-898, a novel muscarinic acetylcholine receptor subtype 4 (“M4”) positive allosteric modulator (“PAM”) with potential best in class pharmacology for the treatment of schizophrenia. Additionally, Neumora is developing NMRA-215, a highly brain-penetrant, oral NLRP3 inhibitor for the treatment of obesity. We expect several updates from these programs throughout 2026, including to report Phase 3 KOASTAL-2 and -3 topline data in the second quarter of 2026, report multiple ascending dose (“MAD”) extension data with NMRA-511 in the second half of 2026, and to report MAD data with NMRA-898 in the second half of 2026.

Current wording

We are a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by bringing forward the next generation of novel therapies with brain-penetrant chemistry that offer improved treatment outcomes and quality of life for patients. Our therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. We are advancing 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”). We are also advancing NMRA-898, a novel muscarinic acetylcholine receptor subtype 4 (“M4”) positive allosteric modulator (“PAM”) with potential best in class pharmacology for the treatment of schizophrenia. Additionally, Neumora is developing NMRA-215, a highly brain-penetrant, oral NLRP3 inhibitor for the treatment of obesity and cardiovascular risk.

Previous wording

Our current pipeline is shown in the table below.

Current wording

Our current pipeline and expected updates from these programs are detailed in the table below.

Previous wording

ALS = Amyotrophic lateral sclerosis; CK1δ= Casein Kinase I Isoform delta; GCase = Glucocerebrosidase; KOR = kappa opioid receptor; M4 = 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

CV = cardiovascular; GCase = Glucocerebrosidase; M4 = Muscarinic Acetylcholine Receptor M4; NLRP3 = Nucleotide-binding Domain, Leucine-rich–containing Family, Pyrin Domain–containing-3; V1aR = Vasopressin 1a Receptor

Previous wording

Interest income consists of interest earned on our cash equivalents and marketable securities and interest expense related to our Loan Agreement.

Current wording

Interest income consists of interest earned on our cash and cash equivalents.

Previous wording

Direct external program expenses decreased $3.2 million primarily driven by:

Current wording

Direct external program expenses decreased $9.0 million primarily driven by:

Previous wording

reduced NMRA-511 program costs of $1.4 million due to lower clinical trial costs with the completion of the Phase 1b study,

Current wording

reduced NMRA-511 program costs of $1.2 million due to lower clinical trial costs with the completion of the Phase 1b study in 2025,

Previous wording

partially offset by a $1.7 million increase in preclinical research and manufacturing.

Current wording

partially offset by a $1.6 million increase in preclinical research and manufacturing.

Previous wording

Internal and unallocated expenses decreased $10.4 million, which were primarily due to:

Current wording

Internal and unallocated expenses decreased $0.5 million, primarily driven by:

Previous wording

General and administrative expenses decreased by $4.5 million, or 24%, to $14.3 million for the three months ended March 31, 2026, from $18.8 million for the three months ended March 31, 2025 primarily due to lower personnel-related costs, driven by reduced headcount, which resulted in decreased stock-based compensation expense, as well as a discretionary bonus paid to a key executive in the prior period that did not recur.

Current wording

General and administrative expenses decreased by $2.4 million, or 16%, to $12.9 million for the three months ended June 30, 2026, from $15.3 million for the three months ended June 30, 2025 primarily due to lower personnel-related costs, driven by reduced headcount, and decreased consulting and facilities expenses.

Previous wording

Interest income decreased by $1.8 million to $1.2 million for the three months ended March 31, 2026 from $3.1 million for the three months ended March 31, 2025, which was attributable to less interest earned on our lower balances in cash equivalents.

Current wording

Interest income decreased by $1.3 million to $0.9 million for the three months ended June 30, 2026, from $2.3 million for the three months ended June 30, 2025, which was attributable to less interest earned on our lower balances in cash equivalents.

Previous wording

a decrease in other costs of $7.4 million primarily due to no activity under our research and collaboration agreements with Amgen in the current period, compared to $6.3 million in the prior period. The Amgen Collaboration Agreement automatically terminated upon its third anniversary in September 2024. The final costs were incurred in the first quarter of 2025 and the final payment was made to Amgen in May 2025.

Current wording

a decrease in other costs of $9.1 million primarily due to lower consulting costs and no activity under our research and collaboration agreements with Amgen in the current period, compared to $6.3 million in the prior period. The Amgen Collaboration Agreement automatically terminated upon its third anniversary in September 2024. The final costs were incurred in the first quarter of 2025 and the final payment was made to Amgen in May 2025.

Previous wording

As of March 31, 2026, we had $147.1 million of cash and cash equivalents.

Current wording

As of June 30, 2026, we had $116.8 million of cash and cash equivalents.

Previous wording

In 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. During the years ended December 31, 2025 and 2024, we received aggregate net proceeds of $19.7 million and $13.7 million, respectively, through sales of shares of our common stock under the ATM after deducting commissions and offering expenses. Additionally, during the three months ended March 31, 2026 we received aggregate net proceeds of $10.9 million through sales of shares of our common stock under the ATM after deducting commissions and offering expenses.

Current wording

In 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. During the years ended December 31, 2025 and 2024, we received aggregate net proceeds of $19.7 million and $13.7 million, respectively, through sales of shares of our common stock under the ATM after deducting commissions and offering expenses. Additionally, during the six months ended June 30, 2026 we received aggregate net proceeds of $20.4 million through sales of shares of our common stock under the ATM after deducting commissions and offering expenses.

Previous wording

In May 2025, we entered into a loan and security agreement, (as amended, the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”). The Loan Agreement provides us with a term loan facility in the aggregate principal amount of up to $125.0 million, of which we have borrowed $60.0 million. The remaining $65.0 million is available for borrowing upon our request, subject to certain clinical and regulatory milestones or discretionary approval by the lenders. The term loan facility matures on May 1, 2029 and can be extended to May 1, 2030, subject to our achievement of certain clinical milestones.

Current wording

In May 2025, we entered into a loan and security agreement, (as amended, the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”). The Loan Agreement provides us with a term loan facility in the aggregate principal amount of up to $125.0 million, of which we have borrowed $60.0 million. $20.0 million is available for borrowing upon our request, subject to discretionary approval by the lenders. The remaining $45.0 million is tied to clinical and regulatory milestones that will not be met with the discontinuation of navacaprant in MDD. The term loan facility matures on May 1, 2029.

Previous wording

We expect our expenses and operating losses will increase substantially over the foreseeable future as we continue our research and development efforts, advance our product candidates through clinical and preclinical development, enhance our precision neuroscience approach and programs, expand our product pipeline, seek regulatory approval, prepare for commercialization, as well as hire additional personnel and protect our intellectual property. Furthermore, since our IPO, we have incurred and will continue to incur additional costs associated with being a public company. Our net losses may fluctuate significantly from period to period, depending on the factors described below. We are subject to the risks typically related to the development of new products, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business. The expected increase in expenses will be driven in large part by our ongoing activities, and our future capital requirements will depend on many factors, including:

Current wording

Our net losses may fluctuate significantly from period to period, depending on the factors described below. We are subject to the risks typically related to the development of new products, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business. The expected increase in expenses will be driven in large part by our ongoing activities, and our future capital requirements will depend on many factors, including:

Previous wording

Net cash used in operating activities for thethree months ended March 31, 2026 was $46.4 million, which primarily consisted of a net loss of $53.5 million partially offset by noncash charges of $7.8 million. The noncash charges primarily consisted of $7.4 million of stock-based compensation and $0.4 million of amortization of debt issuance costs and accretion of the debt final payment fee. Our net operating assets and liabilities decreased by $0.8 million, primarily from a decrease in accrued liabilities of $4.0 million related to our ongoing clinical trials, partially offset by an increase in accounts payable of $1.7 million due to the timing of our accounts payable and a decrease in prepaid expenses and other current assets of $1.6 million due to less interest receivable on our cash and cash equivalents.

Current wording

Net cash used in operating activities for the six months ended June 30, 2026 was $85.9 million, which primarily consisted of a net loss of $43.1 million partially offset by noncash charges of $15.5 million. The noncash charges primarily consisted of $14.6 million of stock-based compensation and $0.8 million of amortization of debt issuance costs and accretion of the debt final payment fee. Our net operating assets and liabilities decreased by $4.9 million, primarily from a decrease in accrued liabilities of $5.5 million related to our ongoing and recently completed clinical trials, partially offset by an increase in accounts payable of $0.8 million due to the timing of our accounts payable.

Previous wording

Net cash used in operating activities for thethree months ended March 31, 2025 was $59.4 million, which consisted of a net loss of $68.0 million and a change in our net operating assets and liabilities of $0.5 million, partially offset by noncash charges of $9.1 million. The change in our net operating assets and liabilities primarily resulted from an a decrease in accounts payable of $2.3 million due to the timing of our accounts payable and a decrease in current operating lease liabilities of $0.9 million due to the upcoming expiration of our office and lab lease agreement, partially offset by a decrease in prepaid expenses and other current assets of $1.0 million due to less interest receivable on our cash and marketable securities and an increase in accrued liabilities of $1.7 million related to our ongoing clinical trials. The noncash charges primarily consisted of $9.3 million of stock-based compensation, $0.9 million of noncash operating lease expense, partially offset by $1.3 million of net accretion of discounts on marketable securities.

Current 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 a decrease in accrued liabilities of $4.7 million primarily related to our clinical programs, a decrease in 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 an 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.

Previous wording

Net cash provided by investing activities for thethree months ended March 31, 2026 was $0.1 million, which consisted of proceeds from the sale equipment.

Current wording

Net cash provided by investing activities for the six months ended June 30, 2026 was $0.1 million, which consisted of proceeds from the sale equipment.

Previous wording

Net cash provided by investing activities for thethree months ended March 31, 2025 was $44.2 million, which primarily consisted of $88.6 million in proceeds from maturities of marketable securities, partially offset by $44.4 million in purchases of marketable securities.

Current 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.

Previous wording

Net cash provided by financing activities for the three months ended March 31, 2026 was $10.9 million which consisted of net proceeds from the ATM offering.

Current wording

Net cash provided by financing activities for the six months ended June 30, 2026 was $20.2 million, which primarily consisted of net proceeds received from the ATM offering.

Previous wording

As of March 31, 2026, our contractual obligations and commitments relate primarily to our Loan Agreement with K2HV under which we had borrowed $60.0 million. The term loan matures on May 1, 2029, and we are obligated to make interest only payments until June 1, 2028. Additional information about the Loan Agreement and our commitments under it can be found in Note 5 – Debt to our condensed consolidated financial statements.

Current wording

As of June 30, 2026, our contractual obligations and commitments relate primarily to our Loan Agreement with K2HV under which we had $54.0 million in principal outstanding as of June 30, 2026. The Company is obligated to make interest-only payments through April 2029, with all outstanding principal, accrued and unpaid interest, and the final payment fee due at maturity on May 1, 2029. Additional information about the Loan Agreement and our commitments under it can be found in Note 4– Debt to our condensed consolidated financial statements.