Neumora Therapeutics is like **Moderna, but for brain diseases**, using a data-driven 'precision medicine' approach to find specific treatments for complex neurological and psychiatric disorders.

Alternatively, think of Neumora Therapeutics as **a Loxo Oncology for brain diseases**, leveraging a 'precision medicine' strategy to develop targeted therapies for specific patient populations in neurological and psychiatric disorders.

• Navacaprant (NMRA-140): A novel once-daily oral kappa opioid receptor (KOR) antagonist currently in a pivotal Phase 3 program for the treatment of major depressive disorder (MDD).
• Six Clinical and Preclinical Neuroscience Programs: A pipeline of drug candidates targeting novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases.

Neumora Therapeutics (NMRA) is a clinical-stage biopharmaceutical company. Its primary focus is on the research and development of novel therapeutic candidates for brain diseases. As a clinical-stage company, Neumora Therapeutics is currently developing its drug candidates through various phases of clinical trials, such as the pivotal Phase 3 program for navacaprant (NMRA-140).

At this stage of development, Neumora Therapeutics does not have major customers in the traditional sense, as it is not yet commercializing or selling approved pharmaceutical products to other companies or individuals. Its "products" are investigational drug candidates that are undergoing clinical evaluation.

Paul L. Berns, Chief Executive Officer and Chairman
Paul L. Berns is the co-founder, Chief Executive Officer, and Chairman of Neumora Therapeutics. He is also a Managing Director with ARCH Venture Partners. Berns has a history of leadership roles, including serving as President, CEO, and Chairman of Anacor Pharmaceuticals, which was acquired by Pfizer in 2016. He also held the roles of President and CEO at Allos Therapeutics, acquired by Spectrum Pharmaceuticals in 2012, and President and CEO of Bone Care International, acquired by Genzyme Corporation in 2005. Berns co-founded and was Executive Chairman of Tenvie Therapeutics and Ollin Biosciences, and also co-founded and was Chairman of the Board for HI-Bio prior to its acquisition by Biogen in July 2024. Additionally, he was a co-founder and Lead Independent Director of Metsera Therapeutics before its acquisition by Pfizer in November 2025. His career includes senior management positions at Bristol-Myers Squibb from 1990 to 2000.

Michael Milligan, Chief Financial Officer
Michael Milligan is Neumora's Chief Financial Officer. He joined Neumora in December 2021 as Senior Vice President of Finance and Principal Accounting Officer and was instrumental in the company's successful IPO in 2023. Prior to Neumora, he served as Vice President of Finance and Corporate Controller at Y-Mabs Therapeutics, Inc. His experience also includes roles as Vice President of Finance and Corporate Controller at Acorda Therapeutics, Inc., Executive Vice President and Chief Financial Officer at New Haven Pharmaceuticals, Inc., and Vice President and Chief Accounting Officer at Shionogi, Inc. Milligan began his career in public accounting at KPMG LLP and Ernst & Young LLP. He is a Certified Public Accountant.

Joshua Pinto, Ph.D., President
Dr. Joshua Pinto currently serves as President of Neumora, a role he assumed after initially joining the company as Chief Financial Officer in June 2021. In his previous CFO role, he contributed to building Neumora's neuroscience pipeline through business development and played a key part in the company's fundraising strategy. Dr. Pinto's background also includes serving on the Board of Directors for Metsera, Inc. Earlier in his career, he worked as a healthcare investment banker and in global external R&D at Eli Lilly. He holds a Ph.D. in neuroscience and an MBA in finance from McMaster University.

Bill Aurora, Pharm.D., Chief Operating and Development Officer
Dr. Bill Aurora is the Chief Operating and Development Officer at Neumora, having joined the company in 2021 and held roles of increasing responsibility. Before joining Neumora, he was the Chief Scientific Affairs Officer at Dermira, Inc., which was acquired by Eli Lilly in 2020. His prior experience includes vice president roles in medical affairs at Neurocrine Biosciences (2015-2016) and global scientific affairs at Merck Research Laboratories (2014-2015). He also held various positions at Amgen from 2002 to 2014, including Vice President, Global Scientific Affairs, Global Development. Dr. Aurora is board-certified in psychiatric pharmacy practice.

John Reynders, Ph.D., Chief Data Sciences Officer
Dr. John Reynders serves as Neumora's Chief Data Sciences Officer, a role he assumed in 2020. He is an experienced data scientist with over two decades of experience in computational science and its integration into drug development. Prior to Neumora, he was Vice President of Data Science, Genomics and Bioinformatics at Alexion Pharmaceuticals. He was also the founding Chief Information Officer of Moderna Therapeutics and served as Head of Neuroscience Biomarkers and Integrative Solutions at Johnson & Johnson. His extensive career includes executive positions leading data sciences, informatics, and technology at AstraZeneca, Eli Lilly, and Celera.

The key risks to Neumora Therapeutics' business are:

1. Clinical Trial Failures and Inability to Secure Regulatory Approval: As a clinical-stage biopharmaceutical company, Neumora's success heavily relies on its therapeutic candidates successfully progressing through clinical trials and ultimately receiving regulatory approval. The company is initiating a pivotal Phase 3 program for its most advanced product candidate, navacaprant, and anticipates releasing topline results in the second half of 2024. Failure to demonstrate efficacy and safety in these trials, or an inability to obtain regulatory approval for any of its pipeline programs, including navacaprant, would significantly impede its business prospects.

2. Market Acceptance and Competition from Established Treatments: Even if Neumora's product candidates are approved, they face the challenge of gaining market acceptance and competing effectively against existing treatments. The background notes that markets for prevalent brain disorders, such as Major Depressive Disorder (MDD), have been dominated by single classes of drugs (e.g., serotonin-targeting antidepressants). While Neumora aims to address unmet needs with novel mechanisms, it must prove significant advantages over these entrenched standard-of-care options to capture market share.

Neumora Therapeutics' primary product candidate, navacaprant (NMRA-140), targets Major Depressive Disorder (MDD).

The addressable market for Major Depressive Disorder (MDD) treatment is substantial both globally and in the United States:

• Globally, the major depressive disorder treatment market was approximately USD 12,000 million (USD 12 billion) in 2025, and it is projected to grow to USD 15,800 million (USD 15.8 billion) by 2035.
• In the United States, the Major Depressive Disorder market size was approximately USD 5,600 million (USD 5.6 billion) in 2023, with an expected increase by 2034 at a Compound Annual Growth Rate (CAGR) of 4.8%.
• Additionally, over 21 million adults in the United States are diagnosed with Major Depressive Disorder.

1. Successful Advancement and Potential Approval of Navacaprant (NMRA-140) for Major Depressive Disorder (MDD): Navacaprant is Neumora's most advanced product candidate, a kappa opioid receptor (KOR) antagonist. Following adjustments to its pivotal Phase 3 program, the company anticipates a joint topline data readout for the KOASTAL-2 and KOASTAL-3 studies in the second quarter of 2026. Positive outcomes from these trials could lead to regulatory submissions and eventual market approval, with analysts projecting U.S. sales for navacaprant potentially reaching $750 million by 2028 and up to $3 billion at peak, if successfully commercialized.
2. Clinical Progression of NMRA-215 for Obesity: Neumora has prioritized NMRA-215, a highly brain-penetrant NLRP3 inhibitor, for the treatment of obesity. The company plans to initiate a Phase 1 clinical program in the first half of 2026, with initial weight loss data expected around the end of 2026. Successful development in this area could open a significant market opportunity in the growing obesity treatment landscape.
3. Advancement of the M4 Positive Allosteric Modulator (PAM) Franchise (NMRA-861 and NMRA-898) for Schizophrenia: Neumora is progressing Phase 1 clinical studies for NMRA-898 and NMRA-861, targeting schizophrenia. Initial clinical data for NMRA-861 is anticipated in the first quarter of 2026, with a comprehensive update on the M4 franchise expected in mid-2026. Successful development of these candidates could address substantial unmet needs in schizophrenia.
4. Further Development of NMRA-511 for Alzheimer's Disease (AD) Agitation: NMRA-511, a vasopressin 1a receptor (V1aR) antagonist, demonstrated a clinically meaningful effect in its Phase 1b study for AD agitation, with positive results reported in January 2026. The progression of this program into later-stage clinical trials is expected and could contribute to future revenue generation by addressing a significant unmet medical need in AD agitation.

Inbound Investments and Share Issuances

• Neumora Therapeutics raised over $600 million in venture financing prior to its initial public offering, including a Series A round and a $112 million Series B round in October 2022.
• The company completed an initial public offering (IPO) in September 2023, raising approximately $250 million gross.
• In May 2025, Neumora secured a $125 million venture debt facility from K2 HealthVentures, with $40 million available in 2025.

Outbound Investments

• In 2020, Neumora acquired Abelian Therapeutics, BlackThorn Therapeutics, Syllable Life Sciences, Propellex Bio, and Alairion, which became wholly-owned subsidiaries.
• In February 2022, the company licensed global rights to an M4 muscarinic receptor positive allosteric modulator program from Vanderbilt University.

Capital Expenditures

• Neumora Therapeutics reported capital expenditures of approximately $1.3 million in 2024.
• Capital expenditures were approximately $0.8 million in 2023 and $0.5 million in 2022.
• These expenditures likely supported the company's research and development activities, including its therapeutic pipeline and the Precision Toolbox.