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Like a 'Genentech for brain diseases,' focusing on developing biomarker-driven precision medicines.

Imagine a company that applies a 'precision oncology' approach – targeting specific biological markers for treatment – but for complex brain disorders like depression and schizophrenia.

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• NMRA-140 (navacaprant): A kappa opioid receptor (KOR) antagonist in Phase 3 clinical trials for the treatment of major depressive disorder (MDD) and anhedonia.
• NMRA-PRZ (NMRA-266): A positive allosteric modulator targeting the M4 muscarinic receptor, currently in Phase 2 for the treatment of schizophrenia.
• NMRA-511: A kappa opioid receptor (KOR) antagonist in Phase 1 development for the treatment of anxiety.
• NMRA-VMX (NMRA-706): A VMAT2 inhibitor in Phase 1 clinical trials for the treatment of tardive dyskinesia and other movement disorders.

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Neumora Therapeutics (NMRA) Major Customers

Neumora Therapeutics (symbol: NMRA) is a clinical-stage biopharmaceutical company focused on developing precision medicines for brain diseases. As of its latest financial reports, the company does not have any commercialized products on the market. Consequently, it does not currently generate revenue from product sales and therefore does not have major customers, either other companies or individuals, purchasing its products or services.

The company's operations are primarily funded through equity investments, such as its initial public offering (IPO) in September 2023 and subsequent financing rounds, to support its research and development activities and clinical trials.

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Paul L. Berns, Chief Executive Officer

Paul L. Berns is the Co-Founder of Neumora and assumed the role of Chief Executive Officer and Chairman of the Board effective February 14, 2025. He previously served as the company's CEO from November 2019 to July 2023 and as Executive Chairman since July 2023. Mr. Berns is a Managing Director at ARCH Venture Partners. He has a strong track record of leadership in biopharmaceutical companies, having served as President, Chief Executive Officer, and Chairman of the Board at Anacor Pharmaceuticals, which was acquired by Pfizer in 2016. He also held the role of President and CEO of Allos Therapeutics, which was acquired by Spectrum Pharmaceuticals, and Bone Care International, which was acquired by Genzyme Corporation. Earlier in his career, he was Vice President and General Manager of the Immunology, Oncology, and Pain Therapeutics business unit of Abbott Laboratories, and Vice President, Marketing of BASF Pharmaceuticals/Knoll when it was acquired by Abbott Laboratories.

Michael Milligan, Chief Financial Officer

Michael Milligan became Chief Financial Officer of Neumora Therapeutics, Inc. effective February 14, 2025. He joined Neumora in December 2021 as Senior Vice President of Finance and Principal Accounting Officer, where he was instrumental in guiding the company through its financial milestones, including a successful IPO in 2023. Prior to Neumora, Mr. Milligan served as Vice President of Finance and Corporate Controller at Y-Mabs Therapeutics, Inc., and before that, as Vice President of Finance and Corporate Controller at Acorda Therapeutics, Inc. His experience also includes serving as Executive Vice President and Chief Financial Officer at New Haven Pharmaceuticals, Inc., and as Vice President and Chief Accounting Officer at Shionogi, Inc. He began his career in public accounting at KPMG LLP and Ernst & Young LLP.

Joshua Pinto, President

Joshua Pinto, Ph.D., transitioned to the role of President of Neumora Therapeutics, Inc. effective February 14, 2025. He previously served as the Chief Financial Officer for the company.

Bill Aurora, Chief Operating and Development Officer

Bill Aurora, Pharm.D., was appointed Chief Operating and Development Officer of Neumora Therapeutics, Inc. effective February 14, 2025. He previously held the position of Chief Strategy Officer at Neumora.

Nick Brandon, Chief Scientific Officer

Nick Brandon serves as the Chief Scientific Officer of Neumora Therapeutics. He was also listed as Chief Research Officer in earlier announcements of Neumora's launch in October 2021.

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The key risks to Neumora Therapeutics (NMRA) primarily revolve around the inherent uncertainties of clinical drug development, their financial stability, and dependence on external factors.

1. Clinical Trial Failures and Drug Development Risks

Neumora Therapeutics faces significant risks associated with the unpredictable nature of clinical drug development. This was notably highlighted by the failure of their lead candidate, navacaprant (NMRA-140), to meet primary and secondary endpoints in the Phase 3 KOASTAL-1 study for Major Depressive Disorder (MDD), which led to a substantial decline in the company's stock price. The setback has raised concerns about the overall viability of the kappa opioid receptor (KOR) antagonism drug class. Furthermore, another pipeline candidate, NMRA-266, was placed on clinical hold by the U.S. Food and Drug Administration (FDA) following preclinical data indicating convulsions in rabbits. The lengthy, expensive, and uncertain process of obtaining regulatory approvals, coupled with the fact that earlier study results may not predict future trial outcomes, remain fundamental challenges for Neumora.

2. Financial Challenges and Need for Additional Funding

As a clinical-stage biopharmaceutical company, Neumora Therapeutics has reported a history of negative free cash flow and high net debt-to-equity ratios, indicating a precarious financial position. The company incurred a net loss of $235.9 million for the full year ended December 31, 2023. While the company reported a cash position of $341 million at the end of the third quarter of 2024, management projected this would provide a financial runway only into mid-2026. This highlights the continuous need for substantial additional funding to support its extensive therapeutic pipeline and ongoing operations, a need that may be exacerbated by further clinical setbacks.

3. Reliance on Third Parties and Intellectual Property Protection

Neumora Therapeutics relies significantly on third parties, including contract research organizations (CROs), for the execution and management of its clinical trials. The success and timelines of their programs are therefore dependent on these external partners. Additionally, the company faces risks related to its ability to effectively utilize, maintain, and protect its intellectual property rights, which are crucial for securing the commercial potential of its drug candidates.

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The primary clear emerging threat to Neumora Therapeutics (NMRA) stems from advanced direct and mechanistic competitors in its key therapeutic areas, particularly schizophrenia:

• Karuna Therapeutics (acquired by Bristol Myers Squibb) with KarXT (xanomeline-trospium): KarXT is a muscarinic M1/M4 agonist for the treatment of schizophrenia. It is significantly more advanced in development than Neumora's lead M4 positive allosteric modulators (NMRA-140 and NMRA-511) for the same indication. KarXT has completed Phase 3 trials, an NDA has been filed, and it has a PDUFA date of September 26, 2024. If approved, KarXT is poised to be the first new class of schizophrenia drug in decades, potentially capturing substantial market share and setting a high bar for efficacy and safety, directly impacting the future market opportunity for Neumora's competing muscarinic programs.

• Cerevel Therapeutics (acquired by AbbVie) with Emraclidine: Emraclidine is a muscarinic M4 positive allosteric modulator (M4 PAM) for schizophrenia, sharing the exact mechanism of action as Neumora's lead assets (NMRA-140 and NMRA-511). Emraclidine is currently in Phase 2 development, with data expected in the second half of 2024. AbbVie's acquisition of Cerevel underscores the significant resources and commitment behind Emraclidine. Should Emraclidine demonstrate superior clinical data or progress to market significantly faster, it would pose a direct and potent competitive threat to Neumora's M4 PAM pipeline, potentially diminishing the commercial viability of Neumora's assets.

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Neumora Therapeutics (NMRA) is developing several product candidates for neuropsychiatric and neurodegenerative diseases. The addressable markets for their main products are as follows:

• Navacaprant (NMRA-140) for Major Depressive Disorder (MDD): The addressable market includes over 21 million adults in the U.S. Globally, MDD affects an estimated 264 million people.
• NMRA-511 for Agitation in Alzheimer's Disease: The addressable market is approximately 5.1 million Alzheimer's patients experiencing agitation in the U.S.
• NMRA-861 (M4 Modulator) for Schizophrenia: The M4 PAM (Positive Allosteric Modulator) market, which NMRA-861 is part of, is projected to reach $2.5 billion globally by 2033. One source also indicates 3 million for schizophrenia, without explicitly stating a region.
• NMRA-898 (M4 Modulator) for Schizophrenia: Similar to NMRA-861, the addressable market is part of the global M4 PAM market, projected to reach $2.5 billion by 2033.
• NMRA-215 (NLRP3 Inhibitor) for Obesity/Parkinson's Disease: The addressable market is indicated as 103 million for Obesity and 1 million for Parkinson's Disease. The region for these figures is not explicitly stated, but implies a global or significant global component.

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Neumora Therapeutics (NASDAQ: NMRA), a clinical-stage biopharmaceutical company, anticipates its future revenue growth over the next 2-3 years to be driven primarily by the advancement and potential commercialization of its diverse pipeline of neuroscience programs. The company's focus is on developing novel therapies for a range of underserved neuropsychiatric and neurodegenerative diseases.

Here are 3-5 expected drivers of future revenue growth for Neumora Therapeutics:

1. Advancement and Potential Approval of Navacaprant for Major Depressive Disorder (MDD) and Bipolar Depression: Navacaprant, a lead program for Neumora, is a kappa opioid receptor (KOR) antagonist currently in Phase 3 development for MDD. The company expects to report topline data from its KOASTAL-3 study in Q1 2026 and from the KOASTAL-2 study in Q2 2026. Additionally, Neumora is advancing a Phase 2 signal-seeking study for navacaprant in bipolar disorder. Successful clinical outcomes and subsequent regulatory approvals for these indications could lead to significant revenue generation. Analysts have projected U.S. sales for navacaprant to potentially reach $750 million by 2028 and up to $3 billion at peak.
2. Progression of NMRA-511 for Alzheimer's Disease (AD) Agitation: NMRA-511, a V1aR antagonist, is currently undergoing a Phase 1b study for AD agitation, with data expected around the end of 2025. Positive data from this study would enable further clinical development, moving closer to potential market entry and revenue.
3. Development of the M4 Positive Allosteric Modulator (PAM) Franchise for Schizophrenia: Neumora is advancing two M4 PAMs, NMRA-861 and NMRA-898, for the treatment of schizophrenia and other neuropsychiatric disorders. NMRA-861 is in Phase 1 with data anticipated in Q1 2026, while NMRA-898 initiated a Phase 1 study in October 2025. A comprehensive franchise update is planned for mid-2026. The M4 PAM market is projected to grow significantly, with NMRA-861 alone having a potential for $300 million in peak sales, addressing a critical unmet need for cognitive symptoms in schizophrenia.
4. Clinical Entry and Development of NMRA-215 for Obesity and Parkinson's Disease: Neumora reported positive preclinical data for NMRA-215, an oral NLRP3 inhibitor, demonstrating class-leading weight loss in diet-induced obesity (DIO) mouse models in October 2025. The company plans to initiate a Phase 1 clinical program for NMRA-215, prioritizing obesity as the lead indication, in Q1 2026, with 12-week human proof-of-concept data expected in the same year. This program also holds potential for Parkinson's disease. Successful clinical development in these large markets could represent a substantial revenue opportunity.

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Share Issuance

• Neumora Therapeutics completed its Initial Public Offering (IPO) in September 2023, issuing 14,710,000 shares at $17.00 per share and raising approximately $250 million in gross proceeds.
• The company granted the underwriters a 30-day option to purchase up to an additional 2,206,500 shares of common stock at the IPO price.
• Common stock issuances amounted to $236.23 million in fiscal year 2023, $21.6 million in fiscal year 2024, and $17.16 million for the trailing twelve months ending June 2025.

Inbound Investments

• Neumora Therapeutics raised $500 million in a Series A funding round on October 7, 2021, with Arch Venture Partners leading and Amgen contributing $100 million.
• On October 11, 2022, the company secured an additional $112 million in a Series B financing round from existing investors such as Amgen and Arch Venture Partners, and new investors including Abu Dhabi Growth Fund.
• In November 2025, Neumora drew an additional $40 million in non-dilutive capital from its existing venture debt facility with K2 HealthVentures, which is expected to support operations into 2027.

Outbound Investments

• Neumora Therapeutics acquired BlackThorn Therapeutics, Inc. in September 2020, entitling former stockholders to contingent consideration.
• This contingent consideration includes development and regulatory approval milestones totaling up to $365.0 million for navacaprant (NMRA-140) and up to $100.0 million for NMRA-511, along with sales-based milestones.
• A $90.0 million milestone payment for navacaprant, due upon dosing the first patient in the Phase 3 clinical trial, was expected to be settled by issuing common stock in the second half of 2023, and a $10.0 million development milestone for NMRA-511 is required in cash.

Capital Expenditures

• Capital expenditures were reported as -$1.3 million in fiscal year 2020, -$0.82 million in fiscal year 2021, -$0.51 million in fiscal year 2022, -$0.12 million in fiscal year 2023, and $0.78 million for the trailing twelve months ending June 2025.
• As a clinical-stage biopharmaceutical company, capital expenditures are primarily focused on supporting its research and development pipeline, which includes clinical and preclinical neuroscience programs.