Neumora Therapeutics (NMRA -4.22%), a clinical-stage neuroscience company developing targeted therapies for brain diseases, released its second quarter 2025 results on August 6, 2025. The most significant news was a reduction in both research and development spending and overall net loss, while the company advanced multiple programs in its clinical pipeline. Neumora reported a net loss per share of $(0.33), an improvement from $(0.37) the prior year. Overall, the period reflected careful financial management and steady pipeline progress, but continued high cash usage and dependence on future clinical outcomes.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS | $(0.33) | $(0.36) | $(0.37) | -10.8% |
| Revenue | N/A | $0.0 | N/A | — |
| Research & Development Expense | $38.7 million | $48.6 million | (20.3%) | |
| General & Administrative Expense | $15.3 million | $15.2 million | 0.7% | |
| Net Loss | $52.7 million | $58.7 million | (10.2%) |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Recent Focus
Neumora Therapeutics is focused on discovering, developing, and commercializing therapies for brain diseases using a precision neuroscience approach. Its programs target high-prevalence conditions such as major depressive disorder (MDD), agitation in Alzheimer’s disease, schizophrenia, and obesity. Instead of a one-size-fits-all model, it uses advanced data science and artificial intelligence to pinpoint and monitor patient subgroups for better trial outcomes and future treatment matching.
In the past year, the company's main focus has been advancing its lead product candidates: navacaprant for major depressive disorder into late-stage clinical trials, and NMRA-511 for agitation in Alzheimer’s disease. Success in these programs is a key business driver. Neumora also continues to expand its intellectual property position, collaborates with other biopharma companies, and manages its financial resources to maintain a long operational runway.
Quarter Highlights: Financial and Pipeline Developments
GAAP net loss decreased year over year to $52.7 million, compared to $58.7 million. Operating costs decreased, with research and development expense dropping by 20.3% to $38.7 million year over year. This decrease resulted from lower stock-based compensation, careful management of staff-related costs, and a reduced clinical trial cost base. General and administrative expenses were nearly unchanged at $15.3 million. These factors contributed to a smaller net loss for the quarter.
Liquidity remained solid with $217.6 million in cash, cash equivalents, and marketable securities. This represents a drawdown from $307.6 million (GAAP) as of December 31, 2024, reflecting ongoing investment in clinical and preclinical programs. Management reaffirmed that this cash position as of June 30, 2025, supported by a $125 million debt facility from K2 HealthVentures, is expected to fund operations into 2027.
The company continued advancing its clinical pipeline—a key to its future. Navacaprant, a kappa opioid receptor antagonist for major depressive disorder, is being evaluated in two pivotal Phase 3 KOASTAL studies, with top-line data expected in Q1 and Q2 2026. Management enhanced trial rigor by introducing additional patient screening procedures and improved demographic matching to better represent real-world MDD populations. These actions aim to address concerns from the earlier KOASTAL-1 trial, which had less representative enrollment.
NMRA-511, a vasopressin 1a receptor antagonist targeting agitation in Alzheimer’s disease, advanced through a Phase 1b signal-finding study. Data from this study are anticipated around the end of 2025. The NMRA-861 program, part of the M4 positive allosteric modulator (PAM) family intended for schizophrenia and other brain conditions, began Phase 1 clinical studies in July 2025, with initial readouts targeted for the first quarter of 2026. Another compound, NMRA-898, is expected to enter the clinic by year-end. The NMRA-215 program, which shifted its lead indication to obesity, is moving from preclinical studies into first-in-human trials in early 2026. These development steps position Neumora for a period with multiple potential clinical data readouts over the next 18 months.
Looking Forward: Financial Outlook and Upcoming Milestones
Neumora’s management did not provide revenue or earnings guidance for future quarters or for fiscal 2025. The company continues to identify as pre-commercial. It did reaffirm that its current cash balance, bolstered by a debt facility, is expected to cover operations through 2027, supporting multiple clinical milestone events.
Investors and followers should monitor upcoming key clinical data releases, especially from the KOASTAL Phase 3 studies for navacaprant, the readout from the NMRA-511 study in Alzheimer’s agitation, and first data from the new M4 PAM programs. NMRA does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
