Neumora Therapeutics(US:NMRA)2025-11-06 21:02Financial Performance - The net loss for the three months ended September 30, 2025, was $56.8 million, an improvement of $20.8 million compared to a net loss of $72.5 million in the same period of 2024[144]. - The net loss for the nine months ended September 30, 2025 was $177.5 million, while the net loss for the same period in 2024 was $185.0 million, indicating a decrease in loss of 4.0%[166][167]. - The accumulated deficit as of September 30, 2025, was $1,124.7 million[160]. Operating Expenses - The company reported total operating expenses of $57.7 million for the three months ended September 30, 2025, a decrease of $23.9 million compared to $76.6 million in the same period of 2024[144]. - Total operating expenses for the nine months ended September 30, 2025, were $182.7 million, a decrease of $17.9 million from $200.5 million for the same period in 2024[152]. - General and administrative expenses decreased by $3.8 million, or 24%, to $12.2 million for the three months ended September 30, 2025, from $16.0 million for the same period in 2024[147]. - Research and development expenses were $40.5 million for the three months ended September 30, 2025, down from $60.6 million in the prior year, reflecting a reduction of $20.1 million[144]. - Research and development expenses for the nine months ended September 30, 2025, decreased by $23.6 million, or 15%, to $131.4 million from $155.0 million for the same period in 2024[152]. Cash Flow and Financing - As of September 30, 2025, the company had $171.5 million in cash, cash equivalents, and marketable securities[159]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $158.5 million, compared to $132.6 million for the same period in 2024, reflecting an increase of 19.5%[166][167]. - Net cash provided by investing activities for the nine months ended September 30, 2025 was $125.9 million, a significant increase from a net cash used of $28.2 million in the same period of 2024[168][169]. - Net cash provided by financing activities for the nine months ended September 30, 2025 was $18.3 million, up from $6.0 million in the same period of 2024, representing a 205.0% increase[170][171]. - The company expects to need additional financing in the future to fund operations and pursue long-term business plans[162]. - The company entered into a Loan Agreement with K2HV, borrowing $20.0 million, and subsequently amended the agreement to borrow an additional $40.0 million[172]. Research and Development - The company is advancing a Phase 3 program for navacaprant, with topline data expected in Q1 and Q2 of 2026[127]. - The company plans to initiate a Phase 1 study for NMRA-215, a potential best-in-class NLRP3 inhibitor for obesity, in Q1 2026[126]. - The company is developing NMRA-511 for agitation associated with Alzheimer's disease, with Phase 1b data expected around year-end 2025[127]. - The company achieved a $2.0 million development milestone in October 2023 related to the Vanderbilt License Agreement, which was paid in cash in November 2023[133]. - The company has contingent consideration obligations of up to $365 million related to navacaprant and $100 million for NMRA-511, contingent on development and regulatory milestones[132]. - Acquired in-process research and development expenses of $5.0 million for the three months ended September 30, 2025, were related to a Phase 1 development milestone under the Vanderbilt License Agreement[148]. Interest Income and Economic Factors - 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 same period in 2024[149]. - Interest income for the nine months ended September 30, 2025, decreased by $8.8 million, or 56%, to $7.0 million from $15.8 million for the same period in 2024[157]. - The term loan with K2HV bears a variable interest rate, which could increase due to changes in the prime rate, potentially impacting debt service obligations[183]. - The company does not expect significant impact from fluctuations in interest rates on its financial condition due to the short-term nature of its cash and marketable securities[184]. - Inflation has not had a material effect on the company's results of operations during the nine months ended September 30, 2025[187]. - The company has exposure to foreign currency exchange rate fluctuations but considers this exposure to be immaterial[185].