Neumora Therapeutics Conference Call Summary Company Overview - **Company**: Neumora Therapeutics (NasdaqGS: NMRA) - **Event**: 2025 Conference on November 12, 2025 - **Key Speakers**: Josh Pinto (President), Helen Rubinstein (Head of IR) Key Points Clinical Programs and Pipeline - Neumora has six clinical readouts planned across four main clinical stage assets over the next 12 months [2][5] - **NMRA-215**: An NLRP3 inhibitor showing class-leading weight loss data in diet-induced obesity models, with plans to move into human clinical trials in Q1 2026 and deliver proof-of-concept data by the end of 2026 [2][3] - **NMRA-511**: A phase 1b study for Alzheimer's disease agitation is ongoing, with readout expected by the end of 2025. The study is randomized, double-blind, and placebo-controlled, focusing on agitation levels [3][18] - **M4 PAM Franchise**: Two molecules, NMRA-898 and NMRA-861, are in clinical trials, with updates expected by mid-2026 [4][33] - **Navacaprant**: A selective kappa opioid receptor antagonist, with COASTAL 2 and 3 studies on track for readouts in Q1 and Q2 2026 [5] Financial Position - Neumora ended Q3 with over $170 million on the balance sheet, providing a cash runway into 2027 to fund operational plans and clinical catalysts [5] NLRP3 Inhibitor Insights - High correlation (up to 0.9) between diet-induced obesity models and clinical weight loss supports confidence in NMRA-215's potential [6][14] - NMRA-215 achieved IC90 concentrations in the CNS, which is critical for unlocking weight loss potential, unlike other NLRP3 inhibitors [8][11] V1aR Program - The vasopressin system is linked to stress response and agitation, with NMRA-511 showing promise in reducing agitation in Alzheimer's patients [16][17] - The ongoing study includes multiple endpoints to assess the impact on patient agitation and caregiver experience [20] M4 PAM Differentiation - Neumora believes that targeting the M4 receptor through a PAM approach can reduce adverse effects compared to selective agonists [32] - NMRA-898 and NMRA-861 are designed for high CNS penetration, addressing limitations seen in first-generation M4 PAMs [33][36] Strategic Outlook - Neumora aims to position itself as a significant neuroscience company by the end of 2026, with a focus on delivering high-quality data from its clinical programs [46] Additional Considerations - The company is open to various strategic paths for its programs, including collaborations or out-licensing, depending on the data outcomes [29] - Emphasis on the importance of CNS penetration and pharmacology in the development of its compounds [36][41] Conclusion Neumora Therapeutics is at a pivotal stage with multiple clinical programs advancing, a strong financial position, and a clear strategy to leverage its innovative pipeline in neuroscience. The upcoming clinical readouts will be critical in determining the future direction of the company and its assets.

Summary of Neumora Therapeutics 2025 R&D Day Conference Call Company Overview - **Company**: Neumora Therapeutics (NasdaqGS: NMRA) - **Event**: 2025 R&D Day held on October 27, 2025 - **Key Participants**: Paul Burns (CEO), Josh Pinto (President), Nick Brandon (Chief Scientific Officer), Bill Arora (Chief Operating and Development Officer), Dr. Anton P. Porstenson (Alzheimer's expert) Core Industry and Company Insights Alzheimer's Disease and NMRA-511 - **NMRA-511**: A vasopressin 1a receptor antagonist aimed at treating agitation in Alzheimer's disease, which affects over 70% of individuals with Alzheimer's dementia [39][40] - **Unmet Need**: Current treatments have limited efficacy and significant side effects, creating a demand for safer, more effective options [45][62] - **Clinical Evidence**: Preclinical studies indicate that B1A receptor antagonists can reduce agitation symptoms, supported by various studies showing the involvement of the vasopressin system in emotional regulation [40][41] Obesity Treatment and NMRA-215 - **NMRA-215**: A next-generation NLRP3 inhibitor designed for obesity treatment, showing promising weight loss results in preclinical studies [7][13] - **Weight Loss Data**: NMRA-215 demonstrated up to 19% body weight loss as a monotherapy, comparable to leading injectable GLP-1s [14][27] - **Combination Therapy**: When combined with semaglutide, NMRA-215 achieved 26% weight loss, indicating potential for enhanced efficacy in obesity treatment [30][31] Key Data and Findings NMRA-215 Clinical Data - **DIO Models**: NMRA-215 showed dose-dependent weight loss, with significant reductions in food intake and preservation of lean mass compared to semaglutide [15][33] - **Biomarker Improvements**: NMRA-215 also demonstrated positive effects on cardiovascular biomarkers, suggesting additional health benefits beyond weight loss [36] NMRA-511 Clinical Data - **Phase I Study**: NMRA-511 has shown a favorable safety profile in healthy adults and elderly participants, with no serious adverse events reported [42][43] - **Phase Ib Study Design**: The ongoing study aims to assess the efficacy of NMRA-511 in reducing agitation symptoms in Alzheimer's patients, with multiple outcome measures to evaluate its impact [44][72] Strategic Vision and Future Outlook - **Pipeline Potential**: Neumora believes it has assembled an industry-leading pipeline with the potential to deliver significant therapeutic breakthroughs in brain diseases [10] - **Cash Runway**: The company has a cash runway extending into 2027, allowing for continued development and clinical trials across its portfolio [8] - **Upcoming Milestones**: Key data readouts for NMRA-511 and NMRA-215 are expected in the near term, with plans to initiate clinical studies for NMRA-215 in 2026 [9][37] Conclusion - Neumora Therapeutics is positioned to address significant unmet needs in the treatment of Alzheimer's disease and obesity through innovative therapies like NMRA-511 and NMRA-215. The company is focused on advancing its clinical programs while maintaining a strong financial position to support ongoing research and development efforts.

Financial Data and Key Metrics Changes - The company ended Q2 2025 with $217.6 million in cash, cash equivalents, and marketable securities, which is expected to support operations into 2027 [18] - The total net loss for Q2 2025 was $52.7 million, a decrease from $58.7 million in the same period in 2024, primarily due to reduced stock-based compensation and clinical trial costs [18] Business Line Data and Key Metrics Changes - The company has three clinical stage assets advancing through development, with several near-term catalysts expected [10] - NMRA 215 has been prioritized for obesity treatment, with a focus on its potential as a monotherapy and in combination with GLP-1 therapies [6][10] Market Data and Key Metrics Changes - Obesity currently affects over 2.5 billion people globally, projected to rise to 4 billion by 2035, highlighting a significant market opportunity [7] - A recent study indicated that 68% of individuals on GLP-1s for obesity discontinued use within one year, suggesting a need for better treatment options [8] Company Strategy and Development Direction - The company aims to address large population health challenges by developing better medicines and therapies for prevalent diseases [5] - NMRA 215 is positioned as a potential best-in-class NLRP3 inhibitor targeting obesity, with a focus on central mechanisms of action [41][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline's potential to deliver transformative treatments, with up to six clinical data readouts expected in the next 18 months [9][63] - The company is committed to advancing NMRA 215 through clinical studies, with a focus on its unique approach to obesity treatment [41][60] Other Important Information - The company plans to host an R&D event in Q4 2025 to discuss its programs in more detail [12] - The development strategy includes multiple pathways for success, aiming to deliver breakthrough therapies [12] Q&A Session Summary Question: Can you talk about the preclinical study design in obesity? - The study will assess NMRA 215 as a monotherapy and in combination with semaglutide, focusing on weight loss efficacy and maintenance post-GLP-1 withdrawal [21][23] Question: Can you provide more description on the safety of NMRA 861 compared to the previous molecule? - NMRA 861 is structurally distinct from previous compounds, and preclinical studies have shown no convulsions in rabbits, indicating a safer profile [26][28] Question: Any updates on the COASTal program and enrollment ratios? - Enhanced medical monitoring and verified clinical trials have improved patient enrollment quality, with a higher female enrollment ratio consistent with MDD prevalence [32][34] Question: What are the company's thoughts on the competitive landscape for NMRA 215 in obesity? - The company believes NMRA 215 offers a distinct approach to obesity treatment, leveraging its expertise in developing centrally acting drugs [41][59]