Neumora Therapeutics (NasdaqGS:NMRA) Q4 2025 Earnings call March 30, 2026 08:00 AM ET Company ParticipantsAlyssa Larios - Company RepresentativeBill Aurora - Chief Operating and Development OfficerBrian Abrahams - Global Managing Director and Sector Head of Healthcare ResearchDouglas Tsao - Managing Director of Equity ResearchHelen Rubinstein - VP of Investor Relations and Corporate StrategyJosh Pinto - PresidentJulian Pino - Biotechnology Equity Research Senior AssociateMike Milligan - CFONick Brandon - Ch ...

Neumora Therapeutics (NasdaqGS:NMRA) Q4 2025 Earnings call March 30, 2026 08:00 AM ET Speaker9Ladies and gentlemen, thank you for standing by. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. Please be advised that today's conference is being recorded. I would now like to turn the call over to Helen Rubenstein, Vice President of Investor Relations and Corporate Strategy at Neumora. Please go ahead.Speaker4Good afternoon, a ...

Alzheimer's Disease Agitation Data - NMRA-511 demonstrated a favorable safety profile with no somnolence or sedation and significant improvements in agitation, with placebo-adjusted CMAI total score changes of -2.6 and -2.1 at Weeks 6 and 8, respectively [2] - Patients with elevated anxiety showed improvements of -7.6 and -5.6 at the same weeks [2] - William Blair projects peak U.S. sales of NMRA-511 to reach $1.8 billion, indicating promising early data despite previous setbacks with the V1a receptor antagonist approach [2] Obesity Update - Positive Phase 2 data for NMRA-215 in obesity is anticipated by year-end 2026, which could be a significant inflection point for Neumora [3] - William Blair has incorporated value into the Neumora model for NMRA-215, estimating a 15% probability of success that could unlock a market opportunity exceeding $2 billion under conservative assumptions [3] Depression Assets - The KOASTAL-2/3 trials of monotherapy navacaprant in major depressive disorder are expected to report results in the second quarter of 2026 [4] - There is intrigue surrounding the update in the KOR antagonist space, although caution is advised regarding the de-risking value of navacaprant [4] - NMRA stock experienced a 7.50% increase, reaching $3.45 at the last check [4]

Summary of Neumora Therapeutics Conference Call Company Overview - **Company**: Neumora Therapeutics (NasdaqGS: NMRA) - **Event**: Guggenheim Emerging Outlook Biotech Summit, 2026 - **Date**: February 11, 2026 Key Points Industry and Product Focus - Neumora is focused on developing NMRA-511, a treatment for agitation in Alzheimer's disease (AD) [2][3] - The company is also exploring NLRP3 inhibitors for obesity and other indications [24][26] Clinical Data and Efficacy - NMRA-511 showed a significant clinical effect in a phase 1B study for AD agitation, achieving a 20.1-point reduction on the CMAI total score at week 8, with a Cohen's D effect size of 0.51-0.64 [5] - The CMAI aggression subfactor score for elevated anxiety populations had a robust effect size of 0.82 [6] - The CGI-S agitation score indicated a clinical effect size of 0.78 at week 6 and 0.38 at week 8, supporting the drug's potential [7] - NMRA-511 demonstrated a favorable safety and tolerability profile, allowing for higher dose testing planned for 2026 [8] Future Development Plans - Neumora plans to initiate a MAD extension cohort for NMRA-511 in 2026, transitioning to a QD extended-release formulation [9] - A pivotal phase 2/3 program is expected to start in 2027 [9] Market Opportunity - Approximately 60%-70% of Alzheimer's patients experience agitation and anxiety, indicating a significant market opportunity for NMRA-511 [10][11] - The company aims to enrich patient populations in pivotal studies to enhance treatment efficacy [11] Competitive Landscape - Competitors include Newleos and Azevan, which are also exploring treatments for anxiety and agitation [19] - Neumora's NMRA-511 is positioned as having a differentiated efficacy and safety profile compared to existing treatments like REXULTI and AUVELITY [8] Safety and Tolerability - No significant safety concerns were reported, with only minor cases of headache and one SAE related to hyponatremia deemed confounded by other factors [21][22] Financial Position - Neumora's current cash position is expected to support operations into the third quarter of 2027, covering all discussed catalysts [48] Other Programs - Neumora is advancing two M4 PAM compounds (NMRA-861 and NMRA-898) in phase 1 studies, with updates expected mid-2026 [40][44] - The company is also working on the KOASTAL program for navacaprant, with data readouts expected in the second quarter of 2026 [45][47] Conclusion Neumora Therapeutics is making significant strides in developing NMRA-511 for Alzheimer's disease agitation, with promising clinical data and a clear path for future studies. The company is well-positioned in a growing market, with a solid financial foundation to support its ongoing and future programs.

Neumora Therapeutics (NasdaqGS:NMRA) Conference Call Summary Company Overview - **Company**: Neumora Therapeutics - **Focus**: Development of NMRA-511 for Alzheimer's disease agitation Key Industry Insights - **Alzheimer's Disease Agitation**: Affects over 70% of individuals with Alzheimer's disease dementia, leading to increased caregiver stress and earlier placement in long-term care facilities [4][5] - **Unmet Need**: Significant unmet need for effective treatments in this area due to current products having tolerability issues and limited efficacy [5] Core Findings from Phase 1B Study - **Study Objective**: To evaluate the clinical effect of NMRA-511 in Alzheimer's disease agitation [3] - **Effect Size**: NMRA-511 demonstrated a compelling effect size, similar to Auvelity in the total population and more pronounced in patients with elevated anxiety [5][15] - **Safety Profile**: NMRA-511 showed a favorable safety and tolerability profile, with a low discontinuation rate due to adverse events at 2.5% [16] Detailed Study Results - **CMAI Total Score Reduction**: - Modified analysis set: 15.7 points reduction at week eight [13] - Elevated anxiety population: 20.1 points reduction at week eight, with a Cohen's D effect size of 0.51 to 0.64, considered unsurpassed in AD agitation [15] - **Aggression Subscore**: Notable reduction of 5.3 points in the aggression subscore, important for caregiver safety [14] Future Development Plans - **Next Steps**: - Initiate a MAD extension cohort in 2026 to explore higher doses [17] - Transition to a once-daily extended-release formulation, expected to enhance patient compliance and extend market exclusivity until 2046 [18] - Plan to initiate a phase two-three study for NMRA-511 in AD agitation following the MAD extension [18] Competitive Landscape - **Comparison with Other Treatments**: - NMRA-511 is positioned against Rexulti and Auvelity, with a focus on a better benefit-risk profile and improved tolerability [46][47] - Rexulti has faced challenges due to side effects and black box warnings, while NMRA-511 aims to avoid these issues [46] Market Opportunity - **Large Patient Population**: Nearly all Alzheimer's patients experience some form of agitation or anxiety, indicating a significant market opportunity for NMRA-511 [48] Additional Considerations - **Regulatory Strategy**: Potential for formal enrichment of patient populations based on baseline anxiety levels in future studies, following precedents set by other sponsors [27][28] - **Broader Indications**: Future exploration of NMRA-511 in other anxiety-related conditions, such as PTSD and autism, is considered [28] Conclusion - **Overall Sentiment**: The data from the phase 1B study provides confidence in the potential of NMRA-511 to address a high-impact medical need in Alzheimer's disease agitation, with plans for further development and exploration of broader indications [61]

Core Insights - Neumora Therapeutics is positioned for significant value creation with multiple clinical data readouts expected in 2026, including consolidated topline readouts for KOASTAL-2 and KOASTAL-3 in Q2 2026 [1][3] - The company plans to initiate the NMRA-215 clinical program in 2026, following promising preclinical data related to obesity treatment [1][4] - NMRA-511 has shown positive results in a Phase 1b study for Alzheimer's disease agitation, indicating a clinically meaningful effect [1][6] - Neumora's financial position is strong, with cash and equivalents expected to support operations into Q3 2027 [1][7] Pipeline Updates - The KOASTAL studies for navacaprant will see increased enrollment, targeting up to 25% beyond the original 332 participants, with a joint topline data readout expected in Q2 2026 [3] - NMRA-215 is set to enter Phase 1 clinical trials for obesity treatment in the first half of 2026, with weight loss data anticipated by the end of 2026 [4] - The M4 Positive Allosteric Modulator (PAM) franchise is progressing with Phase 1 studies for NMRA-898 and NMRA-861, with a comprehensive update expected in mid-2026 [5] Business Strategy - Neumora aims to redefine neuroscience drug development by focusing on novel therapies for underserved brain diseases, supported by a robust pipeline of seven programs targeting various neuropsychiatric and neurodegenerative disorders [8]

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.

Neumora Therapeutics Conference Call Summary Company Overview - **Company**: Neumora Therapeutics (NasdaqGS: NMRA) - **Event**: FY Conference on November 10, 2025 Key Updates and Core Points NMRA-215 Development - Neumora has completed DIO studies for NMRA-215, an NLRP3 inhibitor targeting obesity, showing class-leading weight loss of 15%-19% in monotherapy settings, comparable to semaglutide [2][7] - NMRA-215 demonstrated up to 26% weight loss when combined with semaglutide, indicating potential for enhanced efficacy through combination therapy [8] - The company plans to initiate first-in-human studies in Q1 2026, with 12-week proof-of-concept data expected by the end of 2026 [3][5] Other Clinical Programs - NMRA-511, a V1A receptor antagonist for Alzheimer's disease agitation, is currently in a phase 1B study, with data expected by year-end [3][21] - Two M4 PAM programs, NMRA-898 and NMRA-861, have entered clinical trials, with updates anticipated by mid-2026 [4][30] Financial Position - As of Q3 2025, Neumora has approximately $170 million in cash, providing a runway into 2027 to fund ongoing clinical trials [5] Pharmacological Insights - Neumora emphasizes the translatability of DIO model data to clinical outcomes, citing a correlation coefficient above 0.9 for weight loss predictions [6] - The company believes its CNS-penetrant pharmacology for NLRP3 inhibitors is superior to competitors, achieving necessary IC90 concentrations in the brain for effective weight loss [12][13] Safety and Patient Quality Improvements - Neumora has partnered with Massachusetts General Hospital to enhance patient selection for clinical trials, aiming to improve the quality of participants in COASTAL studies [35] - The COASTAL II and III studies will have a base size of 332 patients, with potential for a 25% increase based on protocol flexibility [37] Regulatory Considerations - Neumora aims to have two positive studies to support an NDA filing, although one positive study with supportive evidence could also be sufficient [39] Additional Insights - The company is focused on the obesity market as a primary therapeutic area, with plans to explore additional indications based on clinical data outcomes [16][17] - Neumora is preparing to capture biomarker data during its first-in-human studies to inform future development [17] Conclusion - Neumora Therapeutics is positioned for significant clinical milestones in the coming year, with multiple programs advancing through clinical trials and a strong financial foundation to support its initiatives [41]

Core Insights - Neumora Therapeutics announced promising data for NMRA-215, a highly brain-penetrant oral NLRP3 inhibitor, showing class-leading weight loss in diet-induced obesity mouse models, with plans to initiate a Phase 1 study in Q1 2026 [1][4] - The company is advancing Phase 1 studies for two positive allosteric modulators, NMRA-861 and NMRA-898, with a comprehensive update expected by mid-2026 [1][5] - Neumora is on track to report data from a Phase 1b study of NMRA-511 for Alzheimer's disease agitation by the end of 2025 [1][6] - The company has drawn $40 million in non-dilutive capital from K2 HealthVentures, strengthening its financial position [1][3] - As of September 30, 2025, Neumora has $171.5 million in cash, cash equivalents, and marketable securities, expected to support operations into 2027 [1][10] Business Updates - Neumora's CEO highlighted the strength of the pipeline and the differentiated approach to address significant medical challenges, particularly emphasizing the data for NMRA-215 [2] - The company is committed to addressing unmet needs in schizophrenia and neuropsychiatric disorders through the expansion of its M4 muscarinic receptor PAM franchise [2] Financial Performance - For Q3 2025, Neumora reported a net loss of $56.8 million, a decrease from $72.5 million in Q3 2024, attributed to reduced R&D expenses and lower general and administrative costs [10][11] - Research and development expenses for Q3 2025 were $40.5 million, down from $60.6 million in the same period of 2024 [10][11] - General and administrative expenses decreased to $12.2 million in Q3 2025 from $16.0 million in Q3 2024 [10][11]

Core Insights - Neumora Therapeutics, Inc. is hosting a virtual R&D Day on October 27, 2025, to showcase its innovative therapeutic pipeline targeting various diseases [1][4] Group 1: R&D Day Highlights - The R&D Day will feature NMRA-215, a potent NLRP3 inhibitor, with preclinical results from diet-induced obesity mouse models [2] - Upcoming Phase 1b topline data for NMRA-511, a vasopressin 1a receptor antagonist for Alzheimer's agitation, will also be discussed [2] - Additional focus will be on Neumora's M4 franchise, including NMRA-861 and NMRA-898, and navacaprant, a kappa opioid receptor antagonist in Phase 3 studies [2] Group 2: Company Overview - Neumora Therapeutics is a clinical-stage biopharmaceutical company dedicated to addressing significant medical challenges through innovative treatment approaches for brain diseases [4] - The company has a pipeline of seven programs targeting novel mechanisms of action for a range of prevalent diseases [4] - Neumora aims to redefine neuroscience drug development by introducing next-generation therapies that enhance treatment outcomes and patient quality of life [4]