NMRA-511

New data for NMRA-511 supports unsurpassed clinical effect in a pre-specified population comparable to Rexulti and Auvelity pivotal studies KOASTAL-2 and -3 fully enrolled in the first quarter of 2026; on track for topline readout in the second quarter of 2026 NMRA-898 selected as lead program in M4 franchise based on promising clinical results from ongoing Phase 1 study Strong financial position with $182.5 million in cash, cash equivalents and marketable securities expected to support operations into the third quarter of 2027 Company to host conference call today at 8:00 a.m. ET WATERTOWN, Mass., March 30, 2026 (GLOBE NEWSWIRE) -- Neumora Therapeutics, Inc. (Nasdaq: NMRA), a clinical-stage biopharmaceutical company with a therapeutics pipeline consisting of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases, today announced financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update. “We saw significant progress in 2025, laying the foundation for a catalyst-rich year ahead as we advance our pipeline of next-generation therapies for people living with brain diseases,” said Paul L. Berns, co-founder, chairman and chief executive officer of Neumora. “In the first quarter of 2026, we confirmed next steps for navacaprant and our M4 franchise, as well as generated compelling results supporting the potential unsurpassed pro NMRA-511 in Alzheimer’s disease agitation, which we built upon today with the announcement of additional data from a pre-specified analysis.” KEY PIPELINE HIGHLIGHTS NMRA-511: New Phase 1b data from pre-specified analysis further reinforce potential best-in-class pro Alzheimer’s disease (AD) agitation Following the topline Phase 1b results announced in January 2026, Neumora today announced new data from a pre-specified analysis of the Phase 1b study in patients with a Neuropsychiatric Inventory Agitation/Aggression (NPI-AA) score ≥4, which aligns with the enrollment criteria from other sponsors’ pivotal studies. Key findings from the pre-specified analysis include: 53 patients were included in the pre-specified analysis set of NPI-AA ≥4. In this population, patients treated with NMRA-511 demonstrated a Cohen’s d effect size of 0.34 on the Cohen-Mansfield Agitation Inventory (CMAI) total score and 0.51 on the CMAI aggression sub-factor score at Week 8. NMRA-511 demonstrated unsurpassed effect sizes across other endpoints in the pre-specified analysis, including Clinical Global Impression-Severity (CGI-S) agitation, and NPI-AA. NMRA-511 continued to demonstrate a favorable tolerability and safety pro with what was seen in the topline analysis. Neumora plans to report data from a multiple ascending dose (MAD) expansion cohort evaluating higher doses of NMRA-511 in the second half of 2026 and to initiate a Phase 2 study with NMRA-511 in Alzheimer's disease agitation in the first quarter of 2027. Navacaprant: Joint readout of KOASTAL-2 and -3 expected in the second quarter of 2026 Neumora today announced that the KOASTAL-2 and -3 studies were fully enrolled in the first quarter of 2026, with more than 400 patients enrolled in each study. The Company expects a joint topline data readout for KOASTAL-2 and -3 in the second quarter of 2026 including topline data for each study as well as pre-specified analyses with more than 450 patients enrolled after study optimizations in early 2025. M4 Positive Allosteric Modulator (PAM) Franchise: Neumora plans to advance NMRA-898 for development in schizophrenia Neumora today announced that it has designated NMRA-898 as the lead program in its M4 franchise. The Company believes that NMRA-898 is well suited for continued development in schizophrenia based on promising clinical results from an ongoing Phase 1 study, including: NMRA-898 demonstrated an approximately 80-100-hour half-life in humans to date, confirming the potential for once-daily dosing and supporting development advantages. Exposures were dose proportional with low variability and predicted free exposures in the brain above in vitro M4 EC50 levels. Exposure-dependent increases in heart rate, of similar magnitude to those demonstrated by Cobenfy (KarXT), providing pharmacodynamic evidence of target engagement. NMRA-898 was safe and well-tolerated at all doses tested to date. Neumora is conducting a MAD study with NMRA-898 in healthy volunteers and patients with stable schizophrenia. The goal of the study is to identify a maximum tolerated dose of NMRA-898 and confirm CNS penetration via CSF exposure. The Company expects to report data from the study in the second half of 2026. NMRA-215: 12-week diet induced obesity (DIO) study provides support for potential use in switch and maintenance settings; clinical studies expected to initiate in the first quarter of 2027 Neumora today provided an update on its NMRA-215 development program in obesity, including new positive 12-week DIO data, as well as findings from a separate 13-week rat toxicology study. The new 12-week DIO study reinforces the potential of NMRA-215 for the treatment of obesity in both the mechanism of action switch and weight loss maintenance paradigms: NMRA-215 demonstrated sustained, semaglutide-like weight loss in DIO mice at 12 weeks following a mechanism-of-action switch from semaglutide monotherapy to NMRA-215 monotherapy at week 8. Following a switch from a combination of semaglutide and NMRA-215 to NMRA-215 monotherapy alone at week 8, DIO mice maintained weight loss similar to mice who received semaglutide monotherapy for the entire study duration by week 12. Neumora has successfully completed 28-day rat and dog and 13-week dog toxicology studies with NMRA-215. Each study identified a No Observed Adverse Effect Level (NOAEL) with high margins to predicted human exposures of NMRA-215 that Neumora believes will achieve sustained IC90 concentrations in the brain. Separately, in a 13-week rat toxicology study, unexpected adverse findings were observed in 5 of the 142 animals. The findings were not dose dependent and are not associated with a known on-target or molecule related effect. Neumora believes these findings may be related to a study conduct issue, and has opened a for-cause audit of the 13-week rat toxicology study. In parallel, Neumora is repeating the 13-week rat toxicology study with a different contract research organization and now expects to bring NMRA-215 into the clinic in the first quarter of 2027. The Company will provide guidance on expected data readouts from the clinical program when it is initiated. FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS Cash Position: As of December 31, 2025, Neumora had cash and cash equivalents of $182.5 million. Financial Guidance: The Company expects that its cash, cash equivalents and marketable securities as of December 31, 2025, will enable it to fund its operating plan into the third quarter of 2027. R&D Expense: Research and development expenses for the fourth quarter of 2025 were $44.7 million, as compared to $45.9 million for the same period in 2024. Research and development expenses for the full year ended December 31, 2025 were $176.1 million, as compared to $200.9 million for the same period in 2024. This decrease was primarily due to a reduction in navacaprant program expenses following the completion of the KOASTAL-1 study, lower personnel related costs, and a reduction in expense incurred under research and collaboration agreements with Amgen, partially offset by an increase in preclinical research and manufacturing. G&A Expense: General and administrative expenses for the fourth quarter of 2025 were $13.8 million, as compared to $17.0 million for the same period in 2024. General and administrative expenses for the full year ended December 31, 2025, were $60.1 million, as compared to $62.5 million for the same period in 2024. The decrease was primarily attributable to reduced consulting and personnel-related costs. Net Loss: The Company reported a net loss of $59.4 million for the fourth quarter of 2025, as compared to $58.8 million for the same period in 2024. Neumora reported a net loss of $236.9 million for the full year ended December 31, 2025, as compared to $243.8 million for the same period in 2024. About Neumora Neumora Therapeutics, Inc. is a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by taking a fundamentally different approach to the way treatments for brain diseases are developed. Our therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. Neumora’s mission is to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements about Neumora Therapeutics, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including statements related to: Neumora’s intention to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients; the timing, progress and plans for its therapeutic development programs, including the timing of clinical trial initiation and data readouts, support for continued development, and upcoming milestones and catalysts; results from a pre-clinical toxicology study; expectations and projections regarding future operating results and financial performance, including the sufficiency of its cash resources and expectation of the timing of its cash runway; and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Other than statements of historical facts, all statements contained in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause the actual results to be materially different from the information expressed or implied by these forward-looking statements, including, among others: comparisons to efficacy results from other sponsors should be interpreted with caution due to differences in compounds, study designs, subject characteristics, and other factors that may limit direct comparability; the risks related to the inherent uncertainty of clinical drug development and unpredictability and lengthy process for obtaining regulatory approvals; risks related to the timely initiation and enrollment in our clinical trials; risks related to our reliance on third parties, including CROs; risks related to serious or undesirable side effects of our therapeutic candidates; risks related to our ability to utilize and protect our intellectual property rights; and other matters that could affect sufficiency of capital resources to fund operations. For a detailed discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Neumora’s business in general, please refer to the risk factors identified in the Company’s filings with the Securities and Exchange Commission (SEC), including but not limited to its Annual Report on Form 10-K for the year ended, December 31, 2025 which was filed with the SEC on March 30, 2026. Forward-looking statements speak only as of the date hereof, and, except as required by law, Neumora undertakes no obligation to update or revise these forward-looking statements. Our results for the quarter ended December 31, 2025 are also not necessarily indicative of our operating results for any future periods. Financial Tables NEUMORA THERAPEUTICS, INC. Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share amounts) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Operating expenses: Research and development $ 44,670 $ 45,912 $ 176,065 $ 200,927 General and administrative 13,810 17,010 60,091 62,537 Acquired in-process research and development — — 5,000 — Total operating expenses 58,480 62,922 241,156 263,464 Loss from operations (58,480 ) (62,922 ) (241,156 ) (263,464 ) Other income (expense): Interest income 1,335 4,088 8,344 19,933 Interest expense (2,036 ) — (3,219 ) — Other income (expense), net (268 ) 15 (767 ) (78 ) Total other income (969 ) 4,103 4,358 19,855 Net loss before income taxes (59,449 ) (58,819 ) (236,798 ) (243,609 ) Provision for income taxes — — 130 178 Net loss (59,449 ) (58,819 ) (236,928 ) (243,787 ) Other comprehensive loss: Unrealized gain (loss) on marketable securities (9 ) (43 ) (62 ) 138 Comprehensive loss $ (59,458 ) $ (58,862 ) $ (236,990 ) $ (243,649 ) Net loss per share, basic and diluted $ (0.35 ) $ (0.37 ) $ (1.45 ) $ (1.53 ) Weighted-average shares outstanding, basic and diluted 168,518 160,984 163,391 159,377 Consolidated Balance Sheets (in thousands) December 31, 2025 December 31, 2024 Cash, cash equivalents and marketable securities $ 182,530 $ 307,578 Total assets $ 191,047 $ 316,972 Total liabilities $ 87,176 $ 29,908 Total stockholders’ equity $ 103,871 $ 287,064 Neumora Contact: Helen Rubinstein 617-402-5700 Helen.Rubinstein@neumoratx.com

iStock, Vanz Studio Venture capital flow to women-founded companies has stabilized in the post-pandemic environment. BioSpace looks back at five companies that have nabbed the most over the past two decades. Biopharmas with women founders have contributed $64.1 billion in venture capital dollars across 3,375 deals since 2008, according to a recent analysis by PitchBook . 2025 has been a particularly good year for female-founded companies across all sectors, with $103.7 billion invested across 2,528 deals so far, according to PitchBook. Zeroing in on biopharma, the capital flow suggests that investment in female-founded companies is stabilizing in the post-pandemic environment. In 2025 so far, female-founded biopharmas have taken in $4.8 billion across 203 deals. This is a significant drop from the peak in 2021, when $12.7 billion in venture capital was recorded for this category across 412 transactions. Since then, the numbers have declined as the sugar buzz wore off—a trend that is reflected across biopharma, regardless of the gender of the founders. Much of the cash for women-founded biopharmas has centered in the U.S.’ two key biotech hubs: the Boston-Cambridge area, which saw $24.4 billion in investment across 759 total deals, and San Francisco-Oakland, where 618 deals netted $16.3 billion. Investment rounds were split equally across early, late and angel rounds. Female-only founded companies took in $7.7 billion in 509 deals, compared to $56.4 billion over 2,866 deals for biopharmas co-founded by women and men. The largest deal in the 16 years for which PitchBook has data was EQRx, which brought in $570 million in a series B in January 2021. The company, which has since gone out of business, had six founders including Melanie Nallicheri, Susan Hager and Sandra Horning. Below, BioSpace looks back at the top five rounds since 2008 and where the companies are today. EQRx Deal Size: $570 million Round: B Founders: Alexis Borisy, Melanie Nallicheri, Robert Forrester, Susan Hager, Peter Bach and Sandra Horning After a massive fundraising push over three years that raised a total of $1.97 billion, the ending for EQRx was not happy. The company emerged with a big goal : to develop medicines that were not just innovative, but affordable. EQRx jumped to the markets quickly through a special purpose acquisition company (SPAC) in August 2021, picking up another $1.8 billion in proceeds. But the lofty goal quickly met with clinical reality. The biotech’s antibody sugemalimab stumbled in the clinic, leaving executives reeling. EQRx pivoted to two other candidates, then ditched the low-cost goal. The staff was slashed in half, and EQRx later sold itself to Revolution Medicines in August 2023, preserving $1 billion in capital for that company. All of EQRx’s assets were terminated and returned to partners. Neumora Deal Size: $500 million Round: A Founders: Paul Berns, Kristina Burow, Robert Nelsen, Mike Poole, Morgan Sheng and Carol Suh Believe it or not, a $500 million series A was not enough to earn Neumora the title of largest VC fundraise of 2021. Abogen’s whopping $700 million round nabbed that top slot. But that’s the nature of that year, when investors flocked to the sector buoyed by the hopeful innovation of COVID-19 vaccines that arrived at the end of 2020 to combat the pandemic. Neumora was the fourth largest VC round of 2021—and that still made waves in the sector . The company emerged with the cash and a partnership with Amgen to develop therapies for neurodegenerative disorders. It has now raised a total of $987 million, including a $250 million IPO in September 2023, according to PitchBook data. The path has not been a straight line for Neumore, however. In April 2024, the FDA slapped a clinical hold on the biotech’s schizophrenia asset as preclinical safety signals emerged. But Neumora plowed on, unfortunately revealing a Phase III failure for the kappa opioid receptor (KOR) antagonist navacaprant in major depressive disorder in January this year. With two additional trials expected to readout for the drug this year, Neumora changed things up in March and pushed out the timeline to 2026. After fielding all these challenges, Neumora is now on the cusp of releasing key Alzheimer’s disease data for NMRA-511. This could be the moment that $500 million seems worthwhile for investors. Lyell Immunopharma Deal Size: $493 million Round: C Founders: Rick Klausner, Crystal Mackall and Stan Riddell Lyell Immunopharma was ahead of the pandemic-influenced biotech funding curve with a massive $493 million series C round in March 2020. Since then, the company has continued to battle in the tough cell therapy space, using its influx of cash from various fundraising mechanisms to bring in new approaches to address the modality’s limitations. Founded by a team of cell therapy experts, Lyell has promised to develop next generation CAR T cell therapies for blood cancer and solid tumors by addressing T cell exhaustion and durability. Riding the wave of biotechs heading for the public markets in 2021, Lyell pulled off a massive $425 million IPO in June. Lyell’s GSK-partnered T cell receptor therapy hit the clinic the next year, but the success was short lived as the Big Pharma walked away from the $250 million three-year partnership months later. Continuing on, Lyell reported mixed Phase I data for the CAR T therapy LYL797 in solid tumors in June 2024. The results revealed strong response rates across patients, but a death and high rates of cytokine release syndrome marred the readout. The asset was discontinued in October 2024, just as Lyell bought ImmPACT Bio for $30 million in cash plus shares. The heart of that deal was an autologous dual-targeting CD19/CD20 CAR T, now known as rondecabtagene autoleucel (ronde-cel). Lyell began a pair of pivotal trials for the candidate this year, including a head-to-head test pitting ronde-cel against approved CD19 CAR T cell therapies, including Bristol Myers Squibb’s Breyanzi or Gilead’s Yescarta. Lyell also followed the biopharma trend and picked up a new CAR T cell candidate from China’s Innovative Cellular Therapeutics . Laronde Deal Size: $440 million Round: B Founders: Avak Kahvejian, Noubar Afeyan, Nicholas Plugis, Erica Weinstein, Sophie Boer This Flagship Pioneering–backed startup vowed to champion a new form of RNA medicines called Endless RNA upon launch in 2021 . The company rode the success of Moderna—the star of Flagship’s portfolio—to a $440 million series B months after the public debut in July 2021. But the journey was short lived. In June 2023, STAT published an expose on data integrity issues at the biotech. The company could not replicate the preclinical data that had underpinned the massive raise. Laronde cut two programs and many employees were forced to resign, including CEO Pablo Cagnoni. Flagship folded the embattled biotech into another of its portfolio companies, Senda Biosciences, to form Sail Biomedicines in October 2023. That biotech is continuing the eRNA mission but has yet to enter the clinic. BioNTech Deal Size: $425 million Round: N/A Founders: Ugur Sahin, Özlem Türeci and Christoph Huber BioNTech’s story has been told over and over—the Pfizer-partnered pandemic savior developed one of the two COVID-19 vaccines that helped bring the world back from the crisis. This generated billions in revenue and has helped fuel the biotech’s next phase. But step back to January 2019, when the German mRNA company raised a remarkable $425 million, and you’ll see that BioNTech always had big ambitions. This later-stage round involved just two pharma entities: Pfizer Ventures with $333.5 million in cash and Sanofi with $91.5 million, according to Pitchbook data. The company followed that year with a more traditional series B in July that totaled $325 million . These fundraises primed the biotech to enter the first year of the pandemic fully charged and ready for some R&D. .responsive-container { display: flex; flex-wrap: wrap; border: 1px solid #ededed; font-family: Helvetica, Arial, Sans-Serif; padding: 20px 20px 10px 20px; } .column-left { flex: 1; max-width: 45%; padding: 20px 20px 10px 20px; } .column-right { flex: 2; padding: 20px 20px 10px 20px; } @media (max-width: 768px) { .column-left, .column-right { max-width: 100%; flex: 100%; padding: 10px 0; } } Subscribe to BioPharm Executive! 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