NMRANasdaqBiological Products, (No Diagnostic Substances)US GAAP · USD

Neumora Therapeutics, Inc.

Neumora Therapeutics, Inc. is a U.S.-based clinical-stage biopharmaceutical company focused on developing therapies for brain and centrally mediated diseases. Its pipeline includes small-molecule drug candidates for major depressive disorder, agitation associated with dementia due to Alzheimer’s disease, obesity, and other neuroscience targets.

Ask about the company
Operating profit (EBIT)-241m USD
+8.5 %y/y
Net income-237m USD
+2.8 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-300-200-1000m USD2022: EBIT -136 m USD20222023: EBIT -252 m USD20232024: EBIT -263 m USD20242025: EBIT -241 m USD2025-241
RevenueOperating profit (EBIT)
Ask Clarifo about Neumora Therapeutics, Inc.

Business

Share of revenue
Clinical neuroscience candidates55 %

Late-stage and early clinical drug candidates for psychiatric and neurologic disorders.

Preclinical neuroscience programs30 %

Discovery-stage programs targeting novel CNS mechanisms and disease pathways.

Research platform and pipeline development15 %

Internal research efforts, target validation, and translational neuroscience work.

Customers

Neumora does not currently sell commercial products; its near-term “customers” are clinical trial participants, investigators, and ultimately regulators and payers that determine whether its drug candidates can reach patients. If approved, its therapies would be used by physicians treating patients with major depressive disorder, Alzheimer’s-related agitation, obesity, and other CNS disorders.

Clinical trial participants

Patients and healthy volunteers enrolled in Phase 1, 1b, and Phase 3 studies to generate safety and efficacy data.

Psychiatry and mental health providers

Physicians and clinics that would prescribe navacaprant for major depressive disorder if approved.

Neurology and dementia care providers

Specialists treating agitation associated with dementia due to Alzheimer’s disease, the target for NMRA-511.

Future obesity treatment providers

Clinicians who may use NMRA-215 for obesity if clinical development and approval succeed.

Strategy

Neumora’s strategy is to build a differentiated neuroscience pipeline around novel mechanisms of action for underserved brain diseases. The company is prioritizing late-stage development of navacaprant, advancing NMRA-511 and M4 PAM programs, and expanding into additional CNS and metabolic targets such as NMRA-215.

Advance navacaprant through Phase 3Short term

This is the most advanced program and the clearest path to potential first commercialization.

Build clinical proof for NMRA-511Short term

Positive signal-seeking data would support expansion into Alzheimer’s-related agitation.

Advance M4 PAM franchiseMedium term

Multiple compounds diversify the pipeline and broaden the company’s neuroscience platform.

Expand into obesity with NMRA-215Medium term

Adds a new therapeutic area and another novel mechanism to the pipeline.

Geography

Neumora is headquartered in the United States and conducts its research and development from U.S.-based operations, including office space in Massachusetts. Its business is currently centered on U.S. clinical development and regulatory pathways, with future commercialization dependent on approvals in the U.S. and potentially other markets.

Risks

Neumora faces the typical risks of a clinical-stage biotech company: long development timelines, uncertain trial outcomes, and heavy dependence on regulatory approval. Because it has no commercial products, its future value depends on successful clinical data, intellectual property protection, and access to capital to fund ongoing development.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Clinical development failure or delay1Regulatory approval risk2Capital and dilution risk3Intellectual property and licensing dependence4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Clinical development failure or delayImpact: CriticalLikelihood: High

    Drug candidates may not show sufficient safety or efficacy, or trials may take longer than planned.

    ExposureNavacaprantNMRA-511M4 PAMsNMRA-215
  2. Regulatory approval riskImpact: HighLikelihood: Medium

    FDA or foreign authorities may require additional data or reject applications.

    Exposure: All pipeline programs

  3. Capital and dilution riskImpact: HighLikelihood: Medium

    The company has no product revenue and must fund R&D through external capital.

    Exposure: Corporate funding needs

  4. Intellectual property and licensing dependenceImpact: HighLikelihood: Medium

    Loss of licensed rights or disputes could impair development and commercialization.

    Exposure: In-license agreements and acquired technologies

Ask Clarifo about Neumora Therapeutics, Inc.

Accounting

Judgemental items
Acquired in-process R&D and asset acquisitions

Prior acquisitions created significant intangible asset-related charges and future valuation sensitivity.

Impact: Can materially affect operating results and balance sheet carrying values

Contingent consideration and milestone obligations

Future payments depend on clinical, regulatory, and commercial events and may require fair value estimates.

Impact: Can create volatility in liabilities and earnings

Lease accounting

Office leases create right-of-use assets and lease liabilities that affect reported leverage and expenses.

Impact: Impacts balance sheet and operating expense presentation

Similar listed companies

Publicly listed companies with a comparable business focus.

Neuphoria Therapeutics Inc.

NEUP · Pharmaceutical Preparations

CervoMed Inc.

CRVO · Pharmaceutical Preparations

Damora Therapeutics, Inc.

DMRA · Pharmaceutical Preparations

Larimar Therapeutics, Inc.

LRMR · Pharmaceutical Preparations

Nuvectis Pharma, Inc.

NVCT · Pharmaceutical Preparations

Minerva Neurosciences, Inc.

NERV · Pharmaceutical Preparations

Last updated: 24/09/2026