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.

5.87

5.87

— Neumora Therapeutics, Inc.
%
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.

Neumora does not currently sell commercial products; its near-term “customers” are clinical trial participants,...

  • Clinical trial participantsprimary

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

  • Psychiatry and mental health providersprimary

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

  • Neurology and dementia care providerssecondary

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

  • Future obesity treatment providersemerging

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

Neumora is headquartered in the United States and conducts its research and development from U.S...

  • •Headquartered in the United States
  • •Clinical development and corporate operations are U.S.-based
  • •Massachusetts office supports administrative and development work
  • •Future market access depends on U.S. and foreign regulatory approvals
  • •No product revenue geography disclosed because the company is pre-commercial

Neumora’s strategy is to build a differentiated neuroscience pipeline around novel mechanisms of action for underserved...

01
Advance navacaprant through Phase 3short-term

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

02
Build clinical proof for NMRA-511short-term

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

03
Advance M4 PAM franchisemedium-term

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

04
Expand into obesity with NMRA-215medium-term

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

Neumora faces the typical risks of a clinical-stage biotech company: long development timelines, uncertain trial...

critical

Clinical development failure or delay

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

Scope
Navacaprant, NMRA-511, M4 PAMs, NMRA-215
Materiality
high
high

Regulatory approval risk

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

Scope
All pipeline programs
Materiality
high
high

Capital and dilution risk

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

Scope
Corporate funding needs
Materiality
high
high

Intellectual property and licensing dependence

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

Scope
In-license agreements and acquired technologies
Materiality
high
Acquired in-process R&D and asset acquisitions
Can materially affect operating results and balance sheet carrying values
Contingent consideration and milestone obligations
Can create volatility in liabilities and earnings
Lease accounting
Impacts balance sheet and operating expense presentation

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: 29.4.2026