Start here if you're new
what it is
Neumora is a biotech betting on brain-disease drugs, led by navacaprant for depression.
how it gets paid
There is still no meaningful product / royalty revenue on the consolidated statements — the company funds R&D with cash, interest income, and capital markets / debt (e.g. an additional $40M drawn from the K2 HealthVentures venture debt facility, per the Nov 2025 release).
what just happened
Q3 2025: net loss $56.8M, $(0.35) basic & diluted EPS. First nine months 2025: net loss $177.5M, $(1.10) per share. Company guidance: Sept 2025 cash should fund the operating plan into 2027. Q4 & FY2025 results were scheduled for Mar 30, 2026 (company notice).
At a glance
C++ balance sheet — some cracks in the foundation
$(1.53) FY2024 GAAP EPS · $(1.10) first 9M 2025
1.6 beta
~$360M market cap (order-of-magnitude)
small cap
xvary composite: 39/100 — weak
What they do
Neumora is a biotech betting on brain-disease drugs, led by navacaprant for depression.
You get seven programs, not one. Navacaprant remains in the KOASTAL Phase 3 program for MDD; the company has pointed to top-line from KOASTAL-3 in Q1 2026 and KOASTAL-2 in Q2 2026 (timelines per public updates). With roughly 110 full-time employees (2024 10-K ballpark) and essentially no product revenue, you are buying clinical optionality and balance sheet, not a commercial P&L.
How they make money
$0
product revenue (GAAP) · Q3 2025 operating spend $57.7M
Research & development
$40.5M
Q3 only
General & administrative
$12.2M
Q3 only
Acquired IPR&D
$5.0M
Q3 2025
Q3 2025 expense mix — Neumora Q3 2025 results (Globe Newswire, Nov 6, 2025). Bars = % of $57.7M total operating expenses for the quarter; not revenue.
The products that matter
lead clinical asset
Navacaprant
pipeline centerpiece
With $0 trailing revenue, this program is carrying essentially the full commercial narrative. If it de-risks, the story changes. If it stumbles, there is no operating business to hide behind.
the catalyst
balance sheet reality
cash runway
$171.5M cash (Sept 2025)
Cash, equivalents, and marketable securities were $171.5M at Sept 30, 2025, down from $307.6M at Dec 31, 2024 — burn is real. The company said that Sept 2025 cash should fund operations into 2027, and drew $40M from the K2 venture debt facility (Nov 2025).
funding matters
everything beyond the lead asset
pipeline optionality
~$360M equity (rough)
At ~$2.22 and ~162M diluted shares (Q3 2025 weighted average), equity value is on the order of ~$360M — optionality on top of a shrinking but still meaningful cash pile.
second shot
Key numbers
$2.22
share price
You are paying $2.22 for a stock that still has to prove one drug can work.
~$360M
market cap
Rough check: share price × Q3 2025 weighted-average diluted shares (~161.8M). The exact tape moves daily.
7
programs
Seven programs sounds like a lot until you see the $0M revenue line next to it.
~110
employees
Order-of-magnitude from the 2024 annual filing; headcount moves with trials and G&A.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt ~$45.7M total liabilities (Sept 2025)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for NMRA right now.
source: institutional data · return history unavailable
What just happened
Q3 2025 filed
Latest quarter: $(0.35) EPS · $171.5M cash
Q3 2025 (Sept 30): net loss $56.8M; basic & diluted EPS $(0.35) vs. $(0.45) in Q3 2024. Nine months 2025: net loss $177.5M, EPS $(1.10) vs. $(1.16) in the first nine months of 2024. Still essentially no product revenue on the consolidated statement — R&D was $40.5M in Q3 2025 vs. $60.6M in Q3 2024 (lower trial spend and no Amgen collaboration activity in the current quarter, per the release). FY2024 GAAP EPS was $(1.53) vs. $(3.63) in FY2023; Q4 2024 was $(0.37). Company scheduled Q4 & full-year 2025 results for Monday, Mar 30, 2026.
$171.5M
cash + securities (Sept 2025)
$(0.35)
Q3 2025 EPS
$(1.53)
FY2024 EPS
the number that mattered
Cash runway versus burn: $171.5M at Sept 30, 2025, with management saying that stack should fund the plan into 2027 — that is the line that matters until navacaprant and the rest of the pipeline produce commercial proof.
source: Neumora Therapeutics, Inc. press releases (Q3 2025, Nov 6, 2025; Q4/FY2024, Mar 3, 2025; Q4/FY2025 scheduling, Mar 2026) as carried on BioSpace / Globe Newswire
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What could go wrong
the #1 risk here is clinical failure or delay in Navacaprant. with $0 trailing revenue, there is no operating engine underneath the story if the lead program slips.
med
Navacaprant does not de-risk the thesis
This is the quiet part loud. The lead program is carrying most of the equity case. If efficacy disappoints or the timeline moves the wrong way, investors will stop valuing possibility and start valuing cash on hand.
With $0 revenue, 100% of the current story depends on pipeline credibility.
med
cash burn turns into dilution before proof arrives
Biotech math is brutal. If the company needs more capital before the lead asset is meaningfully de-risked, existing shareholders can end up owning a smaller piece of the same uncertainty.
Cash has already stepped down from $307.6M (Dec 2024) to $171.5M (Sept 2025). If more capital is needed before clean data, terms can get worse, not better.
med
volatility overwhelms the thesis in the short run
A 1.6 beta and 5 / 100 price stability mean this stock can swing hard on thin information. Even if the long-term science is intact, weak sentiment can still dominate the next few months.
The 52-week range of $1–$4 is the proof. Same company. Same pipeline. Very different prices.
With essentially $0 product revenue and a ~$360M equity cap (rough), this is a pipeline-and-runway valuation. If KOASTAL readouts disappoint or cash needs spike before proof, both timeline and your ownership percentage can move against you.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next company update
Q4 & FY2025 earnings were slated for Mar 30, 2026. You also want clinical headlines (KOASTAL, NMRA-511, M4 franchise) — not just runway math.
the key insight
whether Navacaprant is becoming proof instead of promise
That is the whole setup. This stock can absorb losses. It cannot absorb endless waiting with no meaningful de-risking.
risk
financing pressure before a cleaner readout
If capital needs become the story before efficacy does, common shareholders usually pay for the delay.
metric
cash versus conviction
There is no revenue line to monitor here. The real metric is whether the available cash is enough to reach the next credible proof point without a painful raise.
Analyst rankings
short-term outlook
mixed
coverage is thin and conviction is thinner. in human-speak: the street does not have a clean shared view yet.
risk profile
volatile
small-cap clinical biotech is a bad place to look for stability. the 1.6 beta already told you that.
chart momentum
catalyst-driven
this name trades more on pipeline headlines and financing expectations than on smooth technical trends.
earnings predictability
40 / 100
that does not mean the business is stable. it means earnings are a weak lens for a company that still has $0 revenue.
source: institutional data
Institutional activity
institutional ownership data for NMRA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2.22
current price
n/a
target midpoint · n/a from current
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