NMRAHIGH SIGNALFINANCIAL10-K

NMRA's stockholders equity declined significantly while operating cash burn increased, despite modestly reduced R&D spending, signaling potential funding pressure for this clinical-stage biotech.

The substantial reduction in stockholders equity from $287M to $104M, combined with worsening operating cash flow burn, creates urgency around funding runway for ongoing Phase 3 trials. While cash and equivalents increased to $182.5M, the accelerating burn rate and equity erosion suggest NMRA may need additional financing sooner than previously anticipated.

Comparing 2026-03-30 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

NMRA's balance sheet contracted meaningfully with total assets declining 40% and stockholders equity falling by nearly two-thirds, though cash reserves grew modestly to $182.5M. Operating cash burn worsened to $206.4M despite R&D expenses declining 12% to $176.1M. The combination of accelerating cash consumption and significant equity erosion signals potential near-term funding needs for this clinical-stage company advancing multiple Phase 3 and Phase 1b programs.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-77.1%
$511K→$117K

Capex reduced 77.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
-63.8%
$287.1M→$103.9M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Total Assets
Balance Sheet
-39.7%
$317.0M→$191.0M

Total assets contracted 39.7% — asset sales, write-downs, or balance sheet optimization underway.

Current Assets
Balance Sheet
-39.3%
$314.1M→$190.5M

Current assets declined 39.3% — monitor working capital adequacy and short-term liquidity.

Cash & Equivalents
Balance Sheet
+28.4%
$142.1M→$182.5M

Cash grew 28.4% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
-12.8%
-$182.9M→-$206.4M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

R&D Expense
P&L
-12.4%
$200.9M→$176.1M

R&D spending cut 12.4% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-03
ADDED
Overview We are a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by bringing forward the next generation of novel therapies with brain-penetrant chemistry that offer improved treatment outcomes and quality of life for patients.
Our therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases.
We are advancing a Phase 3 program for navacaprant, a novel once-daily oral kappa opioid receptor ( KOR ) antagonist that is being developed for the treatment of major depressive disorder ( MDD ), which we believe has the potential to provide significant advantages relative to the standard of care, if approved.
We are also advancing NMRA-511, a highly selective, novel antagonist of the vasopressin 1a receptor ( V1aR ) being developed for the treatment of agitation associated with dementia due to Alzheimer s disease ( AD ).
Beyond navacaprant and NMRA-511, Neumora is advancing NMRA-898, a novel M4 PAM with potential best in class pharmacology for the treatment of schizophrenia.
Additionally, Neumora is developing NMRA-215, a highly brain-penetrant, oral NLRP3 inhibitor for the treatment of obesity.
We expect several updates from these programs throughout 2026, including to report Phase 3 KOASTAL-2 and -3 topline data in the second quarter of 2026, report MAD extension data with NMRA-511 in the second half of 2026, and to report multiple ascending dose ( MAD ) data with NMRA-898 in the second half of 2026.
Our therapeutic pipeline comprises programs for neurodegenerative diseases, neuropsychiatric diseases, and metabolic disorders, each targeting a novel mechanism of action.
ALS = Amyotrophic lateral sclerosis; CK1 = Casein Kinase I Isoform delta; GCase = Glucocerebrosidase; KOR = kappa opioid receptor; M4 = Muscarinic Acetylcholine Receptor M4; NLRP3 = Nucleotide-binding Domain, Leucine-rich containing Family, Pyrin Domain containing-3; V1aR = Vasopressin 1a Receptor; DIO = diet induced obesity mouse model.
NMRA-511 NMRA-511 is a highly potent and selective, investigational antagonist of the V1aR that exhibited greater than 3,000-fold selectivity over the V1b and V2 receptors and approximately 300-fold selectivity over the oxytocin receptor in preclinical studies.
REMOVED
Overview We are a clinical-stage biopharmaceutical company founded to confront the global brain disease crisis by taking a fundamentally different approach to the way treatments for brain diseases are developed.
We have rapidly scaled our therapeutic pipeline, which currently consists of seven neuroscience programs, including two clinical programs, that target novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases.
Our most advanced product candidate, navacaprant (NMRA-140), is a novel once-daily oral kappa opioid receptor (KOR) antagonist that is being developed for the treatment of major depressive disorder (MDD), which we believe has the potential to provide significant advantages relative to the standard of care, if approved.
Neumora expects to report topline data from KOASTAL-3 in the first quarter of 2026 and KOASTAL-2 in the second quarter of 2026.
Our next most advanced product candidate is NMRA-511, a highly selective, novel antagonist of the vasopressin 1a receptor (V1aR) being developed for the treatment of agitation associated with dementia due to Alzheimer's disease (AD).
We are advancing a Phase 1b signal-seeking study investigating NMRA-511 initially in healthy elderly adult participants and then people with agitation associated with dementia due to AD, and we expect to report data from this study in by the end of 2025.
Our M4 positive allosteric modular (PAM) franchise comprises multiple novel compounds that each have different chemical composition but optimal pharmacological properties, which have demonstrated robust activity in preclinical efficacy models and high selectivity for the M4 receptor subtype.
We expect to progress our next M4 PAM into the clinic by mid-2025.
Our therapeutic pipeline comprises programs for neuropsychiatric disorders and neurodegenerative diseases, each targeting a novel mechanism of action.
As shown in the table below, our current pipeline comprises seven programs, two of which are in clinical development and five of which are in preclinical development.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →