Neumora Therapeutics reported Q4 2025 net loss of $59.4 million and full-year 2025 net loss of $236.9 million, with cash of $182.5 million funding operations into Q3 2027.
Key takeaways
Net loss for Q4 2025 was $59.4 million versus $58.8 million in Q4 2024; full-year 2025 net loss was $236.9 million versus $243.8 million in 2024.
R&D expenses decreased to $44.7 million in Q4 2025 from $45.9 million in Q4 2024, and to $176.1 million for full-year 2025 from $200.9 million in 2024.
Cash, cash equivalents and marketable securities totaled $182.5 million as of December 31, 2025, down from $307.6 million at December 31, 2024.
KOASTAL-2 and KOASTAL-3 studies were fully enrolled in Q1 2026 with joint topline data readout expected in Q2 2026.
NMRA-898 was selected as lead program in M4 franchise based on promising Phase 1 results demonstrating approximately 80-100 hour half-life.
NMRA-215 remains on track for clinical study initiation in Q1 2027 following completion of 28-day and 13-week toxicology studies.