Neumora Therapeutics, Inc. (NASDAQ:NMRA) on Monday reported fourth-quarter results that came in ahead of analyst estimates.
Despite the earnings beat, the company’s stock declined about 2.15% in premarket trading as investors assessed its cash position and ongoing pipeline developments.
The clinical-stage biopharmaceutical company posted a quarterly loss of $0.35 per share, outperforming the analyst consensus estimate of a $0.47 per share loss.
Neumora recorded a net loss of $59.4 million for the fourth quarter of 2025, compared with $58.8 million during the same period a year earlier. For the full year, the company reported a net loss of $236.9 million in 2025, narrowing slightly from $243.8 million in 2024.
At the end of the quarter, Neumora held $182.5 million in cash, cash equivalents and marketable securities. The company said this capital is expected to fund operations through the third quarter of 2027. The balance declined from $307.6 million at the close of 2024.
Research and development spending totaled $44.7 million in the fourth quarter, down from $45.9 million in the same period last year, largely reflecting lower costs tied to the navacaprant program after completion of the KOASTAL-1 study. General and administrative expenses also decreased year-over-year to $13.8 million from $17.0 million.
“We saw significant progress in 2025, laying the foundation for a catalyst-rich year ahead as we advance our pipeline of next-generation therapies for people living with brain diseases,” said Paul L. Berns, co-founder, chairman and chief executive officer of Neumora.
The company also announced that enrollment has been completed for its KOASTAL-2 and KOASTAL-3 studies in the first quarter of 2026, with topline results expected in the second quarter of the year. Additionally, Neumora identified NMRA-898 as the lead candidate within its M4 franchise for schizophrenia treatment, with data anticipated in the second half of 2026.