Sign in

You're signed outSign in or to get full access.

NT

Neumora Therapeutics, Inc. (NMRA)·Q1 2024 Earnings Summary

Executive Summary

  • Neumora reported Q1 2024 net loss of $53.7M and net loss per share of $0.34, with R&D $45.8M and G&A $14.3M; cash, cash equivalents and marketable securities were $423.0M, supporting runway into 2026 .
  • Guidance tightened: topline Phase 3 KOASTAL-1 data for navacaprant in MDD narrowed to the fourth quarter of 2024; KOASTAL-2/3 topline in 1H25; multiple study initiations planned for Q2 2024 (BPD Phase 2; Alzheimer’s agitation Phase 1b) .
  • Negative development: FDA clinical hold paused Phase 1 NMRA-266 after preclinical rabbit convulsions; ~30 participants dosed with no convulsions observed; prior NMRA-266 timing guidance no longer applicable .
  • Stock-relevant catalysts: KOASTAL-1 topline in Q4 2024, KOASTAL-2/3 in 1H25, Alzheimer’s agitation Phase 1b initiation in Q2 2024 and data in 2025; BPD Phase 2 initiation in Q2 2024 .

What Went Well and What Went Wrong

What Went Well

  • “Laser focused on high-quality clinical execution” with navacaprant Phase 3 topline narrowed to Q4 2024; multiple 2024/2025 catalysts positioned across the pipeline .
  • Strong liquidity: $423.0M cash/equivalents/marketable securities at Mar 31, 2024, runway into 2026, enabling advancement of multiple programs .
  • Pipeline progression: planned Q2 2024 initiations (BPD Phase 2; Alzheimer’s agitation Phase 1b) and Parkinson’s UK £2.1M funding agreement to advance NLRP3 inhibitor preclinical work .

What Went Wrong

  • FDA clinical hold on NMRA-266 paused Phase 1 SAD/MAD; earlier mid-2024 Phase 1 data guidance rescinded pending resolution, introducing program uncertainty .
  • Expense growth: Q1 2024 R&D rose to $45.8M (+55% YoY) driven by Phase 3 navacaprant activities; G&A increased to $14.3M (+48% YoY) on personnel and professional services .
  • Sequential cash draw: cash declined from $463.8M (Dec 31, 2023) to $423.0M (Mar 31, 2024), reflecting operating burn and program scale-up .

Financial Results

Metric (USD)Q1 2023Q3 2023Q4 2023Q1 2024
R&D Expense ($MM)$29.5 $41.6 $38.9 $45.8
G&A Expense ($MM)$9.7 $15.3 $11.2 $14.3
Total Operating Expenses ($MM)$39.2 $56.9 $114.0 $60.1
Interest Income ($MM)$3.6 $3.8 $5.6 $6.4
Net Loss ($MM)$35.6 $53.0 $108.7 $53.7
Net Loss per Share ($)$(1.22) $(1.14) $(0.71) $(0.34)
Weighted Avg Shares (MM)29.3 46.7 152.8 157.9
Balance Sheet (USD)Q3 2023Q4 2023Q1 2024
Cash, Cash Equivalents & Marketable Securities ($MM)$519.5 $463.8 $423.0
Total Assets ($MM)$544.7 $496.2 $450.2
Total Liabilities ($MM)$32.1 $27.1 $25.7
Stockholders’ Equity ($MM)$512.7 $469.1 $424.5

Notes:

  • No product revenues reported; Q1 2024 statement of operations presents operating expenses and other income, with no revenue line item .
  • Q4 2023 operating expenses include $63.9M acquired IPR&D, which materially increased quarterly opex and net loss .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Navacaprant KOASTAL-1 topline (MDD)2024“Second half of 2024” “Fourth quarter of 2024” Narrowed timing (more specific)
Navacaprant KOASTAL-2/3 topline (MDD)2025“First half of 2025” “First half of 2025” Maintained
Navacaprant Phase 2 initiation (BPD)1H24“First half of 2024” “Second quarter of 2024” Narrowed timing
NMRA-511 Phase 1b initiation (Alzheimer’s agitation)1H24“First half of 2024” “Second quarter of 2024” Narrowed timing
NMRA-511 Phase 1b data2025“2025” “2025” Maintained
NMRA-266 Phase 1 SAD/MAD dataMid-2024“Mid-2024” Clinical hold; Phase 1 paused; prior timing no longer applicable Lowered/paused
M4 PAM additional IND2025Not explicitly stated“Expect to submit an IND in 2025” New/additional detail
Cash runwayThrough 2026“Into 2026” “Into 2026” Maintained

Earnings Call Themes & Trends

Note: No Q1 2024 earnings call transcript was available in our document catalog; themes reflect press releases and 8-Ks.

TopicPrevious Mentions (Q3 2023, Q4 2023)Current Period (Q1 2024)Trend
Navacaprant Phase 3 KOASTAL program (MDD)Initiated KOASTAL-1; KOASTAL-2/3 timing set; topline for KOASTAL-1 “2H24” KOASTAL-1 topline narrowed to Q4 2024; KOASTAL-2/3 topline 1H25 On track; timing tightened
Bipolar depression (BPD) Phase 2“Initiation 1H24” Initiation targeted for Q2 2024 Near-term start
Alzheimer’s agitation (NMRA-511)Phase 1b “1H24 start; 2025 data” Phase 1b initiation expected Q2 2024; 2025 data Consistent; narrowed timing
NMRA-266 (M4 PAM)Phase 1 underway; mid-2024 data expected FDA clinical hold; Phase 1 paused; prior timing invalid Negative development
Funding/partnershipsIPO completed; strong cash £2.1M Parkinson’s UK agreement for NLRP3 Added external funding
Liquidity/runway$519.5M (Q3’23), $463.8M (Q4’23); runway into 2026 $423.0M; runway into 2026 Burn consistent; runway maintained

Management Commentary

  • “We are laser focused on high-quality clinical execution as we advance toward the Phase 3 topline data readout for navacaprant in the fourth quarter. We are well-positioned to achieve multiple potential value creating catalysts in 2024 and 2025 across our strong pipeline…” — Henry Gosebruch, President & CEO .
  • Prior framing: “2023 was a watershed year… advanced navacaprant into three Phase 3 registrational studies, and brought NMRA-266 into the clinic ahead of schedule. We have an exciting year ahead… data-rich 2024…” — Henry Gosebruch .
  • Pipeline highlights reiterated: KOASTAL studies progressing on planned timelines; expansion into BPD; NMRA-511 advancing into Alzheimer’s agitation Phase 1b; M4 PAM franchise broader than NMRA-266 with additional compounds advancing preclinical safety/tox, IND expected in 2025 .

Q&A Highlights

  • Q1 2024 earnings call transcript was not available in our document catalog; no Q&A details could be obtained after searching for earnings-call-transcript documents for the period.

Estimates Context

  • Wall Street consensus for Q1 2024 EPS and revenue via S&P Global was unavailable at the time of analysis due to an API rate limit; as a result, we cannot assess beats/misses versus consensus for this quarter.

Key Takeaways for Investors

  • KOASTAL-1 topline narrowed to Q4 2024 is the primary near-term catalyst; subsequent KOASTAL-2/3 topline in 1H25 extends the catalyst runway into mid-2025 .
  • Liquidity remains robust at $423.0M with runway into 2026, providing capacity to navigate the NMRA-266 clinical hold and continue executing across programs .
  • Expense trajectory reflects Phase 3 scale-up: R&D up 55% YoY to $45.8M; G&A up 48% YoY to $14.3M; monitor burn rate as multiple studies initiate in Q2 2024 .
  • NMRA-266 clinical hold introduces a binary risk for the M4 PAM franchise near term; however, broader M4 portfolio and planned 2025 IND provide optionality beyond NMRA-266 .
  • Alzheimer’s agitation (NMRA-511) and BPD (navacaprant) add diversification beyond core MDD registrational program, with initiation milestones in Q2 2024 and 2025 readouts for NMRA-511 .
  • Without available consensus estimates, trading reactions likely hinge on pipeline newsflow (hold resolution, study initiations) and the degree of timeline adherence or slippage; maintain focus on KOASTAL-1 timing updates and regulatory interactions .

Appendix: Additional Data Tables

Program and Milestone KPIs

ProgramIndicationMilestoneTiming (Previous)Timing (Current)
Navacaprant (KOASTAL-1)MDDTopline data2H24 Q4 2024
Navacaprant (KOASTAL-2/3)MDDTopline data1H25 1H25
NavacaprantBPDPhase 2 initiation1H24 Q2 2024
NMRA-511Alzheimer’s agitationPhase 1b initiation1H24 Q2 2024
NMRA-511Alzheimer’s agitationPhase 1b data2025 2025
NMRA-266Schizophrenia (M4 PAM)Phase 1 SAD/MAD dataMid-2024 Clinical hold; paused
M4 PAM (additional)VariousIND submissionN/A2025

YoY and Sequential Comparison (select metrics)

MetricYoY Change (Q1 24 vs Q1 23)Seq Change (Q1 24 vs Q4 23)
R&D Expense ($MM)+$16.3 to $45.8 +$6.9 from $38.9
G&A Expense ($MM)+$4.6 to $14.3 +$3.1 from $11.2
Net Loss ($MM)+$18.1 to $53.7 -$55.0 from $108.7
Net Loss per Share ($)+$0.88 improvement to $(0.34) +$0.37 improvement from $(0.71)
Cash & Equivalents ($MM)Not provided for Q1 23; trend shown seq-$40.8 from $463.8 (Q4 23) to $423.0 (Q1 24)

Sources: Q1 2024 8-K and attached press release ; April 15, 2024 8-K (clinical hold) ; Q4 2023 8-K and press release ; Q3 2023 8-K and press release .