Neumora Therapeutics, Inc. (NMRA)·Q2 2024 Earnings Summary

Executive Summary

• Neumora reported Q2 2024 net loss of $58.7M and EPS of $(0.37), wider year-over-year versus Q2 2023’s net loss of $38.5M and EPS of $(1.28), driven by higher R&D and G&A to support Phase 3 navacaprant and broader pipeline execution .
• Cash, cash equivalents and marketable securities were $371.6M at quarter-end, with runway guided “into 2026,” supporting multiple clinical catalysts .
• Clinical progress continued: Phase 2 bipolar depression trial with navacaprant initiated; Phase 1b NMRA-511 in Alzheimer’s agitation initiated in June; KOASTAL‑1 (navacaprant in MDD) topline remains expected in 4Q24, with KOASTAL‑2/3 in 1H25 .
• Core catalyst for stock narrative into 2H: KOASTAL‑1 Phase 3 readout in MDD in 4Q24; estimates comparison unavailable due to S&P Global access limits, so no beat/miss assessment provided.

What Went Well and What Went Wrong

What Went Well

• Pipeline execution advanced: “We are excited for the topline data readout from our pivotal Phase 3 KOASTAL-1 study of navacaprant… in the fourth quarter” and recent initiations in bipolar depression and AD agitation broaden catalysts over next 18 months .
• Strengthened balance sheet and runway: $371.6M cash/equivalents/marketable securities; guidance to fund operating plan into 2026 .
• Interest income provided partial offset to operating loss: $5.3M interest income in Q2 2024 vs $3.6M in Q2 2023 .

What Went Wrong

• Operating costs rose meaningfully YoY to support Phase 3 programs: R&D $48.6M vs $32.8M; G&A $15.2M vs $9.3M .
• Net loss widened YoY to $58.7M vs $38.5M; comprehensive loss similarly increased .
• M4 program complexity: Phase 1 SAD/MAD for NMRA-266 paused under FDA clinical hold, creating uncertainty and requiring prioritization of alternative M4 compounds (IND now guided for 1H25) .

Financial Results

Quarterly P&L Highlights (oldest → newest)

Year-over-Year Q2 Comparison (oldest → newest)

Balance Sheet Snapshot (oldest → newest)

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We are excited for the topline data readout from our pivotal Phase 3 KOASTAL‑1 study of navacaprant to treat major depressive disorder (MDD), which we continue to expect in the fourth quarter. We are committed to bringing navacaprant to the millions of patients suffering with MDD as expeditiously as possible.” — Henry Gosebruch, President & CEO .
• “We’re making significant progress across the rest of our pipeline with the recent initiations of a Phase 2 study of navacaprant as a treatment for bipolar depression and a Phase 1b study of NMRA‑511 in Alzheimer’s disease agitation… we are confident that our novel mechanisms have strong rationales with the potential for favorable benefit‑risk profiles.” — Henry Gosebruch .
• NMRA‑266 update: “The Phase 1 SAD/MAD study… is currently paused following a clinical hold determination by the U.S. Food and Drug Administration (FDA). Neumora is working with the FDA to evaluate the potential to resolve the clinical hold and will provide an update when available.” .

Q&A Highlights

No Q2 2024 earnings call transcript was located in the document catalog; results were furnished via press release, and management commentary is reflected above .

Estimates Context

Wall Street consensus via S&P Global (EPS and revenue) for Q2 2024 was unavailable at time of retrieval due to access limits; therefore, no beat/miss assessment versus estimates is provided.

Key Takeaways for Investors

• Funding runway into 2026 provides ample capital to reach pivotal and key Phase 2/1b data across multiple programs, reducing near-term financing overhang .
• The KOASTAL‑1 Phase 3 navacaprant readout in MDD (4Q24) is the principal stock catalyst; a positive outcome could re-rate the shares and validate KOR antagonism in MDD .
• Execution momentum: successful initiation of bipolar depression Phase 2 and AD agitation Phase 1b strengthens multi‑indication optionality for navacaprant and NMRA‑511 .
• Operating expense trajectory reflects aggressive clinical execution; investors should expect continued elevated R&D while programs advance (R&D up YoY to $48.6M) .
• M4 franchise risk is being mitigated by prioritizing additional compounds and narrowing IND timing to 1H25; watch for regulatory updates on NMRA‑266 hold resolution .
• Interest income ($5.3M) partially offsets losses, but net loss widened YoY; absent product revenue, stock outcomes hinge on clinical inflection points rather than near‑term P&L metrics .
• Without available consensus estimates, positioning into the KOASTAL‑1 readout should focus on scenario analysis and risk management rather than an estimates‑driven trade.