Neumora Therapeutics, Inc.
NMRA · Biological Products, (No Diagnostic Substances) · 185.3M shares · +142%/yr ↑ dilution · EDGAR filings ↗
Reference price $3.56 · est. market cap ~$659M — last insider sale, 2026-02-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Well-funded neuro biotech whose lead Phase 3 depression program missed, leaving valuation reliant on earlier assets.
Strengths
- $182M cash with strong liquidity (current ratio 5.9, ~59th pct)
- Broad novel-mechanism CNS pipeline; NMRA-511 showed an encouraging Phase 1b agitation signal
Risks
- Lead navacaprant missed Phase 2 (p=0.121) and the pivotal KOASTAL-1 Phase 3 primary endpoint
- Worst-decile returns (ROE -228%, 11th pct; ROA -124%, 19th pct) and $1.18B accumulated deficit
Notable findings
- Trial resultNegative trial readout — primary endpoint missed (8-K) 8-K ↗
- No interest coverageInterest coverage -119.98 (cannot cover interest)
- Chronic dilutionShare count +142%/yr over 2y (dilution, book value/share -96%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $183M cash & investments
- Trial readout soonUpcoming trial readout ~2026-05 — PHASE3 · Major Depressive Disorder
- Insider sellingInsider selling — 4 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-228.1%
Return on assets
-124.0%
ROIC
-120.3%
Debt / equity
0.5×
Interest coverage
-120.0×
Current ratio
5.9×
EBITDA
-$241M
Tangible book value
$104M
Cash & investments
$183M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-17 | Aurora Daljit Singh | Sell | 6.2K | $3.56 |
| 2026-02-17 | Pinto Joshua | Sell | 6.0K | $3.54 |
| 2026-02-17 | BERNS PAUL L | Sell | 9.8K | $3.51 |
| 2026-02-17 | Milligan Michael Lee | Sell | 1.4K | $3.56 |
| 2025-11-11 | Aurora Daljit Singh | Sell | 115K | $2.68 |
| 2025-10-27 | Burow Kristina | Buy | 1.9M | $2.61 |
| 2025-10-27 | ARCH Venture Partners XII, LLC | Buy | 1.9M | $2.61 |
| 2025-10-27 | ARCH Venture Partners X, LLC | Buy | 1.9M | $2.61 |
| 2025-05-21 | Pinto Joshua | Gift | 13K | — |
| 2025-05-21 | Pinto Joshua | Gift | 13K | — |
| 2025-02-18 | BERNS PAUL L | Sell | 14K | $1.69 |
| 2025-02-18 | Milligan Michael Lee | Sell | 2.0K | $1.69 |
| 2025-02-18 | Aurora Daljit Singh | Sell | 8.6K | $1.68 |
| 2025-02-18 | Lenz Robert A. | Sell | 5.6K | $1.67 |
| 2025-02-18 | Pinto Joshua | Sell | 8.0K | $1.67 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06029439 ↗ | Study to Assess the Safety and Effectiveness of NMRA-335140-501 Major Depressive Disorder | PHASE3 | Active Not Recruiting | 2027-06-01 |
| NCT06058039 ↗ | Study to Assess the Effects of Oral NMRA-335140 in Participants With Major Depressive Disorder Major Depressive Disorder | PHASE3 | Active Not Recruiting | 2026-05-01 |
| NCT06058013 ↗ | Study to Assess the Effects of Oral NMRA-335140 Versus Placebo in Participants With Major Depressive Disorder Major Depressive Disorder | PHASE3 | Active Not Recruiting | 2026-05-01 |
| NCT06546995 ↗ | Study to Evaluate the Effects of NMRA-323511 Among Healthy Elderly and Adults With Agitation Associated With Dementia Due to Alzheimer's Disease Alzheimer's Disease, Healthy Elderly | PHASE1 | Completed | 2025-11-19 |
| NCT06429722 ↗ | To Evaluate the Effects of NMRA-335140 on Symptoms of Major Depression in Participants With Bipolar II Disorder. Major Depressive Episode Associated With Bipolar II Disorder | PHASE2 | Completed | 2025-04-09 |
| NCT06029426 ↗ | Study to Evaluate the Effects of Oral NMRA-335140 Versus Placebo in Participants With Major Depressive Disorder Major Depressive Disorder | PHASE3 | Completed | 2024-12-03 |
| NCT04221230 ↗ | Study in Major Depressive Disorder With NMRA-335140 (BTRX-335140) vs Placebo Major Depressive Disorder | PHASE2 | Completed | 2022-04-08 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Material agreementDebt obligation2.05Reg FDOtherExhibits | filing ↗ |
| 2026-05-29 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-30 | ResultsExhibits | filing ↗ |
| 2026-02-11 | Reg FDExhibits | filing ↗ |
| 2026-01-12 | Reg FDExhibits | filing ↗ |
| 2026-01-05 | OtherExhibits | filing ↗ |
| 2025-11-21 | 3.02Exhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-10 | 0001193125-26-270328 ↗ |
| 8-K | 2026-05-29 | 2026-05-27 | 0001193125-26-248244 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211825 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-210310 ↗ |
| 10-K | 2026-03-30 | 2025-12-31 | 0001193125-26-130388 ↗ |
| 8-K | 2026-03-30 | 2026-03-30 | 0001193125-26-130372 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001193125-26-045526 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009727 ↗ |
| 8-K | 2026-01-05 | 2026-01-05 | 0001193125-26-001472 ↗ |
| 8-K | 2025-11-21 | 2025-11-17 | 0001193125-25-291352 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-268046 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269446 ↗ |