Neumora Therapeutics, Inc. Q1 FY2025 earnings call

• Paul Berns emphasized Neumora's mission to address the global brain disease crisis with an industry-leading pipeline targeting novel mechanisms. • Josh Pinto discussed clinical execution, including top-line data expected for NMRA-511, progress in navacaprant's KOASTAL program, and the $125 million debt facility with K2 HealthVentures, strengthening financial position to support operations into 2027. • Bill Aurora provided details on clinical programs: confidence in navacaprant for MDD, modifications in KOASTAL studies to ensure appropriate patient enrollment, plans to move M4 PAM into clinic mid-2025, and progress on NMRA-511 for Alzheimer's disease agitation. • Mike Milligan highlighted first quarter 2025 net loss of $68 million and cash position of $249.4 million as of March 31, 2025.

No detailed product segment financial performance with revenue contribution percentages provided in the transcript.

• Cash, cash equivalents, and marketable securities plus $20 million from the K2 facility are expected to support operations into 2027. • Anticipate achieving multiple upcoming clinical catalysts across the pipeline.

• Forward-looking statements are subject to risks and uncertainties; actual results may differ materially. No specific detailed risks discussed beyond standard disclaimer.

Q: Regarding navacaprant, how have operational changes affected enrollment pace and confidence in achieving readouts?

A: Bill Aurora stated that steps like SAFER and Verified Clinical Trial screening have identified inappropriate patients, but exclusion rate is consistent with expectations and doesn't impact timing guidance.

Q: On K2 financing, details on prepayment limitations and milestones?

A: Josh Pinto mentioned facility details are in 10-Q; the financing extends cash runway into 2027, with flexibility to draw additional capital based on milestone progression.

Q: On KOASTAL program patient population, tracking prior antidepressant use and interim analysis?

A: Bill Aurora said SAFER team ensures proper patient inclusion, and there are no plans for interim analysis.

Q: Comparing navacaprant to aticaprant and J&J's decision, confidence in KOASTAL?

A: Bill Aurora noted differences in pharmacology and study design, believing KOASTAL's changes improve success probability and KOASTAL-1 results may be anomalous.

Q: On NLRP3 program, timeline for updates?

A: Josh Pinto said NLRP3 program is progressing, with more updates expected in coming quarters.

Q: On NMRA-511 and M4 PAM differentiation?

A: Bill Aurora discussed NMRA-511's signal seeking study and Josh Pinto highlighted M4 PAM's focus on blood brain barrier penetration for differentiation.