Neumora Therapeutics, Inc. Q2 FY2025 earnings call

Paul Berns introduced Neumora's mission to address population health challenges with a focus on brain diseases, highlighting prioritization of obesity for NMRA-215. Joshua Pinto reviewed pipeline updates, including initiation of Phase I study of NMRA-861, near-term catalysts for other programs, and pipeline resource prioritization. Bill Aurora provided details on clinical programs, such as NMRA-861's Phase I study and upcoming milestones for navacaprant and NMRA-511. Michael Milligan reviewed financials, noting $217.6M in cash, reduced net loss due to lower stock-based compensation and clinical trial costs.

No specific financial performance by product segment details provided in the transcript.

Expect up to 6 clinical data readouts in patients over the next 18 months. Anticipate top line data from Phase Ib NMRA-511 in Alzheimer's disease agitation by year-end, top line from KOASTAL program in first quarter 2026, and Phase I data for NMRA-861 in first quarter 2026. Plan to host an R&D event in the fourth quarter of 2025.

Forward-looking statements are subject to risks and uncertainties; actual results may differ from expectations. Unforeseen issues in clinical trials, such as convulsions observed in previous compounds, though efforts made to derisk through structurally distinct compounds and enhanced testing.

Q: Talk about preclinical study design in obesity for NMRA-215, including diet type, comparator arms, and weight loss goals.

A: Josh Pinto discussed assessing NMRA-215 as monotherapy, in combination with GLP-1, and as a maintenance treatment, highlighting translation from mouse models to human settings and key goals of demonstrating benefit in these areas.

Q: Confidence in safety of NMRA-861 compared to previous M4 PAM 266.

A: Nick Brandon explained that structurally distinct compounds 861 and 898 were tested in rabbit, with doses and exposures exceeding those where 266 showed convulsions, derisking the previous issue.

Q: Details on KOASTAL program, including site quality, male-female ratio, and expectations for NMRA-511 data.

A: Bill Aurora discussed enhanced medical monitoring, verified clinical trials, and site focus; noted more females enrolled than males in KOASTAL; expected NMRA-511 data end of 2025 to inform further development.

Q: Development plans for NMRA-215 in obesity, including potential partnerships.

A: Josh Pinto stated Neumora is committed to advancing the pipeline, with NMRA-215 progression within cash runway and operating plan under its own efforts.

Q: Efficacy expectations for NMRA-215 in preclinical models and confidence in KOASTAL program post ACNP data.

A: Josh Pinto discussed potential efficacy based on CNS activity; Bill Aurora emphasized program differences and progress with enhanced study measures for KOASTAL.

Q: Safety profile of NMRA-861.

A: Nick Brandon detailed preclinical work in rabbit showing 861 and 898 achieved exposures surpassing 266 without convulsions, derisking safety concerns.

Q: Synergies between neuro-focused pipeline and obesity, and cash runway details.

A: Josh Pinto explained alignment with science supporting central mechanisms in obesity; cash runway of $217.6M funds critical programs through 2027, enabling delivery of clinical milestones.