Neumora Therapeutics Reports $243.8 Million Net Loss for Fiscal Year 2024

Neumora Therapeutics, Inc. reported a net loss of $243.8 million for the fiscal year ending December 31, 2024, compared to a net loss of $235.9 million in the previous year. The increase in net loss was attributed to higher operating expenses, which totaled $263.5 million, up from $252.1 million in 2023. The company's research and development expenses rose significantly to $200.9 million from $142.7 million, reflecting ongoing investments in its clinical programs, particularly the pivotal Phase 3 trial for its lead candidate, navacaprant.

The company experienced a notable change in cash flow, with net cash used in operating activities increasing to $182.9 million in 2024 from $163.3 million in 2023. This was primarily driven by the increased net loss and changes in operating assets and liabilities. Neumora's cash and cash equivalents decreased to $142.1 million as of December 31, 2024, down from $374.0 million a year earlier, largely due to cash outflows for operational activities and investments in marketable securities.

Strategically, Neumora has been active in expanding its product pipeline and enhancing its research capabilities. The company is advancing multiple neuroscience programs, including navacaprant, which is being evaluated for major depressive disorder, and NMRA-511, targeting agitation in Alzheimer's disease. In 2024, Neumora also entered into a sales agreement for an at-the-market equity offering program, which has the potential to raise up to $300 million. During the year, the company generated $21.6 million from financing activities, primarily through stock option exercises and the ATM offering.

Operationally, Neumora's employee headcount has increased as the company continues to scale its research and development efforts. As of December 31, 2024, the company had accrued liabilities of $24.6 million, reflecting ongoing commitments related to clinical trials and other operational expenses. The company is also focused on achieving key milestones in its clinical programs, with expectations to report topline data from the KOASTAL program in 2026.

Looking ahead, Neumora anticipates continued investment in its research and development initiatives, which may lead to further losses in the near term. The company plans to finance its operations through a combination of equity offerings and potential collaborations, while also navigating the inherent risks associated with clinical development. Neumora's management believes that its existing cash and marketable securities will be sufficient to support operations for at least the next 12 months, although additional capital will be necessary to advance its long-term business objectives.