Neumora Therapeutics, Inc. (NMRA) AI Stock Analysis

• Market Cap: $337.52M
• Dividend Yield: N/A
• Average Volume (3M): 490.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.68
• Revenue Growth: N/A
• EPS Growth: 20.71%
• Country: US
• Employees: 110
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.35
• Shares Outstanding: 167,089,110
• 10 Day Avg. Volume: 506,087
• 30 Day Avg. Volume: 490,256
• PEG Ratio: -2.58
• Price to Book (P/B): 5.89
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.23
• Enterprise Value/Market Cap: 0.59
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -39.79
• Enterprise Value/Ebitda: -0.82
• 1Y Price Target: $9.14
• Price Target Upside: 366.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $2.00 ▲(2.04% Upside)

The score is held back primarily by weak financial performance (no revenue, large ongoing losses, and significant cash burn), partially offset by constructive technical positioning (price above key moving averages with moderately strong RSI) and positive, catalyst-rich corporate pipeline updates. Valuation metrics provide limited support due to the negative P/E and no dividend yield provided.

Positive Factors

Clinical efficacy signal (NMRA-511)

A clinically meaningful Phase 1b signal with favorable safety for NMRA-511 is a durable pipeline milestone that justifies advancement into higher-dose extensions and Phase 2/3 planning. This reduces binary program risk and strengthens Neumora’s strategic position in an unmet Alzheimer’s agitation market.

Multiple advancing programs (M4 franchise)

Progressing several early clinical programs (M4 franchise compounds) creates multiple independent value drivers and de-risks the company’s long-term prospects. Ongoing Phase 1 activity demonstrates R&D execution and provides multiple shots on goal through mid-2026 updates.

Low financial leverage

Very low debt materially reduces solvency and interest-rate risk, preserving strategic optionality. For a cash-burning clinical-stage biotech, a clean capital structure enables financing via equity or partnerships without near-term debt servicing constraints, supporting program continuity.

Negative Factors

Pre-revenue with large losses

Sustained, large operating and net losses reflect an extended development-only business model with no recurring revenue to absorb costs. Over the medium term this necessitates external funding, increases dilution risk, and leaves no internal cash buffer to self-fund multiple late-stage programs.

High cash burn and weak cash generation

Very large negative operating and free cash flows indicate the company must repeatedly access capital to sustain development. Persistent high burn narrows runway, can force prioritization or delays of programs, and increases dependence on equity markets or partnerships over the next 2-6 months.

Share issuance and equity base pressure

Converting debt to equity and recent share issuance are structural financing actions that dilute existing holders and signal reliance on equity to fund operations. Coupled with a materially declined equity base, this trend could continue, weighing on per-share economics and governance over time.

Neumora Therapeutics, Inc. Business Overview & Revenue Model

Company Description

Neumora Therapeutics, Inc., a clinical-stage biopharmaceutical company, engages in developing therapeutic treatments for brain diseases, neuropsychiatric disorders, and neurodegenerative diseases. The company develops navacaprant (NMRA-140), a novel once-daily oral kappa opioid receptor antagonist, which is in phase 3 clinical trials for the treatment of major depressive disorder. It also develops NMRA-511 that is in phase 1 clinical trials in patients with agitation associated with dementia due to Alzheimer's disease; and NMRA-266, which is in the phase 1 clinical trial for the treatment of schizophrenia and other neuropsychiatric disorders. In addition, its preclinical phase product includes NMRA-NMDA for the treatment of schizophrenia; NMRA-CK1d, a CK1d inhibitor program for the treatment of amyotrophic lateral sclerosis; NMRA-NLRP3 for the treatment of certain neurodegenerative conditions; and NMRA-GCase for the treatment of Parkinson's disease. The company was formerly known as RBNC Therapeutics, Inc. and changed its name to Neumora Therapeutics, Inc. in October 2021. Neumora Therapeutics, Inc. was incorporated in 2019 and is headquartered in Watertown, Massachusetts.

How the Company Makes Money

Neumora Therapeutics, Inc. generates revenue through the development and commercialization of its precision medicines. The company focuses on advancing its pipeline of investigational therapies through various stages of clinical trials, aiming for regulatory approval and subsequent market entry. Revenue is primarily derived from the successful commercialization of approved drugs. Additionally, Neumora may engage in strategic partnerships and collaborations with other pharmaceutical companies, which can include licensing agreements, joint ventures, or co-development arrangements, providing additional revenue streams and resources to support its research and development activities.

Neumora Therapeutics, Inc. Financial Statement Overview

Summary

Pre-revenue profile with $0 TTM revenue, large operating and net losses (EBIT -$245.6M; net loss -$236.3M), and heavy cash burn (TTM operating cash flow and free cash flow -$208.8M). Balance sheet leverage is low (total debt ~$0.5M), but equity has declined and ROE is sharply negative, keeping overall financial quality weak.

Income Statement

TTM (Trailing-Twelve-Months) revenue remains at $0, with continued heavy operating losses (EBIT of -$245.6M and net loss of -$236.3M). Losses have stayed large across the period and worsened versus 2023 on an operating basis, highlighting a business still in an investment/burn phase with no visible revenue ramp in the provided data. The main strength is consistency in reporting (no volatility from sales cycles), but overall profitability is weak and the path to earnings is not evidenced here.

Balance Sheet

Leverage is very low in TTM (Trailing-Twelve-Months) with total debt of ~$0.5M and a minimal debt-to-equity ratio (~0.004), which meaningfully reduces financial risk. Stockholders’ equity is positive in the latest periods ($132.2M TTM vs. $287.1M in 2024), but the equity base has declined materially over time, consistent with ongoing losses. Returns on equity are sharply negative in the latest periods (TTM ~-1.14), signaling continued value dilution despite a relatively clean capital structure.

Cash Flow

Cash generation is weak with TTM (Trailing-Twelve-Months) operating cash flow of -$208.8M and free cash flow of -$208.8M, indicating a sizable ongoing cash burn. Cash burn has generally increased versus prior years (e.g., -$163.3M operating cash flow in 2023 and -$182.9M in 2024), although the most recent free cash flow growth metric is positive, suggesting the rate of deterioration may be moderating. A key positive is that cash flow tracks net losses closely (free cash flow to net income ~1.0), implying losses are not being masked by large non-cash add-backs—but absolute cash consumption remains a major overhang.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-5.00M	0.00	-668.00K	0.00	0.00	0.00
EBITDA	-243.55M	-262.83M	-187.53M	-135.28M	-236.78M	-95.41M
Net Income	-236.30M	-243.79M	-235.93M	-130.90M	-237.31M	-99.27M
Balance Sheet
Total Assets	177.83M	316.97M	496.19M	426.23M	429.30M	197.95M
Cash, Cash Equivalents and Short-Term Investments	171.53M	307.58M	453.98M	371.88M	409.25M	191.98M
Total Debt	523.00K	1.85M	5.23M	8.44M	2.05M	2.04M
Total Liabilities	45.67M	29.91M	27.12M	873.08M	754.52M	292.33M
Stockholders Equity	132.16M	287.06M	469.08M	-446.85M	-325.22M	-94.38M
Cash Flow
Free Cash Flow	-208.84M	-182.94M	-163.40M	-115.41M	-76.24M	-28.06M
Operating Cash Flow	-208.82M	-182.94M	-163.28M	-114.90M	-75.42M	-26.76M
Investing Cash Flow	27.07M	-70.56M	64.39M	-168.01M	-817.00K	-11.24M
Financing Cash Flow	33.89M	21.60M	231.94M	115.74M	293.51M	230.10M

Neumora Therapeutics, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NMRA, the sentiment is Negative. The current price of 1.96 is below the 20-day moving average (MA) of 2.07, below the 50-day MA of 2.03, and above the 200-day MA of 1.65, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.12 is Neutral, neither overbought nor oversold. The STOCH value of 32.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NMRA.

Neumora Therapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ABEO	60 Neutral	$275.29M	4.20	75.90%	―	―	―
AARD	55 Neutral	$273.47M	-5.03	-48.06%	―	―	31.30%
ALLO	53 Neutral	$404.51M	-1.66	-54.43%	―	-100.00%	37.10%
NMRA	52 Neutral	$337.52M	-1.34	-104.35%	―	―	20.71%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ACIU	50 Neutral	$302.77M	-3.51	-72.72%	―	-89.01%	-86.17%

Neumora Therapeutics, Inc. Corporate Events

Neumora outlines 2026 neuroscience pipeline and obesity plans

On January 12, 2026, Neumora Therapeutics made a new corporate presentation available for use at the 44th Annual J.P. Morgan Healthcare Conference, outlining its mission to redefine neuroscience drug development and its plan to advance three core franchises in metabolic, neurodegenerative and neuropsychiatric diseases. The materials highlight a broad pipeline led by NMRA-215, a differentiated oral NLRP3 inhibitor for obesity expected to enter the clinic in the first half of 2026 with initial biomarker and proof-of-concept data targeted by late 2026, alongside programs in Alzheimer’s-related agitation, Parkinson’s disease, ALS and major depressive disorder, and indicate that the company expects multiple data readouts and program updates during 2026 and has sufficient cash to fund operations into the third quarter of 2027, positioning it for a catalyst-rich period that could influence its standing in the competitive obesity and CNS therapeutics markets.

The most recent analyst rating on (NMRA) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Neumora Therapeutics, Inc. stock, see the NMRA Stock Forecast page.

Neumora reports promising Phase 1b results in Alzheimer’s agitation

On January 5, 2026, Neumora Therapeutics reported positive results from a Phase 1b signal-seeking study of NMRA-511, an oral, highly potent and selective vasopressin 1a receptor antagonist, in people with agitation associated with Alzheimer’s disease. The trial showed that NMRA-511 produced a clinically meaningful reduction in agitation symptoms on the Cohen-Mansfield Agitation Inventory, particularly in a pre-specified subgroup of patients with elevated baseline anxiety, while demonstrating a favorable safety and tolerability profile with mostly mild to moderate adverse events and low discontinuation rates. These findings, although from a study not powered for statistical significance, support further development of NMRA-511 and position Neumora to advance the program in 2026 through a multiple ascending dose extension at higher doses, formulation work toward once-daily extended-release dosing, and a planned Phase 2/3 dose-ranging study, potentially strengthening the company’s role in addressing the substantial unmet need in Alzheimer’s agitation treatment.

The most recent analyst rating on (NMRA) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Neumora Therapeutics, Inc. stock, see the NMRA Stock Forecast page.

Neumora Issues Shares Following Loan Conversion Notice

On November 17, 2025, Neumora Therapeutics received a conversion notice from K2 HealthVentures, electing to convert $2.5 million of a term loan into common stock at a price of $0.8774 per share. Subsequently, on November 20, 2025, Neumora issued 2,849,327 shares to K2 HealthVentures Equity Trust LLC, utilizing a registration exemption under the Securities Act of 1933.

The most recent analyst rating on (NMRA) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Neumora Therapeutics, Inc. stock, see the NMRA Stock Forecast page.