NMRA Stock On Track For Worst Day In 1.5 Years — Neumora Therapeutics' Lead Depression Drug Fails Late Stage Trials

The company described the results as disappointing and added that it is immediately discontinuing development of navacaprant.

• To conserve cash and refocus resources, Neumora Therapeutics now plans to cut its workforce by about 35%. 
• Navacaprant had served as Neumora Therapeutics’ most advanced program. 
• Chief Executive Paul Berns said the firm remains “excited about the best-in-class potential” of the updated portfolio despite the setback on its former lead program.

Shares of Neumora Therapeutics (NMRA) plunged nearly 47% after the company said that its lead drug candidate, navacaprant, did not outperform placebo in treating major depressive disorder in two late-stage trials.

The stock is now on track to clock its worst day since January 2025, if losses hold.

NMRA’s Disappointment Trails

In the KOASTAL-2 and KOASTAL-3 studies, which together enrolled more than 850 adults, patients taking the drug showed similar or slightly smaller improvements in depression symptoms after six weeks compared with those on placebo. Neither trial met its main goal of demonstrating a statistically meaningful benefit.

The company described the results as disappointing and added that it is immediately discontinuing development of navacaprant. Navacaprant had served as Neumora Therapeutics’ lead and most advanced program.

Neumora’s Next Steps

To conserve cash and refocus resources, Neumora now plans to cut its workforce by about 35%, generating roughly $10 million in annual savings after one-time costs. It said existing cash provides a runway into the third quarter of 2027.

The company highlighted progress in its remaining pipeline, including NMRA-511 for agitation in Alzheimer’s disease, NMRA-898 for schizophrenia, and NMRA-215 for cardiometabolic conditions. It expects multiple clinical data readouts and study starts over the next 12 months.

Chief Executive Paul Berns said the firm remains “excited about the best-in-class potential” of the updated portfolio despite the setback on its former lead program.

How Did NMRA Retail Traders React?

On Stocktwits, retail sentiment around NMRA stock stayed within the ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘high’ to ‘extremely high’ levels.

According to data from Koyfin, seven of the nine analysts covering NMRA rate it ‘Buy’ or higher, while one rates to ‘Hold’ and one ‘Strong Sell.’ The 12-month average price target on the stock is $8.91, representing a potential upside of over 400% from the stock’s last closing price.

A Stocktwits user expressed optimism in the company’s remaining pipeline.

Yet another user opined that the company is “not dead yet.”

A third user expressed hopes for the company’s experimental drug for obesity, which is slated to enter clinical trials by the end of the year.

NMRA stock has lost about 42% this year. 

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