Neumora's Q2 2025 Earnings Call: Unpacking Key Contradictions in M4 PAM Safety, Obesity Focus, and KOASTAL Studies

Safety and efficacy of M4 PAMs, obesity as a priority indication, Phase III studies for KOASTAL-1, KOASTAL study improvements and site quality, and gender differences in KOASTAL results are the key contradictions discussed in Neumora Therapeutics' latest 2025Q2 earnings call.



Pipeline and Program Focus:
- Neumora Therapeutics announced prioritizing obesity as the lead indication for NMRA-215, its brain-penetrant NLRP3 inhibitor.
- The decision was based on an increasing body of evidence supporting the need for centrally-acting drugs to drive weight loss in obesity and the high unmet need in this prevalent condition.

Clinical Milestones and Data Readouts:
- Neumora expects up to 6 clinical data readouts in patients over the next 18 months, including Phase I data for NMRA-861 and Phase Ib data for NMRA-511.
- These milestones are part of the company's strategy to advance its pipeline and demonstrate the potential of its novel treatments.

Financial Stability and Runway:
- As of June 30, 2025, Neumora ended the quarter with $217.6 million in cash, cash equivalents, and marketable securities.
- The company anticipates this cash runway to support operations into 2027, ensuring the completion of all upcoming clinical milestones.