Neumora Shares Plunge 47% as Navacaprant Fails Phase III Trials
NMRA•Neumora shares plunged 47% after its lead depression drug navacaprant failed to outperform placebo in two late-stage trials involving over 850 adults. The company will cut 35% of its workforce to save about $10 million annually and said existing cash extends its runway into Q3 2027.
1. Navacaprant Trial Results
In the KOASTAL-2 and KOASTAL-3 studies enrolling over 850 adults, patients receiving navacaprant showed similar or smaller improvements in major depressive symptoms compared with placebo after six weeks. Neither trial achieved its primary endpoint, prompting immediate discontinuation of the program.
2. Financial Impact and Cost Cuts
Neumora’s stock plunged nearly 47% on the trial news, marking its worst daily drop since January 2025. To conserve cash, the company will reduce headcount by about 35%, targeting $10 million in annual savings, and reports sufficient funds to operate through the third quarter of 2027.
3. Pipeline Prospects
Following the navacaprant setback, Neumora highlighted progress on NMRA-511 for Alzheimer’s agitation, NMRA-898 for schizophrenia and NMRA-215 for cardiometabolic conditions. The company expects multiple clinical data readouts and study initiations over the next 12 months.
