Neumora Therapeutics Inc. is poised for several critical data readouts that could significantly impact its stock performance and the treatment landscape for brain diseases. The company's lead drug candidate, Navacaprant (NMRA-140), a kappa opioid receptor (KOR) antagonist, is currently undergoing a pivotal Phase 3 program, known as KOASTAL, for Major Depressive Disorder (MDD).
Phase 3 KOASTAL Program for MDD
The Phase 3 KOASTAL program consists of three replicate, placebo-controlled, double-blind studies—KOASTAL-1, KOASTAL-2, and KOASTAL-3—in adult patients diagnosed with MDD. These studies aim to evaluate the efficacy and safety of Navacaprant in treating MDD, a condition affecting millions worldwide.
The primary endpoint for all three KOASTAL studies is the change from baseline in the Montgomery-Åsberg Depression Rating Scale (MADRS) total score at Week 6. The MADRS is a ten-item diagnostic questionnaire used by mental health professionals to measure the severity of depressive episodes. Key secondary endpoints include the change from baseline on the Snaith-Hamilton Pleasure Scale (SHAPS) at Week 6, which measures anhedonia, a common symptom of depression characterized by the inability to experience pleasure.
Topline data from the KOASTAL-1 study is anticipated by the end of 2024, while topline data from the KOASTAL-2 and KOASTAL-3 studies are expected in the first half of 2025. These results will be crucial in determining Navacaprant's potential to address unmet needs in MDD treatment.
Expanding Navacaprant's Potential
Beyond MDD, Neumora is also investigating Navacaprant's efficacy in treating bipolar depression through a Phase 2 study. Data from this trial is expected in the second half of 2025. Additionally, the company is advancing NMRA-511, a vasopressin 1a receptor (V1aR) antagonist, in a Phase 1b study for Alzheimer's disease-related agitation, with results anticipated in late 2025.
Advancing the Pipeline
Neumora is also progressing its M4 Positive Allosteric Modulator (PAM) franchise, with plans to submit an Investigational New Drug (IND) application in the first half of 2025, further diversifying its pipeline of potential treatments for brain diseases.
Financial Position
For the third quarter of 2024, Neumora reported a net loss of $72.5 million, or $0.45 loss per share, compared to a loss of $53.0 million, or $1.14 per share, in the same period last year. This increase in net loss is primarily attributed to higher research and development expenses as the company advances its clinical and preclinical programs. Research and development expenses for the third quarter of 2024 totaled $60.6 million, compared to $41.6 million in the same quarter of 2023, reflecting increased costs associated with the Phase 3 trials for Navacaprant.
As of September 30, 2024, Neumora maintains a strong financial position, with $341.3 million in cash, cash equivalents, and marketable securities, which is expected to support operations into mid-2026. This financial runway provides the company with the resources necessary to continue advancing its clinical programs and pursuing its mission of developing novel treatments for brain diseases.
