The balance sheet shows a vulnerable capital structure with total assets declining from $496.2 million in 2023Q4 to $153.9 million in 2026Q1, reflecting significant capital erosion.
| Total Current Assets | 153.43M | 190.54M | 314.06M | 478.28M | 387.95M | 415.6M | 193.84M |
| Cash & Short-Term Investments | 147.07M | 182.53M | 307.58M | 453.98M | 371.88M | 409.25M | 191.98M |
| Cash Only | 147.07M | 182.53M | 142.15M | 374.04M | 240.94M | 409.25M | 191.98M |
| Short-Term Investments | 0 | 0 | 165.43M | 79.94M | 130.94M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 939K | 919K | 200K | 148K |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 6.36M | 8.01M | 6.48M | 0 | 50K | 125K | 125K |
| Total Non-Current Assets | 443K | 510K | 2.92M | 17.92M | 38.28M | 13.69M | 4.11M |
| Property, Plant & Equipment | 390K | 457K | 2.92M | 6.86M | 10.64M | 4.04M | 3.92M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 9.85M | 23.51M | 0 | 0 |
| Other Non-Current Assets | 53K | 53K | 0 | 1.21M | 4.13M | 9.65M | 183K |
| Total Assets | 153.88M | 191.05M | 316.97M | 496.19M | 426.23M | 429.3M | 197.95M |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | -174.01% | -39.73% | -36.12% | 16.41% | -0.71% | 116.88% | - |
| Total Current Liabilities | 30.11M | 32.45M | 29.89M | 25.11M | 23.7M | 23.28M | 9.37M |
| Accounts Payable | 5.06M | 3.38M | 3.31M | 337K | 7.15M | 1.64M | 2.4M |
| Days Payables Outstanding | 175.45 | 246.67 | - | 184.14 | - | - | - |
| Short-Term Debt | 291K | 284K | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 24.77M | 28.79M | 10.11M | 10.15M | 10.04M | 8.13M | 4.13M |
| Current Ratio | 5.09x | 5.87x | 10.51x | 19.05x | 16.37x | 17.85x | 20.69x |
| Quick Ratio | 5.09x | 5.87x | 10.51x | 19.05x | 16.37x | 17.85x | 20.69x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 53.08M | 54.73M | 22K | 2.01M | 849.39M | 731.24M | 282.96M |
| Long-Term Debt | 119K | 193K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 339K | 0 | 0 | 1.85M | 5.07M | 996K | 1.28M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 52.96M | 54.53M | 22K | 155K | 844.32M | 730.24M | 281.68M |
| Total Liabilities | 83.2M | 87.18M | 29.91M | 27.12M | 873.08M | 754.52M | 292.33M |
| Total Debt | 410K | 477K | 1.85M | 5.23M | 8.44M | 2.05M | 2.04M |
| Net Debt | -146.66M | -182.05M | -140.29M | -368.81M | -232.5M | -407.19M | -189.93M |
| Debt / Equity | 0.01x | 0.00x | 0.01x | 0.01x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.66x | - | - | - | - | - | - |
| Interest Coverage | -47.51x | -72.56x | - | - | - | - | - |
| Total Equity | 70.68M | 103.87M | 287.06M | 469.08M | -446.85M | -325.22M | -94.38M |
| Equity Growth % | -243.69% | -63.82% | -38.8% | 204.97% | -37.4% | -244.57% | - |
| Book Value per Share | 0.39 | 0.64 | 1.80 | 2.95 | -2.94 | -2.14 | -0.62 |
| Total Shareholders' Equity | 70.68M | 103.87M | 287.06M | 469.08M | -446.85M | -325.22M | -94.38M |
| Common Stock | 18K | 17K | 16K | 16K | 3K | 3K | 13K |
| Retained Earnings | -1.24B | -1.18B | -947.22M | -703.43M | -467.51M | -336.61M | -99.29M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 62K | -76K | -774K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical hold liquidity crunch
As reported in financial statements, Neumora's total assets have declined from $496.2 million in 2023Q4 to $153.9 million in 2026Q1, reflecting a consistent trajectory of capital consumption as the company funds its clinical-stage pipeline without the benefit of offsetting commercial revenue streams to stabilize its balance sheet.
The steady contraction in total assets suggests that the company is aggressively deploying its cash reserves to sustain R&D activities. Investors should monitor whether this rate of asset depletion forces a strategic pivot or necessitates further dilutive capital raises to maintain the current clinical development timeline.
Based on the company's reported figures, cash reserves have fallen from a peak of $374.0 million in 2023Q4 to $147.1 million as of 2026Q1, indicating a tightening liquidity position that may limit the company's operational flexibility as it navigates the high costs of Phase 3 clinical trials.
While the current ratio remains above 5.0, this metric is somewhat deceptive for a pre-revenue biotech where cash is the primary liquid asset. The rapid decline in cash suggests that the company's runway is shortening, which may increase the urgency for management to secure additional funding or achieve critical clinical milestones.
According to recent SEC filings, Neumora's retained earnings have deepened to a deficit of $1.2 billion as of 2026Q1, underscoring the significant cumulative investment required to advance its precision psychiatry platform and the ongoing challenge of achieving profitability in a capital-intensive, pre-commercial drug development environment.
The persistent growth of the accumulated deficit highlights the high-risk nature of the company's business model, where equity value is entirely dependent on future clinical success. The reliance on equity financing to offset these losses suggests that existing shareholders face continued dilution risk as the company seeks to replenish its capital base.
As indicated by quarterly data, the company's asset base is almost entirely comprised of cash and equivalents, with negligible net PPE of $390,000, which suggests that the firm lacks tangible collateral and is highly sensitive to any disruption in its ability to access external capital markets.
The absence of significant tangible assets means that the company's valuation is tied exclusively to the intangible value of its intellectual property and clinical pipeline. This lack of a physical asset buffer warrants further investigation, as it leaves the company with little recourse should its primary clinical programs face further regulatory or scientific setbacks.
Quick answers to the most common questions about buying NMRA stock.
As of 2025, Neumora Therapeutics, Inc. Common Stock (NMRA) had total assets of $191.0M including $190.5M in current assets.
Neumora Therapeutics, Inc. Common Stock (NMRA) carries total debt of $0.5M, offset by $182.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Neumora Therapeutics, Inc. Common Stock (NMRA) has total shareholders' equity (book value) of $103.9M ($0.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Neumora Therapeutics, Inc. Common Stock (NMRA) reported a current ratio of 5.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.