Operational cash flow remains consistently negative, with quarterly outflows reaching as high as $59.4 million in 2025Q1, while stock-based compensation of up to $12.8 million per quarter masks the true economic burn rate.
Neumora Therapeutics, Inc. Common Stock (NMRA) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -180.52M | -206.44M | -182.94M | -163.28M | -114.9M | -75.42M | -26.76M |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | 11.98% | -12.85% | -12.04% | -42.11% | -52.34% | -181.84% | - |
| Net Income | -212.75M | -236.93M | -243.79M | -235.93M | -130.9M | -237.31M | -99.27M |
| Depreciation & Amortization | 47K | 208K | 631K | 668K | 594K | 538K | 105K |
| Stock-Based Compensation | 27.98M | 29.88M | 39.99M | 17.24M | 8.3M | 4.27M | 1.68M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -53K | 3.08M |
| Other Non-Cash Items | 29.25M | 841K | -1.77M | 63.64M | 14.06M | 158.09M | 70.77M |
| Working Capital Changes | -25.04M | -437K | 22.64M | -8.9M | -6.95M | -961K | -3.12M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.5M | 71K | 2.87M | -581K | -1.25M | -759K | -4.67M |
| Cash from Investing | 94.03M | 168.52M | -70.56M | 64.39M | -168.01M | -817K | -11.24M |
| Capital Expenditures | 0 | 0 | 0 | -117K | -511K | -817K | -1.3M |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 158K | 0 | -775K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 184K | 3.15M | 0 | -4.59M | -13M | 0 | -9.94M |
| Cash from Financing | 78.8M | 77.09M | 21.6M | 231.94M | 115.74M | 293.51M | 230.1M |
| Debt Issued (Net) | 38.76M | 57.16M | 0 | 0 | 0 | 0 | 55.91M |
| Equity Issued (Net) | 20.83M | 19.93M | 13.69M | 232.88M | 112.22M | 292.14M | 174.19M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -491K | 0 | 0 | -2K |
| Other Financing | 19.21M | 0 | 7.91M | -948K | 3.53M | 1.37M | 0 |
| Net Change in Cash | -7.69M | 39.17M | -231.89M | 133.04M | -167.17M | 217.27M | 192.1M |
| Free Cash Flow | -180.52M | -206.44M | -182.94M | -163.4M | -115.41M | -76.24M | -28.06M |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 7.75% | -12.85% | -11.96% | -41.58% | -51.38% | -171.69% | - |
| FCF per Share | -0.97 | -1.26 | -1.15 | -1.03 | -0.76 | -0.50 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.85x | 0.87x | 0.75x | 0.69x | 0.88x | 0.32x | 0.27x |
| Interest Paid | 833K | 1.5M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 323K | 323K | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NMRA stock.
Neumora Therapeutics, Inc. Common Stock (NMRA) generated $-206.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Neumora Therapeutics, Inc. Common Stock (NMRA) reported negative free cash flow of $206.4M in 2025, indicating capital requirements exceeded cash from operations.
Neumora Therapeutics, Inc. Common Stock (NMRA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical hold liquidity crunch
Metrics are mathematically derived from official filings.
Operating Cash Flow Deficit Persists
According to recent quarterly filings, Neumora's operating cash flow consistently tracks net losses with an OCF/NI ratio frequently hovering near 0.80 to 0.99, suggesting that non-cash expenses like stock-based compensation provide only a marginal buffer against the company's substantial and ongoing cash-based operational burn.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily driven by cash-intensive R&D activities rather than non-cash accounting charges. Investors should monitor this relationship, as the lack of significant divergence suggests that the company has limited ability to self-fund operations through working capital management or non-cash adjustments.
Persistent Negative Free Cash Flow
As reported in financial statements, Neumora has maintained a consistent negative free cash flow trajectory, with quarterly outflows ranging from $33.5 million to $59.4 million, underscoring the company's total reliance on external financing to sustain its clinical-stage pipeline development and administrative overhead.
The absence of positive free cash flow is expected for a pre-revenue biotech, yet the volatility in quarterly outflows warrants caution regarding the company's ability to control costs during the intensive Phase 3 trial period. This trend suggests that the runway is highly sensitive to trial enrollment speeds and potential regulatory delays.
Working Capital Volatility Impacts Liquidity
Based on the company's reported figures, working capital changes have fluctuated significantly, including a notable $29.4 million inflow in 2024Q3 followed by subsequent outflows, which highlights the unpredictable nature of timing-related cash movements in a clinical-stage entity lacking stable commercial revenue streams.
These swings appear to be driven by the timing of milestone payments and vendor settlements rather than operational efficiency. Analysts should interpret these fluctuations as noise that can temporarily mask the underlying rate of cash consumption, rather than as a sign of improving operational leverage.
SBC Obscures True Cash Burn
As indicated by quarterly data, Neumora utilizes stock-based compensation ranging from $6.0 million to $12.8 million per quarter, which effectively serves as a non-cash substitute for salary expenses and masks the true economic cost of maintaining the company's specialized scientific and administrative workforce.
While SBC is a standard tool for talent retention in the biotech sector, it creates a disconnect between reported cash burn and the actual cost of operations. Investors should adjust for these figures to understand the true cash-based burn rate, as the reliance on equity-based incentives may increase during periods of financial stress.