The company remains pre-revenue with no top-line growth, while R&D expenditures continue to drive net losses that reached $53.5 million in 2026Q1.
Neumora Therapeutics, Inc. Common Stock (NMRA) annual income statement — 6-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 5.01M | 5M | 0 | 668K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -5.01M | -5M | 0 | -668K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | - | - |
| Operating Expenses | 206.23M | 236.16M | 263.46M | 187.53M | 135.87M | 237.32M | 95.52M |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 53.16M | 60.09M | 62.54M | 44.81M | 31.12M | 24.55M | 8.39M |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 153.07M | 176.06M | 200.93M | 142.72M | 104.75M | 212.78M | 87.13M |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -211.23M | -241.16M | -263.46M | -188.19M | -135.87M | -237.32M | -95.52M |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 8.47% | -40% | -38.51% | 42.75% | -148.46% | - |
| EBITDA | -211.19M | -240.95M | -262.83M | -187.53M | -135.28M | -236.78M | -95.41M |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | 20.02% | 8.33% | -40.16% | -38.62% | 42.87% | -148.17% | - |
| D&A (Non-Cash Add-back) | 40K | 208K | 631K | 668K | 594K | 538K | 105K |
| EBIT | -207.18M | -233.58M | -243.61M | -235.66M | -130.9M | -237.31M | -95.52M |
| Net Interest Income | -1.27M | 5.13M | 19.93M | 16.61M | 4.56M | 0 | 0 |
| Interest Income | 5.19M | 8.34M | 19.93M | 16.61M | 4.56M | 0 | 0 |
| Interest Expense | 6.46M | 3.22M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.48M | 4.36M | 19.86M | -47.46M | 4.97M | 11K | -3.75M |
| Pretax Income | -212.72M | -236.8M | -243.61M | -235.66M | -130.9M | -237.31M | -99.27M |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 30K | 130K | 178K | 268K | 0 | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0.05% | -0.07% | -0.11% | 0% | 0% | 0% |
| Net Income | -212.75M | -236.93M | -243.79M | -235.93M | -130.9M | -237.31M | -99.27M |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | 15.61% | 2.81% | -3.33% | -80.23% | 44.84% | -139.05% | - |
| Net Income (Continuing) | -212.75M | -236.93M | -243.79M | -235.93M | -130.9M | -237.31M | -99.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.15 | -1.45 | -1.53 | -1.49 | -0.86 | -1.56 | -0.65 |
| EPS Growth % | 21.66% | 5.23% | -2.68% | -73.26% | 44.87% | -140% | - |
| EPS (Basic) | - | -1.45 | -1.53 | -1.49 | -0.86 | -1.56 | -0.65 |
| Diluted Shares Outstanding | 185.16M | 163.39M | 159.38M | 158.83M | 151.95M | 151.95M | 151.95M |
| Basic Shares Outstanding | 185.16M | 163.39M | 159.38M | 158.83M | 151.95M | 151.95M | 151.95M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NMRA stock.
For fiscal year 2025, Neumora Therapeutics, Inc. Common Stock (NMRA) reported total revenue of $0.0M.
Neumora Therapeutics, Inc. Common Stock (NMRA) reported a net loss of $236.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Clinical hold liquidity crunch
Metrics are mathematically derived from official filings.
R&D Intensity Drives Cash Consumption
As reported in financial statements, Neumora's R&D expenditure remains the primary driver of capital depletion, with quarterly outlays fluctuating between $38.6 million and $60.6 million over the last ten quarters, reflecting the high-cost nature of executing late-stage clinical trials for the company's lead neuropsychiatric candidates.
The company's cost structure is almost entirely composed of R&D and SG&A, which is typical for a pre-revenue biotech but leaves little room for operational error. Investors should monitor whether the recent clinical hold on NMRA-266 leads to a sustained reduction in R&D intensity or if overhead costs remain sticky despite the narrowed pipeline focus.
Stock-Based Compensation Masks Burn
Based on recent quarterly filings, Neumora consistently records stock-based compensation expenses ranging from $6.0 million to $12.8 million, which effectively subsidizes talent acquisition while simultaneously diluting existing shareholders and obscuring the true cash-based operational burn rate required to sustain the company's current clinical development trajectory.
While SBC is a non-cash expense, it represents a significant portion of the company's operating loss and warrants careful adjustment when modeling the runway to commercialization. The reliance on equity-based incentives suggests that management is prioritizing human capital retention in a competitive market, though this strategy places additional pressure on the share count as the company approaches potential financing events.
Pipeline Attrition Risks Valuation Premium
According to recent SEC filings, the clinical hold on NMRA-266 represents a material setback that challenges the company's 'platform' valuation, as the loss of a key muscarinic program forces investors to rely more heavily on the success of navacaprant to justify the current market capitalization.
Short-sellers may focus on the potential for further clinical delays or safety signals that could invalidate the company's precision psychiatry thesis. If the remaining pipeline fails to demonstrate clear differentiation from established CNS therapies, the current valuation premium relative to single-asset peers may face a significant downward correction.
Pre-Revenue Status Limits Visibility
As indicated by the lack of top-line revenue across all ten reported quarters, Neumora remains entirely dependent on external capital markets to fund its operations, with no current commercial footprint to offset the significant quarterly net losses that have averaged over $50 million per period.
The absence of revenue growth metrics makes traditional fundamental analysis difficult, shifting the focus entirely to clinical milestone achievement and cash runway management. Investors should interpret the current financial trajectory as a binary outcome dependent on the successful regulatory approval and eventual commercial launch of navacaprant.