Neumora Therapeutics is a clinical-stage biopharmaceutical company focused on developing treatments for brain diseases. Neumora has no approved products and generates no revenue; it funds operations through equity and debt financing. Its lead program is navacaprant, a once-daily oral kappa opioid receptor antagonist in Phase 3 development for major depressive disorder. Navacaprant targets the dopamine and reward processing pathway, which Neumora argues is a differentiated mechanism compared to standard SSRIs and SNRIs. The ongoing Phase 3 program, KOASTAL, comprises three trials; the first trial failed to meet its primary endpoint in January 2025, and Neumora adjusted patient screening and site selection protocols for the remaining two trials, with joint topline data expected in Q2 2026. Neumora's second lead program, NMRA-511, is a vasopressin 1a receptor antagonist in Phase 1b for agitation in Alzheimer's disease; positive Phase 1b results were reported in early 2026, with a Phase 2 study planned for early 2027. Earlier-stage programs include NMRA-898, an M4 muscarinic receptor modulator in Phase 1 for schizophrenia, and NMRA-215, an oral NLRP3 inflammasome inhibitor now prioritized for obesity, with clinical entry targeted for early 2027. Neumora in-licenses key assets from Vanderbilt and Amgen, with milestone and royalty obligations contingent on commercial success. If any product is approved, Neumora plans to commercialize in the U.S. independently or with a partner.