Neumora Therapeutics, Inc. · NASDAQ:NMRA

Neumora Therapeutics — Investor Presentation (November 2025)

42 slides from Neumora Therapeutics's investor presentation, November 2025

1. Slide 1: Redefining Neuroscience Drug Development

   Redefining Neuroscience Drug Development November 2025

2. Slide 2: Important Disclosures

   Important Disclosures This presentation contains forward-looking statements about Neumora Therapeutics, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including statements related to: Neumora’s intention to redefine neuroscience drug development by brin

3. Slide 3: Our Mission

   Our Mission We are focused on redefining neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients 3

4. Slide 4: Advancing a leading neuroscience pipeline

   Advancing a leading neuroscience pipeline PROGRAM INDICATION Target/Mechanism U.S. Prevalence Preclinical Phase 1 Phase 2 Phase 3 Major Depressive Navacaprant Disorder KOR Antagonist Broad pipeline 21M addressing some of the NMRA-511 Agitation in Alzheimer’s Disease V1aR Antagonist most prevalent di

5. Slide 5: Multiple catalysts expected over next 12 months

   Multiple catalysts expected over next 12 months KEY MILESTONES TODAY Advance Advance Navacaprant Initiate Phase 1 NMRA-215 Phase 1 NMRA-861 NMRA-898 KOASTAL-2 studies of NMRA-215 human POC data to the clinic to the clinic topline data (1Q26) (2026) (2Q26) NMRA-511 Phase Navacaprant Provide M4 NMRA-2

6. Slide 6: MDD represents a major population health challenge

   MDD represents a major population health challenge MDD is the leading 280M 21M 30 years cause of disability since a novel mechanism of people worldwide adults in the U.S. have MDD2; the worldwide1 have MDD1 median onset is ~32.5 years of age action was approved for MDD Many people have Many people h

7. Slide 7: The role of kappa opioid receptor antagonism in MDD

   The role of kappa opioid receptor antagonism in MDD navacaprant • The kappa opioid receptor (KOR) / dynorphin system is a well- characterized pathway, and results from preclinical studies support its potential to modulate depression, anhedonia, and anxiety • KOR system overactivation in response to

8. Slide 8: Near-term clinical development plan focused on MDD with opportunity for further expansion

   Near-term clinical development plan focused on MDD with opportunity for further expansion PHASE 3 DEVELOPMENT PROGRAM IN MDD KOASTAL-1 KOASTAL-2 KOASTAL-3 Conducted in U.S. Conducted in U.S., Conducted in U.S. Topline data announced 01/25 Canada and Latin America and Europe Placebo-controlled, doubl

9. Slide 9: KOASTAL pivotal study design

   KOASTAL pivotal study design KOASTAL Pivotal Efficacy Studies Navacaprant 80 mg QD Opportunity R to enroll in 1:1 Placebo QD KOASTAL-LT Randomized, double-blind treatment Baseline WK WK WK WK 1 2 4 6 Key Efficacy Assessments KOASTAL-1, KOASTAL-2, KOASTAL-3 Summary • Adults ages 18 – 65 diagnosed wit

10. Slide 10: KOASTAL-1 topline data: demographics and baseline characteristics

    KOASTAL-1 topline data: demographics and baseline characteristics Navacaprant Placebo Intent-to-Treat Population n = 191 N = 192 Age, mean (SD) 40.7 (14.0) 41.1 (13.2) Sex, n (%) Male 86 (45.0%) 86 (44.8%) Female 105 (55.0%) 106 (55.2%) Race, n (%) White 112 (58.6%) 127 (66.1%) Black or African Amer

11. Slide 11: KOASTAL-1 topline data: primary & key secondary endpoint

    KOASTAL-1 topline data: primary & key secondary endpoint MADRS Total Score SHAPS Total Score Intent-to-Treat Population Intent-to-Treat Population 0 0 Navacaprant (n=191) Navacaprant (n=191) Placebo (n=192) -1 Placebo (n=192) -2 -4 Change From Baseline -2 Change From Baseline LS Mean Change (SE) LS

12. Slide 12: KOASTAL-1 topline data: favorable safety profile demonstrated

    KOASTAL-1 topline data: favorable safety profile demonstrated Navacaprant was safe and generally well tolerated, with no serious adverse events reported TEAEs Incidence Placebo Navacaprant (>2% in either treatment group) n=192 n=191 • No signal for increased Preferred Terms n (%) n (%) suicidal idea

13. Slide 13: Optimizing KOASTAL-2 and -3 phase 3 trials

    Optimizing KOASTAL-2 and -3 phase 3 trials Topline data from KOASTAL-3 in the first quarter of 2026 and -2 in the second quarter of 2026 Site Selection Medical Monitoring Screening Tools Target Enrollment Adjusted clinical sites Using clinician-rated Verified Clinical Trial Option included in includ

14. Slide 14: NMRA-511 is a best-in-class vasopressin 1a receptor antagonist

    NMRA-511 is a best-in-class vasopressin 1a receptor antagonist with broad potential across neuropsychiatric disorders Rationale Vasopressin plays a role in the regulation of aggression, affiliation, stress and anxiety response Indication Agitation in Alzheimer’s disease Status Phase 1b study underwa

15. Slide 15: Alzheimer's disease agitation represents large market opportunity with significant unmet need

    Alzheimer’s disease agitation represents large market opportunity with significant unmet need U.S. Adults with Alzheimer’s Disease (M)1 Agitation in 13M 14 Alzheimer’s disease 13 impacts a significant portion of the U.S. 12 >70% 11 of people with AD population; that 10 experience agitation at number

16. Slide 16: V1a receptor antagonists have therapeutic potential for reducing symptoms of agitation

    Several lines of evidence indicate that V1a receptor antagonists have therapeutic potential for reducing symptoms of agitation The vasopressin system modulates social-emotional, anxiety and threat-related behaviors across species Positive association between • V1aR expression patterns critically aff

17. Slide 17: NMRA-511 was safe and well-tolerated in healthy adults and healthy elderly participants

    NMRA-511 was safe and well-tolerated in healthy adults and healthy elderly participants Phase 1 PK profile Dose selected for Phase 1b to maximize receptor Healthy Adults occupancy over 24 hours 40 mg QD in healthy adults compared to 20 mg BID in healthy elderly participants Plasma Concentration of P

18. Slide 18: NMRA-511 signal seeking study in Alzheimer's disease agitation

    NMRA-511 signal seeking study in Alzheimer’s disease agitation Part A: 2-Week Evaluation Period Part B: 8-Week Evaluation Period Enrolling People Enrolling Healthy Elderly Participants with Alzheimer’s Disease Agitation (ADA) NMRA-511 20 mg BID (n=6) NMRA-511 20 mg BID (n=44) R R 1:1 1:1 Placebo BID

19. Slide 19: M4 PAM franchise: differentiated M4R PAMs for schizophrenia

    M4 PAM franchise: differentiated M4R PAMs for schizophrenia M4 Franchise Target Profile Pharmacology IP Neumora has multiple series Composition of matter patent of chemically distinct, highly extending to 2044+* selective M4 muscarinic receptor PAMs, including Epidemiology NMRA-861 and NMRA-898, Est

20. Slide 20: An optimized muscarinic drug profile would include selectivity and potency in the CNS

    An optimized muscarinic drug profile would include selectivity and potency in the CNS Preclinical data and clinical Non-selective muscarinic PAMs offer the benefits of data in acute schizophrenia agents are associated with a greater selectivity supports M4 as a driver of range of peripheral AEs anti

21. Slide 21: Emraclidine receptor occupancy disconnected from plasma exposures

    Emraclidine receptor occupancy disconnected from plasma exposures Receptor Occupancy for Emraclidine in Humans Suggests the Compound has Limited Brain Exposure • In a human PET study, peripheral concentration of emraclidine shows dose linear response • However, CNS receptor occupancy unchanged when

22. Slide 22: NMRA-861 has potential best-in-class potency and optimized brain penetration

    NMRA-861 has potential best-in-class potency and optimized brain penetration NMRA-8611 NMRA-8981 Emraclidine M4 EC50 6 nM 13 nM 26 nM (human; cAMP)1 NMRA-861 and –898 potentially more potent than emraclidine across multiple assays M4 EC50 2 nM 8 nM 180 nM (human; Ca2+)1 NMRA-861 and –898 are selecti

23. Slide 23: SAD/MAD studies evaluating NMRA-861 and NMRA-898

    SAD/MAD studies evaluating NMRA-861 and NMRA-898 in healthy adults and people with stable schizophrenia SAD – Part 1 CSP Study Objectives Dose Cohorts Participants Randomization Dose 1, Dose 2, Part 1A Healthy adults 6:2 active:placebo Dose 3, etc. • Confirm once-daily dosing – based on PK profile i

24. Slide 24: NMRA-215: differentiated NLRP3 inhibitor for obesity and related metabolic diseases

    NMRA-215: differentiated NLRP3 inhibitor for obesity and related metabolic diseases NMRA-215 Target Profile Multiple factors drive NLRP3-mediated inflammation resulting in disease Rationale/Pharmacology IP DRIVERS • Diet (e.g., lipids) • Genetics NLRP3-related inflammatory Composition of matter pate

25. Slide 25: Obesity represents one of the greatest public health challenges

    Obesity represents one of the greatest public health challenges And yet, NLRP3 inhibition By 2030, Significant May address unmet opportunity remains needs 1.13 BILLION people worldwide will be living Approved incretin therapies offer weight NLRP3 inhibition may offer benefit across with obesity1 los

26. Slide 26: CNS penetrant NLRP3 inhibition provides broad benefit

    CNS penetrant NLRP3 inhibition provides broad benefit System Drug Impact Outcome CNS Reduce Reduced appetite and neuroinflammation drive body weight loss in the brain Potential treatment benefits driven by both CNS and Protect organ Reduce the risk of Periphery comorbidities. peripheral and vascular

27. Slide 27: NMRA-215 has an optimized pharmacological profile including best-in-class CNS exposure

    NMRA-215 has an optimized pharmacological profile including best-in-class CNS exposure NMRA-215 is highly potent with low NMRA-215 is NMRA-215 is extensively characterized nM potency across a range of assays highly selective for NLRP3 and optimized for brain exposure Rat Kpuu1-4 NMRA-215 Assay Forma

28. Slide 28: Doses selected for DIO studies to determine target coverage

    Doses selected for DIO studies to determine target coverage necessary for weight loss NMRA-215 dose selection Semaglutide dose selection Goal: Sustained IC90 target coverage for 24 hours Goal: Select two doses that allow for evaluation of different treatment Dose (BID) IC paradigms Target Dose 90 Mi

29. Slide 29: Monotherapy: Up to 19% weight loss with NMRA-215

    Monotherapy: Up to 19% weight loss with NMRA-215 with incretin-like induction Induction Confirming STUDY 1 Pilot Study STUDY 2 Full DIO Study STUDY 3 Study* Body Weight Change (%) Body Weight Change (%) Body Weight Change (%) 5 10 5 5 0 0 -2% -2% 0 -5 -5 -4% -7% -5 -6% -7% -10% -7% -10 -10 -10 -15 -

30. Slide 30: Combination therapy: Up to 26% weight loss with NMRA-215 + semaglutide

    Combination therapy: Up to 26% weight loss with NMRA-215 + semaglutide NMRA-215 + Combined with 3 nmol/kg semaglutide NMRA-215 + Combined with 1 nmol/kg semaglutide Body Weight Change (%) Body Weight Change (%) 10 10 5 5 0 0 - 4% -5 - 4% -5 -6% -10 -10 -15 -12% -17% -15 -20 -21% -18% -20 -25 -26% -3

31. Slide 31: Class-leading weight loss demonstrated with NMRA-215

    Class-leading weight loss demonstrated with NMRA-215 NMRA-215 VTX3232 VENT-02 BGE-102 NT-0796 NMRA-215 monotherapy NLRP3i (end of study) 15%–19% 2% 11% 6% 17% demonstrates best-in-class weight loss semaglutide (end of 17%–19% 12% 21%^ 5% 21% study) NLRP3i (Day 7) 9% / 14% 3% 8% 6% 7% NMRA-215 monoth

32. Slide 32: NMRA-215 matches semaglutide weight loss with higher-quality outcomes

    NMRA-215 matches semaglutide weight loss with higher-quality outcomes Reduced food intake Matches semaglutide weight loss, while preserving equivalent to semaglutide lean mass Cumulative food intake (g) 70 62.65 g 60 54.26 g Fat Mass (% to baseline) Lean Mass (% to baseline) 51.26 g 20 0 50 -1 15 -2

33. Slide 33: NMRA-215 drove positive results across key biomarkers

    NMRA-215 drove positive results across key biomarkers Improved liver health Improved cardiovascular/lipid profile Improved insulin sensitivity similar to semaglutide relative to semaglutide Liver Weight HDL Insulin Tolerance Test 2500 5 1200 equiv. p<0.0001 2000 1000 4 AUC (0-150min) equiv. (mmol/L*

34. Slide 34: Data supports utility of NMRA-215 as monotherapy and combination therapy

    Data supports utility of NMRA-215 as monotherapy and combination therapy Upcoming 12-week DIO data to evaluate maintenance paradigm NMRA-215 as weight loss 1 monotherapy Up to 19% body weight loss with semaglutide- Dose-dependent body weight loss confirmed Preserved lean mass and improved metabolic

35. Slide 35: Pre-clinical programs each have a strong biological rationale

    Pre-clinical programs each have a strong biological rationale NMRA-CK1δ NMRA-GCASE Focused on inhibiting the protein casein kinase-1δ (CK1δ) to reduce levels Focused on elevating activity of the GCase enzyme, which is encoded by of the pathological form of TDP-43 and slow disease progression in ALS

36. Slide 36: Appendix

    Appendix 36

37. Slide 37: Led by experienced company builders and leading neuroscience drug developers

    Led by experienced company builders and leading neuroscience drug developers Leadership Board of Directors Paul L. Berns Joshua Pinto, Ph.D. Bill Aurora, Pharm.D. Paul L. Berns Co-Founder, Chief Executive Officer & President Chief Operating & Development Officer Co-Founder, Chief Executive Officer,

38. Slide 38: KOASTAL-1 topline study summary results

    KOASTAL-1 topline study summary results The KOASTAL-1 study enrolled 383 adult patients with Major Depressive Disorder (MDD) MADRS Total Score SHAPS Total Score Navacaprant Navacaprant Outcome Placebo LSMD Placebo LSMD 80 mg 80 mg ITT population CFB at Week -12.5 -12.5 0.0 -5.8 -5.5 -0.3 6 (Primary

39. Slide 39: Navacaprant would enter large MDD market with a highly differentiated profile

    Navacaprant would enter large mdd market with a highly differentiated profile GROWTH IN ADDRESSABLE MDD MARKET EXPECTED IN-LINE WITH POPULATION GROWTH U.S. MDD diagnosed, pharmacologically treated prevalent of MDD patients across lines of therapy population (2018-41F) Millions of people 60-80% are t

40. Slide 40: Schizophrenia market supports multiple treatment options

    Schizophrenia market supports multiple treatment options Historically the schizophrenia market has supported multiple branded products with similar MOAs, with new entrants driving higher overall market sales volume Sales of Branded 5-HT2 to D2 Receptor Antagonists (1995 – 2013) 12,000 Product Launch

41. Slide 41: Opportunity to build a leading neuropsych product franchise

    Opportunity to build a leading neuropsych product franchise Potential for broad indication expansion in poorly served disorders with a novel mechanism Schizophrenia Additional Opportunities Opportunities Acute Schizophrenia Bipolar Depression Monotherapy Behavioral Disturbances Acute Schizophrenia i

42. Slide 42: © Neumora

    © Neumora

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