Neumora Therapeutics, Inc. · NASDAQ:NMRA
Neumora Therapeutics — Investor Presentation (January 2026)
40 slides from Neumora Therapeutics's investor presentation, Jan 12, 2026
Slide 1: Redefining Neuroscience Drug Development
January 2026 Redefining Neuroscience Drug Development Exhibit 99.1
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
Slide 3: Our Mission
Our Mission We are focused on bringing forward the next generation of novel therapies with brain-penetrant chemistry that offer improved treatment outcomes and quality of life for patients
Slide 4: Led by experienced company builders and leading neuroscience drug developers
Led by experienced company builders and leading neuroscience drug developers Leadership Paul L. Berns Co-Founder, Chief Executive Officer & Chairman of Board of Directors Bill Aurora, Pharm.D. Chief Operating & Development Officer Joshua Pinto, Ph.D. President Board of Directors Carol Suh Chief Stra
Slide 5: Goal to address unmet needs across large markets
Goal to address unmet needs across large markets 1Source: National Institutes of Health (NIH), “Our Biggest Health Challenges,” last reviewed January 21, 2025; CDC/NCHS, NHANES 2021–2023; The Lancet Diabetes & Endocrinology Commission, 2025; NIMH, 2025. *Includes: major depressive disorder, bipolar
Slide 6: Advancing three franchises each anchored by a potential best-in-class program
PROGRAM Target/Mechanism INDICATION U.S. Prevalence Preclinical Phase 1 Phase 2 Phase 3 METABOLIC DISEASE NMRA-215 NLRP3 Inhibitor Obesity 103M Undisclosed Obesity 103M NEUROGENERATIVE DISEASE NMRA-511 V1aR Antagonist Agitation in Alzheimer’s Disease 7M NMRA-GCASE GCase Activator Parkinson’s Disease
Slide 7: Anticipated Key Milestones
ANTICIPATED KEY MILESTONES Metabolic Disease NMRA-215 biomarker data NMRA-215 human weight loss data Neurogenerative Disease NMRA-511 MAD extension data Neuropsychiatric Disease KOASTAL-2 and -3 topline data (joint readout) Provide M4 franchise update Multiple catalysts expected in 2026 across three
Slide 8: NMRA-215: differentiated NLRP3 inhibitor for obesity and related metabolic diseases
NMRA-215: differentiated NLRP3 inhibitor for obesity and related metabolic diseases *Excluding any patent term adjustment or extension O’Brian et al. J Neuroinflammation. 2020;17(1):104. 2. Wani K et al. Int J Environ Res Public Health. 2021;18(2):511. 3. World Obesity Federation. World Obesity Atla
Slide 9: Obesity represents one of the greatest public health challenges
Obesity represents one of the greatest public health challenges 1World Obesity Federation. World Obesity Atlas 2025. London: World Obesity Federation, 2025. https://data.worldobesity.org/publications/world-obesity-atlas-2025-v7.pdf 1.13 BILLION people worldwide will be living with obesity1 By 2030,
Slide 10: CNS penetrant NLRP3 inhibition provides broad benefit
CNS penetrant NLRP3 inhibition provides broad benefit System Drug Impact Outcome Periphery Protect organ and vascular system from inflammation-related damage CNS Reduce neuroinflammation in the brain Reduced appetite and drive body weight loss Reduce the risk of comorbidities. Reduces heart disease:
Slide 11: NMRA-215 has an optimized pharmacological profile including best-in-class CNS exposure
MDCK permeability: Unknown 14.0 P-gp efflux ratio: Unknown 1.1 NMRA-215 has an optimized pharmacological profile including best-in-class CNS exposure *NT0796 = mouse Kpuu 1Neumora data on file. 2Thornton P, et al. JPET. 2024 Feb 15;388(3):813-826 . 3Ventus Data Presented at 5th Annual Inflammasome S
Slide 12: Doses selected for DIO studies to determine target coverage necessary for weight loss
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 paradigms Dose (BID) IC Target Dose 90 Mi
Slide 13: Monotherapy: Up to 19% weight loss with NMRA-215
Monotherapy: Up to 19% weight loss with NMRA-215 with incretin-like induction NMRA-215 administered subcutaneously in Studies 1 and 3 and administered orally in Study 2. Semaglutide administered subcutaneously in all studies. In Study 2 beginning on Day 22, mice underwent daily endpoint collections,
Slide 14: Combination therapy: Up to 26% weight loss with NMRA-215 + semaglutide
Combination therapy: Up to 26% weight loss with NMRA-215 + semaglutide Day Body Weight Change (%) Combined with 3 nmol/kg semaglutide NMRA-215 + Day Body Weight Change (%) Combined with 1 nmol/kg semaglutide NMRA-215 + -4% -17% -26% -21% -4% -6% -18% -12% Additive weight loss with therapeutically ac
Slide 15: Class-leading weight loss demonstrated with NMRA-215
Combination demonstrates additive effects of NMRA-215 Class-leading weight loss demonstrated with NMRA-215 NMRA-215 VTX3232 VENT-02 BGE-102 NT-0796 NLRP3i (end of study) 15%–19% 2% 11% 6% 17% semaglutide (end of study) 17%–19% 12% 21%^ 5% 21% NLRP3i (Day 7) 9% / 14% (Study 2) (Study 3) 3% 8% 6% 7% s
Slide 16: NMRA-215 matches semaglutide weight loss with higher-quality outcomes
NMRA-215 matches semaglutide weight loss with higher-quality outcomes Neumora data on file. *Unpaired t-test, semaglutide 3 nmol/kg compared with NMRA-215 Target Dose Day Cumulative food intake (g) Reduced food intake equivalent to semaglutide Fat Mass (% to baseline) Vehicle NMRA-215 Target Dose se
Slide 17: NMRA-215 drove positive results across key biomarkers
NMRA-215 drove positive results across key biomarkers Equiv. = equivalent. Neumora Data on File. Improved liver health similar to semaglutide Improved cardiovascular/lipid profile relative to semaglutide Vehicle NMRA-215 Target Dose semaglutide 3 nmol/kg Cytokine data from 28-day study available in
Slide 18: 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 1 2 3 NMRA-215 as weight loss monotherapy NMRA-215 as add-on to a GLP-1 NMRA-215 as weight maintenance treatment Up to 19% body weight loss with semaglutide-like induct
Slide 19: Alzheimer's disease agitation represents large market opportunity with significant unmet need
Alzheimer’s disease agitation represents large market opportunity with significant unmet need 1Alzheimer's Association. 2025 Alzheimer's Disease Facts and Figures. Alzheimer's Dementia 2025;21(5). 2Van der Mussele S, et al. Aging Ment Health 2015;19(3):247-257. 3Image from Alzheimer’s Society Alzhei
Slide 20: Significant opportunity for a product with a differentiated benefit/risk profile
Significant opportunity for a product with a differentiated benefit/risk profile For illustrative purposes only. NMRA-511 has not been studied in head-to-head trials against Auvelity or Rexulti, and there are differences in compounds, trial designs and other factors which must be considered. 1Calcul
Slide 21: NMRA-511 demonstrates positive signal in Phase 1b; potential to treat unmet need
NMRA-511 demonstrates positive signal in Phase 1b; potential to treat unmet need NMRA-511 Phase 1b key takeaways Well tolerated, with potential for higher dosing CMAI effect size similar to Auvelity in total population Unsurpassed CMAI effect size in patients with elevated anxiety For illustrative p
Slide 22: Vasopressin/V1a receptor (V1aR) mediates anxiety-related behaviors
Vasopressin/V1a receptor (V1aR) mediates anxiety-related behaviors 1Bielsky et al., 2004, NPP; 2Barrett et al., 2013, Horm. Behav.; 3 Bleickardt et a., 2009, Psychopharmacology; 4Veenema and Neumann, 2007, Brain behavior, evolution; 5Zelena et al., 2009 J. Endo; 6Mlynarik et al., 2007; 7Fodor et al.
Slide 23: NMRA-511 reduced anxiety-related behaviors in a preclinical human threat test
NMRA-511 reduced anxiety-related behaviors in a preclinical human threat test 1Stawicka et al. PNAS 2020 Sep 21;117(40): 25116-25127 2Wallace et al., 2022. American College of Neuropsychopharmacology Annual Meeting Poster. Based on marmoset’s behavioral response to situations of stress/uncertainty S
Slide 24: Study to evaluate the effects of NMRA-511 among healthy elderly and adults with agitation
Study to evaluate the effects of NMRA-511 among healthy elderly and adults with agitation associated with dementia due to Alzheimer's disease *Safety Assessments include adverse events, clinical laboratory, vital signs, physical examination, 12-lead electocardiogram (ECG), Columbia-Suicide Severity
Slide 25: Demographics and baseline characteristics
Demographics and baseline characteristics 170% medication compliance required per protocol 22 placebo patients excluded based on rater change driving outlier data (>3 standard deviations from the mean) 3Defined as Rating Anxiety In Dementia (RAID) score ≥12 NMRA-511 n=40 Placebo n=40 Mean age 71.8 7
Slide 26: NMRA-511 demonstrated clinically meaningful reduction in CMAI total score and aggression sub-score
NMRA-511 demonstrated clinically meaningful reduction in CMAI total score and CMAI aggression sub-score NMRA-511 demonstrated a 15.7-point reduction in CMAI total score at Week 8 CMAI aggression sub-score results suggest improvement on clinically relevant symptoms of AD agitation CMAI Total Score Ch
Slide 27: NMRA-511 demonstrated unsurpassed clinical effect size in patients with elevated anxiety
NMRA-511 demonstrated unsurpassed clinical effect size on CMAI total score in patients with elevated anxiety CMAI Total Score Change from Baseline (pre-specified elevated anxiety sub-population) Mean Change in CMAI Sub-Scores at Week 8 (pre-specified elevated anxiety sub-population) NMRA-511 Placebo
Slide 28: Favorable tolerability and safety profile demonstrated
Favorable tolerability and safety profile demonstrated TEAEs were typically mild to moderate in severity Low treatment discontinuations due to TEAEs (2.5%) Opportunity to evaluate higher doses of NMRA-511 based on tolerability TEAEs Incidence (≥5% in either treatment group) Placebo n=40 NMRA-511 n=4
Slide 29: Pre-clinical neurodegeneration programs each have a strong biological rationale
Pre-clinical neurodegeneration programs each have a strong biological rationale NMRA-GCASE Focused on elevating activity of the GCase enzyme, which is encoded by the GBA1 gene, and may help to degrade toxic a-synuclein aggregates Potential Indications Parkinson’s disease NMRA-CK1δ Focused on inhibit
Slide 30: Many people have inadequate response to medication and experience tolerability issues
Many people have inadequate response to medication and experience tolerability issues MDD represents a major population health challenge 70% of people with MDD experience anhedonia8 60–85% of patients treated with monotherapy9 21M adults in the U.S. have MDD2; the median onset is ~32.5 years of age
Slide 31: The role of kappa opioid receptor antagonism in MDD
The role of kappa opioid receptor antagonism in MDD 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 stress and mediat
Slide 32: 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 MDD = Major Depressive Disorder; RCT = Randomized Controlled Trial; ADHD = Attention-Deficit Hyperactivity Disorder KOASTAL-2 Conducted in U.S., Canada and Latin America KOASTAL-3 Conducted in U.S. and Europe K
Slide 33: KOASTAL pivotal study design
KOASTAL pivotal study design *Safety Assessments include Change in Sexual Functioning Questionnaire (CSFQ-14) �� = Change; CGI-I = Clinical Global Impression-Improvement scale; CGI-S = Clinical Global Impression-Severity scale; EQ-5D 5L = EuroQol-5D 5L; HAM-A = Hamilton Anxiety Rating Scale; MADRS =
Slide 34: Optimizing KOASTAL-2 and -3 Phase trials
Optimizing KOASTAL-2 and -3 Phase 3 trials Joint topline data readout expected in the second quarter of 2026 Site Selection Adjusted clinical sites included in studies, with goal of including sites with demonstrated expertise in conducting MDD studies Medical Monitoring Using clinician-rated Massach
Slide 35: M4 PAM franchise: differentiated M4R PAMs for schizophrenia
M4 PAM franchise: differentiated M4R PAMs for schizophrenia 1Wander, C. Am J Manag Care. 2020;26:S62-S68. *Excluding any patent term adjustment or extension PAM = positive allosteric modulator Pharmacology Neumora has multiple series of chemically distinct, highly selective M4 muscarinic receptor PA
Slide 36: 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 Activity of xanomeline (active component of Cobenfy™) is dependent on M4R in mice Preclinical data and clinical data in acute schizophrenia supports M4 as a driver of antipsychotic activity Non-selective muscarinic
Slide 37: Emraclidine receptor occupancy disconnected from plasma exposures
Emraclidine receptor occupancy disconnected from plasma exposures Duvvuri S, et al. Evaluation of M4 Muscarinic Receptor Occupancy by Emraclidine Using [11C]MK-6884 PET in Healthy Volunteers. Poster M206. Presented at the 62nd Annual Meeting of the American College of Neuropsychopharmacology, Tampa,
Slide 38: NMRA-861 has potential best-in-class pharmacology and clinical differentiation
NMRA-861 has potential best-in-class pharmacology and clinical differentiation NMRA-861 has potential best-in-class potency and optimized brain penetration NMRA-8611 NMRA-8981 Emraclidine M4 EC50 (human; cAMP)1 6 nM 13 nM 26 nM M4 EC50 (human; Ca2+)1 2 nM 8 nM 180 nM Selectivity at other muscarinic
Slide 39: 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 Dose Cohorts Participants Randomization Part 1A Dose 1, Dose 2, Dose 3, etc. Healthy adults 6:2 active:placebo Part 1B (Fed-Fasted cohort) Dose to be determined Healthy adults 12 active SAD – Part
Slide 40: Neumora
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