Slide 1: Redefining Neuroscience Drug Development
Redefining Neuroscience Drug Development August 2025
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 redefining neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients suffering from brain diseases 3
Slide 4: Redefining Neuroscience Drug Development
Redefining Neuroscience Drug Development Industry leading Built at scale with strong World-class team with CNS pipeline with long- balance sheet; $850M differentiated approach dated IP into the 2040s raised since 2021 Multiple value-creating Cash runway into Maximizing probability of clinical cataly
Slide 5: Neumora is Tackling Large Population Health Challenges
Neumora is Tackling Large Population Health Challenges Neumora’s clinical-stage pipeline has potential to reach up to ~30M+ patients with a robust IP runway into 2041+ Biggest Health Disorders Facing U.S.1 Patients Impacted (M) 0 20 40 60 80 100 120 140 Diabetes, Obesity & 30M+ Metabolic Disease Pat
Slide 6: Advancing a Leading Neuroscience Pipeline
Advancing a Leading Neuroscience Pipeline • Broad pipeline PROGRAM Target/Mechanism INDICATION U.S. Prevalence Preclinical Phase 1 Phase 2 Phase 3 MILESTONE Guidance addressing some of Major Depressive Navacaprant KOASTAL-3, -2 topline data the most prevalent KOR Antagonist Disorder 1Q26, 2Q26 21M b
Slide 7: 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
Slide 8: 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 m
Slide 9: 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 Major Depressive Disorder KOASTAL-LT Three replicate, placebo-controlled, double-blind RCTs Open-label extension evaluating efficacy and safety of navacaprant in MDD trial evaluating long-term safety of navacap
Slide 10: 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
Slide 11: 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
Slide 12: 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 Change From Baseline -4 -2 Change From Baseline LS Mean Change (SE) LS
Slide 13: 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
Slide 14: 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
Slide 15: 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
Slide 16: Alzheimer's Disease Agitation Represents Large Market Opportunity with Significant Unmet Need
Alzheimer’s Disease Agitation Represents Large Market Opportunity with Significant Unmet Need Agitation in Alzheimer’s disease impacts a significant portion of the U.S. population; that number is expected to increase as the population ages1 U.S. Adults with Alzheimer’s Disease (M)1 14 13M 13 12 >70%
Slide 17: Several Lines of Evidence Indicate that V1a Receptor Antagonists Have Therapeutic Potential
Several Lines of Evidence Indicate that V1a Receptor Antagonists Have Therapeutic Potential for Reducing Symptoms of Agitation The vasopressin system modulates social-emotional, Positive association between vasopressin and aggression anxiety and threat-related behaviors across species in people with
Slide 18: NMRA-511 Profile Supports Advancement into Alzheimer's Disease Agitation
NMRA-511 Profile Supports Advancement into Alzheimer’s Disease Agitation Best-in-Class Strong Pre-Clinical PK and Safety Data from Pharmacology1 Data2 Phase 1 Support Advancement1 • Highly potent at V1a • Robust pharmacodynamic (PD) • NMRA-511 was safe • High selectivity over V1b, V2, effect in rode
Slide 19: 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
Slide 20: M4 PAM Franchise: Differentiated M4R PAMs for Schizophrenia
M4 PAM Franchise: Differentiated M4R PAMs for Schizophrenia NMRA-861 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, designed for Estimat
Slide 21: 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
Slide 22: 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
Slide 23: 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
Slide 24: SAD/MAD Evaluating NMRA-861 in Healthy Adults and People with Stable Schizophrenia
SAD/MAD Evaluating NMRA-861 in Healthy Adults and People with Stable Schizophrenia SAD – Part 1 CSP Study Objectives Dose Cohortsa Participants Randomization 5 mg, 15 mg, 45mg, Part 1A Healthy adults 6:2 active:placebo 80 mg, final dose TBDb • Confirm once-daily dosing – based on PK profile in human
Slide 25: 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 • Diet (e.g., lipids) • Genetics DRIVERS NLRP3-related inflammatory Composition of matter pate
Slide 26: Obesity is Driven by Inflammation and Represents One of the Greatest Public Health Challenges
Obesity is Driven by Inflammation and Represents One of the Greatest Public Health Challenges trigger Obesity-related NIC INFLAMMAT RO IO By 2030, metabolites: CH Key N Dru Lipids gT ar 1.13 BILLION Fatty acids Ne g et people worldwide will be living with obesity1 Cholesterol ur dy l oi ds ted Gluco
Slide 27: CNS Penetrant NLRP3 Inhibition Provides Systemic Benefit
CNS Penetrant NLRP3 Inhibition Provides Systemic Benefit System Drug Impact Outcome CNS Reduce Reduced appetite and neuroinflammation drive body weight loss in the brain Potential treatment benefits driven by NLRP3 Periphery Protect organ Reduce the risk of co-morbid inhibition and vascular system d
Slide 28: 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 nM NMRA-215 is highly selective for NLRP3 NMRA-215 is extensively characterized potency across a range of assays and optimized for brain exposure Rat Kpuu1-4 NMRA-215 Assay Forma
Slide 29: Study Designs Maximize Hypothesis Testing in the Mouse DIO Model
Study Designs Maximize Hypothesis Testing in the Mouse DIO Model Neumora studies will evaluate 3 hypotheses: Hypothesis Value proposition Incretin-like weight loss, better tolerability, 1 NMRA-215 as weight loss monotherapy convenience, lower COGS with oral small molecule Reduce incretin doses, 2 NM
Slide 30: 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 Focused on elevating activity of the GCase enzyme, which is reduce levels of the pathological form of TDP-43 and slow encoded by the GBA1 gene, and may help
Slide 31: Redefining Neuroscience Drug Development
Redefining Neuroscience Drug Development Industry leading Built at scale with strong World-class team with CNS pipeline with long- balance sheet; $850M differentiated approach dated IP into the 2040s raised since 2021 Multiple value-creating Cash runway into Maximizing probability of clinical cataly
Slide 32: Appendix
Appendix 32
Slide 33: 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,
Slide 34: 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
Slide 35: 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
Slide 36: 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
Slide 37: 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
Slide 38: © Neumora
© Neumora