Neumora Therapeutics Stock Drops As Its Depression drug Misses Targets

What you need to know

• Neumora Therapeutics reported its experimental depression drug didn't meet expectations, and shares plunged.
• The biopharmaceutical firm's navacaprant treatment failed to reach both primary and secondary endpoints.
• The company stated that it will continue its investigation and give more information in a press conference at the end of this month.

Neumora Therapeutics shares (NMRA) fell 80% Thursday to a record low after the biopharmaceutical giant announced that a final-stage trial of their experimental treatment for Depression did not reach its goal.

In the first phase 3 trial, the company announced that the drug navacaprant was successful in the initial of three trials. “did not demonstrate a statistically significant improvement on the primary endpoint of change from baseline in the Montgomery-Åsberg Depression Rating Scale (MADRS) total score at Week 6 or the key secondary endpoint of a change from baseline in the Snaith-Hamilton Pleasure Scale (SHAPS) scale.”

Rob Lenz, the head of research and development at Neumora, said the company was "disappointed by the results," which were not consistent with previous data. Lenz added that there was "a lot to investigate from this study, in particular the contrast in drug and placebo responses in depressed mood and anhedonia in female participants compared to male participants." 

Henry Gosebruch, CEO of Neumora Corporation noted that the company’s performance remained positive despite this setback. “strong financial foundation and cash balance of $342 million as of the end of the third quarter provides runway into mid-2026.” Gosebruch said that the company would provide more updates about the navacaprant program development and pipeline during the J.P. Morgan Healthcare Conference which is scheduled to take place Jan. 13-16, in San Francisco.

Neumora Therapeutics shares fell 80% in the last trading session to $2.05.

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