NMRA Neumora Therapeutics Inc.

$NMRA Opened a position at $0.49 Quick backstory for anyone not following this one. In Jun their lead depression drug, navacaprant, missed in its last two Phase 3 trials, making it 0-for-3, and was scrapped. The co cut about 35% of its staff, and the stock has been sold ever since... alongside the rest of small-cap biotech. It just printed a new low, and the MC sits below the $116.8M in cash it reported at Jun 30. What's left is three clinical-stage programs that the market is assigning very little value to. Setup I'm looking at: • Roughly $96M MC against $116.8M cash. Even after adding back ~$54M in term debt, EV is only about $33M. • Interest-only on the debt runs through Apr 2029, so no principal comes due before the readouts. • NMRA-511 Phase 2 moved up from Q1 2027 to year-end 2026. Catalysts into year-end: • NMRA-898 (M4 PAM, schizophrenia): Phase 1 MAD data in 2H 2026, covering safety, PK and CNS exposure. • NMRA-511 (V1aR antagonist, AD agitation): higher-dose MAD cohort in healthy elderly in Q4, with Phase 2 start by year-end. • NMRA-215 (brain-penetrant NLRP3, obesity): IND in Q4, Phase 1 by year-end. To be clear... none of these are sure things. Early-stage programs disappoint all the time, and after Jun the market isn't giving this these guys the benefit of the doubt on any of them. That's the nature of biotech and exactly why the opportunity exists. At an EV around $33M, a lot of disappointment, IMO, is already in the price. Just a healthy starter for now. Early-stage data rarely settles a debate on the first read, and sub-$1 puts a Nas notice on the calendar. I'd rather have room to add into the readouts than be heavy going in. All told, this has been sold far past what the bal sheet implies. I think it starts working in anticipation of the readouts, and if they deliver, this re-rates. It lost the $1 handle in a matter of weeks on tape alone. Clean data takes it back through there quickly, and $1 is where a re-rate starts, not where it ends. The full PL and cap structure breakdown comes once the forensic (and TA) DD wraps. Still working on it. Anyway... just sharing my work. Check everything yourself. As always, DYOR. NFA.

Added another ~30k shares of $NMRA right here. 🤝 People completely wrote off the pipeline after the Navacaprant Phase 3 flop, but in my view the market has heavily discounted on what’s coming up in H2 2026: -NMRA-215 (Brain-Penetrant NLRP3 Inhibitor for Obesity): IND filing Q4 2026 with Phase 1 launch by year-end. Preclinical data showed up to 19% monotherapy weight loss and 26% paired with semaglutide. Huge potential catalyst if this translates to humans. -NMRA-898 (M4 PAM for Schizophrenia): Phase 1 MAD data drops H2 2026. -NMRA-511 (V1aR Antagonist for AD Agitation): MAD expansion data reporting in Q4 2026 ahead of Phase 2 initiation. At these levels, the risk/reward on the remaining neurology & metabolic pipeline is asymmetrical.

$NMRA At $0.59 the market is pricing the pipeline below zero. Here’s who owns this company: — Amgen: 23% — paid $100M+ to license NMRA-511 (Alzheimer’s) and NMRA-GCase (Parkinson’s) into Neumora. Their own programs are being developed here. — ARCH Venture Partners: 18.7% — co-founders, board seat, bought more shares at $2.61 in Oct 2025. 78 acquisitions in their portfolio history. — 60% of the float held by institutions — 23% held by insiders — J&J: 1.85M shares — initiated position Q2 2026 after paying $14.6B for Intra-Cellular (neuroscience) and $3B for Halda (early stage data) Only 116M of 188M total shares actually trade freely. The people who own the most paid significantly more than $0.60 Amgen’s stake alone is worth $35M today vs $100M+ invested. They are not going to let their own licensed programs go to zero. 898 MAD data coming. 511 MAD data Q4. 215 Phase 1 end of year. Will continue accumulating

$NMRA thanks for your insight I didn’t know that AbbVie paid $8.7 billion for M4 PAM. All I knew was that Neumoras M4 PAM had shown same target engagement as COBENFY in a phase 1 study

$NMRA I don’t know but this is crazy . I would say I’m going to keep averaging down buying shares. So many catalysts coming. Don’t get it. 1) NMRA-511 has MAD data phase 1b 2nd half 2026. Already shown to be best in class AD agitation drug compared to Auvelity and other approved drugs 2) NMRA-898 has MAD data phase 1b 2nd half 2026 . It’s muscarinic 4 PAM showing same target engagement in phase 1a to Cobenfy in schizophrenia 3) NMRA-215 is an NRLP3 inhibitor showing better than all other drugs of same class in obesity. 19% mono weight loss in preclinical and 26% with semaglutide - IND filing Q4 2026 and phase 1 initiation end of 2026 This doesn’t include any partnerships that could happen. Especially since NLRP3 is the next wanted obesity asset in biotech. I would just keep accumulating this is nuts

$NMRA 40m cash burn per quarter bankruptcy likely in 2 quarters. Gonna watch for a pump and dump next week....

$NMRA For what it’s worth. I sold all 250,000 of my shares a little over two weeks ago for roughly $350,000 loss. I’m gambling obviously but if the price action stays the same I’ll buy back in after the wash sale window providing the price stays below my sale price. I think the market is pricing NMRA due to the previous failures and once updates come out for 898, 511 and 215 this one will rise up again. To what levels nobody knows. NMRA has been notorious for not pumping its stock. The lack of PR to keep price up is normal with NMRA. There’s never been hype here, just the results. I don’t think we will need to do a reverse split but NMRA may start the process just to be compliant. Time will tell.

$NMRA I’ve been pretty quiet lately. Obviously this sucks but aside from shorts and lack of interest, any reason why this has dropped so consistently in the last week and a half? Did I miss a bad PR?

$NMRA Unfortunately, this is destined for reverse split IMO. My guess is they will continue to hit the ATM, even at these absurdly low prices. Too many failures on their report card, and always blaming someone else. This was to be propped up for a buyout, but now they need some extra lipstick on this pig. Sad, greedy management -- and if they R/S, look for Berns and gang to reprice their options, yet again. "RETAIN TALENT".