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- Securities Litigation (worsened) — Securities class action has advanced from initial filing to amended complaint stage with lead plaintiff appointed and motion to dismiss briefing underway.
Neumora reports KOASTAL-2/-3 enrollment complete, adds obesity program, cuts staff 13%
Filed March 30, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 3, 2025 · ~2 min read
Key Changes
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high
KOASTAL-2 and -3 studies fully enrolled with 400+ patients each; joint topline readout now expected Q2 2026 (vs. prior Q1/Q2 split timeline). Study optimizations implemented early 2025 after KOASTAL-1 miss.
Business: KOASTAL program timeline verify on EDGAR → -
high
Cash fell to $182.5M from $307.6M as company burned $206M in operations; secured $60M term loan from K2HV with $6.5M convertible to equity, adding dilution risk.
MD&A: Liquidity and financing verify on EDGAR → -
high
NMRA-511 Phase 1b showed clinically meaningful effect in AD agitation; Phase 2 planned Q1 2027. NMRA-898 designated lead M4 program with 80-100 hour half-life supporting once-daily dosing.
Business: Pipeline updates verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify