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- Securities Litigation (worsened) — The IPO-related class action has progressed through lead plaintiff appointment, two amended complaints, and multiple rounds of briefing, indicating the case is advancing rather than being quickly dismissed.
NMRA cuts R&D 26% YoY, delays Phase 3 data to Q2 2026, raises $71M in debt and equity
Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read
Key Changes
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Phase 3 KOASTAL-3 data for navacaprant (lead MDD asset) pushed from Q1 2026 to Q2 2026, aligning both KOASTAL-2 and -3 readouts to the same quarter. Pipeline narrowed from seven programs to four.
MD&A: Pipeline & Milestones verify on EDGAR → -
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R&D spend fell 26% YoY to $38.6M (from $52.2M), driven by reduced navacaprant manufacturing ($3.6M), lower NMRA-511 trial costs ($1.4M), Amgen collaboration wind-down ($6.3M), and headcount cuts ($2.9M).
MD&A: Operating Expenses verify on EDGAR → -
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Raised $60M via K2HV debt facility (up to $125M available, matures May 2029) and $10.9M via ATM equity in Q1 2026. Cash fell to $147.1M from $249.4M a year prior; marketable securities liquidated.
MD&A: Liquidity & Capital Resources 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 21, 2026 · How we verify