Detailed financial statements for Neumora Therapeutics, Inc. Common Stock (NMRA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Neumora Therapeutics, Inc. is a specialized biopharmaceutical company progressing through clinical trials, dedicated to advancing therapies for a range of neurological, psychiatric, and neurodegenerative conditions. Its most advanced candidate, navacaprant (also known as NMRA-140), is a novel, once-daily oral kappa opioid receptor antagonist currently undergoing Phase 3 clinical trials for the management of major depressive disorder.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.77, NMRA has negative trailing earnings (P/E not meaningful) and an ROE of -242.28%. Market capitalisation stands at $143M.
Balance sheet quality for NMRA: current ratio of 5.9, net cash position of $182.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $668000 | 0 | $5.0M |
| Gross Profit | 0 | 0 | 0 | -$668000 | 0 | -$5.0M |
| Research & Development | $87.1M | $212.8M | $104.7M | $142.7M | $200.9M | $176.1M |
| Selling, General & Admin | $8.4M | $24.5M | $31.1M | $44.8M | $62.5M | $60.1M |
| Operating Expenses | $95.5M | $237.3M | $135.9M | $187.5M | $263.5M | $236.2M |
| Operating Income | -$95.5M | -$237.3M | -$135.9M | -$188.2M | -$263.5M | -$241.2M |
| EBITDA | -$95.4M | -$236.8M | -$130.3M | -$235.0M | -$243.0M | -$233.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $3.2M |
| Pre-tax Income | -$99.3M | -$237.3M | -$130.9M | -$235.7M | -$243.6M | -$236.8M |
| Income Tax | 0 | 0 | 0 | $268000 | $178000 | $130000 |
| Net Income | -$99.3M | -$237.3M | -$130.9M | -$235.9M | -$243.8M | -$236.9M |
| EPS | $-0.65 | $-1.56 | $-0.86 | $-1.49 | $-1.53 | $-1.45 |
| EPS (Diluted) | $-0.65 | $-1.56 | $-0.86 | $-1.49 | $-1.53 | $-1.45 |
| Shares Outstanding (Diluted) | $151.9M | $151.9M | $151.9M | $158.8M | $159.4M | $163.4M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0 | $192.0M | $409.2M | $240.9M | $374.0M | $142.1M | $182.5M |
| Short-term Investments | 0 | 0 | 0 | $130.9M | $79.9M | $165.4M | 0 |
| Receivables | 0 | $148000 | $200000 | $919000 | $939000 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | $193.8M | $415.6M | $388.0M | $478.3M | $314.1M | $190.5M |
| Property, Plant & Equipment | 0 | $3.9M | $4.0M | $10.6M | $6.9M | $2.9M | $457000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 0 | $197.9M | $429.3M | $426.2M | $496.2M | $317.0M | $191.0M |
| Accounts Payable | 0 | $2.4M | $1.6M | $7.1M | $337000 | $3.3M | $3.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $284000 |
| Total Current Liabilities | $21000 | $9.4M | $23.3M | $23.7M | $25.1M | $29.9M | $32.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $193000 |
| Total Liabilities | $21000 | $292.3M | $754.5M | $873.1M | $27.1M | $29.9M | $87.2M |
| Retained Earnings | -$21000 | -$99.3M | -$336.6M | -$467.5M | -$703.4M | -$947.2M | -$1.18B |
| Total Equity | -$21000 | -$94.4M | -$325.2M | -$446.9M | $469.1M | $287.1M | $103.9M |
| Total Debt | 0 | $2.0M | $2.1M | $8.4M | $5.2M | $1.9M | $477000 |
| Net Debt | 0 | -$189.9M | -$407.2M | -$363.4M | -$448.8M | -$305.7M | -$182.1M |
| Working Capital | -$21000 | $184.5M | $392.3M | $364.3M | $453.2M | $284.2M | $158.1M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income | -$99.3M | -$237.3M | -$130.9M | -$235.9M | -$243.8M | -$236.9M |
| Depreciation & Amortization | $105000 | $538000 | $594000 | $668000 | $631000 | $208000 |
| Stock-based Compensation | $1.7M | $4.3M | $8.3M | $17.2M | $40.0M | $29.9M |
| Change in Working Capital | -$3.1M | -$961000 | -$6.9M | -$8.9M | $22.6M | -$437000 |
| Operating Cash Flow | -$26.8M | -$75.4M | -$114.9M | -$163.3M | -$182.9M | -$206.4M |
| Capital Expenditure | -$1.3M | -$817000 | -$511000 | -$117000 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | -$775000 | 0 |
| Stock Repurchased | -$2000 | 0 | 0 | -$491000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$28.1M | -$76.2M | -$115.4M | -$163.4M | -$182.9M | -$206.4M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -139.1% | +44.8% | -80.2% | -3.3% | +2.8% | |
| EPS Growth (YoY) | -140.0% | +44.9% | -73.3% | -2.7% | +5.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | +4.5% | +0.3% | +2.5% | |
| FCF Growth (YoY) | -171.7% | -51.4% | -41.6% | -12.0% | -12.8% | |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.1% | -0.1% | -0.1% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| FCF Per Share | $-0.18 | $-0.50 | $-0.76 | $-1.03 | $-1.15 | $-1.26 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $151.9M | $151.9M | $151.9M | $158.8M | $159.4M | $163.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -242.28% |
| Return on Invested Capital | -216.05% |
| Return on Assets | -169.86% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 4.50 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | 0.00 | -25.00 | -10.42 | -18.90 | -11.44 | -6.93 | -1.23 |
| P/B | 0.00 | -26.16 | -7.59 | -5.53 | 5.77 | 5.89 | 2.82 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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