Neumora Therapeutics Inc Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Douglas Tsao - H.C. Wainwright & Co. - Analyst : Hi, good afternoon. Thanks for taking my question. I guess two for me. First, starting with navacaprant. I understand the operational changes that were put in place. I'm just curious, have you had any sort of sense of how it has affected sort of the pace of enrollment early going, just sort of early experience and sort of what gives you that confidence in terms of the achieving the readouts next year?

Question: Douglas Tsao - H.C. Wainwright & Co. - Analyst : And I guess, Bill, as a follow-up, just is that -- is it having a negative impact in terms of the pace of enrollment? Or obviously, you're sort of disqualifying some patients. And I guess it sounds like though that the rate of that is occurring at a rate consistent with what you were expecting?

Question: Douglas Tsao - H.C. Wainwright & Co. - Analyst : Okay. Great. That's great to hear. And then just on the K2 financing, I'm just curious if you can provide any details in terms of sort of limitations on prepayment or just to the extent that as you hit other milestones, are you able to perhaps pay down that debt as sort of your cost of equity comes down?

Question: Douglas Tsao - H.C. Wainwright & Co. - Analyst : And Josh, just to confirm, though that -- you only need the $20 million to get you into 2027?

Question: Douglas Tsao - H.C. Wainwright & Co. - Analyst : Okay, thank you so much.

Question: Yatin Suneja - The Solomon R. Guggenheim Museum - Analyst : Hi, guys. Thanks for taking my question. A couple of questions on KOASTAL program. Could you talk about the patient population who might have received an antidepressant in this, how you are tracking it? Because as I recall, in KOASTAL-1, there was a lot of patients that had never taken antidepressant therapy in the past. So just curious to know, is there a particular percentage of patients that you're targeting who would have taken a prior antidepressant in the study, and how that might be tracking? And then the other question is also on the K2 and K3. Are there any possibility of some form of an interim analysis in the study?

Question: Graig Suvannavejh - Mizuho Securities Co., Ltd. - Analyst : Hi, good afternoon. Thanks for taking my question. I appreciate the update that you provided. Two questions each on pipeline candidates. Just with respect to 511 and the readout in Alzheimer's disease agitation, maybe could you put in perspective what you expect to see with that data set, especially relative to the data -- the Phase III data sets that exist for a competitor product, AXS-05 from Axsome Therapeutics. And then secondly, on the M4 PAM, maybe if you could revisit kind of your thoughts on differentiation between your candidate and perhaps the other program Emraclidine in which, unfortunately, the Phase II/III data weren't great. Any color as to the confidence that you have that you'll perhaps show a different set of outcomes?

Question: Graig Suvannavejh - Mizuho Securities Co., Ltd. - Analyst : Thank you very much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 12, 2025 / 8:30PM, NMRA.OQ - Q1 2025 Neumora Therapeutics Inc Earnings Call

Question: John Boyle - William Blair & Company - Analyst : Hi, this is John on for Myles Minter. I was just wondering if you could talk a little bit about maybe potential timing for when you might decide to increase enrollment in KOASTAL-2 or KOASTAL-3? And also just what aspects of the blinded data are you looking at and considering when making that decision?