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NMRA-511 Phase 1b Results: Alzheimer’s Disease (AD) Agitation January 2026
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2 Important disclosures This presentation contains forward-looking statements about Neumora Therapeutics, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including statements related to: Neumora’s intention to redefine neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients; the timing, progress and plans for its therapeutic development programs, including the timing of clinical trial initiation and data readouts and upcoming milestones and catalysts; expectations and projections regarding future operating results and financial performance, including the sufficiency of its cash resources, intellectual property protection, and expectation of the timing of its cash runway; and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms. Other than statements of historical facts, all statements contained in this presentation are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause the actual results to be materially different from the information expressed or implied by these forward-looking statements, including, among others: the risks related to the inherent uncertainty of clinical drug development and unpredictability and lengthy process for obtaining regulatory approvals; risks related to the timely initiation and enrollment in our clinical trials; risks related to our reliance on third parties, including contract research organizations; risks related to serious or undesirable side effects of our therapeutic candidates; risks related to our ability to utilize and protect our intellectual property rights; and other matters that could affect sufficiency of capital resources to fund operations. For a detailed discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Neumora’s business in general, please refer to the risk factors identified in the Company’s filings with the Securities and Exchange Commission (SEC), including but not limited to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 which was filed with the SEC on November 6, 2025. Forward-looking statements speak only as of the date hereof, and, except as required by law, Neumora undertakes no obligation to update or revise these forward-looking statements. Our results for the quarter ended September 30, 2025 are also not necessarily indicative of our operating results for any future periods.
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3 3 Our Mission We are focused on redefining neuroscience drug development by bringing forward the next generation of novel therapies that offer improved treatment outcomes and quality of life for patients
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4 PROGRAM Target/Mechanism INDICATION U.S. Prevalence Preclinical Phase 1 Phase 2 Phase 3 Navacaprant KOR Antagonist Major Depressive Disorder 21M NMRA-511 V1aR Antagonist Agitation in Alzheimer’s Disease 7M NMRA-861 M4 Modulator Schizophrenia 3M NMRA-898 M4 Modulator Schizophrenia 3M NMRA-215 NLRP3 Inhibitor Obesity/Parkinson’s Disease 103M/1M NMRA-GCASE GCase Activator Parkinson’s Disease 1M NMRA-CK1δ CK1 Inhibitor ALS/Parkinson’s Disease 25K/1M Advancing a leading neuroscience pipeline ALS = Amyotrophic lateral sclerosis; CK1δ= Casein Kinase I Isoform delta; GCase = Glucocerebrosidase; IP = Intellectual Property; KOR = kappa opioid receptor; M4 = Muscarinic Acetylcholine Receptor M4; NLRP3 = Nucleotide-binding Domain, Leucine-rich–containing Family, Pyrin Domain–containing-3; V1aR = Vasopressin 1a Receptor; DIO = diet induced obesity mouse model. Broad pipeline addressing some of the most prevalent diseases Targeting novel mechanisms across a broad range of centrally mediated indications
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5 Alzheimer’s disease agitation represents large market opportunity with significant unmet need 1Alzheimer's Association. 2025 Alzheimer's Disease Facts and Figures. Alzheimer's Dementia 2025;21(5). 2Van der Mussele S, et al. Aging Ment Health 2015;19(3):247-257. 3Image from Alzheimer’s Society Alzheimer’s disease agitation is a large and growing health burden Millions currently living with AD; prevalence expected to increase as the population ages1 7 8 9 10 11 12 13 14 2024 2050 ~7M 13M U.S. Adults with Alzheimer’s Disease (M)1 >70% of people with AD experience agitation at some point in their disease2 Anxiety is a key underlying driver of aggression and irritability in dementia3
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6 Significant opportunity for a product with a differentiated benefit/risk profile For illustrative purposes only. NMRA-511 has not been studied in head-to-head trials against Auvelity or Rexulti, and there are differences in compounds, trial designs and other factors which must be considered. 1Calculated from data: Addressing Dementia Via Agitation-Centered Evaluation (ADVANCE). https://clinicaltrials.gov/study/NCT03226522?intr=AXS-05&page=1&rank=9&tab=results. 2Lee D, Slomkowski M, Hefting N, et al. Brexpiprazole for the Treatment of Agitation in Alzheimer Dementia: A Randomized Clinical Trial. JAMA Neurol. 2023;80(12):1307–1316. doi:10.1001/jamaneurol.2023.3810 0.25 Safety Effect size (Cohen’s d)1,2,3 Boxed Warning Moderate side-effects Mild side-effects Simplified market segmentation and opportunities Increased morbidity and mortality Earlier placement in long-term care facilities Reduced quality of life for patients and caregivers Inability to maintain independence There is an unmet medical need for therapies that reduce agitation with improved tolerability and safety profiles3,4 AD agitation associated with: Standard-of-care treatment options are insufficient: The only currently approved therapy carries a boxed warning for mortality in elderly people with dementia-related psychosis.0.35 0.45 Efficacy Unmet need for new treatments
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7 NMRA-511 demonstrates positive signal in Phase 1b; potential to treat unmet need NMRA-511 Phase 1b key takeaways • Well tolerated, with potential for higher dosing • CMAI effect size similar to Auvelity in total population • Unsurpassed CMAI effect size in patients with elevated anxiety For illustrative purposes only. NMRA-511 has not been studied in head-to-head trials against Auvelity or Rexulti, and there are differences in compounds, trial designs and other factors which must be considered. 1Calculated from data: Addressing Dementia Via Agitation-Centered Evaluation (ADVANCE). https://clinicaltrials.gov/study/NCT03226522?intr=AXS-05&page=1&rank=9&tab=results. 2Lee D, Slomkowski M, Hefting N, et al. Brexpiprazole for the Treatment of Agitation in Alzheimer Dementia: A Randomized Clinical Trial. JAMA Neurol. 2023;80(12):1307–1316. doi:10.1001/jamaneurol.2023.3810. 3NMRA data on file. CMAI = Cohen-Mansfield Agitation Inventory. 0.25 Safety Effect size (Cohen’s d)1,2,3 Boxed Warning Moderate side-effects Mild side-effects Simplified market segmentation and opportunities 0.35 0.45 Efficacy Total population Elevated anxiety sub-population
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8 Vasopressin/V1a receptor (V1aR) mediates anxiety-related behaviors 1Bielsky et al., 2004, NPP; 2Barrett et al., 2013, Horm. Behav.; 3 Bleickardt et a., 2009, Psychopharmacology; 4Veenema and Neumann, 2007, Brain behavior, evolution; 5Zelena et al., 2009 J. Endo; 6Mlynarik et al., 2007; 7Fodor et al., 2014, Psychoneuroendocrin. 1Shalev et al., 2011, Hormones and Behavior; 2Thompson et al., 2006, PNAS; 3Kawada et al., 2019, Sci. Reports; Robust preclinical data supports V1aR inhibition for treating anxiety in rodents V1a antagonists and vasopressin modulate anxiety and stress related behaviors in humans • V1a knock-out1 or reduction by siRNA2 drives reduced anxiety behaviors • V1aR antagonists reduce anxiety and aggressive behaviors across models3 • Lines bred for aggression or anxiety show dysregulated AVP release and HPA axis functioning4, 5, 6, 7 • Vasopressin administration exacerbates stress/anxiety behaviors in HVs1, 2, 3 • V1a receptor antagonist reduced experimentally-induced anxiety in humans and attenuated aggression in Huntington’s disease V1a receptor antagonist (JNJ-17308616) reduces anxiety behavior in rat AVP increases cortisol response to social stressors (TSST)1
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9 NMRA-511 reduced anxiety-related behaviors in a preclinical human threat test 1Stawicka et al. PNAS 2020 Sep 21;117(40): 25116-25127 2Wallace et al., 2022. American College of Neuropsychopharmacology Annual Meeting Poster. • Based on marmoset’s behavioral response to situations of stress/uncertainty • Set of characteristic postures are elicited • Clinically effective anxiolytic drugs reduce the number of postures • Locomotor activity is measured to control for sedative/stimulant effects of drugs Human threat test induces anxiety in marmosets1 NMRA-511 reduces behavioral response to threat NMRA-511 does not reduce locomotor activity V CDP '511 0.1 '511 1.0 '511 10 '511 30 0 5 10 15 20 (mg/kg, po) Postures (#) ** ** ** V CDP '511 0.1 '511 1.0 '511 10 '511 30 0 10 20 30 40 (mg/kg, po) Jumps (#) Orally administered NMRA-511 (10 and 30 mg/kg) and chlordiazepoxide (CDP, 2 mg/kg, SC) significantly reduced anxiety-related behaviors in marmosets (n=8) as measured by a decrease in the number of threat -elicited postures observed in the HTT without affecting locomotor activity or causing sedation. Testing occurred 90 mins after treatment to coincide with NMRA-511 maximal concentrations. *p<0.05 versus vehicle. Data plotted are mean± SE.
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10 Study to evaluate the effects of NMRA-511 among healthy elderly and adults with agitation associated with dementia due to Alzheimer's disease *Safety Assessments include adverse events, clinical laboratory, vital signs, physical examination, 12-lead electocardiogram (ECG), Columbia-Suicide Severity Rating Scale (C-SSRS). 𝚫 = Change; BID = twice daily; CMAI = Cohen-Mansfield Agitation Inventory; MMSE =Mini-Mental State Examinations; CGI = Clinical Global Impression of Change for Agitation; NPI = Neuropsychiatric Inventory. R 1:1 Randomized, double-blind treatment NMRA-511 20 mg BID (n=6) Placebo BID (n=2) Baseline WK 2 Randomized, double-blind treatment NMRA-511 20 mg BID (n=40) Placebo BID (n=40) R 1:1 Baseline WK 8 WK 4 WK 2 WK 7 WK 1 Part B: 8-Week Evaluation Period Enrolling People with Alzheimer’s Disease Agitation (ADA) Part A: 2-Week Evaluation Period Enrolling Healthy Elderly Participants NMRA-511 Phase 1b Study Part A Inclusion Criteria: • Healthy elderly adult participants aged 65-80 years Part B Inclusion Criteria: • Adults aged 55-90 years with mild-severe dementia (MMSE score of 5-24) and clinically significant agitation (CMAI total score 45-100) Part B Primary Endpoint: • 𝚫 from baseline to Week 8 in CMAI total score Part B Other Endpoints Include*: 𝚫 from baseline to Week 8 in: • CGI-S • NPI total score Prespecified Sub-Populations: • Elevated anxiety (RAID) Statistics: • Study not powered to demonstrate statistical significance • Designed as a signal-seeking study; effect size will inform the potential future development of NMRA-511 in ADA
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11 Demographics and baseline characteristics 170% medication compliance required per protocol 22 placebo patients excluded based on rater change driving outlier data (>3 standard deviations from the mean) 3Defined as Rating Anxiety In Dementia (RAID) score ≥12 NMRA-511 n=40 Placebo n=40 Mean age 71.8 72.7 Sex, n (%) Male Female 18 (45.0%) 22 (55.0%) 15 (37.5%) 25 (62.5%) Race, n (%) White Black Asian Other 27 (67.5%) 10 (25.0%) 2 (5.0%) 1 (2.5%) 30 (75.0%) 9 (22.5%) 0 1 (2.5%) CMAI Total Score Mean (SD) 68.2 (14.7) 68 (14.3) CGI-S (Agitation) Mean (SD) 4.3 (0.7) 4.2 (0.6) NPI-AA Mean (SD) 5.1 (2.5) 5.9 (2.6) MMSE Mean (SD) 19.0 (3.2) 19.5 (2.8) Baseline anxiety as measured by RAID score (SD) 11.8 (6.4) 14.3 (8.6) Protocol-Defined Medication Non-Adherence1 7 (17.5%) 0 Modified Analysis Set (n)2 33 38 Pre-Specified Elevated Anxiety Population (n)3 16 21
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12 NMRA-511 demonstrated clinically meaningful reduction in CMAI total score and CMAI aggression sub-score NMRA-511 demonstrated a 15.7-point reduction in CMAI total score at Week 8 CMAI aggression sub-score results suggest improvement on clinically relevant symptoms of AD agitation CMAI Total Score Change from Baseline (Modified Analysis Set) Mean Change in CMAI Sub-Scores at Week 8 (Modified Analysis Set) 0 2 4 6 8 Analysis Week -15 -10 -5 0 (SE) CMAI Total Score LS Mean Change from Baseline PLACEBONMRA-323511Planned Treatment for Period 01 CMAI Total Score Change from Baseline - NMRA-323511 Subjects with Undetectable Serum Drug Level and Placebo Super-Responders Removed Week 6 Week 8 LSMD (SE) -2.6 (2.7) -2.1 (2.5) Effect size range (Cohen’s d) 0.23 0.20 NMRA-511 Placebo -6 -5 -4 -3 -2 -1 0 Aggressive behaviors Physically non- aggressive behaviors Verbally agitated behaviors -5.3 -4.0 NMRA-511 n=33, placebo n=38 Nominal p-values: **p<0.05, *p<0.1 -4.6 -4.3 * -3.2 -3.5 Auvelity CMAI CFB
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13 NMRA-511 demonstrated unsurpassed clinical effect size on CMAI total score in patients with elevated anxiety CMAI Total Score Change from Baseline (pre-specified elevated anxiety sub-population) Mean Change in CMAI Sub-Scores at Week 8 (pre-specified elevated anxiety sub-population) NMRA-511 Placebo -6 -5 -4 -3 -2 -1 0 Aggressive behaviors Physically non- aggressive behaviors Verbally agitated behaviors -6.0 -3.1 NMRA-511 n=16, placebo n=20 Nominal p-values: **p<0.05, *p<0.1 Cohen’s d effect size range for patients with RAID ≥11 (n=40): 0.45 – 0.54 Week 6 Week 8 LSMD (SE) -7.6 (4.1) -5.6 (3.8) Effect size range (Cohen’s d) 0.64 0.51 -5.7 -4.6 ** -5.5 -5.0 Rexulti CMAI CFB ** * ** *
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14 Favorable tolerability and safety profile demonstrated • TEAEs were typically mild to moderate in severity • Low treatment discontinuations due to TEAEs (2.5%) • Opportunity to evaluate higher doses of NMRA-511 based on tolerability TEAEs Incidence (≥5% in either treatment group) Placebo n=40 NMRA-511 n=40 Preferred Terms n (%) n (%) Nasopharyngitis 3 (7.5%) 4 (10.0%) Urinary tract infection 1 (2.5%) 4 (10.0%) Anemia 1 (2.5%) 2 (5.0%) Arthralgia 0 2 (5.0%) Diarrhea 4 (10.0%) 2 (5.0%) Dizziness 2 (5.0%) 2 (5.0%) Headache 5 (12.5%) 2 (5.0%) Hyponatremia 0 2 (5.0%)* Myalgia 1 (2.5%) 2 (5.0%) Nausea 1 (2.5%) 2 (5.0%) Vomiting 1 (2.5%) 2 (5.0%) Abdominal pain 2 (5.0%) 1 (2.5%) NMRA-511 was safe and generally well tolerated *1 serious adverse event of hyponatremia that led to treatment discontinuation; resolved quickly following discontinuation
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15 NMRA-511 demonstrates positive signal in Phase 1b; potential to treat unmet need NMRA-511 Phase 1b key takeaways • Well tolerated, with potential for higher dosing • CMAI effect size similar to Auvelity in total population • Unsurpassed CMAI effect size in patients with elevated anxiety For illustrative purposes only. NMRA-511 has not been studied in head-to-head trials against Auvelity or Rexulti, and there are differences in compounds, trial designs and other factors which must be considered. 1Calculated from data: Addressing Dementia Via Agitation-Centered Evaluation (ADVANCE). https://clinicaltrials.gov/study/NCT03226522?intr=AXS-05&page=1&rank=9&tab=results. 2Lee D, Slomkowski M, Hefting N, et al. Brexpiprazole for the Treatment of Agitation in Alzheimer Dementia: A Randomized Clinical Trial. JAMA Neurol. 2023;80(12):1307–1316. doi:10.1001/jamaneurol.2023.3810. 3NMRA data on file. CMAI = Cohen-Mansfield Agitation Inventory. 0.25 Safety Effect size (Cohen’s d)1,2,3 Boxed Warning Moderate side-effects Mild side-effects Simplified market segmentation and opportunities 0.35 0.45 Efficacy Total population Elevated anxiety sub-population
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16 Key takeaways: Study met goal to identify signal for NMRA-511 Transition BID to QD formulation: Switch to QD extended-release formulation in 2026, strengthening IP (+4 years exclusivity) Initiate Phase 2/3 dose ranging study Enable higher dosing: initiate multiple ascending dose extension in 2026 1 3 2 Planned next steps BID = twice-daily; QD = once-daily
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17 Q&A Bill Aurora, Pharm.D. Chief Operating & Development Officer Nick Brandon, Ph.D. Chief Scientific Officer Helen Rubinstein VP, Investor Relations and Communications Joshua Pinto, Ph.D. President Paul Berns Chief Executive Officer HOSTED BY
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18 Appendix
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19 NMRA-511 was safe and well-tolerated in healthy adults and healthy elderly participants Phase 1 PK profile Dose selected for Phase 1b to maximize receptor occupancy over 24 hours No SAEs, or discontinuation due to treatment-related AEs was observed NMRA-511 was safe and well-tolerated 20 mg BID projected to achieve 97.7% to 99.3% receptor occupancy from trough to Cmax 20 mg QD 15 mg QD 40 mg QD 40 mg QD (Phase 1 Study) 20 mg BID (Phase 1b) Healthy Adults 40 mg QD in healthy adults compared to 20 mg BID in healthy elderly participants Plasma Concentration of NMRA-511 (ng/mL) Plasma Concentration of NMRA-511 (ng/mL) BID = twice-daily; QD = once-daily
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20 RexultiCMAI sub-scale data Pulled from RexultiHCP.com: https://www.rexultihcp.com/aad/efficacy#agitated-behaviors-CMAI
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