Neumora Therapeutics, a Phase 3 biotech developing therapies for brain diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $250 million.
The company's pipeline consists of seven clinical and preclinical neuroscience programs that target novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases. Its lead candidate, navacaprant (NMRA-140), is a novel once-daily oral kappa opioid receptor (KOR) antagonist that is being developed for the treatment of major depressive disorder (MDD), which the company believes has the potential to provide significant advantages relative to the standard of care, if approved. Neumora is initiating a pivotal Phase 3 program for navacaprant monotherapy in patients with moderate to severe MDD and anticipates releasing topline results for the first of three efficacy studies in the second half of 2024.
The Watertown, MA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol NMRA. Neumora Therapeutics filed confidentially on November 8, 2021. J.P. Morgan, BofA Securities, Stifel, Guggenheim Securities, RBC Capital Markets, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
