Neumora Therapeutics, Inc. 8-K

What Happened Neumora Therapeutics announced on June 15, 2026 that its Phase 3 KOASTAL-2 and KOASTAL-3 studies of navacaprant for major depressive disorder did not achieve statistical significance on the primary or key secondary endpoints and the company is discontinuing development of navacaprant. In connection with that decision, the company implemented a reduction in force of approximately 35% (announced June 12, 2026). Separately, on June 10, 2026 Neumora entered into a Third Amendment to its Loan and Security Agreement with K2 HealthVentures LLC and the other lenders, which extends interest-only payments and revises a minimum liquidity covenant effective July 1, 2026.

Key Details

• Navacaprant: Phase 3 KOASTAL-2 and -3 failed to meet primary and key secondary endpoints; development discontinued (press release filed as Exhibit 99.1).
• Workforce and costs: ~35% reduction in force announced June 12, 2026; expected annualized cost savings ≈ $10 million, offset by one-time restructuring costs ≈ $2 million to be incurred in Q2 2026.
• Loan amendment (June 10, 2026): extends interest-only period — if the second tranche of term loans is not funded, loans remain interest-only through maturity; if funded, interest-only payments continue through April 2029, with principal plus interest payments beginning May 1, 2029.
• Liquidity covenant: becomes effective July 1, 2026 and will require the company to hold either (i) 50% of outstanding loan obligations, (ii) 110% of outstanding loan obligations, or (iii) no minimum (waived), depending on achievement of specified operational milestones and/or market capitalization.

Why It Matters For investors, the discontinuation of navacaprant removes a late-stage asset from Neumora’s pipeline, which is a material change to future product prospects and potential revenue streams. The workforce reduction is intended to lower annual operating costs by roughly $10 million, but the company expects a near-term $2 million restructuring charge, which will affect second-quarter results. The loan amendment reduces near-term cash interest outflows by extending interest-only payments, but introduces a new minimum liquidity covenant effective July 1, 2026 that could require maintaining significant cash relative to loan obligations depending on milestone or market-cap conditions. Together, these developments change Neumora’s near-term cost structure, cash-flow profile, and pipeline outlook; investors should review the company’s upcoming earnings release and the full loan amendment (to be filed with the Q2 2026 Form 10-Q) for more detail.