Neumora Therapeutics stock collapsed on June 15, 2026, after the company disclosed that navacaprant failed to meet primary and key secondary endpoints in both the Phase 3 KOASTAL-2 and KOASTAL-3 trials in major depressive disorder, and that the program would be discontinued immediately.
The same announcement disclosed an immediate workforce reduction of approximately 35%, signaling the scale of the financial impact. Prior to the collapse, NMRA traded at approximately $1.86 per share following years of capital raises and clinical spending directed primarily toward the navacaprant program. The dual-trial failure and simultaneous program termination eliminated the asset around which the company had built its near-term development strategy, as reflected in multiple quarterly earnings calls and SEC filings throughout 2025 and early 2026.
On the company's Q2 2025 earnings call on August 7, 2025, CFO Michael Milligan stated that the company anticipated cash runway "into 2027 well beyond all of our upcoming clinical milestones." The post-failure workforce reduction of roughly 35% raises questions about the assumptions underlying that projection.
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