By Joseph Walker
Neumora Therapeutics shares plunged more than 80% on Thursday after its lead drug candidate failed to help patients with depression in a study.
The drug, called navacaprant, was no better than a placebo in the trial, the first of three Phase 3 studies the company is running in hopes of gaining U.S. approval.
"Today's readout represents a worst-case scenario for the program," said RBC Capital Markets analyst Brian Abrahams in a note to clients.
Neumora shares fell 81% to $2.00 in early trading.
The company said it has cash of $342 million that will allow it to survive into at least mid-2026.
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(END) Dow Jones Newswires
January 02, 2025 11:03 ET (16:03 GMT)
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