Neumora Therapeutics (NMRA) said Monday it is discontinuing development of its experimental major depressive disorder treatment navacaprant after two phase 3 studies failed to meet their primary and key secondary endpoints.

The KOASTAL-2 and KOASTAL-3 trials, which enrolled more than 850 patients combined, did not show a statistically significant improvement over placebo on the Montgomery-Asberg Depression Rating Scale after six weeks of treatment.

The company said pre-specified analyses of patients enrolled after study optimizations in early 2025 also failed to demonstrate efficacy.

Following the setback, Neumora announced plans to reduce its workforce by about 35%, a move expected to generate annualized cost savings of roughly $10 million.

The company said it expects existing cash reserves to fund operations into Q3 of 2027.

Shares of Neumora fell more than 51% in recent premarket activity Monday.

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