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Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (53,458)	$ (67,992)
Denominator:
Weighted-average common shares outstanding, basic	179,872	161,451
Weighted-average common shares outstanding, diluted	179,872	161,451
Net loss per share, basic	$ (0.3)	$ (0.42)
Net loss per share, diluted	$ (0.3)	$ (0.42)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Organization and Liquidity	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Liquidity	1. Organization and Liquidity Description of Business Neumora Therapeutics, Inc. (the “Company”), was originally incorporated in the State of Delaware in November 2019, and is headquartered in Watertown, Massachusetts. The Company is a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by bringing forward the next generation of novel therapies with brain-penetrant chemistry that offer improved treatment outcomes and quality of life for patients. The Company’s therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. The Company is advancing a Phase 3 program for navacaprant, 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. The Company is also advancing NMRA-511, a highly selective, novel antagonist of the vasopressin 1a receptor (“V1aR”) being developed for the treatment of agitation associated with dementia due to Alzheimer’s disease (“AD”). Beyond navacaprant and NMRA-511, Neumora is advancing a Phase 1 multiple-ascending dose (“MAD”) study of NMRA-898, a novel muscarinic acetylcholine receptor subtype 4 (“M4”) positive allosteric modulator (“PAM”) with potential best-in-class pharmacology for the treatment of schizophrenia. Additionally, Neumora is developing NMRA-215, a highly brain-penetrant, oral NLRP3 inhibitor for the treatment of obesity. As of March 31, 2026, the Company has devoted a significant portion of its financial resources and efforts to building its organization, acquiring technologies and companies, executing clinical and preclinical studies, conducting research and development, identifying and developing potential product candidates, building its precision neuroscience tools, organizing and staffing the Company, business planning, establishing, maintaining and protecting its intellectual property portfolio, raising capital and providing general and administrative support for these operations. The Company has not generated revenue from the sale of products. Liquidity The Company has incurred net losses and negative cash flows from operations since inception and as of March 31, 2026, had an accumulated deficit of $1,237.6 million. As of March 31, 2026, the Company had cash and cash equivalents of $147.1 million, which are available to fund future operations. The Company believes that its existing cash and cash equivalents as of March 31, 2026 will be sufficient to support operations for at least the next 12 months from the date these condensed consolidated financial statements are issued. The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, expands its product pipeline, potentially seeks regulatory approval, prepares for potential commercialization, as well as hires additional personnel, protects its intellectual property and potentially grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including to complete the development and commercialization of its product candidates, if approved. Such activities are subject to significant risks and uncertainties, including clinical failure which can impact the Company’s ability to secure additional funding. The Company expects to finance its cash needs through a combination of public or private equity offerings or debt financings or other capital sources, which may include strategic collaborations or other arrangements with third parties, or other sources of financing. However, there is no guarantee that any of these financing or opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders.

Organization and Liquidity

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Liquidity

1. Organization and Liquidity

Description of Business

Neumora Therapeutics, Inc. (the “Company”), was originally incorporated in the State of Delaware in November 2019, and is headquartered in Watertown, Massachusetts. The Company is a clinical-stage biopharmaceutical company founded to confront the greatest medical challenges of our generation by bringing forward the next generation of novel therapies with brain-penetrant chemistry that offer improved treatment outcomes and quality of life for patients. The Company’s therapeutic pipeline currently consists of programs that target novel mechanisms of action for a broad range of underserved, prevalent diseases. The Company is advancing a Phase 3 program for navacaprant, 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. The Company is also advancing NMRA-511, a highly selective, novel antagonist of the vasopressin 1a receptor (“V1aR”) being developed for the treatment of agitation associated with dementia due to Alzheimer’s disease (“AD”). Beyond navacaprant and NMRA-511, Neumora is advancing a Phase 1 multiple-ascending dose (“MAD”) study of NMRA-898, a novel muscarinic acetylcholine receptor subtype 4 (“M4”) positive allosteric modulator (“PAM”) with potential best-in-class pharmacology for the treatment of schizophrenia. Additionally, Neumora is developing NMRA-215, a highly brain-penetrant, oral NLRP3 inhibitor for the treatment of obesity.

As of March 31, 2026, the Company has devoted a significant portion of its financial resources and efforts to building its organization, acquiring technologies and companies, executing clinical and preclinical studies, conducting research and development, identifying and developing potential product candidates, building its precision neuroscience tools, organizing and staffing the Company, business planning, establishing, maintaining and protecting its intellectual property portfolio, raising capital and providing general and administrative support for these operations. The Company has not generated revenue from the sale of products.

Liquidity

The Company has incurred net losses and negative cash flows from operations since inception and as of March 31, 2026, had an accumulated deficit of $1,237.6 million. As of March 31, 2026, the Company had cash and cash equivalents of $147.1 million, which are available to fund future operations. The Company believes that its existing cash and cash equivalents as of March 31, 2026 will be sufficient to support operations for at least the next 12 months from the date these condensed consolidated financial statements are issued.

The Company expects to incur additional losses in the future as it continues its research and development efforts, advances its product candidates through preclinical and clinical development, expands its product pipeline, potentially seeks regulatory approval, prepares for potential commercialization, as well as hires additional personnel, protects its intellectual property and potentially grows its business. The Company will need to raise additional capital to support its continuing operations and pursue its long-term business plan, including to complete the development and commercialization of its product candidates, if approved. Such activities are subject to significant risks and uncertainties, including clinical failure which can impact the Company’s ability to secure additional funding. The Company expects to finance its cash needs through a combination of public or private equity offerings or debt financings or other capital sources, which may include strategic collaborations or other arrangements with third parties, or other sources of financing. However, there is no guarantee that any of these financing or opportunities will be executed or realized on favorable terms, if at all, and some could be dilutive to existing stockholders.

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Trading Arrangements

The following table describes, for the three months ended March 31, 2026, each trading arrangement for the purchase or sale of Company securities adopted, modified or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a Rule 10b5-1 trading arrangement, or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K):

         
        Trading Arrangement

        Name
(Title)

        Action

        Date

        Rule 10b5-1*

        Non-Rule 10b5-1**

        Total Shares to be Sold

        Expiration Date

Michael Milligan
Chief Financial Officer and Principal Accounting Officer

Terminate(1)

March 31, 2026

X

20,625

December 29, 2028

* Intended to satisfy the affirmative defense of Rule 10b5-1(c)

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

(1) Trading arrangement was originally adopted August 30, 2024.

Michael Milligan

Trading Arrangements, by Individual

Name

Michael Milligan

Title

Chief Financial Officer and Principal Accounting Officer

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

true

Termination Date

March 31, 2026

Expiration Date

December 29, 2028

Aggregate Available

20,625

Net Loss Per Share - Summary of Outstanding Potentially Dilutive Common Stock Equivalents were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	39,152	25,596
Common Stock Options and Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	33,328	25,187
Early Exercised Stock Options Subject to Future Vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		26
Unvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	58	111
Employee Stock Purchase Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	161	272
Term Loan Conversion Election
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	5,605

Acquisitions of Assets

3 Months Ended

Mar. 31, 2026

Business Combination and Asset Acquisition [Abstract]

Acquisitions of Assets

. Acquisitions of Assets

BlackThorn Therapeutics, Inc.

In 2020, the Company entered into an agreement and plan of merger (the “BlackThorn Merger Agreement”) to acquire all of the equity interests of BlackThorn Therapeutics, Inc. (“BlackThorn”). The Company acquired BlackThorn for its in-process research and development programs, including an antagonist of the kappa opioid receptor (“navacaprant” or “NMRA-140”) for the treatment of MDD and an antagonist of the vasopressin 1a receptor (“NMRA-511”) for the treatment of agitation in AD. Both navacaprant and NMRA-511 were exclusively licensed to BlackThorn by The Scripps Research Institute (“TSRI”). The acquisition was accounted for as an acquisition of assets.

The BlackThorn Merger Agreement requires the Company to pay the former stockholders of BlackThorn contingent consideration (i) with respect to navacaprant, in the form of development and regulatory approval milestones of up to an aggregate amount of $365.0 million and sales-based milestones of up to an aggregate amount of $450.0 million and (ii) with respect to NMRA-511, in the form of development and regulatory approval milestones of up to an aggregate amount of $100.0 million, and sales-based milestones of up to an aggregate amount of $100.0 million (the “BlackThorn Milestones”).

At the Company’s sole discretion, the BlackThorn Milestone payments may be settled in cash or shares of the Company, or a combination of both, subject to the provisions of the BlackThorn Merger Agreement, other than one development milestone in the amount of $10.0 million, which must be settled in cash. The Company settled in a combination of cash and shares the Phase 3 navacaprant dosing milestone in December 2023. None of the other BlackThorn Milestones have been achieved and no such amounts were deemed due or payable as of March 31, 2026.

BlackThorn Carveout Plan

The BlackThorn Merger Agreement required that the Company establish a carveout plan (the “BlackThorn Carveout Plan”), pursuant to which each BlackThorn stock option holder as of immediately prior to the closing date was allocated a certain number of units (the “BlackThorn Carveout Units”) based on the number of shares underlying the outstanding options held by each participant at that time. Each BlackThorn Carveout Unit represents a right to receive a portion of the BlackThorn Milestone payment (the “BlackThorn Carveout Payments”) upon the later of (i) the achievement of a BlackThorn Milestone and (ii) the vesting of the BlackThorn Carveout Unit.

As of May 2024, all of the BlackThorn Carveout Units were fully vested. The BlackThorn Carveout Units represent contingent consideration. The Company recognizes the contingent consideration obligation for the BlackThorn Carveout Units when the contingency is resolved, and the consideration becomes payable. The Company settled the Phase 3 navacaprant dosing milestone in December 2023. None of the other BlackThorn Milestones had been achieved and no such amounts were deemed due or payable as of March 31, 2026.

Amgen Inc. Licenses

In September 2021, the Company entered into two license agreements with Amgen Inc. (“Amgen”) pursuant to which it obtained exclusive, worldwide licenses to develop, manufacture, use, commercialize and distribute products containing compounds that are

directed to, in one case, CK1δ, and in the other case, glucocerebrosidase (“GCase”), both for the treatment of neurodegenerative diseases (the “Amgen License Agreements”) and related know-how and clinical material (collectively, the “Amgen IPR&D Assets”). The Company accounted for these transactions as acquisitions of assets. Concurrently, the Company also executed a research collaboration agreement as well as a stock purchase agreement with Amgen. Both agreements were deemed to be separate transactions and not accounted for as part of the acquisition of assets.

The total upfront consideration transferred to Amgen of 20.0 million shares of the Company’s Series A-2 convertible preferred stock, with an acquisition date fair value of $157.0 million was allocated to the Amgen IPR&D Assets and expensed in 2021.

Under these two license agreements, Amgen is eligible to receive contingent consideration up to an aggregate of $360.0 million in commercial milestone payments per product payable in cash with a compound directed to CK1δ and up to an aggregate of $360.0 million in commercial milestone payments per product payable in cash with a compound directed to GCase, in each case, upon the achievement of certain sales thresholds and single digit royalties on potential future net sales, related to CK1δ or GCase (the “Amgen Milestones”). Such contingent consideration was not subject to liability classification and/or derivative accounting and will be recognized when the contingency is resolved, and the consideration becomes payable. As of March 31, 2026, none of the Amgen Milestones had been achieved and no such amounts were deemed due or payable.

In addition, until a specified period of time following the achievement of the first successful Phase 2 clinical trial for any licensed product, if the Company chooses to sell, transfer, sublicense or divest rights to a licensed product in certain major markets, Amgen has a period of time to enter into an agreement with the Company for such rights. The Company determined that these rights of first negotiation were not freestanding instruments from the Amgen License Agreements and did not meet the definition of a derivative.

Vanderbilt License

In February 2022, the Company and Vanderbilt University (“Vanderbilt”) entered into a license agreement (the “Vanderbilt License Agreement”). Pursuant to the Vanderbilt License Agreement, as amended, the Company obtained an exclusive, worldwide royalty-bearing, sublicensable (subject to certain restrictions) license under certain patent rights and a non-exclusive, worldwide, royalty-bearing, sublicensable (subject to certain restrictions) license under certain know-how covering small molecule PAMs predominantly of the M4 subtype to develop, manufacture, and commercialize products, processes and services covered by such patent rights or that incorporate or use such know-how, for any and all uses (the “Vanderbilt IPR&D Assets”). Concurrently, the Company also executed a sponsored research agreement (see Note 8) with Vanderbilt.

In May 2024, the Company and Vanderbilt entered into a second sponsored research agreement with Vanderbilt and concurrently entered into an amendment to the Vanderbilt License Agreement (the “Second Amendment to the Vanderbilt License Agreement”), to extend the rights granted to the Company under the Vanderbilt License Agreement to the data and patent rights conceived or developed by Vanderbilt in the course of carrying out the sponsored research pursuant to the second sponsored research agreement.

The licensed patent rights are subject to Vanderbilt’s right to use the patent rights for research, internal non-commercial use, and educational purposes. The Company intends to develop the PAMs for the treatment of schizophrenia and other neuropsychiatric disorders. The Company has agreed to use commercially reasonable efforts to develop and commercialize licensed products, and to achieve certain development milestones.

The Company paid Vanderbilt a non-refundable, non-creditable upfront cash payment of $13.0 million for the Vanderbilt IPR&D Assets. Under the Vanderbilt License Agreement, Vanderbilt is eligible to receive contingent consideration payable in cash up to an aggregate of $42.0 million upon the achievement of specified development milestones and up to an aggregate of $380.0 million upon the achievement of commercial milestone events as well as tiered royalties at mid-single digit percentages on potential future net sales, subject to specified reductions for the lack of patent coverage, generic entry and payment obligations for third-party licenses (the “Vanderbilt Milestones”). Such contingent consideration was not subject to liability classification and/or derivative accounting and will be recognized when the contingency is resolved, and the consideration becomes payable.

Vanderbilt Milestones of $2.0 million and $5.0 million were achieved and settled in cash in October 2023 and July 2025, respectively. None of the other Vanderbilt Milestones had been achieved and no such amounts were deemed due or payable as of March 31, 2026.

In addition, the Company executed an agreement with Vanderbilt in December 2023 pursuant to which the Company licensed certain patent rights in return for a payment of $0.8 million that was recognized in acquired in-process research and developed expenses in 2023.

- Definition

The entire disclosure for business combination.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	March 31, 2026
	(in thousands)
Shares reserved for options and restricted stock units issued under the equity plans		33,328
Shares reserved for future issuance under the equity plans		18,642
Shares reserved for future issuance under the employee stock purchase plan		5,989
Total		57,959

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Recurring - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 75,005	$ 74,364
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	75,005	74,364
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		0
Money Market Funds \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		74,364
Money Market Funds \| Level 1 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	75,005	74,364
Money Market Funds \| Level 2 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 75,005	0
Money Market Funds \| Level 3 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 0

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	71
Granted, Shares \| shares	0
Vested, Shares \| shares	(13)
Forfeited and expired, Shares \| shares	0
Cancelled, Shares \| shares	0
Outstanding and unvested, Shares at ending balance \| shares	58
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 14.67
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Forfeited and expired, Weighted Average Grant Date Fair Value Per Share \| $ / shares	14.67
Cancelled, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 14.67
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	662
Granted, Shares \| shares	0
Vested, Shares \| shares	(218)
Forfeited and expired, Shares \| shares	0
Cancelled, Shares \| shares	(9)
Outstanding and unvested, Shares at ending balance \| shares	435
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 18.07
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	18.07
Forfeited and expired, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Cancelled, Weighted Average Grant Date Fair Value Per Share \| $ / shares	18.07
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 18.07

Debt - Summary of Future Principal Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Year ended December 31, 2026	$ 0
Year ended December 31, 2027	0
Year ended December 31, 2028	30,764
Year ended December 31, 2029	27,406
Total principal payments including final fee	$ 58,170

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) shares in Thousands	Mar. 31, 2026 shares
Class of Stock [Line Items]
Common stock reserved for future issuance	57,959
Shares Reserved for Options and Restricted Stock Units Issued Under the Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	5,989
Shares Reserved for Future Issuance Under the Plans
Class of Stock [Line Items]
Common stock reserved for future issuance	18,642
Shares Reserved for Future Issuance Under the Employee Stock Purchase Plan
Class of Stock [Line Items]
Common stock reserved for future issuance	33,328

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Acquisitions of Assets - Additional Information (Details) shares in Millions		1 Months Ended			3 Months Ended		12 Months Ended
	Jul. 31, 2025 USD ($)	May 31, 2024 USD ($)	Nov. 30, 2023 USD ($)	Sep. 30, 2021 USD ($) Agreements shares	Mar. 31, 2026 USD ($) Milestones	Dec. 31, 2023 USD ($)	Dec. 31, 2020 USD ($)
Amgen Inc.
Business Combination [Line Items]
Number of license agreements \| Agreements				2
Vanderbilt IPR&D Assets
Business Combination [Line Items]
Contingent consideration deemed due or payable					$ 0
BlackThorn Merger Agreement
Business Combination [Line Items]
Contingent consideration, milestone payment settled in cash							$ 10,000,000
BlackThorn Merger Agreement \| BlackThorn Therapeutics, Inc.
Business Combination [Line Items]
Contingent consideration deemed due or payable					$ 0
BlackThorn Merger Agreement \| navacaprant \| Maximum \| Development and Regulatory Approval Milestones
Business Combination [Line Items]
Contingent consideration							365,000,000
BlackThorn Merger Agreement \| navacaprant \| Maximum \| Sales-based Milestones
Business Combination [Line Items]
Contingent consideration							450,000,000
BlackThorn Merger Agreement \| NMRA-511 \| Maximum \| Development and Regulatory Approval Milestones
Business Combination [Line Items]
Contingent consideration							100,000,000
BlackThorn Merger Agreement \| NMRA-511 \| Maximum \| Sales-based Milestones
Business Combination [Line Items]
Contingent consideration							$ 100,000,000
Amgen Inc. Licenses \| Amgen Inc.
Business Combination [Line Items]
Number of milestone achieved \| Milestones					0
Contingent consideration deemed due or payable					$ 0
Amgen Inc. Licenses \| Amgen Inc. \| Series A-2
Business Combination [Line Items]
Upfront consideration transferred shares \| shares				20.0
Acquisition date fair value of shares transferred				$ 157,000,000
Amgen Inc. Licenses \| Amgen Inc. \| Maximum \| Case One
Business Combination [Line Items]
Contingent consideration payable in cash				360,000,000
Amgen Inc. Licenses \| Amgen Inc. \| Maximum \| Commercial Milestone Payment \| Case Two
Business Combination [Line Items]
Contingent consideration payable in cash				$ 360,000,000
Vanderbilt License
Business Combination [Line Items]
Contingent consideration, milestone payment settled in cash	$ 5,000,000		$ 2,000,000
Number of milestone achieved \| Milestones					0
Acquired in-process research and development						$ 800,000
Vanderbilt License \| Maximum \| Achievement of Specified Development Events
Business Combination [Line Items]
Contingent consideration payable in cash		$ 42,000,000
Vanderbilt License \| Maximum \| Achievement of Specified Commercialization Events
Business Combination [Line Items]
Contingent consideration payable in cash		380,000,000
Vanderbilt License \| Vanderbilt IPR&D Assets
Business Combination [Line Items]
Upfront cash payment		$ 13,000,000

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Accrued clinical trial and preclinical costs	$ 15,730	$ 13,577
Compensation and benefits	4,820	11,494
Research grant funding	2,324	2,379
Professional services	1,157	614
Other	736	724
Total accrued liabilities	$ 24,767	$ 28,788

Summary of Significant Accounting Policies and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Basis of Presentation

2. Summary of Significant Accounting Policies and Basis of Presentation

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Unaudited Interim Condensed Consolidated Financial Statements

The condensed consolidated balance sheet as of March 31, 2026, condensed consolidated statements of operations and comprehensive loss, statement of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and related notes to condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of

normal recurring adjustments) that are necessary for the fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2026.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, accrued research and development expenses, accounting for acquisitions of assets, fair value of certain assets and liabilities, stock-based compensation, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates.

Risks and Uncertainties

The Company is subject to certain risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the Company's ability to successfully develop, manufacture, and market any approved products; the Company's ability to obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to any commercial sales; new technological innovations; dependence on key personnel, protection of intellectual property; compliance with governmental regulations; uncertainty of market acceptance of any approved products; product liability; and the need to obtain additional financing.

Cash and Cash Equivalents

All highly liquid investments, including money market funds, with original maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposits and other accounts.

Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.

Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities

Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and other expenses, including laboratory supplies and other non-capital equipment utilized for in-house research, research and consulting expenses, software development costs, license fees and allocated expenses, including facilities costs and depreciation and amortization; external research and development expenses incurred under arrangements with service providers conducting research and development services on its behalf, such as contract research organizations (“CROs”), preclinical testing organizations and contract manufacturing organizations (“CMOs”). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the consolidated balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized.

The Company is required to estimate expenses resulting from its obligations under contracts with service providers in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of preclinical studies, clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services.

During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its consolidated financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other service providers. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimate may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board, or FASB, issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment of convertible debt. The Company adopted this guidance prospectively in the quarter ended March 31, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which is intended to improve disclosures by requiring additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The standard will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard updates may be applied on either a prospective or retrospective basis. We are currently evaluating the disclosure requirements related to this new standard.

Debt - Additional Information (Details)			3 Months Ended
Debt - Additional Information (Details)	May 09, 2025 USD ($) Tranche $ / shares	May 01, 2025	Mar. 31, 2026 USD ($) $ / shares	Feb. 28, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Debt Instrument [Line Items]
Debt instrument, covenant description			The Company's minimum liquidity covenant under the Loan Agreement becomes effective July 1, 2026. The applicable minimum liquidity requirement will depend on the Company’s achievement of specified operational milestones and/or its market capitalization and will be equal to (i) 50% of the outstanding obligations under the Loan Agreement, (ii) 105% of the outstanding obligations under the Loan Agreement, or (iii) waived in full (i.e., zero).
Payment fee			$ 4,200,000
Term Loans
Debt Instrument [Line Items]
Effective interest rate of term loan			13.70%
Loan Agreement
Debt Instrument [Line Items]
Minimum liquidity covenant percentage of outstanding obligations one	50.00%
Minimum liquidity covenant percentage of outstanding obligations two	105.00%
Loan Agreement \| K2HV \| Term Loans
Debt Instrument [Line Items]
Principal amount	$ 125,000,000
Number of tranches \| Tranche	4
Gross proceeds			$ 60,000,000
Maturity date	May 01, 2029
Payment terms			Company is obligated to make interest-only payments for the first 36 months (or 48 months if the second tranche is funded), followed by interest and principal payments for the remaining 12 months
Interest rate description			The Term Loan bears a variable interest rate equal to the greater of (i) 10.45% or (ii) the prime rate as quoted in The Wall Street Journal plus 2.95%.
Interest rate		10.45%
Variable interest rate		2.95%
Conversion price \| $ / shares				$ 0.8774	$ 0.8774
Prepayment penalty			$ 0
Outstanding principal term loan			2,500,000	$ 2,050,000.00	$ 3,950,000
Maximum future capital stock offerings investment			$ 5,000,000
Common stock, shares issued \| shares				2,336,448	4,501,936
Loan Agreement \| K2HV \| Term Loans \| Maximum
Debt Instrument [Line Items]
Debt conversion amount	$ 10,000,000
Conversion price \| $ / shares	$ 0.8774		$ 2.3906

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 13, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	May 28, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance		57,959,000
Share based compensation recognized		$ 7,405	$ 9,324
Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted to purchase		446,068
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation		$ 38,000
Weighted-average remaining service period		2 years 4 months 24 days
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation forfeited		0
Unvested shares repurchased		0
Shares or restricted stock remained outstanding and unvested		58,000		71,000
Unrecognized stock-based compensation		$ 8,200
Weighted-average remaining service period		1 year 9 months 18 days
2023 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation, term of plan		10 years
Share based compensation granted under plan vested period		4 years
Number of shares of common stock available for issuance		8,713,017
2023 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants vest percentage		100.00%
Percentage of annual increase of outstanding shares of common stock		5.00%
2023 Employee Share Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares of common stock available for issuance		1,742,603
2023 Employee Share Purchase Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Per share of purchase price of offering period		85.00%
2023 And 2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation, term of plan	18 months
Incremental stock compensation expense	$ 4,200
Incremental compensation cost related to unvested stock options	2,400	$ 500
Incremental compensation cost related to vested stock options	$ 1,800
Stock options granted, exercise price					$ 0.72
2023 And 2020 Equity Incentive Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted, exercise price	$ 0.72

Segment Reporting - Schedule of Segment Loss Including Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Navacaprant (NMRA-140) program	$ (20,910)	$ (24,493)
M4 PAM programs	(2,973)	(2,882)
NMRA-511 program	(1,218)	(2,580)
Preclinical programs	(2,682)	(1,002)
Research and development personnel-related costs	(9,379)	(12,326)
General and administrative expense	(14,266)	(18,785)
Interest income	1,231	3,074
Interest expense	(1,854)
Other segment items	(1,407)	(8,998)
Net loss	$ (53,458)	$ (67,992)

Organization and Liquidity - Additional information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Organization and Liquidity [Line items]
Accumulated deficit	$ (1,237,607)	$ (1,184,149)
Cash and cash equivalents	147,072	$ 182,530	$ 126,860
Liquidity
Organization and Liquidity [Line items]
Accumulated deficit	1,237,600
Cash and cash equivalents	$ 147,100

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Liabilities

Accrued Liabilities

Accrued liabilities consisted of the following:


	March 31,		December 31,
	2026		2025
	(in thousands)
Accrued clinical trial and preclinical costs		15,730		13,577
Compensation and benefits		4,820		11,494
Research grant funding		2,324		2,379
Professional services		1,157		614
Other		736		724
Total accrued liabilities	$	24,767	$	28,788

Stockholders' Equity - Additional Information (Details) - shares	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2026
Class of Stock [Line Items]
Preferred stock, shares authorized		50,000,000
Preferred stock, issued		0
Preferred stock, outstanding		0
Shares reserved for potential future issuances		57,959,000
Common Stock \| BlackThorn Merger Agreement
Class of Stock [Line Items]
Shares issued upon achievement of milestone	6,072,445
Common Stock \| Service Conditions
Class of Stock [Line Items]
Vesting of restricted stock		57,529
Additional Shares of Capital Stock
Class of Stock [Line Items]
Shares reserved for potential future issuances		0

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Preferred Stock

The Company's board of directors has the authority to issue up to 50,000,000 shares of preferred stock in one or more series with rights, preferences and privileges to be determined. There were no shares of preferred stock issued and outstanding as of March 31, 2026.

Common Stock

Common stock outstanding in the condensed consolidated balance sheet and condensed consolidated statement of stockholders’ equity as of March 31, 2026 includes 57,529 shares of restricted stock that vest based on service conditions and are subject to the Company’s right of repurchase upon termination of services. Common stock reserved for future issuance consisted of the following:


	March 31, 2026
	(in thousands)
Shares reserved for options and restricted stock units issued under the equity plans		33,328
Shares reserved for future issuance under the equity plans		18,642
Shares reserved for future issuance under the employee stock purchase plan		5,989
Total		57,959

In addition, the Company may be required to issue additional shares of its capital stock if certain milestone conditions are met pursuant to the contingent consideration associated with the Company’s acquisitions of assets (see Note 6). In December 2023, 6,072,445 shares of common stock were issued related to BlackThorn Merger Agreement upon achievement of the Phase 3 navacaprant dosing milestone that was met in October 2023. As of March 31, 2026, no shares have been reserved for potential future issuances as no other BlackThorn Milestones have been achieved.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 7,405	$ 9,324
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	2,544	3,748
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 4,861	$ 5,576

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Strategic License and Research and Collaboration Agreements

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Strategic License and Research and Collaboration Agreements

8. Strategic License and Research and Collaboration Agreements

2015 TSRI License Agreement

In connection with the acquisition of BlackThorn (see Note 6), the Company gained certain exclusive rights to intellectual property related to Kappa Opioid Receptor and V1aR Receptor Antagonist programs as well as an oxytocin receptors positive allosteric modulator program (collectively, the “TSRI Programs”) under a license agreement between BlackThorn and TSRI originally entered into in November 2015 (as amended, the “2015 TSRI License Agreement”). The technology licensed under the 2015 TSRI License Agreement is used in the Company’s navacaprant and NMRA-511 research and development programs.

Pursuant to the 2015 TSRI License Agreement, the Company is obligated, among other things, to pay TSRI (i) a nominal annual license fee due and payable on the first day of each calendar year and after the fourth anniversary creditable against any royalties due for such calendar year, (ii) development and regulatory milestone payments of up to $1.5 million in aggregate for the first product from each TSRI Program, which are contingent upon achieving specific development and regulatory milestone events, (iii) commercial milestone payments of up to $3.5 million in aggregate for each occurrence, which are contingent upon achieving specified commercialization milestone events, (iv) tiered low-single digit royalties on future net sales of each royalty-bearing product and (v) a percentage in the mid-single digits of any sublicensing revenues the Company receives. In 2023, the Phase 3 navacaprant dosing milestone was met and the Company paid $0.3 million to TSRI, which was recognized in acquired in-process research and developed expenses in 2023. None of the other milestones have been achieved and no royalties were due under the 2015 TSRI License Agreement as of March 31, 2026.

Parkinson’s Research Ventures Funding Agreement

In March 2024, the Company entered into a research funding agreement with Parkinson’s Research Ventures Limited (“PRV”), pursuant to which PRV agreed to provide the Company funding up to a total of $2.6 million in two tranches to carry out preclinical research and development activities related to the Company’s NLPR3 program.

The first tranche was due upon execution of the agreement and was received in March 2024, for $1.1 million. The Company notified PRV of a successful drug candidate nomination, the trigger for the second tranche of funding, in December 2024 and received payment of $1.5 million in January 2025.

The Company concluded the funding arrangement was an obligation to perform services and the funding received is recognized as a contra-R&D expense as project costs are incurred. The Company incurred costs of $0.1 million and $0.2 million during the three months ended March 31, 2026 and 2025, respectively. $0.1 million of funding received net of costs incurred is reflected as deferred funding within the condensed consolidated balance sheet.

Upon achievement of certain development, regulatory or commercial trigger events, the Company agreed to pay PRV in aggregate an amount equal to no more than four times the funding provided by PRV, i.e., a maximum repayment amount of up to £8.4 million. The

trigger event payments meet the derivative scope exception under ASC 815 Derivatives and Hedging, and therefore do not need to be bifurcated and separately accounted for.

The Michael J. Fox Foundation for Parkinson’s Research Funding Agreements

The Company has entered into two research funding agreements with The Michael J. Fox Foundation for Parkinson's Research ("MJFF") to support preclinical research and development activities across its Parkinson's disease pipeline.

CK1d Program Agreement

In December 2024, the Company entered into a funding agreement pursuant to which MJFF agreed to provide funding to support the Company's CK1d program for the treatment of Parkinson's disease. The funding is payable in four equal tranches of $0.4 million each, for total funding of $1.7 million. As of March 31, 2026, $1.3 million in funding has been received with the final payment expected in August 2026. Upon achievement of certain development, regulatory, or commercial milestone events, the Company is obligated to make payments to MJFF in an aggregate amount not to exceed two times the total funding provided, representing a maximum repayment obligation of $3.3 million.

GCase Program Agreement

In October 2025, the Company entered into a funding agreement pursuant to which MJFF agreed to provide up to $3.3 million in funding, payable in two tranches, to support the Company's GCase program for the treatment of Parkinson's disease. The first tranche of $1.7 million was received in November 2025, with the second tranche of $1.6 million expected to be received in May 2026. Upon achievement of certain development, regulatory, or commercial milestone events, the Company is obligated to make payments to MJFF in an aggregate amount not to exceed two times the total funding provided, representing a maximum repayment obligation of $6.6 million.

The Company evaluated the nature of both funding arrangements and concluded that each represents an obligation to perform services rather than a contribution or loan. Accordingly, funding received under each agreement is deferred until project costs are incurred, at which point it is recognized as a reduction of research and development expense. During the three months ended March 31, 2026, the Company incurred costs of $0.4 million across the two programs. $2.2 million of aggregate funding received, net of costs incurred, is reflected as deferred funding within the condensed consolidated balance sheet.

The Company assessed whether the contingent payment obligations under both agreements represent embedded derivatives requiring bifurcation under ASC 815, Derivatives and Hedging. The Company concluded that the obligations under each agreement qualify for the derivative scope exception under ASC 815 and therefore are not required to be bifurcated and accounted for separately.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Central Index Key	0001885522
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2026
Entity Registrant Name	NEUMORA THERAPEUTICS, INC.
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Securities Act File Number	001-41802
Entity Tax Identification Number	84-4367680
Entity Address, Address Line One	260 Arsenal Place,
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	857
Local Phone Number	760-0900
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	NMRA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		185,284,244

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

11. Segment Reporting

Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business in one operating segment related to the development of clinical and preclinical neuroscience programs that target novel mechanisms of action for a broad range of underserved neuropsychiatric disorders and neurodegenerative diseases. The Company’s Chief Executive Officer (CEO) serves as the CODM.

The CEO manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, cash forecasting, allocating resources and setting incentive targets. The CEO bases this assessment on the Company’s consolidated net loss. Through this analysis, the CEO assesses performance by comparing budget to actual results, and then decides how to allocate resources to invest in the Company’s research and development programs. The measure of segment assets is reported on the consolidated balance sheets as total assets.

The table below is a summary of the segment loss, including significant segment expenses:


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Program expenses
Navacaprant (NMRA-140) program	$	(20,910	)	$	(24,493	)
M4 PAM programs		(2,973	)		(2,882	)
NMRA-511 program		(1,218	)		(2,580	)
Preclinical programs		(2,682	)		(1,002	)
Research and development personnel-related costs		(9,379	)		(12,326	)
General and administrative expense		(14,266	)		(18,785	)
Interest income		1,231			3,074
Interest expense		(1,854	)		—
Other segment items(1)		(1,407	)		(8,998	)
Net loss	$	(53,458	)	$	(67,992	)

(1) Includes other research and development costs, provision for income taxes, and other income (expense).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Summary of Outstanding Debt

Outstanding debt consisted of the following:


	March 31, 2026
	(in thousands)
Gross proceeds	$	60,000
Conversion of term loan principal to common stock		(6,000	)
Unamortized debt issuance costs		(1,660	)
Accreted final payment fee		623
Total debt, long-term	$	52,963

Summary of Components of Interest Expense

The following table provides the components of interest expense (in thousands):


	Three Months Ended March 31, 2026
	(in thousands)
Cash interest expense	$	1,436
Accretion of final payment fee	287
Amortization of debt issuance costs	131
Total interest expense related to debt	$	1,854

Summary of Future Principal Payments

Future principal payments, which include the final payment fee of $4.2 million, in connection with the Loan Agreement as of March 31, 2026 are as follows:


	March 31, 2026
	(in thousands)
Year ended December 31, 2026	$	—
Year ended December 31, 2027		—
Year ended December 31, 2028		30,764
Year ended December 31, 2029		27,406
Total principal payments including final fee	$	58,170

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Beginning balance, Outstanding Stock Options	23,443
Granted, outstanding stock options	10,038
Canceled and forfeited, Outstanding Stock Options	(175)
Expired, Outstanding Stock Options	(860)
Ending balance, Outstanding Stock Options	32,446
Exercisable, Outstanding Stock Options	10,461
Weighted-Average Exercise Price Per Share, Outstanding, beginning of period	$ 4.82
Weighted-Average Exercise Price Per Share, Granted	2.36
Weighted-Average Exercise Price Per Share, Canceled and forfeited	3.36
Weighted-Average Exercise Price Per Share, Expired	6.89
Weighted-Average Exercise Price Per Share, Outstanding, end of period	4.01
Weighted-Average Exercise Price Per Share, Exercisable	$ 6.21
Weighted-Average Remaining Contractual Term, Outstanding (Years)		8 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Vested	8 years 7 months 6 days
Weighted-Average Remaining Contractual Term, Exercisable	7 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding			$ 2,710
Aggregate Intrinsic Value, Vested	$ 4,701
Aggregate Intrinsic Value, Exercisable	$ 777

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CEO manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, cash forecasting, allocating resources and setting incentive targets. The CEO bases this assessment on the Company’s consolidated net loss. Through this analysis, the CEO assesses performance by comparing budget to actual results, and then decides how to allocate resources to invest in the Company’s research and development programs. The measure of segment assets is reported on the consolidated balance sheets as total assets.

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

12. Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2026			2025
	(in thousands, except per share amounts)
Numerator:
Net loss	$	(53,458	)	$	(67,992	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		179,872			161,451
Net loss per share, basic and diluted	$	(0.30	)	$	(0.42	)

The following outstanding potentially dilutive common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:


	March 31,
	2026		2025
	(in thousands)
Common stock options and restricted stock units		33,328		25,187
Early exercised stock options subject to future vesting		—		26
Unvested restricted stock awards		58		111
Employee stock purchase plan		161		272
Term loan conversion election		5,605		—
Total		39,152		25,596

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2026 $ / shares
Fair Value Disclosures [Abstract]
Net asset value per share	$ 1

- Definition

Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.

+ References + Details

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

4. Debt

Term Loan

On May 9, 2025, the Company entered into a loan and security agreement (as amended, the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) providing up to $125.0 million in term loans (collectively, the “Term Loan”) across four tranches, subject to certain conditions. As of March 31, 2026, total gross proceeds of $60.0 million had been drawn under the Loan Agreement. For a full description of the facility's terms, amendments, and accounting treatment, see Note 5 in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The Term Loan matures on May 1, 2029. The Company is obligated to make interest-only payments for the first 36 months (or 48 months if the second tranche is funded), followed by interest and principal payments for the remaining 12 months. The Term Loan bears a variable interest rate equal to the greater of (i) 10.45% or (ii) the prime rate as quoted in The Wall Street Journal plus 2.95%.

The Company's minimum liquidity covenant under the Loan Agreement becomes effective July 1, 2026. The applicable minimum liquidity requirement will depend on the Company’s achievement of specified operational milestones and/or its market capitalization and will be equal to (i) 50% of the outstanding obligations under the Loan Agreement, (ii) 105% of the outstanding obligations under the Loan Agreement, or (iii) waived in full (i.e., zero).

The Company may prepay, at its option, all, but not less than all, of the Term Loan then outstanding plus the accrued and unpaid interest on the portion of principal so repaid, subject to a prepayment premium and end of term fee. Prior to full repayment of the Term Loan, K2HV may elect to convert up to $10.0 million of outstanding principal into shares of the Company’s common stock at a conversion price equal to the lesser of $0.8774 per share and the lowest effective price per share of the Company’s next equity financing. Pursuant to the amended Loan Agreement, K2HV was granted the option to convert an additional $2.5 million of outstanding principal into shares of the Company’s common stock at a conversion price equal to the lesser of $2.3906 per share and the lowest effective price per share in the Company’s next equity financing. No prepayment penalty applies to any principal amount converted into common stock.

In 2025, K2HV converted a total of $3.95 million of outstanding principal under the Term Loan into common stock of the Company at a conversion price of $0.8774, resulting in the issuance of 4,501,936 shares of common stock to K2HV. In February 2026, K2HV delivered a conversion notice pursuant to which $2.05 million of outstanding principal under the Term Loan was converted into common stock of the Company at a conversion price of $0.8774, resulting in the issuance of 2,336,448 shares of common stock to K2HV.

The Company's obligations under the Loan Agreement are secured by a security interest in substantially all of its assets, other than certain intellectual property assets, and the Loan Agreement includes customary affirmative and negative covenants and standard events of default, including a material adverse event default. K2HV also retains the right to invest up to $5.0 million in future offerings of the Company's capital stock, subject to certain conditions.

As of March 31, 2026, the carrying value of the Term Loan approximates fair value.

Outstanding debt consisted of the following:


	March 31, 2026
	(in thousands)
Gross proceeds	$	60,000
Conversion of term loan principal to common stock		(6,000	)
Unamortized debt issuance costs		(1,660	)
Accreted final payment fee		623
Total debt, long-term	$	52,963

The following table provides the components of interest expense (in thousands):


	Three Months Ended March 31, 2026
	(in thousands)
Cash interest expense	$	1,436
Accretion of final payment fee	287
Amortization of debt issuance costs	131
Total interest expense related to debt	$	1,854

The effective interest rate for the Term Loan for the three months ended March 31, 2026 was 13.7%.

Future principal payments, which include the final payment fee of $4.2 million, in connection with the Loan Agreement as of March 31, 2026 are as follows:


	March 31, 2026
	(in thousands)
Year ended December 31, 2026	$	—
Year ended December 31, 2027		—
Year ended December 31, 2028		30,764
Year ended December 31, 2029		27,406
Total principal payments including final fee	$	58,170

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 147,072	$ 182,530
Prepaid expenses and other current assets	6,362	8,007
Total current assets	153,434	190,537
Property and equipment, net	32	40
Operating lease right-of-use assets	358	417
Other assets	53	53
Total assets	153,877	191,047
Current liabilities:
Accounts payable	5,057	3,379
Accrued liabilities	24,767	28,788
Operating lease liabilities, current portion	291	284
Total current liabilities	30,115	32,451
Long term debt, net	52,963	54,532
Operating lease liabilities, noncurrent	119	193
Total liabilities	83,197	87,176
Commitments and contingencies
Stockholders' equity:
Common stock	18	17
Additional paid-in capital	1,308,269	1,288,003
Accumulated deficit	(1,237,607)	(1,184,149)
Total stockholders' equity	70,680	103,871
Total liabilities and stockholders' equity	$ 153,877	$ 191,047

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Beginning at Dec. 31, 2024	$ 287,064	$ 16	$ 1,234,207	$ 62	$ (947,221)
Balance at Beginning (in Shares) at Dec. 31, 2024		161,710
Forfeiture of unvested restricted common stock, shares		(231)
Vesting of restricted stock units, shares		269
Vesting of common stock subject to repurchase	33		33
Unrealized loss on marketable debt securities	(65)			(65)
Stock-based compensation	9,324		9,324
Net loss	(67,992)				(67,992)
Balance at Ending at Mar. 31, 2025	228,364	$ 16	1,243,564	$ (3)	(1,015,213)
Balance at Ending (in Shares) at Mar. 31, 2025		161,748
Balance at Beginning at Dec. 31, 2025	103,871	$ 17	1,288,003		(1,184,149)
Balance at Beginning (in Shares) at Dec. 31, 2025		174,260
Vesting of restricted stock units, shares		218
Issuance of common stock through at-the-market transactions net of offering costs, shares		5,343
Issuance of common stock through at-the-market transactions net of offering costs	10,875	$ 1	10,874
Unrealized loss on marketable debt securities	0
Issuance of common stock upon conversion of convertible debt, shares		2,336
Issuance of common stock upon conversion of convertible debt	1,987		1,987
Stock-based compensation	7,405		7,405
Net loss	(53,458)				(53,458)
Balance at Ending at Mar. 31, 2026	$ 70,680	$ 18	$ 1,308,269		$ (1,237,607)
Balance at Ending (in Shares) at Mar. 31, 2026		182,157

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

. Commitments and Contingencies

Indemnification

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware law. The Company currently has directors’ and officers’ insurance.

Other Commitments

The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. Such contracts are generally terminable with advanced written notice and payment for any products or services received by the Company through the effective time of termination and any non-cancelable and non-refundable obligations incurred by the vendor at the effective time of the termination. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination.

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Accrued Liabilities

Accrued liabilities consisted of the following:


	March 31,		December 31,
	2026		2025
	(in thousands)
Accrued clinical trial and preclinical costs		15,730		13,577
Compensation and benefits		4,820		11,494
Research grant funding		2,324		2,379
Professional services		1,157		614
Other		736		724
Total accrued liabilities	$	24,767	$	28,788

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	75,005	$	—	$	—	$	75,005
Total assets measured at fair value	$	75,005	$	—	$	—	$	75,005


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	74,364	$	—	$	—	$	74,364
Total assets measured at fair value	$	74,364	$	—	$	—	$	74,364

Strategic License and Research and Collaboration Agreements - Additional Information (Details) £ in Millions		1 Months Ended								3 Months Ended
	Mar. 31, 2026 USD ($)	May 31, 2026 USD ($)	Nov. 30, 2025 USD ($)	Oct. 31, 2025 USD ($)	Jan. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Nov. 30, 2015 USD ($)	Mar. 31, 2026 GBP (£)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses											$ 38,598,000	$ 52,151,000
Fund received upon completion of certain development milestone					$ 1,500,000
2015 TSRI License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestones achieved	$ 0										0
Milestone Payments								$ 300,000
Accrued Royalties	0										0
2015 TSRI License Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development and regulatory milestone payments									$ 1,500,000
Commercial milestone payments									$ 3,500,000
GCase Program Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses											400,000
Deferred funding													$ 2,200,000
Payments for execution of agreement			$ 1,700,000
Maximum Repayment Obligation				$ 6,600,000
GCase Program Agreement \| Forecast
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for execution of agreement		$ 1,600,000
GCase Program Agreement \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Funds provided for preclinical research and development activities				$ 3,300,000
Parkinson's Research Ventures Funding Agreements
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses											100,000	$ 200,000
Deferred funding	100,000										100,000
Funds provided for preclinical research and development activities in tranches						$ 400,000
Funds provided for preclinical research and development activities						1,700,000
Payments for execution of agreement	$ 1,300,000						$ 1,100,000
Maximum Repayment Obligation						$ 3,300,000
Maximum repayment amount agreed to pay. \| £										£ 8.4
Parkinson's Research Ventures Funding Agreements \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Funds provided for preclinical research and development activities											$ 2,600,000

Debt - Summary of Components of Interest Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
Cash interest expense	$ 1,436
Accretion of final payment fee	287
Amortization of debt issuance costs	131
Total interest expense related to debt	$ 1,854

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable, accrued liabilities and the current portion of operating lease liabilities approximate fair value due to the short-term nature of those instruments.

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	75,005	$	—	$	—	$	75,005
Total assets measured at fair value	$	75,005	$	—	$	—	$	75,005


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	74,364	$	—	$	—	$	74,364
Total assets measured at fair value	$	74,364	$	—	$	—	$	74,364

Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (53,458)	$ (67,992)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (53,458)	$ (67,992)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	7,405	9,324
Non-cash operating lease expense	59	877
Depreciation and amortization	8	157
Net accretion of investments in marketable securities	0	(1,289)
Gain on disposal of property and equipment	(71)	0
Amortization of debt issuance costs and accretion of final payment fee	418	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,644	966
Accounts payable	1,678	(2,255)
Accrued liabilities	(4,020)	1,679
Operating lease liabilities	(67)	(915)
Net cash used in operating activities	(46,404)	(59,448)
Investing activities:
Purchases of marketable securities	0	(44,385)
Proceeds from maturities of marketable securities	0	88,545
Proceeds from sale of property and equipment	71	0
Net cash provided by investing activities	71	44,160
Proceeds from issuance of common stock in at-the-market transactions, net of commission and offering costs	10,875	0
Financing activities:
Net cash provided by financing activities	10,875	0
Net change in cash and cash equivalents and restricted cash	(35,458)	(15,288)
Cash and cash equivalents and restricted cash at beginning of year	182,530	143,361
Cash and cash equivalents and restricted cash at end of period	147,072	128,073
Components of cash and restricted cash:
Cash and cash equivalents	147,072	126,860
Restricted Cash	0	1,213
Total cash and cash equivalents and restricted cash	147,072	128,073
Supplemental disclosure of cash flow information:
Cash paid for interest	1,458	0
Cash paid for income taxes	30	0
Supplemental disclosure of noncash investing and financing activities:
Principal amount of debt extinguished upon conversion to common stock	2,050	0
Debt issuance costs reclassified to equity in connection with conversion	$ 63	$ 0

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 38,598	$ 52,151
General and administrative	14,266	18,785
Total operating expenses	52,864	70,936
Loss from operations	(52,864)	(70,936)
Other income (expense):
Interest income	1,231	3,074
Interest expense	(1,854)	0
Other income (expense), net	59	(25)
Total other income (expense)	(564)	3,049
Net loss before income taxes	(53,428)	(67,887)
Provision for income taxes	30	105
Net loss	(53,458)	(67,992)
Other comprehensive loss:
Unrealized loss on marketable debt securities	0	(65)
Comprehensive loss	$ (53,458)	$ (68,057)
Net loss per share, basic	$ (0.3)	$ (0.42)
Net loss per share, diluted	$ (0.3)	$ (0.42)
Weighted-average shares outstanding, basic	179,872	161,451
Weighted-average shares outstanding, diluted	179,872	161,451

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2026			2025
	(in thousands, except per share amounts)
Numerator:
Net loss	$	(53,458	)	$	(67,992	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		179,872			161,451
Net loss per share, basic and diluted	$	(0.30	)	$	(0.42	)

Summary of Outstanding Potentially Dilutive Common Stock Equivalents were Excluded from Computation of Diluted Net Loss Per Share


	March 31,
	2026		2025
	(in thousands)
Common stock options and restricted stock units		33,328		25,187
Early exercised stock options subject to future vesting		—		26
Unvested restricted stock awards		58		111
Employee stock purchase plan		161		272
Term loan conversion election		5,605		—
Total		39,152		25,596

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

Stock Option Activity


	Outstanding Stock Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands, except per share amounts and years)
Outstanding as of December 31, 2025		23,443		$	4.82		8.2	$	2,710
Granted		10,038			2.36
Exercised		—			—
Canceled and forfeited		(175	)		3.36
Expired		(860	)		6.89
Outstanding as of March 31, 2026		32,446		$	4.01		8.6	$	4,701
Exercisable as of March 31, 2026		10,461		$	6.21		7.2	$	777

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:


	Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value Per Share		Shares of Restricted Stock Units			Weighted- Average Grant Date Fair Value Per Share
	(in thousands, except per share amounts)
Outstanding and unvested as of December 31, 2025		71		$	14.67		662		$	18.07
Granted		—		$	—		—		$	—
Vested		(13	)	$	14.67		(218	)	$	18.07
Forfeited and expired		—		$	—		—		$	—
Cancelled		—		$	—		(9	)	$	18.07
Outstanding and unvested as of March 31, 2026		58		$	14.67		435		$	18.07

Summary of Stock-Based Compensation Expense Recognized

The following table summarizes total stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Research and development	$	2,544	$	3,748
General and administrative		4,861		5,576
Total stock-based compensation	$	7,405	$	9,324

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Equity Plans

2023 Equity Incentive Plan

In September 2023, the Company adopted the 2023 Equity Incentive Plan (“2023 Plan”). The 2023 Plan provides for the grant of stock options, restricted stock awards, restricted stock unit awards, and other stock-based awards to employees, directors, and non-employee service providers of the Company. The 2023 Plan replaced the Company’s 2020 Equity Incentive Plan (“2020 Plan”). The Company no longer grants stock options or other awards under its 2020 Plan, but any stock options outstanding under the 2020 Plan remain outstanding and effective in accordance with their terms. Awards granted under the 2023 Plan expire no later than ten years from the date of grant. The price of stock options shall not be less than 100% of the estimated fair value on the date of grant and typically vest over a four-year period although may be granted with different vesting terms.

The 2023 Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 5% of the Company’s outstanding shares of common stock as of the last day of the prior year. On January 1, 2026, the number of shares of common stock available for issuance under the 2023 Plan increased by 8,713,017 shares as a result of the automatic increase provision of the 2023 Plan.

2023 Employee Share Purchase Plan

In September 2023, the Company adopted the 2023 Employee Share Purchase Plan (“ESPP”). The Company may hold one or more offering periods each year during which employees will be able to purchase shares under the ESPP through payroll deductions made over the term of the offering. The per-share purchase price at the end of each offering period is equal to the lesser of 85% of the closing price of the Company's common stock at the beginning or end of the offering period. On January 1, 2026, the number of shares of common stock available for issuance under the ESPP increased by 1,742,603 shares as a result of the automatic increase provision of the ESPP. No shares were issued under the ESPP during the three months ended March 31, 2026.

Stock Option Activity


	Outstanding Stock Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands, except per share amounts and years)
Outstanding as of December 31, 2025		23,443		$	4.82		8.2	$	2,710
Granted		10,038			2.36
Exercised		—			—
Canceled and forfeited		(175	)		3.36
Expired		(860	)		6.89
Outstanding as of March 31, 2026		32,446		$	4.01		8.6	$	4,701
Exercisable as of March 31, 2026		10,461		$	6.21		7.2	$	777

The stock option activity table above excludes options to purchase 446,068 shares of common stock that were originally granted with market conditions to one of the Company’s executives.

Option Repricing

On February 13, 2025 (the “Effective Date”), the Company’s Board of Directors approved an option repricing (the “Repricing”) of the outstanding stock options held by members of the Board, certain employees and other service providers, including the Company’s named executive officers, subject to shareholder approval, which was obtained at the Annual Meeting of Stockholders on May 28,

2025 (the “Modification Date”). Under the Repricing, the exercise price of each outstanding stock option under the Company’s 2023 Plan and 2020 Plan with an exercise price per share greater than $0.72 (the closing trading price of a share of the Company’s common stock on the Nasdaq Stock Market on May 28, 2025) held by those individuals eligible for the Repricing was repriced to $0.72 per share.

Under the terms of the Repricing, a repriced option will revert to its original exercise price if certain events occur prior to the 18 month anniversary of the effective date.

The Repricing resulted in $4.2 million of incremental stock compensation expense, which was calculated using the Black-Scholes option-pricing model. $2.4 million of the incremental compensation cost related to unvested stock options as of the Modification Date, will be recognized on a straight line basis over the remaining requisite service period of the respective option, and $1.8 million of incremental compensation cost related to vested stock options will be recognized on a straight line basis over the remaining vesting period of the repriced options. Of the incremental compensation cost, $0.5 million was recognized in the three months ended March 31, 2026.

Restricted Stock Activity

The Company’s Plans allow for the grant of restricted common stock and restricted stock units to certain employees, executives, non-employee scientific advisors, and third-party service providers. The restrictions lapse over time primarily according to service-based vesting conditions of each award. In the event of a voluntary or involuntary termination of the holder’s continuous provision of services to the Company, any unvested portion of the restricted stock award is automatically forfeited.

The following table summarizes the Company’s restricted stock activity:


	Shares of Restricted Common Stock			Weighted- Average Grant Date Fair Value Per Share		Shares of Restricted Stock Units			Weighted- Average Grant Date Fair Value Per Share
	(in thousands, except per share amounts)
Outstanding and unvested as of December 31, 2025		71		$	14.67		662		$	18.07
Granted		—		$	—		—		$	—
Vested		(13	)	$	14.67		(218	)	$	18.07
Forfeited and expired		—		$	—		—		$	—
Cancelled		—		$	—		(9	)	$	18.07
Outstanding and unvested as of March 31, 2026		58		$	14.67		435		$	18.07

Stock-Based Compensation

The following table summarizes total stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Research and development	$	2,544	$	3,748
General and administrative		4,861		5,576
Total stock-based compensation	$	7,405	$	9,324

As of March 31, 2026, there was $38.0 million and $8.2 million of unrecognized stock-based compensation related to stock options and restricted stock outstanding, respectively, including stock options and restricted common stock for which achievement of milestones was not probable, which were expected to be recognized over a weighted-average remaining service period of 2.4 years and 1.8 years, respectively.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Loss Including Significant Segment Expenses

The table below is a summary of the segment loss, including significant segment expenses:


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Program expenses
Navacaprant (NMRA-140) program	$	(20,910	)	$	(24,493	)
M4 PAM programs		(2,973	)		(2,882	)
NMRA-511 program		(1,218	)		(2,580	)
Preclinical programs		(2,682	)		(1,002	)
Research and development personnel-related costs		(9,379	)		(12,326	)
General and administrative expense		(14,266	)		(18,785	)
Interest income		1,231			3,074
Interest expense		(1,854	)		—
Other segment items(1)		(1,407	)		(8,998	)
Net loss	$	(53,458	)	$	(67,992	)

(1) Includes other research and development costs, provision for income taxes, and other income (expense).

Condensed Consolidated Statements Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Common Stock
Issuance / Offering costs	$ 0.2

Debt - Summary of Outstanding Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Disclosure [Abstract]
Gross proceeds	$ 60,000
Conversion of term loan principal to common stock	(6,000)
Unamortized debt issuance costs	(1,660)
Accreted final payment fee	623
Total debt, long-term	$ 52,963

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of March 31, 2026, condensed consolidated statements of operations and comprehensive loss, statement of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and related notes to condensed consolidated financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for the fair statement of the Company’s consolidated financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2026.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. These estimates form the basis for judgments the Company makes about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company bases its estimates and judgments on historical experience and on various other assumptions that the Company believes are reasonable under the circumstances. These estimates are based on management’s knowledge about current events and expectations about actions the Company may undertake in the future. These judgments, estimates and assumptions are used for, but not limited to, accrued research and development expenses, accounting for acquisitions of assets, fair value of certain assets and liabilities, stock-based compensation, the measurement of right-of-use assets and lease liabilities and related incremental borrowing rate, and uncertain tax positions and the valuation allowance for net deferred tax assets. Actual results may differ from the Company’s estimates.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to certain risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the Company's ability to successfully develop, manufacture, and market any approved products; the Company's ability to obtain regulatory approval from the U.S. Food and Drug Administration or foreign regulatory agencies prior to any commercial sales; new technological innovations; dependence on key personnel, protection of intellectual property; compliance with governmental regulations; uncertainty of market acceptance of any approved products; product liability; and the need to obtain additional financing.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments, including money market funds, with original maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposits and other accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company measures fair value by maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. Financial assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized in the fair value hierarchy based upon the lowest level of input that is significant to the fair value as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value of the instrument.
Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities	Research and Development Expenses and Related Prepaid Assets and Accrued Liabilities Research and development costs are expensed as incurred. Research and development expenses primarily consist of internal research and development expense, including personnel-related expenses (such as salaries, benefits and noncash stock-based compensation) and other expenses, including laboratory supplies and other non-capital equipment utilized for in-house research, research and consulting expenses, software development costs, license fees and allocated expenses, including facilities costs and depreciation and amortization; external research and development expenses incurred under arrangements with service providers conducting research and development services on its behalf, such as contract research organizations (“CROs”), preclinical testing organizations and contract manufacturing organizations (“CMOs”). Payments made prior to the receipt of goods or services to be used in research and development are capitalized, evaluated for current or long-term classification, and included in prepaid expenses and other current assets or other assets in the consolidated balance sheets based on when the goods are received or the services are expected to be received or consumed, and recognized in research and development expenses when they are realized. The Company is required to estimate expenses resulting from its obligations under contracts with service providers in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations which vary from contract to contract and may result in cash flows that do not match the periods over which materials or services are provided. The Company estimates and records accrued expenses for the related research and development activities based on the level of services performed but not yet invoiced pursuant to agreements established with its service providers, according to the progress of preclinical studies, clinical trials or related activities, and discussions with applicable personnel and service providers as to the progress or state of consummation of goods and services. During the course of a clinical trial, the rate of expense recognition is adjusted if actual results differ from the Company’s estimates. The Company estimates accrued expenses as of each balance sheet date in its consolidated financial statements based on the facts and circumstances known at that time. The clinical trial accrual is dependent in part upon the timely and accurate reporting of CROs, CMOs and other service providers. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its estimate may vary from the actual results. To date, the Company has not experienced material differences between its accrued expenses and actual expenses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board, or FASB, issued ASU 2024-04, Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment of convertible debt. The Company adopted this guidance prospectively in the quarter ended March 31, 2026. The adoption did not have a material impact on the Company’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which is intended to improve disclosures by requiring additional information about specific expense categories in the notes to the financial statements on an annual and interim basis. The standard will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The standard updates may be applied on either a prospective or retrospective basis. We are currently evaluating the disclosure requirements related to this new standard.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	71
Granted, Shares \| shares	0
Vested, Shares \| shares	(13)
Forfeited and expired, Shares \| shares	0
Cancelled, Shares \| shares	0
Outstanding and unvested, Shares at ending balance \| shares	58
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 14.67
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Forfeited and expired, Weighted Average Grant Date Fair Value Per Share \| $ / shares	14.67
Cancelled, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 14.67
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding and unvested, Shares at beginning balance \| shares	662
Granted, Shares \| shares	0
Vested, Shares \| shares	(218)
Forfeited and expired, Shares \| shares	0
Cancelled, Shares \| shares	(9)
Outstanding and unvested, Shares at ending balance \| shares	435
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at beginning balance \| $ / shares	$ 18.07
Granted, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Vested, Weighted Average Grant Date Fair Value Per Share \| $ / shares	18.07
Forfeited and expired, Weighted Average Grant Date Fair Value Per Share \| $ / shares	0
Cancelled, Weighted Average Grant Date Fair Value Per Share \| $ / shares	18.07
Outstanding and unvested, Weighted Average Grant Date Fair Value Per Share at ending balance \| $ / shares	$ 18.07