MeritValue

Neumora Therapeutics, Inc.

NMRAdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Neumora Therapeutics, Inc. earns about -178% on invested capital, but has diluted owners by 501% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$130.9M1−$235.9M1−$243.8M2−$236.9M2
Operating cash flow−$114.9M3−$163.3M3−$182.9M4−$206.4M4
Capital expenditure$511,0005$117,0005——
Free cash flow (derived)−$115.4M3−$163.4M3——
Total debt———$169.1M6
Cash & equivalents$240.9M7$374M7$142.1M8$182.5M8
Diluted shares27.2M65.0M159.4M163.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$6.36
your share of equity
Profit it earned you last year
−$14.5
Free cash flow it threw off
—
Debt you’d be carrying
$10.35

10 shares is a claim on $6.36 of net worth that earned you −$14.5 last year, against $10.35 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-178% avg · 4y
FY22 —FY23 -196%FY24 -133%FY25 -205%

It earned an average -178% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+501% shares · 4y

Share count is up 501% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0000950170-25-030401 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-130388 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-25-030401 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-130388 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030401 (PaymentsToAcquirePropertyPlantAndEquipment)
  6. 10-K · period ending 2025-12-31 · accession 0001193125-26-130388 (LongTermDebtNoncurrent)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-25-030401 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-130388 (CashAndCashEquivalentsAtCarryingValue)