BUZZ-Neumora hits record low as depression drug fails in late-stage study

Updates

** Drug developer Neumora Therapeutics' NMRA.O shares fall 80% to $2.08, hitting lowest level since its Nasdaq debut

** Stock on track for biggest one-day percentage fall since debut if losses hold

** NMRA says its experimental depression drug, navacaprant, did not meet the main goal in a late-stage trial

** The drug did not reduce symptoms of depression as measured on a disease severity scale that tracks sadness, reduced sleep and pessimistic thoughts

** NMRA says the drug also did not improve anhedonia, a patients' inability to feel pleasure — a key secondary goal in the study

** Brokerage RBC Capital Markets says results "represent a worst-case scenario for the program"

** Brokerage Needham says data "reduces the likelihood" of the drug succeeding in two other late-stage studies

** NMRA plans to discuss updates on development of the drug at an industry conference later this month

** Co says its cash balance of $342 mln at the end of the Q3 will fund operations into mid-2026

** As of last close, stock down 34.8% since debut on Sep. 15, 2023

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))