Neumora Therapeutics ended its major depression program after two Phase 3 failures for navacaprant (a kappa opioid receptor antagonist), triggering a 35% workforce reduction. The biotech said the asset failed to meet primary or key secondary endpoints in the KOASTAL-2 and KOASTAL-3 studies, with no statistically significant improvement versus placebo at six weeks. Beyond the clinical readout, the company pointed to the operational consequences of the setback: staff reductions are expected in the second and third quarters, targeting an annualized cost savings of about $10 million. Analysts framed the stock drop as an overreaction to a high-risk event, shifting attention to the company’s earlier pipeline. The case adds to the pattern of late-stage attrition reshaping biotech cost structures and shifting capital toward remaining programs.