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Relmada Therapeutics
(NASDAQ:RLMD)
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Rating:55Neutral
Price Target:
$5.50
▲(6.18% Upside)
Action:Reiterated
Date:08/07/26
RLMD’s score is held back primarily by weak financial performance typical of a pre-revenue biotech (continued large losses and negative operating/free cash flow), despite the benefit of a debt-free balance sheet. Earnings-call updates provide meaningful support via strong Phase II NDV-01 data, a defined regulatory path, and a cash runway into 2029, but near-term progress depends on resolving manufacturing/CMC gating items and executing on the IND/Phase III timeline. Technicals are an additional headwind given below-key moving averages and negative MACD, while valuation signals are limited due to negative earnings and no dividend yield provided.
Positive Factors
Cash Runway / Liquidity
A materially strengthened cash position that management expects to fund operations through 2029 provides durable financial flexibility to finish pivotal activities. This liquidity reduces near‑term solvency risk, allows completion of Phase III planning and IND filings, and lowers immediate financing pressure.
Negative Factors
Pre‑revenue Cash Burn
Relmada remains a pre‑commercial biotech with substantial negative operating cash flow and net losses. Persistent burn without product revenues means ongoing reliance on cash reserves or future financings, creating structural dilution and budgeting risks if development timelines or costs extend beyond current plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Runway / Liquidity
A materially strengthened cash position that management expects to fund operations through 2029 provides durable financial flexibility to finish pivotal activities. This liquidity reduces near‑term solvency risk, allows completion of Phase III planning and IND filings, and lowers immediate financing pressure.
Read all positive factors
Relmada Therapeutics (RLMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$526.95M
Dividend YieldN/A
Average Volume (3M)2.33M
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue GrowthN/A
EPS Growth57.98%
CountryUS
Employees17
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.92
Shares Outstanding106,669,846
10 Day Avg. Volume1,903,216
30 Day Avg. Volume2,328,641
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)2.20
Price to Sales (P/S)0.00
P/FCF Ratio-4.16
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$14.33Price Target Upside176.71% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.83
Revenue Forecast (FY)N/A
Relmada Therapeutics Business Overview & Revenue Model
Company Description
Relmada Therapeutics, Inc. operates as a clinical-stage biotechnology company in the United States. The company focuses on the development of NDV-01, a controlled-release intravesical formulation of gemcitabine and docetaxel, which is in Phase 2 c...
How the Company Makes Money
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Relmada Therapeutics Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a constructive and execution-focused tone: Relmada reported a materially strengthened balance sheet (cash +134% YoY) with a cash runway into 2029, compelling 12-month Phase II efficacy and favorable safety for NDV-01, clear FDA-aligned registration pathways, an experienced new CBO, and engaged clinical sites. Key near-term risks center on manufacturing/CMC execution (GMP batch production and stability data), which shifted IND timing toward year-end 2026 and has increased R&D spend and operating cash use. On balance the company appears well-capitalized and positioned to advance registrational programs, but outcomes hinge on resolving manufacturing scale-up and timing.Positive Updates
Strong Cash Position and Runway
Cash, cash equivalents and short-term investments of $217.7M at 6/30/2026 vs $93.0M at 12/31/2025 (increase of ~134%), with management stating current resources are expected to fund operations through 2029, including completion of the Phase III RESCUE program for NDV-01.
Negative Updates
Manufacturing and CMC Are Primary Near-Term Gating Factors
Management emphasized that manufacturing scale-up to GMP standards for NDV-01 is demanding and is the final piece before IND filing; activities include GMP batch production and stability data. Reliance on external contract manufacturer (Piramal) and schedule availability were cited as reasons for the shift in timing.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Cash Position and Runway
Cash, cash equivalents and short-term investments of $217.7M at 6/30/2026 vs $93.0M at 12/31/2025 (increase of ~134%), with management stating current resources are expected to fund operations through 2029, including completion of the Phase III RESCUE program for NDV-01.
Read all positive updates
Company Guidance
Relmada reiterated guidance to file INDs for NDV‑01 and sepranolone by year‑end 2026 and to initiate the Phase III RESCUE program for NDV‑01 and a Phase II proof‑of‑concept study for sepranolone upon IND clearance; NDV‑01’s 12‑month Phase II results showed 95% of patients achieved a complete response at any time and 76% had a durable complete response at 12 months, the formulation and process are locked, analytics are complete, and GMP batch production plus stability data (manufacturing partner Piramal) are the remaining CMC gating items; the program has FDA alignment on two registration pathways, ~80 sites engaged (≈60 primary, 20 backup) and can begin dosing after IND clearance (30 days post‑filing), with an office‑based procedure of ~5 minutes; financial guidance and metrics included $217.7M cash, cash equivalents and short‑term investments (vs $93.0M at 12/31/2025) expected to fund operations through 2029 including Phase III, Q2 R&D expense $8.4M (vs $2.8M), G&A $6.6M (vs $7.4M), net cash used in operating activities $9.6M (vs $6.4M), and a Q2 net loss of $12.9M or $0.11 per share (vs $9.9M or $0.30), while market size references included >744,000 U.S. NMIBC patients and 350,000–400,000 people worldwide with PWS; the primary endpoint is response at any time (one re‑induction allowed).Relmada Therapeutics Financial Statement Overview
Summary
Income Statement
9
Very Negative
Balance Sheet
63
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -61.93M | -57.39M | -79.98M | 4.91M | -157.04M | -125.75M |
| Net Income | -61.93M | -57.39M | -79.98M | -98.79M | -157.04M | -125.75M |
Balance Sheet | ||||||
| Total Assets | 219.06M | 94.00M | 45.82M | 97.55M | 152.91M | 223.33M |
| Cash, Cash Equivalents and Short-Term Investments | 217.73M | 93.01M | 44.91M | 96.32M | 148.32M | 211.91M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 12.50M | 7.49M | 10.30M | 12.19M | 12.47M | 15.06M |
| Stockholders Equity | 206.56M | 86.51M | 35.52M | 85.36M | 140.44M | 208.26M |
Cash Flow | ||||||
| Free Cash Flow | -61.06M | -45.79M | -51.76M | -51.66M | -103.80M | -91.87M |
| Operating Cash Flow | -61.06M | -45.79M | -51.76M | -51.66M | -103.80M | -91.87M |
| Investing Cash Flow | -323.05M | -48.14M | 51.56M | 50.45M | 19.73M | -54.12M |
| Financing Cash Flow | 400.37M | 93.56M | -40.34K | -98.46K | 45.02M | 187.94M |
Relmada Therapeutics Technical Analysis
Negative
5.18
Price Trends
6.08
Negative
6.56
Negative
5.30
Negative
Market Momentum
-0.27
Negative
33.65
Neutral
51.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RLMD, the sentiment is Negative. The current price of 5.18 is below the 20-day moving average (MA) of 5.40, below the 50-day MA of 6.08, and below the 200-day MA of 5.30, indicating a bearish trend. The MACD of -0.27 indicates Negative momentum. The RSI at 33.65 is Neutral, neither overbought nor oversold. The STOCH value of 51.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RLMD.
Relmada Therapeutics Risk Analysis
Relmada Therapeutics disclosed 82 risk factors in its most recent earnings report. Relmada Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Relmada Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $526.95M | -4.93 | -47.52% | ― | ― | 57.98% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $390.26M | -4.56 | -118.24% | ― | 138.86% | 42.14% | |
45 Neutral | $129.00M | -1.23 | -155.40% | ― | -100.00% | 61.98% | |
45 Neutral | $19.30M | -0.52 | -208.23% | ― | ― | 55.37% |
* Healthcare Sector Average
RLMD
Relmada Therapeutics
4.54
3.98
706.39%
XBIT
XBiotech
2.28
-0.67
-22.71%
PRLD
Prelude Therapeutics
4.83
4.00
481.93%
SPRB
Spruce Biosciences
46.20
37.05
404.92%
HOWL
Werewolf Therapeutics
0.38
-0.80
-67.63%
Relmada Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesFinancial Disclosures
Relmada Highlights Q2 Results and NDV-01 Pipeline Progress
Positive
Aug 6, 2026
On August 6, 2026, Relmada Therapeutics reported second-quarter 2026 results and detailed progress on its late-stage oncology pipeline, highlighting NDV-01 and sepranolone as key value drivers. The company is advancing manufacturing and CMC work t...
Business Operations and StrategyExecutive/Board Changes
Relmada Therapeutics Appoints New Chief Business Officer
Positive
Jul 28, 2026
On July 28, 2026, Relmada Therapeutics appointed veteran biopharmaceutical executive Bipin Dalmia, PhD, MBA, as Chief Business Officer, reporting to CEO Sergio Traversa. Dalmia brings nearly 30 years of experience in corporate strategy, business d...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Relmada Therapeutics Increases Authorized Shares After Shareholder Vote
Neutral
May 28, 2026
Relmada Therapeutics, Inc. reported that on May 28, 2026, it filed a Certificate of Amendment in Nevada to raise its authorized common stock from 150 million to 200 million shares, following stockholder approval at its annual meeting held on May 2...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Relmada Highlights NDV-01 Phase 2 Data, Phase 3 Plans
Positive
May 12, 2026
On May 12, 2026, Relmada Therapeutics reported first-quarter 2026 results and a business update highlighted by strong 12-month Phase 2 data for NDV-01 in high-risk and BCG-unresponsive non-muscle invasive bladder cancer, showing complete response ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.