RLMD Stock — Relmada Therapeutics Inc.: Cash, EV, Pipeline

What they do

We substantially redesigned our development programs following a comprehensive strategic review in late 2024 and early 2025. We concluded in our review that the most promising path to create shareholder value was to lever our extensive drug development expertise and clinical operations capabilities by acquiring new development candidates, while terminating further work on esmethadone (d-methadone, dextromethadone or REL-1017).

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.90

Market cap

$416.0M

Cash

$217.7M

Enterprise value

$198.3M

Balance sheet

Cash	$217.7M
Debt	$0.0M
Net cash	$217.7M
Enterprise value	$198.3M
Basic shares	106.7M shares
Fully diluted shares	122.2M shares
Fully diluted market cap	$476.5M
Cash per share	$2.04
Quarterly burn	$9.6M
Cash runway	22.7 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

106.7M

Pre-funded warrants

0.0M

Options

14.9M

RSUs

0.0M

Warrants

0.6M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

122.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

NDV-01 · Dec 1-31 · guided in 24d

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDDec 1-31 in 24d	NDV-01 NDV-01 IND filing ahead of Phase 3 RESCUE registrational program	Phase 3	Not disclosed	by year-end 2026
GUIDEDDec 1-31 in 24d	sepranolone sepranolone IND filing ahead of Phase 2 proof-of-concept in Prader-Willi Syndrome	Phase 2	Prader-Willi Syndrome	by year-end 2026
Jan 12 - Feb 23 in 39 mo	NDV-01 (sustained-release gemcitabine-docetaxel)	Phase 3	Bladder (Urothelial, Transitional Cell) Cancer; Bladder (Urothelial, Transitional Cell) Cancer Superficial (Non-Invasi; Urothelial Carcinoma Bladder	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

NDV-01

Phase 2 · Active Modality: sustained-release intravesical formulation

Partnerships Trigone (exclusive license; worldwide rights excluding Israel, India and South Africa)

Indications

High-risk, 2nd-line BCG-unresponsive NMIBC (Phase 2)
Intermediate-risk NMIBC (adjuvant setting) (Phase 2)

Catalysts

— None

Status note Lead candidate. Phase 2 trial in Israel in patients with aggressive NMIBC; pursuing two indications with planned Phase 3 programs following FDA Type B pre-IND alignment.

sepranolone

Phase 2 · Active Modality: neurosteroid

Partnerships Asarina Pharma AB (acquired February 2025 for EUR 3.0 million)

Indications

Prader-Willi syndrome (Phase 2)
Tourette syndrome (Phase 2)
Essential tremor (Phase 2)

Catalysts

— None

Status note Phase 2b-ready; acquired from Asarina.

esmethadone

Phase 3 · Terminated

Aliases d-methadone, dextromethadone, REL-1017

Indications

Psychiatric indications (Phase 3)

Status note Program terminated effective July 7, 2025 following an interim analysis of the Phase 3 study; license with Dr. Charles E. Inturrisi and Dr. Paolo Manfredi terminated with obligations ceasing October 5, 2025.

psilocybin program

Stage not disclosed · Terminated Modality: modified-release formulation

Aliases REL-P11

Indications

Metabolic disease (Stage not disclosed)

Status note Modified-release formulation of psilocybin for metabolic indications; program terminated effective May 12, 2025 and license with Arbormentis LLC terminated with obligations ceasing August 10, 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	NDV-01 (sustained-release gemcitabine-docetaxel)
Lead indication	Bladder (Urothelial, Transitional Cell) Cancer
Lead phase	Phase 3
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07464145	Phase 3	Not yet recruiting	Sponsor	RLMD	—	Bladder (Urothelial, Transitional Cell) Cancer; Bladder (Urothelial, Transitional Cell) Cancer Superficial (Non-Invasi; Urothelial Carcinoma Bladder	by year-end 2026
NCT06663137	Phase 2	Recruiting	Sponsor	RLMD	—	Non Muscle Invasive Bladder Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Relmada Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	3,631,195	-1,084,669	0.48%	2026-08-14
Ikarian Capital	2,148,359	-540,000	2.43%	2026-08-14
Great Point Partners	842,106	no change	1.37%	2026-08-14
Boxer Capital	842,106	no change	0.44%	2026-08-14
ADAR1 Capital Management	451,918	no change	0.15%	2026-08-14
RA Capital Management	0	-2,947,369	0.00%	2026-08-14
Ally Bridge Group	0	-210,525	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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RLMD — Relmada Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

RLMD — Relmada Therapeutics Inc.