Relmada Therapeutics Reports Decreased Net Loss and Strategic Pipeline Changes in Latest 10-Q

Relmada Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of approximately $27.4 million for the six months ended June 30, 2025, a decrease from a net loss of $39.6 million during the same period in 2024. The loss per share for the current period was $0.86, compared to $1.31 in the prior year. Total operating expenses for the first half of 2025 were approximately $28.4 million, down from $41.8 million in the previous year, reflecting a strategic shift in operations and reduced research and development costs.

The company’s cash and cash equivalents decreased to $1.4 million as of June 30, 2025, from $3.9 million at the end of 2024. Short-term investments also saw a decline, falling to $19.3 million from $41.1 million. Current liabilities decreased significantly to $5.1 million from $10.3 million, primarily due to reduced accounts payable and accrued expenses. The total stockholders' equity dropped to $15.9 million from $35.5 million, largely attributed to the accumulated deficit, which now stands at approximately $668.3 million.

Strategically, Relmada has made notable changes to its development pipeline. The company terminated its esmethadone program effective July 7, 2025, and also ended its development of a psilocybin formulation (REL-P11) in May 2025. In contrast, Relmada has focused on acquiring new candidates, including the in-licensing of NDV-01, a novel chemotherapy formulation for non-muscle invasive bladder cancer, and the acquisition of Sepranolone, a neurosteroid for various neurological conditions. These strategic moves are aimed at diversifying the company’s portfolio and enhancing its market position.

Operationally, the company has seen a reduction in research and development expenses, which fell to $14.8 million for the first half of 2025 from $24 million in the prior year. This decrease is attributed to the winding down of previous studies and a shift in focus towards new acquisitions. The company’s employee headcount has increased, contributing to higher compensation expenses, but overall operational efficiency appears to be improving as indicated by the reduced losses.

Looking ahead, Relmada anticipates several key milestones, including data from ongoing clinical trials for NDV-01 and the initiation of trials for Sepranolone. However, the company has expressed concerns regarding its liquidity, projecting insufficient funds to sustain operations for the next year without additional financing. Management is exploring various funding strategies, including potential equity or debt sales, to address these challenges and support its ongoing development efforts.