Relmada Therapeutics, Inc.

Relmada Therapeutics, Inc. (RLMD), a clinical-stage biotech, reported a net loss of $57.4 million for FY 2025, improved 28% YoY from $80.0 million in 2024, driven by reduced R&D expenses of $26.9 million (down from $46.2 million) due to termination of esmethadone and psilocybin programs, and lower G&A of $32.2 million (down from $37.7 million) from decreased stock-based compensation. Total operating expenses fell to $59.1 million. Other income net added $1.7 million from interest and investments. Balance sheet strengthened with $94.0 million total assets, including $3.5 million cash and $89.5 million short-term investments; equity at $86.5 million. Cash flows showed $45.8 million used in operations, $48.1 million in investing (net short-term investment purchases), offset by $93.6 million financing proceeds. Strategic pivot to NDV-01 (NMIBC Phase 2 data: 76% 12-month CR) and sepranolone (Phase 2b-ready); Phase 3 initiations and IND clearance expected mid-2026, positioning for potential value creation amid $93.0 million liquidity.

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