Relmada Therapeutics (RLMD) AI Stock Analysis

• Market Cap: $289.67M
• Dividend Yield: N/A
• Average Volume (3M): 590.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.92
• Revenue Growth: N/A
• EPS Growth: 37.37%
• Country: US
• Employees: 17
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.30
• Shares Outstanding: 73,333,626
• 10 Day Avg. Volume: 533,797
• 30 Day Avg. Volume: 590,510
• PEG Ratio: 0.01
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.30
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -7.41
• 1Y Price Target: $9.00
• Price Target Upside: 127.85% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.54
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $4.00 ▲(1.27% Upside)

The score is held back primarily by weak financial performance (no revenue, ongoing large losses, and sustained cash burn with a shrinking equity base). Offsetting this, recent communications were notably positive with strong NDV-01 clinical results, FDA alignment, and a $100M raise extending runway into 2028, while technicals also show improving price momentum; valuation remains difficult to support given negative earnings and no dividend.

Positive Factors

NDV-01 Phase 2 Efficacy

A 92% Phase 2 response materially raises the probability NDV-01 can reach approval and become a meaningful clinical asset. Durable, high efficacy strengthens partner interest, supports favorable label potential and pricing discussions, and meaningfully de-risks the core oncology program long-term.

Regulatory Alignment

FDA alignment on Phase 3 design and acceptance of two registrational tracks reduces regulatory uncertainty and shortens the path to approval. This structural de-risking improves trial planning, investor and partner confidence, and the likelihood of efficient global development and commercialization planning.

Extended Runway from Financing

The $100M underwritten financing extends operational runway into 2028, materially reducing near-term funding pressure. This allows execution of pivotal trials, strategic hires and program investments without immediate dilutive raises, supporting continuity of development through key inflection points.

Negative Factors

No Commercial Revenue

Reporting zero revenue means the company lacks product cashflows and must rely on external financing or partnerships. Over the medium term this structurally increases execution risk: program failures or adverse funding conditions could halt development and threaten corporate viability.

Persistent Cash Burn

Sustained negative operating and free cash flow (~$40M TTM) creates persistent financing needs. Heavy burn increases the frequency and size of capital raises, raising dilution risk, distracting management, and limiting optionality to fund new programs or absorb trial delays or unexpected costs.

Eroded Equity Cushion

Equity erosion from roughly $208M to about $9.5M TTM materially shrinks the capital cushion. This reduces balance-sheet flexibility, increases reliance on market financing, and leaves little room to absorb trial setbacks or invest in parallel opportunities without heavy dilution.

Relmada Therapeutics Business Overview & Revenue Model

Company Description

Relmada Therapeutics, Inc., a clinical-stage biotechnology company, focuses on developing various products for the treatment of central nervous system (CNS) diseases and other disorders. Its lead product candidate is Esmethadone (d-methadone, dextromethadone, and REL-1017), a new chemical entity and N-methyl-D-aspartate receptor antagonist that is in Phase 3 clinical trials for the adjunctive or monotherapy treatment of major depressive disorder in adults. The company was founded in 2004 and is headquartered in Coral Gables, Florida.

How the Company Makes Money

Relmada Therapeutics primarily generates revenue through strategic partnerships, collaborations, and funding related to the research and development of its pipeline therapies. As a clinical-stage company, Relmada does not yet have products on the market generating sales revenue. Instead, it relies on investments, grants, and milestone payments from partners who are interested in the potential of its drug candidates. These collaborations can involve licensing agreements or co-development arrangements, which provide financial support for the ongoing development of their therapies. The company's future revenue streams are expected to depend on the successful clinical trials and subsequent commercialization of its lead candidates, particularly if regulatory approvals are obtained.

Relmada Therapeutics Financial Statement Overview

Summary

Financials reflect a pre-revenue, cash-burning biotech profile: zero revenue, persistent large net losses, and consistently negative operating/free cash flow. The debt-free balance sheet is a positive, but equity has fallen sharply, signaling erosion of the capital cushion and ongoing funding risk despite some improvement in the pace of losses/cash burn.

Income Statement

RLMD reports zero revenue across the annual periods shown and in TTM (Trailing-Twelve-Months), with persistent large operating losses and net losses (TTM net loss of about $56M; 2024 net loss about $80M). Losses improved versus 2022–2023, but profitability remains deeply negative and there is no visible top-line traction in the provided data, keeping earnings quality and operating leverage weak.

Balance Sheet

The company shows no debt, which reduces financial risk and limits balance-sheet leverage concerns. However, equity has fallen sharply (from about $208M in 2021 to about $9.5M in TTM), reflecting sustained losses and a materially thinner capital cushion; returns on equity are strongly negative across periods, signaling ongoing value erosion despite the debt-free structure.

Cash Flow

Cash burn remains heavy, with negative operating cash flow and negative free cash flow in every period shown (TTM operating/free cash flow around -$40M; 2024 around -$52M). While burn improved versus 2022 and is better than 2024 in TTM, free cash flow growth is negative in TTM and cash generation is not yet supported by revenue, leaving funding needs and runway risk as key concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
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	-38.53M	-83.89M	4.91M	-161.25M	-125.70M	-59.33M
Net Income	-56.17M	-79.98M	-98.79M	-157.04M	-125.75M	-59.46M
Balance Sheet
Total Assets	14.88M	45.82M	97.55M	152.91M	223.33M	118.19M
Cash, Cash Equivalents and Short-Term Investments	13.89M	44.91M	96.32M	148.32M	211.91M	117.09M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	5.41M	10.30M	12.19M	12.47M	15.06M	12.60M
Stockholders Equity	9.47M	35.52M	85.36M	140.44M	208.26M	105.58M
Cash Flow
Free Cash Flow	-39.99M	-51.76M	-51.66M	-103.80M	-91.87M	-27.81M
Operating Cash Flow	-39.99M	-51.76M	-51.66M	-103.80M	-91.87M	-27.81M
Investing Cash Flow	40.14M	51.56M	50.45M	19.73M	-54.12M	-34.45M
Financing Cash Flow	-245.51K	-40.34K	-98.46K	45.02M	187.94M	28.47M

Relmada Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.95
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RLMD, the sentiment is Neutral. The current price of 3.95 is below the 20-day moving average (MA) of 4.08, below the 50-day MA of 4.20, and above the 200-day MA of 1.91, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 45.98 is Neutral, neither overbought nor oversold. The STOCH value of 42.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RLMD.

Relmada Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RLMD	57 Neutral	$289.67M	―	-196.79%	―	―	37.37%
RPTX	57 Neutral	$114.24M	-1.56	-49.78%	―	-82.16%	14.58%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRLD	47 Neutral	$111.53M	-1.18	-103.99%	―	250.00%	15.15%
SPRB	45 Neutral	$87.66M	-0.94	-167.93%	―	-90.18%	-17.93%
HOWL	44 Neutral	$34.63M	-0.45	-122.43%	―	-100.00%	-8.30%

Relmada Therapeutics Corporate Events

Relmada Therapeutics Amends Executive Employment Agreements

On December 12, 2025, Relmada Therapeutics‘ Board of Directors approved amended employment agreements for its executive officers, effective January 1, 2026. The agreements include salary increases for executives and detailed severance packages in cases of termination, highlighting the company’s commitment to retaining key leadership during potential changes in control.

The most recent analyst rating on (RLMD) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Relmada Therapeutics stock, see the RLMD Stock Forecast page.

Relmada Therapeutics Reports Q3 2025 Financial Results

Relmada Therapeutics reported its third-quarter 2025 financial results and provided updates on its NDV-01 program for non-muscle invasive bladder cancer (NMIBC). The company announced positive 9-month follow-up data for NDV-01, showing a 92% complete response rate, and secured FDA alignment on key elements of its Phase 3 program. Additionally, Relmada completed a $100 million underwritten offering to support its operations into 2028, which will help advance the NDV-01 registrational studies and the development of sepranolone for Prader-Willi Syndrome.

The most recent analyst rating on (RLMD) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Relmada Therapeutics stock, see the RLMD Stock Forecast page.

Relmada Therapeutics Announces $100M Stock Offering

On November 4, 2025, Relmada Therapeutics announced the pricing of a $100 million underwritten offering of common stock and pre-funded warrants. The proceeds from this offering are intended to support working capital, corporate purposes, and further development of product candidates, as well as potential investments or acquisitions in synergistic technologies. The offering is expected to close on November 5, 2025, and includes participation from notable investors such as Janus Henderson Investors and OrbiMed.

The most recent analyst rating on (RLMD) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Relmada Therapeutics stock, see the RLMD Stock Forecast page.

Relmada Therapeutics Receives FDA Feedback on NDV-01 Trials

On November 4, 2025, Relmada Therapeutics announced FDA feedback on its proposed NDV-01 Phase III trials and shared nine-month safety and efficacy data for its Phase II study in high-risk NMIBC patients. The FDA’s feedback suggests a single-arm trial may be acceptable for BCG-unresponsive patients, and a randomized study for intermediate-risk NMIBC patients is generally acceptable, pending further discussions. The nine-month data showed no new safety signals and a high complete response rate among patients. The company also reported preliminary financial information, indicating approximately $13.9 million in cash and investments as of September 30, 2025.

The most recent analyst rating on (RLMD) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Relmada Therapeutics stock, see the RLMD Stock Forecast page.