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Jun 30
Relmada Q2 2025 Earnings Report
Relmada Therapeutics reported a Q2 2025 net loss of $9.9M, reflecting sharply lower R&D expenses following the wind-down of REL-1017 trial costs.
Key Takeaways
In Q2 2025, Relmada posted a net loss of $9.9M, or $0.30 per share, compared to a $17.8M loss a year earlier, driven by a 74% drop in R&D expenses and reduced G&A costs. The company ended the quarter with $20.6M in cash, equivalents, and short-term investments, and 33.2M shares outstanding.
R&D expenses decreased to $2.8M from $10.7M in Q2 2024 due to the wind-down of REL-1017 trial costs.
G&A expenses fell to $7.4M from $8.1M in Q2 2024, primarily on lower stock-based compensation.
Net cash used in operating activities for the first half of 2025 totaled $24.5M.
Cash, equivalents, and short-term investments were $20.6M as of June 30, 2025.
Relmada
Relmada
Forward Guidance
Relmada plans to initiate Phase 3 trials for NDV-01 in bladder cancer and Phase 2 studies for sepranolone in Prader-Willi syndrome in 1H 2026, supported by ongoing FDA engagement and manufacturing scale-up.
Positive Outlook
- 91% complete response rate at any time in NDV-01 Phase 2 trial at six months.
- No Grade 3 or higher treatment-related adverse events reported in NDV-01 trial.
- Preparations underway for NDV-01 Phase 3 registration trial in 1H 2026.
- Sepranolone Phase 2 trial in Prader-Willi syndrome expected to launch in 1H 2026.
- Ongoing FDA interactions and product supply scale-up planned for 2H 2025.
Challenges Ahead
- Cash and equivalents declined from $44.9M at year-end 2024 to $20.6M in Q2 2025.
- Net cash used in operating activities remained high at $24.5M for 1H 2025.
- No revenue reported as programs remain in clinical development.
- Continued operating losses and dependence on external financing.
- Regulatory, clinical, and manufacturing risks could delay planned trials.