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Sep 30, 2025
Relmada Q3 2025 Earnings Report
Relmada reported a narrower net loss in Q3 2025 as R&D and G&A expenses declined significantly year-over-year.
Key Takeaways
Relmada Therapeutics reduced its quarterly net loss to $10.1 million from $21.7 million a year ago, supported by lower R&D and G&A spending. The company ended the quarter with $13.9 million in cash and short-term investments, not including a $94 million raise in early November.
Net loss for Q3 2025 was $10.1 million, an improvement from $21.7 million in Q3 2024.
R&D expense dropped to $4.0 million, reflecting a wind-down in trial costs and lower stock-based compensation.
G&A expense fell to $6.3 million, also due to reduced stock-based compensation and consulting fees.
Cash and short-term investments totaled $13.9 million as of September 30, 2025, excluding proceeds from a $100M offering closed in November.
Forward Guidance
Relmada expects to initiate two Phase 3 trials for NDV-01 in the first half of 2026 following alignment with the FDA.
Positive Outlook
- Secured FDA alignment for NDV-01 Phase 3 trials in two NMIBC indications
- 92% complete response rate in 9-month NDV-01 Phase 2 follow-up
- No patients progressed to muscle-invasive disease or required radical cystectomy
- Favorable safety profile with no Grade ≥3 treatment-related AEs
- Strong financial position with cash runway into 2028 after $100M raise
Challenges Ahead
- No reported revenue, highlighting reliance on financing
- Continued net losses despite reduced operating expenses
- Ongoing development costs expected for NDV-01 and Sepranolone
- Cash burn from operations remains significant
Historical Earnings Impact
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Avg. Return Before/After Earnings
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