The stock will trade on the mid-2026 IND filing and RESCUE program start, not on Q1 financials. The $234M cash runway through 2029 removes near-term financing risk. Watch for the IND filing announcement and initial 3-month Phase 3 data expected by YE 2026 as the next catalysts.
Price Chart
Executive Summary
Relmada Therapeutics reported Q1 2026 results that were in line with its pre-revenue clinical-stage profile, with a net loss of $19.1M ($0.22/share) vs. consensus of $-0.20. The key event is the reiteration of mid-2026 timelines to file the NDV-01 IND and initiate the Phase 3 RESCUE registrational program, supported by a $234M cash balance (post $160M PIPE) funding operations through 2029. The filing is neutral — no financial beat or miss, no guidance change, and the clinical milestones were already telegraphed in the prior quarter's update.
Key Financial Metrics
Key Facts
- Q1 2026 net loss of $19.1M ($0.22/share) vs. consensus $-0.20 — a 12.8% miss on EPS
- Cash, cash equivalents, and short-term investments of $234.0M as of March 31, 2026, including ~$150M net from March 2026 PIPE
- On track to file NDV-01 IND and initiate Phase 3 RESCUE program in mid-2026
- Filed provisional patent application for NDV-01 in April 2026, with potential protection until 2047
- 104.9M shares outstanding as of May 7, 2026, up from 73.3M at year-end 2025 due to PIPE issuance
- No revenue reported — clinical-stage biotech with no approved products
Financial Impact
No revenue; net loss $19.1M in Q1 2026 vs. $17.6M in Q1 2025; cash burn $15.1M in operating cash flow
Risk Factors
- Phase 3 RESCUE program may fail to replicate Phase 2 efficacy or safety results
- Dilution risk: 104.9M shares outstanding, up from 30.2M at Dec 2024, with additional options/warrants outstanding
- No approved products or revenue; entirely dependent on clinical trial success
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-055164 |
| Document: ea029041401ex99-2.htm | 0001213900-26-055164 |
| Document: ea0290414-8k_relmada.htm | 0001213900-26-055164 |
| Document: 0001213900-26-055164-index-headers.html | 0001213900-26-055164 |
| Document: 0001213900-26-055164-index.html | 0001213900-26-055164 |
| Document: 0001213900-26-055164.txt | 0001213900-26-055164 |
| 8-K Data (Synthetic) | 0001213900-26-055164 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 21d ago | Insider Cluster | $4.52 $4.12 | ▼ −8.85% | ▼ −8.63% | $3.64 (−19.36%) |
May 13, 2026 20w ago | S-3ASR | $7.42 $7.21 | ▲ +2.83% | ▲ +2.11% | $3.64 (+50.88%) |
May 12, 2026 20w ago | 8-K | $7.49 $7.03 | ▼ −6.14% | ▼ −4.98% | $3.64 (−51.34%) |
Apr 17, 2026 23w ago | DEFA14A | $7.37 $7.03 | ▼ −4.61% | ▼ −5.53% | $3.64 (−50.54%) |
Apr 3, 2026 25w ago | S-3 | $6.90 $7.38 | ▲ +6.96% | ▲ +2.82% | $3.64 (−47.17%) |
Mar 19, 2026 28w ago | Press Release | $6.07 $6.43 | ▲ +5.93% | ▲ +8.08% | $3.64 (−39.95%) |
Mar 12, 2026 29w ago | Press Release | $6.15 $6.25 | ▲ +1.63% | ▲ +2.60% | $3.64 (−40.73%) |
Mar 9, 2026 29w ago | Press Release | $7.17 $6.18 | ▼ −13.81% | ▼ −12.45% | $3.64 (−49.16%) |
US Market Status
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