Relmada Therapeutics | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.3, missing the estimate of USD -0.04.

EBIT: As of FY2025 Q3, the actual value is USD -10.57 M.

Segment Revenue

• Research and Development Expense: $4,036,300 for the three months ended September 30, 2025, compared to $11,149,100 for the same period in 2024, a decrease of $7,112,800.
• General and Administrative Expense: $6,291,100 for the three months ended September 30, 2025, compared to $11,859,700 for the same period in 2024, a decrease of $5,568,600.

Operational Metrics

• Net Loss: $10,091,500 for the three months ended September 30, 2025, compared to $21,726,000 for the same period in 2024.
• Loss per Share: $0.30 for the three months ended September 30, 2025, compared to $0.72 for the same period in 2024.

Cash Flow

• Operating Cash Flow: - $31,190,765 for the nine months ended September 30, 2025, compared to - $42,956,164 for the same period in 2024.
• Investing Cash Flow: $28,791,244 for the nine months ended September 30, 2025, compared to $40,216,239 for the same period in 2024.
• Financing Cash Flow: - $73,021 for the nine months ended September 30, 2025, compared to $132,146 for the same period in 2024.

Unique Metrics

• Stock-based Compensation Expense: $11,534,000 for the nine months ended September 30, 2025, compared to $23,458,000 for the same period in 2024.

Future Outlook and Strategy

Core Business Focus

• NDV-01: Relmada Therapeutics, Inc. plans to initiate Phase III programs for NDV-01 in high-risk, 2nd line Bacillus Calmette-Guérin (BCG)-unresponsive NMIBC and intermediate risk patients in the adjuvant setting in the first half of 2026.
• Sepranolone: The company expects to initiate a Phase IIb study in Prader-Willi Syndrome in the first half of 2026.

Non-Core Business

• Termination of Programs: The Esmethadone (d-methadone, dextromethadone, REL-1017) program and the REL-P11 psilocybin program were terminated effective July 7, 2025, and May 12, 2025, respectively.

Priority

• Funding and Liquidity: Management believes that the company’s existing cash and cash equivalents and short-term investments will enable it to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance of these unaudited condensed consolidated quarterly financial statements.