--- title: "Relmada Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286149867.md" datetime: "2026-05-12T20:10:59.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286149867.md) - [en](https://longbridge.com/en/news/286149867.md) - [zh-HK](https://longbridge.com/zh-HK/news/286149867.md) --- # Relmada Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.22. EBIT: As of FY2026 Q1, the actual value is USD -20.42 M. Relmada Therapeutics, Inc. operates as a single reportable segment focused on clinical-stage drug development. #### Operational Metrics - **Research and Development (R&D) Expense**: For the three months ended March 31, 2026, R&D expense was $8,087,845, a decrease of approximately - $3,863,178 compared to $11,951,023 for the same period in 2025. This decrease was primarily due to a - $6,489,500 reduction in study costs, a - $712,600 decrease in other research expenses, and a - $30,700 decrease in stock-based compensation expense, partially offset by a $2,628,600 increase in manufacturing and drug storage costs and a $741,000 increase in compensation expense. - **General and Administrative (G&A) Expense**: G&A expense increased by $5,106,500 to $11,373,909 for the three months ended March 31, 2026, from $6,267,412 in the prior year. This increase was mainly driven by a $5,339,500 rise in compensation expense and a $583,500 increase in other G&A expenses, partly offset by a - $816,500 decrease in stock-based compensation expense. - **Total Operating Expenses**: Total operating expenses for the three months ended March 31, 2026, were $19,461,754, compared to $18,218,435 for the same period in 2025, representing an increase of $1,243,319. - **Other Income**: Interest/investment income, net, increased to $959,762 for the three months ended March 31, 2026, from $440,287 in the prior year, due to a higher average investment balance. The company reported a realized loss on short-term investments of - $9,867 and an unrealized loss on short-term investments of - $540,097 for the three months ended March 31, 2026. For the three months ended March 31, 2025, there was a realized gain of $62,952 and an unrealized gain of $155,731 on short-term investments. - **Net Loss**: Relmada Therapeutics, Inc. reported a net loss of - $19,051,956 for the three months ended March 31, 2026, compared to - $17,559,465 for the same period in 2025. The accumulated deficit as of March 31, 2026, was approximately - $717,319,154. #### Cash Flow - **Cash used in operating activities**: - $15,067,488 for the three months ended March 31, 2026, primarily due to the net loss, partially offset by non-cash stock-based compensation charges of $956,186 and stock appreciation rights compensation of $2,677,652. For the three months ended March 31, 2025, cash used in operating activities was - $18,067,033. - **Cash used in investing activities**: - $135,226,997 for the three months ended March 31, 2026, primarily due to - $149,517,480 in purchases of short-term investments, offset by $14,290,483 from sales of short-term investments. In contrast, cash provided by investing activities was $15,359,713 for the three months ended March 31, 2025. - **Cash provided by financing activities**: $156,574,345 for the three months ended March 31, 2026, mainly from $159,999,996 in proceeds from common stock issuance, offset by - $3,360,000 in fees for issuance of common stock and - $65,651 in ATM fees. No cash was provided by financing activities for the three months ended March 31, 2025. - **Net increase in cash and cash equivalents**: $6,279,860 for the three months ended March 31, 2026, resulting in cash and cash equivalents of $9,776,400 at period-end. #### Unique Metrics - **Stock Appreciation Rights (SARs)**: The total liability related to cash-settled SARs was $3,738,583 as of March 31, 2026. The company recorded $802,590 in R&D and $1,875,062 in G&A compensation related to cash-settled SARs for the three months ended March 31, 2026. Unrecognized compensation expense for unvested SARs was approximately $32,066,100, to be recognized over a weighted average remaining service period of 3.59 years. - **Stock-based compensation**: Total stock-based compensation expense was $956,200 for the three months ended March 31, 2026, down from $3,572,800 in the prior year. Unrecognized stock-based compensation expense for unvested stock options was approximately $6.5 million as of March 31, 2026, with a weighted average remaining service period of 2.77 years. - **Short-term investments**: Total short-term investments were $224,186,743 at March 31, 2026, compared to $89,509,710 at December 31, 2025. - **Equity Offerings**: In November 2025, the company closed an underwritten offering, generating approximately $94 million in net proceeds from common stock and pre-funded warrants. In March 2026, a private placement of common stock and pre-funded warrants generated approximately $150 million in net proceeds. #### Future Outlook and Strategy Relmada Therapeutics, Inc. has undergone a strategic redesign, terminating esmethadone and psilocybin programs to focus on NDV-01 and sepranolone. Key anticipated milestones for mid-2026 include the NDV-01 United States Investigational New Drug (IND) filing, initiation of Phase 3 trials for NDV-01 in high-risk, 2nd line Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) and intermediate risk NMIBC, and initiation of a Phase 2 clinical trial for sepranolone in Prader-Willi Syndrome (PWS). Initial 3-month data from the NDV-01 Phase 3 high-risk trial is expected by year-end 2026. Management believes existing cash and cash equivalents, along with short-term investments, will fund operating expenses and capital expenditure requirements for at least 12 months from the report’s issuance. The company holds over 40 issued patents and pending applications for sepranolone and over 10 for NDV-01, with a provisional patent application filed in April 2026 for NDV-01 formulations, potentially extending coverage until April 2047. ### Related Stocks - [RLMD.US](https://longbridge.com/en/quote/RLMD.US.md) ## Related News & Research - [PowerFleet Q4 2026 Earnings Preview](https://longbridge.com/en/news/289616465.md) - [ABB Ltd: ABB share buybacks - June 4, 2026 – June 10, 2026](https://longbridge.com/en/news/289436946.md) - [Soybean Analysis: 2026 Market Volatility and Trend](https://longbridge.com/en/news/289444628.md) - [Gamehaus Holdings Inc. Announces Unaudited Financial Results for the Third Quarter of Fiscal 2026 Ended March 31, 2026 | GMHS Stock News](https://longbridge.com/en/news/289035965.md) - [Zedge Q3 2026 Earnings Preview](https://longbridge.com/en/news/289381005.md)