<div id="readability-page-1"><div><h2>Phase 2 NDV-01 data and what it could mean for Relmada Therapeutics (RLMD)</h2> <p>Relmada Therapeutics (RLMD) has drawn fresh attention after reporting 12 month interim Phase 2 data for NDV-01 in high risk non muscle invasive bladder cancer, showing strong complete response rates and a favorable safety profile.</p> <p>See our latest analysis for Relmada Therapeutics.</p> <p>The NDV-01 update and recent Leerink healthcare conference appearance came alongside a sharp shift in sentiment, with Relmada Therapeutics’ 1 day share price return of 61.12% at a last close of US$7.17, contributing to an 84.79% 30 day share price return and a very large 1 year total shareholder return that contrasts with weaker 5 year total shareholder returns.</p> <p>If this jump around clinical news has your attention, it could be a good moment to broaden your search and check out our 32 healthcare AI stocks as another set of ideas in the healthcare space.</p> <p>After such a sharp move on the NDV-01 data and a price still below the average analyst target of US$10.75, you have to ask: is Relmada undervalued here, or is the market already pricing in the next leg of growth?</p> <h2>Most Popular Narrative: 33.3% Undervalued</h2> <p>Relmada Therapeutics’ last close at $7.17 sits well below the most followed fair value estimate of $10.75, which hinges heavily on NDV-01’s long term potential.</p> <blockquote> <p><em>The high and recurring burden of non muscle invasive bladder cancer, with about 85,000 new U.S. bladder cancer cases each year and roughly 80% classified as NMIBC, supports long term demand for therapies like NDV-01 that could be used across high risk and intermediate risk settings. This would be most visible in future revenue potential if late stage trials are successful.</em></p> </blockquote> <p>Read the complete narrative.</p> <p>Want to see how that single clinical program anchors the $10.75 view? The narrative leans on future revenue build, margin expansion and a very punchy profit multiple. Curious which assumptions have to hold together to support that gap to today’s price?</p> <p><strong>Result: Fair Value of $10.75 (UNDERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, this story can change quickly if late stage NDV-01 or sepranolone data disappoints, or if Relmada’s funding needs lead to heavier than expected dilution.</p> <p>Find out about the key risks to this Relmada Therapeutics narrative.</p> <h2>Another View: Rich on Book Value</h2> <p>The analyst narrative points to a 33.3% gap to fair value, but the market is telling a very different story if you look at P/B. Relmada trades around 55.5x book value versus roughly 2x for the US Pharmaceuticals industry and 2.5x for peers, which implies a lot of success is already priced in.</p> <p>That kind of premium suggests less room for disappointment if things take longer or cost more than expected, so the question is whether you are comfortable paying such a high multiple for a company with no current revenue and ongoing losses.</p> <p>See what the numbers say about this price — find out in our valuation breakdown.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/46ae848e-7364-458f-8c82-9d52e4ea5339/chart/pb-multiple-vs-industry/query-ZGF0ZT0yMDI2LTAzLTEw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/46ae848e-7364-458f-8c82-9d52e4ea5339/chart/pb-multiple-vs-industry/query-ZGF0ZT0yMDI2LTAzLTEw"/><figcaption>NasdaqCM:RLMD P/B Ratio as at Mar 2026</figcaption></figure><h2>Next Steps</h2> <p>With the story pulling in different directions, you may want to move quickly and evaluate the trade-off yourself using our breakdown of 1 key reward and 5 important warning signs.</p> <h2>Looking for more investment ideas?</h2> <p>If one clinical update can move a stock this much, it can be useful to widen your net and line up a few more well researched contenders on your watchlist.</p> <ul> <li>Explore potential opportunities by scanning our screener containing 23 high quality undiscovered gems that pair solid fundamentals with quieter market attention.</li> <li>Prioritise resilience first and check our 63 resilient stocks with low risk scores to find companies flagged with lower overall risk scores.</li> <li>Build a core watchlist around quality by reviewing the solid balance sheet and fundamentals stocks screener (41 results) that highlight businesses with stronger financial footing.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>AI Stock Screener &amp; Alerts</h3><p>Our new AI Stock Screener scans the market every day to uncover opportunities.</p><div><p>• Dividend Powerhouses (3%+ Yield)<br/>• Undervalued Small Caps with Insider Buying<br/>• High growth Tech and AI Companies</p><p>Or build your own from over 50 metrics.</p></div><p>Explore Now for Free</p></div></div></div>

RLMD

<p>Relmada Therapeutics (RLMD) has gained attention following positive Phase 2 data for NDV-01 in bladder cancer, showing strong response rates and safety. The stock surged 61.12% in one day, closing at $7.17, below the analyst target of $10.75, indicating potential undervaluation. However, the high price-to-book ratio of 55.5x suggests market expectations are high, with risks if future trials disappoint. Investors are advised to evaluate the trade-offs and consider broader investment opportunities in the healthcare sector.</p>

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A Look At Relmada Therapeutics (RLMD) Valuation After NDV‑01 Phase 2 Bladder Cancer Data