Relmada Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Update
- Strong Phase 2 data for NDV-01 with 90% overall response rate in bladder cancer
- Reduced R&D expenses to $11.9M from $13.3M YoY
- Decreased G&A expenses to $6.3M from $9.7M YoY
- Improved net loss per share to $0.58 from $0.72 YoY
- Pipeline expansion with two Phase 2 candidates targeting large markets (600K patients for NMIBC, 20K for PWS)
- Increased net cash used in operations to $18.1M from $13.0M YoY
- Declining cash position to $27.1M from $44.9M in December 2024
Insights
Relmada reports promising 90% response rate for bladder cancer drug NDV-01 with strong pipeline momentum despite declining cash position.
Relmada's Q1 results highlight a significant clinical milestone with their newly acquired asset NDV-01 demonstrating an impressive
The company has strategically pivoted its pipeline focus following previous setbacks, now advancing two promising mid-stage assets: NDV-01 for bladder cancer and sepranolone for neurological conditions like Prader-Willi Syndrome. This diversification reduces single-asset risk while targeting underserved markets with significant commercial potential.
Financially, Relmada shows improved cost management with R&D expenses decreasing to
The net loss of
NDV-01's 90% response rate in bladder cancer represents potentially practice-changing efficacy with bladder-sparing advantages over current treatments.
The Phase 2 data for NDV-01 in non-muscle invasive bladder cancer represents a potentially significant advance in a therapeutic area with limited innovation. The
What makes these results particularly compelling is that NMIBC has historically relied on BCG immunotherapy, which faces persistent shortage issues, or radical cystectomy (surgical bladder removal) for high-risk patients who fail conservative management. A sustained-release intravesical formulation combining gemcitabine and docetaxel offers a bladder-sparing approach that could significantly improve quality of life compared to surgery while potentially addressing the efficacy limitations of current options.
The therapeutic rationale is sound—combining these established chemotherapeutics in a novel delivery system that extends drug exposure in the bladder microenvironment. This approach leverages well-understood mechanisms of action while addressing the key challenge in bladder cancer treatment: maintaining sufficient drug concentration within the bladder for optimal therapeutic effect.
While these early results from 20 patients are promising, several questions remain unanswered: durability of response beyond the initial timeframe, comparison to standard-of-care options, and safety profile with repeated administration. The planned 6, 9, and 12-month follow-up data through 2025 will be critical to validate these initial findings before advancing to the planned Phase 3 registration trial. If these response rates hold with longer follow-up in a larger patient population, NDV-01 could potentially establish a new standard of care for high-grade NMIBC, addressing a significant unmet need in a prevalent condition affecting approximately 600,000 patients in the US alone.
Positive initial Phase 2 proof-of-concept data for NDV-01 at AUA 2025 showing a
The Phase 2 study for NDV-01 continues with updates at 6, 9 and 12 month data follow-up over the course of 2025. Plans to start Phase III registration trial in H1 2026
Expecting to initiate a Phase 2 study for sepranolone in Prader-Willi syndrome in H1 2026 (US prevalence 20,000 patients)
Conference Call and Webcast Today at 4:30 PM ET
CORAL GABLES, Fla., May 12, 2025 (GLOBE NEWSWIRE) -- Relmada Therapeutics, Inc. (Nasdaq: RLMD, “Relmada” or the “Company”), a clinical-stage biotechnology company advancing innovative therapies for central nervous system and oncology indications, today reported financial results for the first quarter ended March 31, 2025, and provided a corporate and pipeline update.
“2025 is off to an outstanding start for Relmada,” said Sergio Traversa, CEO of Relmada. “With the addition of NDV-01 and sepranolone, two differentiated Phase 2 product candidates targeting large, underserved markets, we’ve significantly enhanced our pipeline and long-term value proposition. The recently announced proof-of-concept data for NDV-01 presented at AUA 2025 reinforce its potential to become a best-in-class, bladder-sparing treatment for non-muscle invasive bladder cancer (NMIBC).”
“Our strategic focus remains on developing a diverse pipeline with strong scientific rationale, intellectual property protection, and capital-efficient development paths,” added Mr. Traversa. “Looking ahead, we are prioritizing the advancement of NDV-01 and sepranolone into further clinical development.”
“In the second half of 2025, we plan to complete the ongoing NDV-01 Phase 2 study and prepare for the initiation of a Phase III registration trial in the first half of 2026,” said Maged Shenouda, CFO of Relmada. “We also expect to initiate a new Phase 2 study of sepranolone in Prader-Willi syndrome (PWS) in the first half of 2026.”
Pipeline Highlights
NDV-01
A sustained-release intravesical formulation of gemcitabine and docetaxel (GEM/DOCE)
- Indication: High-Grade Non-Muscle Invasive Bladder Cancer (HG-NMIBC)
- U.S. Market Opportunity: ~600,000 prevalent cases
- Current Status: Phase 2 single-arm study actively enrolling
- Recent Data (American Urological Association, AUA 2025):
90% Overall Response Rate (18/20 patients)89% High-Grade Recurrence-Free Survival in papillary disease (16/18)100% Complete Response in carcinoma in situ (2/2)
- Next Steps:
- FDA interactions and product supply scale-up in 2H 2025
- Initiation of Phase 3 registration-track study in 1H 2026
Sepranolone
A first-in-class GABAA Modulating Steroid Antagonist (GAMSA)
- Indications: Prader-Willi Syndrome (PWS), Tourette Syndrome (TS), Essential Tremor, and other compulsivity-related disorders
- US Prevalence: Estimated 20,000 for PWS, orphan disease
- Current Status: Preparing for Phase 2 initiation in PWS
- Supporting Data:
- In Tourette syndrome, Phase 2 trial showed a
28% reduction in tic severity (p=0.051) per YGTSS (Yale Global Tic Severity Scale) - Improvements in quality of life and symptom scales
- Favorable safety profile with no CNS or systemic side effects
- In Tourette syndrome, Phase 2 trial showed a
- Next Steps:
- FDA engagement and manufacturing activities in 2025
- Planned Phase 2 study launch in 1H 2026
First Quarter 2025 Financial Results
- R&D Expense:
$11.9 million (vs.$13.3 million in Q1 2024), reflecting reduced REL-1017 trial costs, partially offset by new asset integration - G&A Expense:
$6.3 million (vs.$9.7 million ), primarily due to lower stock-based compensation - Net Cash Used in Operations:
$18.1 million (vs.$13.0 million ) - Net Loss:
$17.5 million or$0.58 per share (vs.$21.8 million or$0.72 per share) - Cash, Equivalents & Short-Term Investments:
$27.1 million as of March 31, 2025 (vs.$44.9 million at year-end 2024) - Shares Outstanding: 33,191,622 as of May 7, 2025
Conference Call and Webcast
Relmada will host a conference call today, May 12, 2025, at 4:30 PM ET to discuss its Q1 results and pipeline progress.
- Dial-in (U.S.): 1-877-407-0792
- Dial-in (International): 1-201-689-8263
- Conference ID: 13753596
- Webcast Access: Click Here
A replay of the webcast will be available on the Investors section of the Relmada website at https://www.relmada.com/investors/ir-calendar.
About NDV-01
NDV-01 is a sustained-release, intravesical formulation of gemcitabine and docetaxel (GEM/DOCE), in development for the treatment of bladder cancer. It was designed to enable GEM/DOCE bladder retention and gradual drug release over 10 days. The formulation creates a soft matrix that enhances local exposure while minimizing systemic toxicity. NDV-01 is easy to administer in-office, in less than 10 minutes, and does not require anesthesia or specialized equipment. It is protected by patents through 2038.
About NMIBC
NMIBC represents ~
About Sepranolone and GABA Modulation
Sepranolone, a synthetic isoallopregnanolone, selectively modulates GABAA receptors by antagonizing allopregnanolone (ALLO), without disrupting GABA signaling. It targets disorders linked to excess GABAergic activity such as Prader-Willi syndrome, Tourette syndrome, and Obsessive-Compulsive Disorder (OCD). More than 335 patients have been treated in trials to date, with an excellent safety profile.
About Prader-Willi Syndrome (PWS)
PWS is a rare genetic disorder caused by chromosomal deletions on chromosome 15, leading to neurodevelopmental and behavioral complications. US prevalence is estimated at 20,000 patients. Current treatments address symptoms but do not modify the underlying neurobehavioral pathology.
About Tourette Syndrome (TS)
TS affects more than 350,000 U.S. children and is marked by involuntary tics. Current therapies can have substantial side effects. Sepranolone is an investigational agent that offers a novel mechanism by modulating ALLO, potentially reducing compulsive symptoms more safely than existing dopaminergic therapies.
About Relmada Therapeutics, Inc.
Relmada Therapeutics is a clinical-stage biotechnology company focused on developing transformative therapies for central nervous system and oncology-related conditions. Its lead candidates, NDV-01 and sepranolone, are advancing through mid-stage clinical development with the potential to address significant unmet needs.
For more information, visit www.relmada.com.
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. This press release contains statements which constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “if”, “may”, “expects”, “anticipates”, “believes”, “will”, “will likely result”, “will continue”, “plans to”, “potential”, “promising”, and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including potential for Phase 2 NDV-01 data to continue to deliver positive results supporting further development, potential for clinical trials to deliver statistically and/or clinically significant evidence of efficacy and/or safety, failure of top-line results to accurately reflect the complete results of the trial, failure of planned or ongoing preclinical and clinical studies to demonstrate expected results, potential failure to secure FDA agreement on the regulatory path for sepranolone, and NDV-01, or that future sepranolone, or NDV-01 clinical results will be acceptable to the FDA, failure to secure adequate sepranolone, or NDV-01 drug supply, and the other risk factors described under the heading “Risk Factors” set forth in the Company’s reports filed with the SEC from time to time. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Relmada undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results and that the risks described herein should not be a complete list.
Investor Contact:
Brian Ritchie
LifeSci Advisors
britchie@lifesciadvisors.com
Media Inquiries:
Corporate Communications
media@relmada.com
| Relmada Therapeutics, Inc. Condensed Consolidated Balance Sheets | |||||||
| As of | |||||||
| March 31, | As of | ||||||
| 2025 (Unaudited) | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 1,149,706 | $ | 3,857,026 | |||
| Short-term investments | 25,911,326 | 41,052,356 | |||||
| Prepaid expenses | 596,410 | 886,461 | |||||
| Total current assets | 27,657,442 | 45,795,843 | |||||
| Other assets | 21,975 | 21,975 | |||||
| Total assets | $ | 27,679,417 | $ | 45,817,818 | |||
| Commitments and Contingencies (See Note 8) | |||||||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,265,010 | $ | 4,130,563 | |||
| Accrued expenses | 3,966,411 | 6,160,827 | |||||
| Total current liabilities | 5,231,421 | 10,291,390 | |||||
| Stock appreciation rights | 7,505 | 4,467 | |||||
| Total liabilities | 5,238,926 | 10,295,857 | |||||
| Stockholders’ Equity: | |||||||
| Preferred stock, | - | - | |||||
| Class A convertible preferred stock, | - | - | |||||
| Common stock, | 33,191 | 30,174 | |||||
| Additional paid-in capital | 680,848,800 | 676,373,822 | |||||
| Accumulated deficit | (658,441,500 | ) | (640,882,035 | ) | |||
| Total stockholders’ equity | 22,440,491 | 35,521,961 | |||||
| Total liabilities and stockholders’ equity | $ | 27,679,417 | $ | 45,817,818 | |||
| Relmada Therapeutics, Inc. Condensed Consolidated Statements of Operations (unaudited) | |||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2025 | 2024 | ||||||
| Operating expenses: | |||||||
| Research and development | $ | 11,951,023 | $ | 13,305,306 | |||
| General and administrative | 6,267,412 | 9,682,554 | |||||
| Total operating expenses | 18,218,435 | 22,987,860 | |||||
| Loss from operations | (18,218,435 | ) | (22,987,860 | ) | |||
| Other income: | |||||||
| Interest/investment income, net | 440,287 | 1,055,888 | |||||
| Realized gain on short-term investments | 62,952 | 53,133 | |||||
| Unrealized gain on short-term investments | 155,731 | 50,713 | |||||
| Total other income | 658,970 | 1,159,734 | |||||
| Net loss | $ | (17,559,465 | ) | $ | (21,828,126 | ) | |
| Loss per common share – basic and diluted | $ | (0.58 | ) | $ | (0.72 | ) | |
| Weighted average number of common shares outstanding – basic and diluted | 30,408,890 | 30,132,170 | |||||
| Relmada Therapeutics, Inc. Condensed Consolidated Statements of Changes in Stockholders’ Equity (unaudited) | |||||||||||||||
| Three months ended March 31, 2025 | |||||||||||||||
| Common Stock | Additional Paid-in | Accumulated | |||||||||||||
| Shares | Par Value | Capital | Deficit | Total | |||||||||||
| Balance - December 31, 2024 | 30,174,202 | $ | 30,174 | $ | 676,373,822 | $ | (640,882,035 | ) | $ | 35,521,961 | |||||
| Stock based compensation | - | - | 3,572,769 | - | 3,572,769 | ||||||||||
| Issuance of Restricted Common Stock | 3,017,420 | 3,017 | 902,209 | - | 905,226 | ||||||||||
| Net loss | - | - | - | (17,559,465 | ) | (17,559,465 | ) | ||||||||
| Balance – March 31, 2025 | 33,191,622 | $ | 33,191 | $ | 680,848,800 | $ | (658,441,500 | ) | $ | 22,440,491 | |||||
| Three months ended March 31, 2024 | ||||||||||||||||
| Common Stock | Additional Paid-in | Accumulated | ||||||||||||||
| Shares | Par Value | Capital | Deficit | Total | ||||||||||||
| Balance - December 31, 2023 | 30,099,203 | $ | 30,099 | $ | 646,229,824 | $ | (560,902,681 | ) | $ | 85,357,242 | ||||||
| Stock based compensation | - | - | 8,295,468 | - | 8,295,468 | |||||||||||
| Options exercised for common stock | 74,999 | 75 | 246,672 | - | 246,747 | |||||||||||
| ATM Fees | - | - | (25,000 | ) | - | (25,000 | ) | |||||||||
| Net loss | - | - | - | (21,828,126 | ) | (21,828,126 | ) | |||||||||
| Balance - March 31, 2024 | 30,174,202 | $ | 30,174 | $ | 654,746,964 | $ | (582,730,807 | ) | $ | 72,046,331 | ||||||
| Relmada Therapeutics, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (17,559,465 | ) | $ | (21,828,126 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Stock-based compensation | 4,477,995 | 8,295,468 | |||||
| Realized gain on short-term investments | (62,952 | ) | (53,133 | ) | |||
| Unrealized gain on short-term investments | (155,731 | ) | (50,713 | ) | |||
| Change in operating assets and liabilities: | |||||||
| Prepaid expenses | 290,051 | 432,723 | |||||
| Accounts payable | (2,865,553 | ) | 1,683,092 | ||||
| Accrued expenses | (2,194,416 | ) | (1,516,059 | ) | |||
| Stock appreciation rights compensation | 3,038 | - | |||||
| Net cash used in operating activities | (18,067,033 | ) | (13,036,748 | ) | |||
| Cash flows from investing activities | |||||||
| Purchase of short-term investments | (487,916 | ) | (7,013,933 | ) | |||
| Sale of short-term investments | 15,847,629 | 17,072,384 | |||||
| Net cash provided by investing activities | 15,359,713 | 10,058,451 | |||||
| Cash flows from financing activities | |||||||
| Proceeds from options exercised for common stock | - | 246,747 | |||||
| ATM Fees | - | (25,000 | ) | ||||
| Net cash provided by financing activities | - | 221,747 | |||||
| Net decrease in cash and cash equivalents | (2,707,320 | ) | (2,756,550 | ) | |||
| Cash and cash equivalents at beginning of the period | 3,857,026 | 4,091,568 | |||||
| Cash and cash equivalents at end of the period | $ | 1,149,706 | $ | 1,335,018 | |||
FAQ
What were the key results from RLMD's NDV-01 Phase 2 trial in bladder cancer?
What is Relmada's (RLMD) cash position as of Q1 2025?
What are RLMD's upcoming clinical trial plans for 2026?
How did Relmada's (RLMD) Q1 2025 financial results compare to Q1 2024?
What is the market opportunity for Relmada's NDV-01 in bladder cancer?
