[Form 4] Relmada Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Relmada Therapeutics, Inc. (RLMD) – Form 4 filing dated 06/30/2025: Chief Operating Officer and Director Paul Edward Kelly received 400,000 stock options on 06/26/2025 at an exercise price of $0.67 per share. The options vest in 16 equal quarterly tranches beginning 09/26/2025 and will expire on 06/26/2035. Following this grant, Kelly directly holds 400,000 derivative securities; no non-derivative share purchases or sales were reported. The award provides a long-term equity incentive designed to align executive interests with shareholder value while introducing the future possibility of up to 400,000 additional common shares being issued upon exercise.

• Insider: Paul Edward Kelly – COO & Director
• Securities granted: Stock options (right to buy common stock)
• Grant size: 400,000 options
• Exercise price: $0.67
• Vesting: 16 equal quarterly installments starting 09/26/2025
• Expiration: 06/26/2035
• Ownership form: Direct

Positive

• Alignment of interests: 400,000 options tie the COO’s compensation directly to future share-price performance.
• Long-dated incentive: Ten-year expiration and four-year vesting foster long-term strategic focus.

Negative

• Dilution risk: Full exercise would add up to 400,000 common shares to the outstanding float.
• Delayed impact: Gradual quarterly vesting means value realization and potential share purchases occur over several years.

Insights

Financial Analyst

TL;DR: Routine but sizable option grant; aligns COO with shareholders, modest dilution risk, neutral immediate impact.

The 400,000-option award gives the COO meaningful upside if RLMD appreciates beyond the $0.67 strike, incentivising operational execution over a ten-year horizon. The staggered vesting promotes retention but delays near-term exercise. Assuming future exercise, additional shares would modestly dilute existing holders, though the net effect depends on value creation. With no open-market purchases or sales, the filing signals neither bullish nor bearish insider sentiment—overall a neutral event for valuation today.

Corporate Governance Expert

TL;DR: Equity award consistent with standard executive compensation; embeds four-year service condition, acceptable governance profile.

The grant follows common practice for incentivising C-suite talent in development-stage biotech firms. Quarterly vesting over four years discourages short-term focus and supports continuity. The large grant size relative to a small-cap peer group warrants monitoring, yet the ten-year term and at-market strike mitigate excessive value transfer at issuance. No Rule 10b5-1 plan is indicated, and the form is timely filed, reflecting procedural compliance. Governance impact is neutral with a slight positive bias for alignment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fedeli Fabiana

(Last) (First) (Middle)

C/O RELMADA THERAPEUTICS, INC.

2222 PONCE DE LEON BLVD, 3RD FLOOR

(Street)

CORAL GABLES, FL 33134

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RELMADA THERAPEUTICS, INC. [ RLMD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$0.67	06/26/2025		A		100,000		09/26/2025(1)	06/26/2035	Common Stock	100,000	$0	100,000	D

Explanation of Responses:

1. The options vest in 16 equal quarterly installments commencing on September 26, 2025.

	/s/ Fabiana Fedeli	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Relmada Therapeutics (RLMD) report on 06/30/2025?

COO Paul Edward Kelly was granted 400,000 stock options at a $0.67 exercise price on 06/26/2025.

When do the newly granted RLMD options begin vesting?

The options start vesting on 09/26/2025 in 16 equal quarterly installments.

What is the expiration date of Paul Kelly’s RLMD stock options?

All options expire on 06/26/2035 if not exercised earlier.

Did the filing disclose any open-market purchases or sales of RLMD shares?

No, the Form 4 lists no non-derivative share transactions by the reporting person.

Could the option grant dilute existing RLMD shareholders?

Yes. If fully exercised, 400,000 new shares would be issued, modestly increasing the share count.

Is the grant part of a Rule 10b5-1 trading plan?

The filing does not indicate that the transaction was made under a Rule 10b5-1(c) plan.