Schedule 13G/A: Squadron Reports Material Holdings in RLMD

Rhea-AI Filing Summary

Schedule 13G/A filed for Relmada Therapeutics (RLMD) discloses beneficial ownership stakes held by Squadron-related filers. Squadron Master Fund LP reports shared beneficial ownership of 2,914,495 shares representing 8.8% of the outstanding common stock. Squadron Capital Management LLC and William Blank each report shared beneficial ownership of 3,298,500 shares, representing 9.9% of the class. The filing clarifies that Squadron Capital Management serves as adviser to funds that hold these shares and that Mr. Blank may be deemed to have investment and voting discretion, while expressly disclaiming beneficial ownership under Rule 13d-4. The ownership percentages are calculated using an issuer-stated share count of 33,191,622 shares outstanding.

Positive

• Material disclosure of sizeable holdings: Squadron Capital Management reports 3,298,500 shares (9.9%) and Squadron Master Fund reports 2,914,495 shares (8.8%).
• Passive intent stated: The filers include a Rule 13d-4 disclaimer and a certification indicating the positions are not held to change or influence control.

Negative

• None.

Insights

Financial Analyst

TL;DR: Squadron-affiliated entities report material stakes in RLMD (8.8% and 9.9%), a notable concentrated ownership disclosure for investors.

This Schedule 13G/A signals that investment funds advised by Squadron Capital Management hold sizeable, non-control positions in Relmada Therapeutics. The adviser-level and individual-level reporting of 3,298,500 shares (9.9%) and the fund-level 2,914,495 shares (8.8%) are material because they exceed the 5% disclosure threshold and can affect float and shareholder composition. The filing includes a standard Rule 13d-4 disclaimer, indicating passive intent rather than an explicit plan to influence control. For analysts, the key implications are concentrated ownership and advisory alignment rather than an activist posture.

Corporate Governance Expert

TL;DR: Disclosure shows substantial shared voting/dispositive power but an explicit disclaimer of beneficial ownership under Rule 13d-4.

The report identifies shared voting and dispositive power for the reported shares rather than sole power, and it contains the customary certification that the positions were not acquired to change or influence issuer control. That combination—material holdings with a passive filing status—suggests governance implications are limited at filing time, though concentrated stakes merit monitoring for future engagement. The filing properly aligns with Schedule 13G reporting conventions for passive investors and advisers.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

RELMADA THERAPEUTICS, INC.

(Name of Issuer)

Common Stock ($.001 par value)

(Title of Class of Securities)

75955J402

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 75955J402

1

Names of Reporting Persons

Squadron Master Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,914,495.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,914,495.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,914,495.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 75955J402

1

Names of Reporting Persons

Squadron Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,298,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,298,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,298,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, HC

SCHEDULE 13G

CUSIP No. 75955J402

1

Names of Reporting Persons

William Blank

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,298,500.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,298,500.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,298,500.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RELMADA THERAPEUTICS, INC.
(b)	Address of issuer's principal executive offices: 2222 PONCE DE LEON BLVD. 3RD FLOOR, CORAL GABLES, FLORIDA, 33134
Item 2.
(a)	Name of person filing: Squadron Master Fund LP Squadron Capital Management, LLC William Blank
(b)	Address or principal business office or, if none, residence: Squadron Master Fund LP c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559 William Blank c/o Squadron Capital Management, LLC 999 Oakmont Plaza Drive, Suite 600 Westmont, IL 60559
(c)	Citizenship: Squadron Master Fund LP - Delaware Squadron Capital Management, LLC - Delaware William Blank - United States
(d)	Title of class of securities: Common Stock ($.001 par value)
(e)	CUSIP No.: 75955J402
Item 4.	Ownership
(a)	Amount beneficially owned: Squadron Capital Management, LLC is an investment adviser that is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission. Squadron Capital Management, LLC, which serves as investment adviser to private funds, including but not limited to Squadron Master Fund LP (collectively, the "Funds"), may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Mr. Blank, as Partner of Squadron Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, Squadron Capital Management, LLC and Mr. Blank expressly disclaim beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that Squadron Capital Management, LLC or Mr. Blank are the beneficial owner of any of the securities reported herein. Squadron Master Fund LP - 2,914,495 shares Squadron Capital Management, LLC - 3,298,500 shares William Blank - 3,298,500 shares
(b)	Percent of class: Ownership percentage is based on 33,191,622 shares of common stock, $0.001 par value per share, outstanding as of May 7, 2025, as represented by the Issuer in the Form 10-Q filed with the Securities and Exchange Commission on May 12, 2025. Squadron Master Fund LP - 8.8% Squadron Capital Management, LLC - 9.9% William Blank - 9.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 William Blank - 0
	(ii) Shared power to vote or to direct the vote: Squadron Master Fund LP - 2,914,495 shares Squadron Capital Management, LLC - 3,298,500 shares William Blank - 3,298,500 shares
	(iii) Sole power to dispose or to direct the disposition of: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 William Blank - 0
	(iv) Shared power to dispose or to direct the disposition of: Squadron Master Fund LP - 2,914,495 shares Squadron Capital Management, LLC - 3,298,500 shares William Blank - 3,298,500 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock covered by this Statement.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Note above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Squadron Master Fund LP

Signature:	/s/ Matt Sesterhenn
Name/Title:	Partner, Squadron Partners LLC, its General Partner
Date:	08/14/2025

Squadron Capital Management LLC

Signature:	/s/ Matt Sesterhenn
Name/Title:	Partner
Date:	08/14/2025

William Blank

Signature:	/s/ William Blank
Name/Title:	William Blank
Date:	08/14/2025

FAQ

What stake does Squadron Capital Management report in RLMD?

Squadron Capital Management reports shared beneficial ownership of 3,298,500 shares, representing 9.9% of RLMD's outstanding common stock.

How many shares does Squadron Master Fund LP hold in RLMD?

Squadron Master Fund LP reports shared beneficial ownership of 2,914,495 shares, representing 8.8% of the class.

Does the filing indicate an intent to influence control of Relmada Therapeutics (RLMD)?

No. The filing includes a certification and a Rule 13d-4 disclaimer stating the securities were not acquired to change or influence control and the filers disclaim beneficial ownership where applicable.

On what share count are the ownership percentages based?

Percentages are based on an issuer-stated outstanding share count of 33,191,622 shares as represented by the issuer.

Who is William Blank in relation to these holdings?

William Blank is reported as a partner with shared voting and dispositive power over 3,298,500 shares (9.9%), and is associated with Squadron Capital Management.