Relmada Therapeutics Q2 2026 Earnings Report

Relmada Therapeutics EPS Results

• Actual EPS: -$0.11
• Consensus EPS: -$0.20
• Beat/Miss: Beat by +$0.09
• One Year Ago EPS: N/A

Relmada Therapeutics Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Relmada Therapeutics Announcement Details

• Quarter: Q2 2026
• Date: 8/6/2026
• Time: After Market Closes
• Conference Call Date: Thursday, August 6, 2026
• Conference Call Time: 4:30PM ET

Relmada Therapeutics (NASDAQ:RLMD) is a clinical-stage biopharmaceutical company focused on the development of novel therapies for pain and other central nervous system (CNS) disorders. The company applies a proprietary stereochemical approach to optimized drug candidates, aiming to improve safety, tolerability and efficacy profiles compared with existing treatments. Relmada’s research efforts center on modulation of NMDA receptors to address unmet needs in depression, neuropathic pain and related indications.

Relmada’s lead product candidate, REL-1017 (d-methadone), is being evaluated as a potential rapid-acting and maintenance treatment for major depressive disorder, with clinical studies underway to assess its utility in both acute and long-term settings. In parallel, the company is advancing additional pipeline programs targeting neuropathic pain, including diabetic neuropathy and chemotherapy-induced peripheral neuropathy. Relmada collaborates with academic centers and contract research organizations to conduct multi-center trials across North America and Europe.

Headquartered in New York, Relmada Therapeutics was incorporated in Delaware and maintains its research operations in the United States. The company is led by a management team with extensive experience in biopharmaceutical development, regulatory strategy and commercial planning. Relmada’s common stock is listed on the NASDAQ under the symbol RLMD.

Relmada Therapeutics Q2 2026 Earnings Call Transcript

Key Takeaways

• NDV-01 remains on track for registrational development: Relmada plans to file the IND by year-end 2026 and begin the Phase III rescue program after clearance, with approximately 80 clinical sites prepared and 60 designated as primary sites.
• Positive Sentiment: Phase II results support NDV-01’s potential: The company reported a 95% complete response rate at any time and a 76% durable complete response rate at 12 months, with favorable safety and tolerability.
• Negative Sentiment: Manufacturing is the key near-term execution risk. Formulation, process development, and analytical work are complete, but Relmada still needs to secure GMP manufacturing capacity, produce batches, and generate sufficient stability data before filing the IND.
• Positive Sentiment: Relmada reported substantial financial runway: Cash, cash equivalents, and short-term investments totaled $217.7 million at quarter-end, which management expects to fund operations through 2029, including completion of the NDV-01 Phase III rescue program.
• Neutral Sentiment: The company has not yet finalized the timing or format of additional clinical disclosures; management suggested that six-month data and a larger patient sample may be more meaningful than the previously anticipated three-month results, potentially shifting disclosure into the first half of 2027.

Presentation

[Operator]

Afternoon. Welcome to Relmada Therapeutics' second quarter earnings conference call. At this time, all participants are in a listen-only mode. After the prepared remarks, we will conduct a question-and-answer session. To ask a question, please press star one. As a reminder, this conference call is being recorded and will be available for replay on the Relmada website. I would now like to turn the call over to Joyce Lonergan. Please go ahead.

[Joyce Lonergan, Managing Director at LifeSci Advisors]

Thank you, operator. Good day, everyone. Thank you for joining us today. This afternoon, Relmada issued a press release providing a business update and outlining its financial results for the three and six months ended June 30, 2026. Please note that certain information discussed on the call today is covered under the safe harbor provision of the Private Securities Litigation Reform Act. Relmada's management team will be making forward-looking statements during this call. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in Relmada's press release issued today and the company's SEC filings, including the company's 10-Q filing for the quarter ended June 30, 2026, filed after the close today.

[Joyce Lonergan, Managing Director at LifeSci Advisors]

This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast on August 6, 2026. Relmada undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call. With me on today's call are Relmada's Chief Executive Officer, Sergio Traversa, who will provide a business update. Bipin Dalmia, Relmada's Chief Business Officer, will offer his perspective on NDV-01 and the non-muscle invasive bladder cancer landscape. Relmada's Chief Financial Officer, Maged Shenouda, will review the second quarter financial results. After that, we will open the line for a brief Q&A session. I would like to hand the call over to Sergio Traversa. Sergio?

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you, Joyce. Good afternoon, everyone. Welcome to the Relmada second quarter 2026 conference call. Relmada has entered a critical execution phase. We have a strong balance sheet, an experienced and strengthened leadership team, and a clear plan to move NDV-01 into registrational development. I would like to use this time today to tell you where we stand and why we are confident in the path ahead. Let me start with a brief recap. NDV-01 is a novel, sustained-release, intravesical formulation of gemcitabine and docetaxel, or gem/doce, that builds on the well-established safety and efficacy profile of conventional Gem/Doce. We believe NDV-01 has the potential to be a best-in-class therapy for patients with non-muscle invasive bladder cancer, or NMIBC, a disease affecting more than 744,000 people in the United States alone. Our clinical and regulatory foundation is strong. The 12 months phase II data are compelling.

[Sergio Traversa, CEO at Relmada Therapeutics]

95% of patients achieved a complete response at any time, 76% had a durable complete response at 12 months, and safety has been favorable throughout. We have FDA alignment on the two planned registrational pathways. We continue to see strong interest from the uro-oncology community. Let me go directly to manufacturing because it is our immediate priority. NDV-01 is a novel sustained-release therapy that combines two chemotherapies in a single delivery system. Manufacturing a product like this to scalable and registrational standards is demanding work. It requires a specialized capability, coordination across several supply chain partners, and scale-up from a laboratory prototype to a full good manufacturing practice, or GMP, production. We have done the work to understand what that requires. We also have planned the remaining activities needed to support the IND. We are executing against a clear plan to complete them.

[Sergio Traversa, CEO at Relmada Therapeutics]

This is work driven to quality, and we are dedicated to getting it done right. Importantly, all the components around manufacturing are ready. We have FDA alignment, a robust data set, and clinical trial sites that are engaged and prepared to begin enrolling patients as soon as the IND is cleared and clinical material is available. Manufacturing is the final piece, and we are confident in our plan and in our team. We plan to file the IND NDV-01 by year-end of 2026 and to initiate the phase III rescue registrational program upon IND clearance. The same discipline applies to sepranolone, our program in Prader-Willi syndrome, or PWS, a rare and underserved condition estimated to affect 350,000-400,000 people worldwide. Here, the formulation development is complete, and the one remaining step is finalizing the prefilled syringe delivery system.

[Sergio Traversa, CEO at Relmada Therapeutics]

We expect to file the sepranolone IND by year-end 2026 as well, and to initiate phase II proof of concept study upon an IND clearance. On both programs, we have characterized what is required, we have a clear plan in place, and we are executing on it. Before we turn to our financial results, I would like to have the privilege to introduce Bipin Dalmia, our new Chief Business Officer. Bipin joined us this quarter and brings nearly three decades of experience in uro-oncology, business development, and manufacturing oversight, including leading the U.S. launch of the first FDA-approved intravesical gene therapy for NMIBC. Bipin also brings strong industry relationship and an outstanding track record of value creation. Bipin, it's all on you.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Thank you, Sergio. Good afternoon, everyone. As Sergio mentioned, I've spent nearly three decades in biopharmaceuticals, including many years focused on uro-oncology, and especially non-muscle invasive bladder cancer, or NMIBC. During my first two weeks with the company, I've spent considerable time reviewing NDV-01's clinical, regulatory, and manufacturing plans, as well as our patent strategy. That work has only strengthened my belief that NDV-01 represents one of the most compelling opportunities in NMIBC. Let me explain why. The NMIBC treatment landscape is evolving rapidly, particularly in BCG-unresponsive disease, where bladder preservation is increasingly the primary goal of treatment. Yet patients and physicians are still forced to make important trade-offs. The newer therapies available today may deliver on one dimension, either efficacy or durability or convenience, but in each case, at the expense of another important dimension.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Our market research and KOL discussions suggest that what physicians and patients continue to need is an intravesical therapy that delivers meaningful efficacy and durable responses without compromising safety, tolerability, convenience, or ease of use. These trade-offs will become even more important as the market moves into the community setting, where majority of the patients are, and into earlier stages of NMIBC, such as intermediate risk and BCG-naïve settings. That is where we believe NDV-01 has the potential to differentiate itself. What I find particularly compelling about NDV-01 is that we're building on a strong clinical foundation rather than starting from scratch. We're leveraging decades of published clinical experience with gemcitabine and docetaxel, a combination that is deeply familiar to the urology community.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Our innovation is not in changing those therapies, but in finding a better way to deliver them through a sustained-release formulation that combines prolonged bladder exposure without the use of a physical device, with a simple office-based procedure that can be completed in approximately five minutes. In summary, the combination of a well-established therapeutic foundation, encouraging efficacy and durability results from our phase II study, favorable safety and tolerability, practical ease of use, and applicability across most NMIBC patient populations differentiates NDV-01 from many current and emerging approaches in the field, combined with a clear FDA-agreed regulatory path and strong patent protection. Taken together, these attributes support our belief that NDV-01, if approved, has the potential to become a foundational and best-in-class intravesical therapy across the NMIBC disease spectrum. I joined Relmada because I believe in that potential and in this team's ability to execute.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

While important work remains ahead, the path forward is well-defined. We have an experienced team and strong external partners focused on executing against a clear plan and well-defined near-term milestones. I'm excited to be part of Relmada at this important stage and look forward to helping advance NDV-01 for patients who need new treatment options. With that, I'll turn the call over to Maged. Maged?

[Maged Shenouda, CFO at Relmada Therapeutics]

Thank you, Bipin. Good afternoon, everyone. I'll walk you through our second quarter 2026 financial results. Our press release and 10-Q filings provide the full details. Relmada closed the second quarter of 2026 with cash, cash equivalents, and short-term investments of $217.7 million, compared to $93 million on December 31, 2025. Our current cash resources are expected to fund company operations through 2029, including completion of the phase III rescue program for NDV-01. Moving briefly through our second quarter financial results. Research and development expense for the three months ended June 30, 2026, totaled $8.4 million, compared to $2.8 million for the three months ended June 30, 2025. The increase was primarily attributable to higher NDV-01 and sepranolone study costs and increased manufacturing and drug storage costs, partially offset by lower employee compensation.

[Maged Shenouda, CFO at Relmada Therapeutics]

General and administrative expense for the same period totaled $6.6 million, compared to $7.4 million for the same period last year. The decrease was primarily driven by lower stock-based compensation and lower employee compensation, partially offset by higher stock appreciation rights expense and consulting services. Net cash used in operating activities for the three months ended June 30, 2026, totaled $9.6 million, compared to $6.4 million for the same period in 2025. The net loss for the quarter was $12.9 million, or $0.11 per basic and diluted share, compared with a net loss of $9.9 million, or $0.30 per basic and diluted share for the second quarter of 2025. Before we open the call for questions, I'll turn back to Sergio for some closing comments. Sergio?

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you, Maged. I believe we can open the call for questions. Before we do that, let me close on this. Relmada is in a position of strength. We have a differentiated, clinically validated asset in NDV-01 with FDA alignment on our path to registration, a phase III program that is ready to enroll, and the capital to see this work through. Our focus now is execution, completing the manufacturing work to the highest standard and filing both the NDV-01 and sepranolone INDs by year-end. We know what is in front of us, we have a clear plan, and we have the team and the resources to deliver. I'm very confident in this program and optimistic about Relmada's future. I look forward to keeping you close to our progress along the way. Operator, I would like now to open the call for questions. Thank you.

[Operator]

Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Our first question comes from the line of Uy Ear of Mizuho. Please go ahead.

[Uy Ear, Analyst at Mizuho]

Hi, guys. Thanks for holding this call. I guess, we just have a couple of questions from reading your press release. Before I ask the questions, I also want to welcome Bipin to Relmada, and hope to work with you in the future. Maybe a general question for Bipin first. Maybe just help us understand what your role at Relmada, and how do you envision bringing NDV-01, essentially from this stage up to commercialization? The second question is, based on your press release, it seems that you indicated manufacturing as well as CMC activities. Maybe just help us get some more color on the gating factors for both of these items. Is there issues with the release of the chemo from the gel? Is it scaling? Is it just consistency, stability? Maybe just help us get a flavor. Thank you.

[Sergio Traversa, CEO at Relmada Therapeutics]

Sure. Thank you, Uy. Maybe, Bipin, you want to take the first one? All of us can take the second one.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Yeah. Sergio. Thank you, Uy. I also look forward to working with you. My role as Chief Business Officer and primarily responsible for the NDV-01 program will be corporate strategy, commercial planning, which includes new product planning, making sure our program maximize the potential of NDV-01, business development, if and when that becomes relevant. I also bring a lot of development in manufacturing experience, in addition to commercial. I will be very closely involved in all aspects of NDV-01.

[Sergio Traversa, CEO at Relmada Therapeutics]

Thanks, Bipin.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Thank you.

[Sergio Traversa, CEO at Relmada Therapeutics]

I hope, Uy, this answers your first question. The second one, I can start, right? Look, manufacturing is always like, you can go as much in detail as we want to. But the top-down is that the formulation has been locked, the process has been locked. Now is the question of getting into the, what I say, the schedule of the manufacturer. Our manufacturer is Piramal. That is pretty large company. To get on their schedule and make the product, then that would be made at the scalable quantity. That's where we are with manufacturing. That's where we are. Bipin, you want to add something to the topic, the subject?

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Yeah, no. Absolutely, I think, Sergio. We have the formulation, which is the same as the formulation we used in phase II. We of course, have a new scalable process, and that is locked now. The remaining active, we have analytics in place, so the analytical program is complete. Now it's just a matter of blocking and tackling, and producing the GMP batches and putting them on stability needed for IND filing. That's where we are. It's just a matter of execution now.

[Uy Ear, Analyst at Mizuho]

You're saying that it's primarily an engineering issue that you can resolve relatively quickly. Is that a way of summarizing it?

[Sergio Traversa, CEO at Relmada Therapeutics]

Yeah. I wouldn't call it.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Yeah. Sergio, I can take-- Yeah.

[Sergio Traversa, CEO at Relmada Therapeutics]

Yeah, take it. Go ahead, Bipin.

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

Yeah. In manufacturing, you have to develop a formulation. You have to develop a process, that's the development activities. Then you have the manufacturing activities. The development activities are complete. The manufacturing activities are our next focus, and that takes some time because you have to get on the schedule of the GMP clean room. We're working with an external partner for that. Then once you've manufactured the GMP batch, you need some degree of stability data needed to file in the IND. I wouldn't call it an engineering or a non-engineering problem. The way to think about it is development is complete, and now manufacturing is what we will do in the coming months.

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you, Bipin.

[Uy Ear, Analyst at Mizuho]

Super helpful. Thanks.

[Operator]

Okay, our next question comes from Farzin Haque of Jefferies. Please go ahead.

[Farzin Haque, Analyst at Jefferies]

Hi. Thank you for taking my question. Just to follow up on the last one, do you need FDA input once you have the manufacturing batch GMP ready prior to filing?

[Sergio Traversa, CEO at Relmada Therapeutics]

Yeah. Thank you, Farzin. Bipin, do you want to take this? I don't believe so. We already had the minutes from the meetings we had with the FDA on the development. We'll just file the IND, Bipin, you are more expert, so you can?

[Bipin Dalmia, Chief Business Officer at Relmada Therapeutics]

No, I don't believe we need any FDA input before filing the IND.

[Farzin Haque, Analyst at Jefferies]

Got it. How many sites are being planned. Basically, how quickly can you go from the IND clearance to the first patient dosed?

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you, Farzin. That's a great question. It's also easy to answer. We have around, I believe, 80 sites enrolled, of which 60 are primary and 20 are more backup to speed up the enrollment. I believe as soon as the IND is clear, there will be 30 days after we file it. Technically, we can start to enroll patient at any time. Everything else is pretty much good to go. We are waiting for the product to be delivered. The data on the product to be delivered to file the IND, and 30 days later, hopefully, we'll be okay for clearing. We can start to enroll pretty much right after the IND is cleared.

[Farzin Haque, Analyst at Jefferies]

Got it. A quick follow-up. Do you have any plans to disclose the 18 months cut from the phase II data later this year?

[Sergio Traversa, CEO at Relmada Therapeutics]

It's a great question. Yes. To be honest, we haven't focused on the phase II. The site in Israel has continued to enroll patients. We have been totally focused on the phase III preparation. We'll probably, yes, we'll publish the 18-months data at some point, we don't have specific plan to do it. We have not seen the data after the 12 months. At some point, we'll probably publish that. The focus has been the registration more than anything else.

[Farzin Haque, Analyst at Jefferies]

Thank you so much.

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you, Farzin.

[Operator]

Your next question comes from Kelsey Goodwin of Piper Sandler. Please go ahead.

[Kelsey Goodwin, Analyst at Piper Sandler]

Oh, great. Hey, thanks for taking our questions. First, just to circle back, on the NDV-01 IND, I guess, what steps or tasks required took longer than you were expecting when you had initially guided to mid-2026? Secondly, I know you had initially guided to some clinical data later this year, that three-month CR look. Should we expect that in the first half now, or are you maybe reevaluating what the initial disclosure's going to look like? That's it for me. Thank you.

[Sergio Traversa, CEO at Relmada Therapeutics]

Hey, Kelsey. Good afternoon. Great to hear from you. These are actually two different questions, right? Require two different answers. One, what was unexpected. Well, when we made the initial projection, it's like we kind of listened to the manufacturer. That was the best educated guess to give a timeline. I don't think, and Bipin and Maged, you have been involved too in the manufacture. There was really nothing unexpected. It's just everything in manufacturing, until you have done and you are to the final, you never know. It's a trial and error. There was just a question, I would say, probably the biggest hurdle is always to get into the manufacturing schedule. It's not that you call and they put the product in manufacturing right away. Usually, there is at least one or two or three months where they give you a slot.

[Sergio Traversa, CEO at Relmada Therapeutics]

To make the product, it takes technically two days. It's not a lot of time, but you have to get in their schedule. They have other clients and that. That was not unexpected, but it's still something that we have to get done. That's where we are. The second question was... Remind me, what's the-

[Kelsey Goodwin, Analyst at Piper Sandler]

Yeah, the initial clinical data that was guided for the end of the year, the three-month CR data. Will that be pushed into the first half of 2027, or are you thinking about maybe just doing a different disclosure altogether?

[Sergio Traversa, CEO at Relmada Therapeutics]

Yeah. Look, we haven't decided yet. We've been hearing different opinion from all the people that are helping us on doing this. The current tendency, yes, it would be, I would say, first half. But the current trend or what we think is that we would like to have a certain number of patients, not to publish data on five patients, right? To have a certain number of patient and make it relevant. I don't know what the number is, but it's probably 15-20 patients, so that it's significant. Four or five patient don't really mean anything, or not much. The second one, the three months, they may not be that representative for. The retreatment is allowed after three months. If a patient doesn't respond after three months, can be retreated.

[Sergio Traversa, CEO at Relmada Therapeutics]

Probably the six months is a lot more meaningful in term of showing what the real results are. We haven't decided yet. The focus really to file the IND to get the trial started, we can think about the data. It's an open label, one arm, we can see the data. Hope I answer your question.

[Kelsey Goodwin, Analyst at Piper Sandler]

Yeah, that's perfect. Thank you so much.

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you, Kelsey.

[Operator]

As a reminder, if you would like to ask a question, please press star one. All right, we have another question from Farzin Haque of Jefferies. Please go ahead.

[Farzin Haque, Analyst at Jefferies]

Thank you for taking the follow-up. Just to clarify in your last comment, the clinicaltrials.gov allows one reinduction after disease recurrence.

[Sergio Traversa, CEO at Relmada Therapeutics]

Correct.

[Farzin Haque, Analyst at Jefferies]

Does the reinduction count towards the primary CR endpoint, or is it captured as a secondary?

[Sergio Traversa, CEO at Relmada Therapeutics]

Well, thanks for the question. It give me a chance to clarify. The primary endpoint is a response at any time. The six months is any time, but it is the high response during the trial.

[Farzin Haque, Analyst at Jefferies]

The patients can have one reinduction if needed?

[Sergio Traversa, CEO at Relmada Therapeutics]

Correct.

[Farzin Haque, Analyst at Jefferies]

Okay. Got it. Thank you.

[Sergio Traversa, CEO at Relmada Therapeutics]

If they don't respond at three months, they can be renewed. They may respond at six months. For the primary endpoints, the highest response rate is the one that matters. Thanks for the question. It was important.

[Operator]

All right. Looks like we have another question from Uy Ear of Mizuho. Please go ahead.

[Uy Ear, Analyst at Mizuho]

Hey, guys. Thanks for taking the follow-up. I just wanted to ask, I don't know if you guys or Raj has watched the FDA AdCom on the Replimune product. I just wanted to see if you think that there's any read-through to your second-line development for NDV-01. Yeah, just wanted to see if you think there's any read-through considering that, I guess the FDA was looking for a large response rate and, in their opinion, it wasn't really the case? The AdCom looked at that sort of differently and saw a signal and I think took into significant consideration.

[Maged Shenouda, CFO at Relmada Therapeutics]

Maybe I can step in here. I think it's imprudent for us to comment on other companies' AdComs in different disease areas as well. I don't know that it would be, again, prudent for us to comment here. Thank you for the question, Uy.

[Sergio Traversa, CEO at Relmada Therapeutics]

Yeah. There are different indications and what we can share is that with the meeting with the FDA, there is no fixed number about what kind of response rate the FDA expects to approve NDV-01. I believe they stated that they want to see the overall data in terms of response rate and durability. It's really different from any other comparison.

[Uy Ear, Analyst at Mizuho]

Okay. Thanks.

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you.

[Operator]

This concludes our question-and-answer session and call for today. Thank you, everyone. You may now disconnect.

[Sergio Traversa, CEO at Relmada Therapeutics]

Thank you. Thank you all.

[Maged Shenouda, CFO at Relmada Therapeutics]

Thanks.

Participants

Executives

• Sergio Traversa, CEO
• Bipin Dalmia, Chief Business Officer
• Maged Shenouda, CFO

Analysts

• Joyce Lonergan, Managing Director at LifeSci Advisors
• Uy Ear, Analyst at Mizuho
• Farzin Haque, Analyst at Jefferies
• Kelsey Goodwin, Analyst at Piper Sandler