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Relmada Therapeutics Inc. (RLMD+1.59%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a strategic pivot following disappointing interim results for its lead development candidate, esmethadone (REL-1017), for Major Depressive Disorder. The company has paused further work on REL-1017 and shifted focus to new drug candidates, NDV-01 and Sepranolone.
NDV-01 is a novel delivery formulation for treating non-muscle-invasive bladder cancer, currently in Phase 2 trials. Sepranolone is a neurosteroid with potential applications in Prader-Willi syndrome and other disorders.
The company reported a net loss of approximately $79,979,400 for 2024, compared to $98,791,700 in 2023. Total operating expenses for 2024 were $83,891,036, down from $103,702,293 in the previous year.
Research and development expenses decreased to $46,175,500 from $54,807,400 in 2023, primarily due to the completion of certain Phase 3 trials and a reduction in stock-based compensation.
General and administrative expenses also decreased to $37,715,500 from $48,894,900 in 2023, largely due to a reduction in stock-based compensation expenses.
The company has not generated revenues and does not anticipate doing so in the near future. As of December 31, 2024, Relmada had an accumulated deficit of approximately $640,882,000.
Relmada's cash and cash equivalents as of December 31, 2024, were $3,857,026, with short-term investments totaling $41,052,356.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing insufficient liquidity to sustain operations through the next 12 months without additional funding.
Relmada is exploring financing strategies, including public or private sale of equity or debt securities, and strategic collaborations to address its liquidity needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Relmada Therapeutics Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.