Relmada Therapeutics, Inc.
RLMDHealthcare|Biotechnology|US
$3.90
+0.13 (+3.45%)
DCF Value
$0.05
Tangible Book / Share
$1.84
Cash / Share
$1.94
Financials
Financial Snapshot
Market Cap
$416.0M
Enterprise Value
$404.7M
Revenue (TTM)
$0.00
Net Income (TTM)
-$61.9M
Cash & Investments
$217.7M
Net Cash
$217.7M
Free Cash Flow (TTM)
-$46.0M
Operating CF (TTM)
-$46.0M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$217.7M
Quarterly Burn
$11.5M
Monthly Burn
$3.8M
Est. Runway
~18.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $1.7M | $2.2M | $9.2M | $116.4M | $117.1M | $211.9M | $148.3M | $96.3M | $44.9M | $93.0M | $217.7M | |
| Operating Cash Flow | -$6.5M | -$6.0M | -$10.5M | -$12.1K | -$27.8M | -$91.9M | -$103.8M | -$51.7M | -$51.8M | -$45.8M | -$46.0M | |
| Free Cash Flow | -$6.5M | -$6.0M | -$10.5M | -$12.1K | -$27.8M | -$91.9M | -$103.8M | -$51.7M | -$51.8M | -$45.8M | -$46.0M | |
| Capital Expenditure | -$49.7K | -$12.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$4.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | -$273.7K | $6.5M | $17.5M | $126.1K | $28.5M | $187.9M | $45.0M | -$98.5K | -$40.3K | $93.6M | $243.8M |
R&D Spending
R&D (TTM)
$28.6M
R&D Intensity
—
R&D Growth vs Prior
+3739.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $1.3M | $2.9M | $7.0M | $7.9M | $36.0M | $90.6M | $113.3M | $54.8M | $46.2M | $744.6K | $28.6M | |
| SG&A | $5.7M | $4.0M | $5.7M | $7.3M | $24.9M | $35.1M | $47.9M | $48.9M | $37.7M | $311.9K | $36.5M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $85.3K | $2.6K | $4.9K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | -$85.3K | -$2.6K | -$4.9K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $1.3M | $2.9M | $7.0M | $7.9M | $36.0M | $90.6M | $113.3M | $54.8M | $46.2M | $744.6K | $28.6M | |
| SG&A | $5.7M | $4.0M | $5.7M | $7.3M | $24.9M | $35.1M | $47.9M | $48.9M | $37.7M | $311.9K | $36.5M | |
| Operating Income | -$7.2M | -$6.9M | -$12.7M | -$15.1M | -$60.8M | -$125.7M | -$161.2M | -$103.7M | -$83.9M | -$59.1M | -$65.1M | |
| Interest Expense | $550.00 | $1.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$6.3M | -$9.0M | -$17.3M | -$15.0M | -$59.5M | -$125.8M | -$157.0M | -$98.8M | -$80.0M | -$57.4M | -$61.9M | |
| Net Income | -$6.3M | -$9.0M | -$17.3M | -$15.0M | -$59.5M | -$125.8M | -$157.0M | -$98.8M | -$80.0M | -$57.4M | -$61.9M | |
| EPS (Diluted) | -2.08 | -2.86 | -2.74 | -1.63 | -3.81 | -7.16 | -5.30 | -3.28 | -2.65 | -1.45 | -0.92 | |
| EBITDA | -$6.9M | -$6.9M | -$16.6M | -$15.1M | -$59.3M | -$125.8M | -$157.0M | $4.9M | -$80.0M | -$57.4M | -$61.9M | |
| Shares Out. (M) | 3.02 | 3.14 | 6.31 | 9.23 | 15.59 | 17.55 | 29.63 | 30.10 | 30.16 | 39.48 | 112.38 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.7M | $2.2M | $9.2M | $36.3M | $2.5M | $44.4M | $5.4M | $4.1M | $3.9M | $3.5M | $11.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $80.2M | $114.6M | $167.5M | $142.9M | $92.2M | $41.1M | $89.5M | $206.4M | |
| Total Current Assets | $2.5M | $2.7M | $10.0M | $116.9M | $118.1M | $223.3M | $152.9M | $97.5M | $45.8M | $94.0M | $219.0M | |
| Total Assets | $2.8M | $3.0M | $10.2M | $117.1M | $118.2M | $223.3M | $152.9M | $97.6M | $45.8M | $94.0M | $219.1M | |
| Total Current Liabilities | $1.4M | $5.9M | $2.6M | $1.5M | $12.6M | $15.1M | $12.5M | $12.2M | $10.3M | $6.4M | $7.4M | |
| Long-Term Debt | $0.00 | $2.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $1.4M | $8.6M | $2.6M | $1.5M | $12.6M | $15.1M | $12.5M | $12.2M | $10.3M | $7.5M | $12.5M | |
| Stockholders' Equity | $1.5M | -$5.5M | $7.6M | $115.7M | $105.6M | $208.3M | $140.4M | $85.4M | $35.5M | $86.5M | $206.6M | |
| Retained Earnings | -$85.4M | -$94.3M | -$111.7M | -$119.9M | -$179.3M | -$305.1M | -$462.1M | -$560.9M | -$640.9M | -$698.3M | -$730.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.5M | -$6.0M | -$10.5M | -$12.1K | -$27.8M | -$91.9M | -$103.8M | -$51.7M | -$51.8M | -$45.8M | -$46.0M | |
| Capital Expenditure | -$49.7K | -$12.4K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$4.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$6.5M | -$6.0M | -$10.5M | -$12.1K | -$27.8M | -$91.9M | -$103.8M | -$51.7M | -$51.8M | -$45.8M | -$46.0M | |
| Investing Cash Flow | -$49.7K | -$12.4K | $0.00 | -$80.2K | -$34.4M | -$54.1M | $19.7M | $50.5M | $51.6M | -$48.1M | -$187.8M | |
| Financing Cash Flow | -$273.7K | $6.5M | $17.5M | $126.1K | $28.5M | $187.9M | $45.0M | -$98.5K | -$40.3K | $93.6M | $243.8M | |
| Issuance of Stock | $0.00 | $0.00 | $17.8M | $0.00 | $20.5M | $185.3M | $42.7M | $0.00 | $246.7K | $93.6M | $253.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$273.7K | $6.5M | -$285.2K | $0.00 | -$110.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $704.5K | $518.0K | $1.2M | $2.8K | $20.8M | $40.5M | $44.2M | $43.8M | $30.2M | $15.0M | $8.7M | |
| Net Change in Cash | -$6.8M | $528.4K | $7.0M | $7.0K | -$33.8M | $41.9M | -$39.0M | -$1.3M | -$234.5K | -$360.5K | $10.0M |
Dilution Tracker
Shares outstanding grew 153.2% over 5 years — significant dilution
Shares Outstanding
107M
5-Year Share Growth
+153.2%
Stock Issuance (TTM)
$253.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.02 | 3.14 | 6.31 | 9.23 | 15.59 | 17.55 | 29.63 | 30.10 | 30.16 | 39.48 | 112.38 | |
| Change vs Prior % | — | 3.9% | 101.3% | 46.2% | 69.0% | 12.6% | 68.8% | 1.6% | 0.2% | 30.9% | 184.6% | |
| Stock Issuance | $0.00 | $0.00 | $17.8M | $0.00 | $20.5M | $185.3M | $42.7M | $0.00 | $246.7K | $93.6M | $253.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $704.5K | $518.0K | $1.2M | $2.8K | $20.8M | $40.5M | $44.2M | $43.8M | $30.2M | $15.0M | $8.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | -430.5% | 162.5% | -227.5% | -13.0% | -56.3% | -60.4% | -111.8% | -115.7% | -225.2% | -66.3% | -47.5% | |
| ROA % | -221.6% | -294.0% | -169.5% | -12.8% | -50.3% | -56.3% | -102.7% | -101.3% | -174.6% | -61.0% | -28.3% | |
| ROIC % | -415.6% | 269.0% | -159.5% | -13.0% | -57.6% | -60.4% | -114.8% | -121.5% | -236.1% | -67.5% | -30.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | -55.6% | 96.9% | -85.4% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 55.5% | 4.2% | -84.0% | -18.7% | -302.7% | -106.6% | -28.3% | 35.7% | 19.1% | 29.6% | |
| Net Income | -111.3% | -42.5% | -93.3% | 13.4% | -296.2% | -111.5% | -24.9% | 37.1% | 19.0% | 28.3% | |
| EPS (Diluted) | -101.9% | -37.5% | 4.2% | 40.5% | -133.7% | -87.9% | 26.0% | 38.1% | 19.2% | 45.3% | |
| Operating Cash Flow | 50.8% | 7.2% | -74.9% | 99.9% | -229876.9% | -230.4% | -13.0% | 50.2% | -0.2% | 11.5% | |
| Free Cash Flow | 52.5% | 7.7% | -74.5% | 99.9% | -229876.9% | -230.4% | -13.0% | 50.2% | -0.2% | 11.5% | |
| R&D Expense | -79.2% | 127.6% | 138.7% | 11.9% | 357.7% | 151.9% | 25.0% | -51.6% | -15.7% | -98.4% | |
| SG&A Expense | -42.2% | -30.4% | 43.5% | 27.1% | 243.0% | 41.1% | 36.6% | 2.0% | -22.9% | -99.2% | |
| Total Assets | -72.3% | 7.4% | 235.3% | 1046.2% | 0.9% | 89.0% | -31.5% | -36.2% | -53.0% | 105.2% | |
| Book Value / Share | -80.1% | -463.4% | 168.6% | 939.2% | -46.0% | 75.2% | -60.1% | -40.2% | -58.5% | 86.1% | |
| Debt | 1.1% | 963.2% | -87.6% | -69.7% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 4.1% | 3.9% | 101.3% | 46.2% | 69.0% | 12.6% | 68.8% | 1.6% | 0.2% | 30.9% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.12
10Y Low / Med / High0.18 / 0.62 / 2.20
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.05
Tangible Book / Share
$1.84
Net Current Assets / Share
$1.94
Graham Net-Net
$1.83
Cash / Share
$1.94
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.32 | -0.28 | -0.53 | -4.79 | -1.68 | -0.63 | -0.16 | -0.31 | -0.20 | -3.33 | -4.24 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 1.36 | -0.46 | 1.21 | 0.62 | 0.95 | 0.38 | 0.18 | 0.36 | 0.44 | 2.20 | 2.12 | |
| EV/EBITDA | -0.08 | -0.47 | -0.02 | -2.37 | -1.64 | -0.28 | -0.13 | 5.48 | -0.15 | -3.26 | -6.53 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
14.81
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $10.0M | $32.5M | $12.7M |
| Net Income | -$24.4M | -$31.5M | -$29.2M |
| EPS | $-0.62 | $-0.80 | $-0.74 |
| # Analysts (EPS) | 2 | 2 | 2 |