Relmada Therapeutics offers a highly favorable analyst-target upside per the engine, but that case rests on a binary clinical outcome against a backdrop of cash burn, sub-floor quality, and a persistent earnings-miss streak.
Thesis pillars
- High Asymmetry Analyst Upside→Stable
- Quality Below Floor Cash Burn→Stable
- Momentum Gate Failure Range Bound→Stable
- +2 more pillars — see the Why tab for full reasoning
Relmada Therapeutics, Inc. (RLMD) Stock Analysis
Range Bound setup · Inst Constrain edge
Healthcare · Biotechnology
Sell if holding. Engine safety override at $6.41: Quality below floor (1.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.7/10 and A.R:R 5.3:1 is above the 1.5:1 BUY gate. Specifically: Elevated put/call ratio: 1.67; Below-average business quality.
Relmada Therapeutics is a clinical-stage biotechnology company that terminated its former lead program, esmethadone, in July 2025 after a Phase 3 futility finding, and has since pivoted to two new candidates: NDV-01, an in-licensed intravesical gemcitabine/docetaxel therapy for... Read more
Sell if holding. Engine safety override at $6.41: Quality below floor (1.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.7/10 and A.R:R 5.3:1 is above the 1.5:1 BUY gate. Specifically: Elevated put/call ratio: 1.67; Below-average business quality. Chart setup: RSI 47 mid-range, Bollinger mid-band. Score 5.7/10, moderate confidence.
Passes 8/9 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 30d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Relmada Therapeutics, Inc.
About Relmada Therapeutics, Inc.
Relmada Therapeutics abandoned its original drug-development strategy in 2025, terminating both esmethadone (after a futile Reliance II Phase 3 interim analysis) and the REL-P11 psilocybin program, and replacing them with two acquired candidates: NDV-01, in-licensed from Trigone Pharma in March 2025 for non-muscle-invasive bladder cancer, and sepranolone, acquired from Asarina Pharma in February 2025 for Prader-Willi syndrome and Tourette Syndrome. Both programs target mid-2026 Phase 3 or Phase 2 trial initiations.
NDV-01, a controlled-release intravesical formulation of gemcitabine and docetaxel, showed a 76% complete response rate at 12 months (Kaplan-Meier: 83%) among 48 patients in a Phase 2 trial, with Relmada targeting two Phase 3 studies - one in BCG-unresponsive high-grade disease, one in intermediate-risk adjuvant patients - both expected to start mid-2026 under a 505(b)(2) pathway that leans on the FDA's prior safety findings for the underlying chemotherapy agents. Sepranolone, a neurosteroid targeting GABAA receptor activity, reduced tic severity by 28% versus standard of care alone in a Phase 2a Tourette Syndrome study and is now advancing toward a Phase 2 pilot in Prader-Willi syndrome. Relmada paid Trigone a $3.5 million upfront fee plus 3,017,420 shares (10% of shares outstanding) for NDV-01 rights excluding Israel, India, and South Africa, with up to $200 million in milestones and a 3% royalty on any future net sales.
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Relmada's entire near-term valuation now rests on two unapproved candidates after the 2025 collapse of esmethadone, its former cornerstone program, and the parallel termination of REL-P11: the company holds no approved products, generated no product revenue in 2025, and carried a $698.3 million accumulated deficit against $93.0 million of cash and short-term investments at year-end. A repeat of the esmethadone outcome in either the NDV-01 or sepranolone Phase 3 programs, both targeted for mid-2026 initiation, would leave the company without a late-stage asset for the second time in two years.
See also: Healthcare · Biotechnology
From Relmada Therapeutics, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-07-08Recent Developments — Relmada Therapeutics, Inc.
Latest news
- NEWS Relmada Therapeutics Joins Russell 2000 Index And Russell 3000 Index — benzinga Jun 29, 2026 positive
Generated 2026-07-08T21:03:53Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHpipelinedrug candidates10-K Item 1A: 'Our business depends on the success of our drug candidates. If we are unable to obtain regulatory approval for and successfully commercialize our drug candidates ... our business will be materially harmed.'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers·1 ceiling hit
Quality below the gate floor. Component breakdown shows what dragged the score down.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $6.41: Quality below floor (1.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.7/10 and A.R:R 5.3:1 is above the 1.5:1 BUY gate. Specifically: Elevated put/call ratio: 1.67; Below-average business quality. Chart setup: RSI 47 mid-range, Bollinger mid-band. Prior stop was $5.96. Score 5.7/10, moderate confidence.
Take-profit target: $11.02 (+71.9% upside). Prior stop was $5.96. Stop-loss: $5.96.
Concentration risk — Pipeline: drug candidates; Quality below floor (1.6 < 4.0).
Relmada Therapeutics, Inc. trades at a P/E of N/A (forward -15.4). TrendMatrix value score: 9.4/10. Verdict: Sell.
12 analysts cover RLMD with a consensus score of 4.3/5. Average price target: $13.
What does Relmada Therapeutics, Inc. do?Relmada Therapeutics is a clinical-stage biotechnology company that terminated its former lead program, esmethadone, in...
Relmada Therapeutics is a clinical-stage biotechnology company that terminated its former lead program, esmethadone, in July 2025 after a Phase 3 futility finding, and has since pivoted to two new candidates: NDV-01, an in-licensed intravesical gemcitabine/docetaxel therapy for non-muscle-invasive bladder cancer now in Phase 2, and sepranolone, an acquired Phase 2b-ready neurosteroid for Prader-Willi syndrome, Tourette Syndrome, and related disorders. The company has never generated product revenue, posting a $57.4 million net loss in 2025 and an accumulated deficit of about $698.3 million.