Relmada Therapeutics Inc (RLMD)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$3.27-0.61%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Relmada Therapeutics Inc’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	0
EPS	—	-0.158
Annual ending 2026-12-31
Revenue	—	10M
EPS	—	-0.623
Annual ending 2027-12-31
Revenue	—	32.45M
EPS	—	-0.798

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Manage operating losses and cash burn	The company manages cash burn and operating losses carefully.	Broken	Operating losses worsen beyond -$19.5M in 2026-Q1	Operating income: $-15.011M FY2026-Q2; GAAP. Published target: Operating losses no worse than -$19.5M in 2026-Q1. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-15,011,027 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 89f28514-fdfb-40dd-8617-16ce3fb571c8. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Net loss decreased from $19.1 million in 2026-Q1 to $12.9 million in 2026-Q2. Net cash used in operating activities declined from $15.1 million to $9.6 million over the same period. Management continues to focus on managing operating losses and cash burn. The trajectory shows limited progress with reduced losses and cash burn. Delivery assessment Oct 24, 2026
Advance Phase 2 clinical trials for NDV-01	Relmada is advancing Phase 2 trials for NDV-01.	Intact	Failure to initiate Phase 2 PWS study or negative 12-month data	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Raise capital through private placement	They raised capital through private placement to fund development.	Intact	Failure to secure needed funding through private placement	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Management completed a $160 million private placement in early 2026, increasing cash from about $93 million at 2025-Q4 to $234 million at 2026-Q1, and $217.7 million at 2026-Q2. This capital is expected to fund operations through 2029 including NDV-01 Phase 3 program. The trajectory is delivering with successful capital raise and strong cash position. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenueUnavailable

$0.00B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$0	1 / 6
2026-07-25	Unavailable	$32,450,000	3 / 6
2026-07-26	Unavailable	$0	1 / 6
2026-07-27	Unavailable	$0	1 / 6
2026-07-28	Unavailable	$0	1 / 6
2026-07-29	Unavailable	$32,450,000	3 / 6
2026-07-30	Unavailable	$0	1 / 6
2026-07-31	Unavailable	$0	1 / 6
2026-08-01	Unavailable	$32,450,000	3 / 6
2026-08-02	Unavailable	$0	1 / 6
2026-08-03	Unavailable	$32,450,000	3 / 6
2026-08-04	Unavailable	$32,450,000	3 / 6
2026-08-05	Unavailable	$0	1 / 6
2026-08-06	Unavailable	$0	1 / 6
2026-08-08	Unavailable	$0	1 / 6
2026-08-09	Unavailable	$0	1 / 6
2026-08-10	Unavailable	$32,450,000	3 / 6
2026-08-12	Unavailable	$32,450,000	3 / 6
2026-08-13	Unavailable	$32,450,000	3 / 6
2026-08-14	Unavailable	$32,450,000	3 / 6
2026-08-15	Unavailable	$32,450,000	3 / 6
2026-08-16	Unavailable	$32,450,000	3 / 6
2026-08-17	Unavailable	$32,450,000	3 / 6
2026-08-18	Unavailable	$32,450,000	3 / 6
2026-08-19	Unavailable	$32,450,000	3 / 6
2026-08-20	Unavailable	$32,450,000	3 / 6
2026-08-21	Unavailable	$32,450,000	3 / 6
2026-08-22	Unavailable	$32,450,000	3 / 6
2026-08-23	Unavailable	$32,450,000	3 / 6
2026-08-24	Unavailable	$32,450,000	3 / 6
2026-08-25	Unavailable	$32,450,000	3 / 6
2026-08-26	Unavailable	$32,450,000	3 / 6
2026-08-27	Unavailable	$32,450,000	3 / 6
2026-08-28	Unavailable	$32,450,000	3 / 6
2026-08-29	Unavailable	$32,450,000	3 / 6
2026-08-30	Unavailable	$32,450,000	3 / 6
2026-08-31	Unavailable	$32,450,000	3 / 6
2026-09-01	Unavailable	$32,450,000	3 / 6
2026-09-02	Unavailable	$32,450,000	2 / 5
2026-09-03	Unavailable	$32,450,000	2 / 5
2026-09-04	Unavailable	$32,450,000	2 / 5
2026-09-05	Unavailable	$32,450,000	2 / 5
2026-09-06	Unavailable	$32,450,000	2 / 5
2026-09-07	Unavailable	$32,450,000	2 / 5
2026-09-08	Unavailable	$32,450,000	2 / 5
2026-09-09	Unavailable	$32,450,000	2 / 5
2026-09-10	Unavailable	$32,450,000	2 / 5
2026-09-11	Unavailable	$32,450,000	2 / 5
2026-09-12	Unavailable	$32,450,000	2 / 5
2026-09-13	Unavailable	$32,450,000	2 / 5
2026-09-14	Unavailable	$32,450,000	2 / 5
2026-09-15	Unavailable	$32,450,000	2 / 5
2026-09-16	Unavailable	$32,450,000	2 / 5
2026-09-17	Unavailable	Unavailable	2 / 4
2026-09-18	Unavailable	Unavailable	2 / 4
2026-09-19	Unavailable	Unavailable	2 / 4
2026-09-20	Unavailable	Unavailable	2 / 4
2026-09-21	Unavailable	Unavailable	2 / 4
2026-09-22	Unavailable	Unavailable	2 / 4
2026-09-23	Unavailable	Unavailable	2 / 4
2026-09-24	Unavailable	Unavailable	2 / 4
2026-09-25	Unavailable	Unavailable	2 / 4
2026-09-26	Unavailable	Unavailable	2 / 4
2026-09-27	Unavailable	Unavailable	2 / 4
2026-09-28	Unavailable	Unavailable	2 / 4
2026-09-29	Unavailable	Unavailable	2 / 4
2026-09-30	Unavailable	Unavailable	2 / 4
2026-10-01	Unavailable	Unavailable	2 / 4
2026-10-02	Unavailable	Unavailable	2 / 4
2026-10-03	Unavailable	Unavailable	2 / 4
2026-10-04	Unavailable	Unavailable	2 / 4
2026-10-05	Unavailable	Unavailable	2 / 4
2026-10-06	Unavailable	Unavailable	2 / 4
2026-10-07	Unavailable	Unavailable	2 / 4
2026-10-08	Unavailable	Unavailable	2 / 4
2026-10-09	Unavailable	Unavailable	2 / 4
2026-10-10	Unavailable	Unavailable	2 / 4
2026-10-11	Unavailable	Unavailable	2 / 4
2026-10-12	Unavailable	Unavailable	2 / 4
2026-10-13	Unavailable	Unavailable	2 / 4
2026-10-14	Unavailable	Unavailable	2 / 4
2026-10-15	Unavailable	Unavailable	2 / 4
2026-10-16	Unavailable	Unavailable	2 / 4
2026-10-17	Unavailable	Unavailable	2 / 4
2026-10-18	Unavailable	Unavailable	2 / 4
2026-10-19	Unavailable	Unavailable	2 / 4
2026-10-20	Unavailable	Unavailable	2 / 4
2026-10-21	Unavailable	Unavailable	2 / 4
2026-10-22	Unavailable	Unavailable	2 / 4
2026-10-23	Unavailable	Unavailable	2 / 4
2026-10-24	Unavailable	Unavailable	2 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	5	0	0
2026-06-01	6	0	0
2026-07-01	6	0	0
2026-08-01	6	0	0
2026-09-01	5	0	0
2026-10-01	4	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 4 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Manage operating losses and cash burnPublished status: Broken
Advance Phase 2 clinical trials for NDV-01Direct metric needs a verified mapping
Raise capital through private placementDirect metric needs a verified mapping

Next proof point

Nov 12, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.8%Typical daily move · historical

Downside history

-60.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Relmada Therapeutics Inc outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is speculative clinical-stage growth, not a proven durable compounder: recent financial performance is weak, earnings quality is fragile, and risk is elevated. The thesis is on watch, with low confidence, despite recent positive Phase 2 data and a substantial cash raise.

What's priced into Relmada Therapeutics Inc

The evidence provides no valuation or market-expectations measure, so whether RLMD is cheap or expensive versus peers cannot be assessed. What is clear is that the business is loss-making, and its value case depends heavily on NDV-01 development rather than established earnings.

What the fundamentals likely do

Near term, results have been uneven, with earnings misses in March and May followed by a beat in August; the next update carries elevated miss risk. Over the multi-year view, management says available cash should fund operations through 2029, while the key execution milestones are the planned IND submission by year-end 2026 and Phase 3 start after clearance.

What Relmada Therapeutics Inc hinges on

The central swing factor is whether management delivers the NDV-01 IND and Phase 3 RESCUE program on schedule, with Phase 2 complete-response data providing the stated clinical support. Near term, a guidance cut or continued weakness in jobs data could weigh on the setup, while stronger results and guidance from healthcare bellwethers could support sector momentum.