Debra BorchardtRelmada Therapeutics (Nasdaq: RLMD) provided a corporate update and announced preliminary and unaudited financial results for the third quarter ending Sept. 30. The company does not have revenue to report as of yet.
Net loss for the quarter was $21.7 million, or 72 cents per basic and diluted share, compared with a net loss of $22 million, or 73 cents per basic and diluted share, for the same period in 2023. As of Sept. 30, Relmada had an accumulated deficit of $622.2 million.
The company told investors that it had $54.1 million in cash, which gives them enough runway to get through key milestones and into 2025. However, the company also wrote in its regulatory filing that it was “projecting insufficient liquidity to sustain its operations through one year following the date that the financial statements are issued.”
The big milestones the company aims to reach by the end of this year include:
- Receive interim analysis for its Reliance II study
- Initiate enrollment in the REL-P11 Phase I study
Research and development expenses in the quarter totaled $11.1 million versus $10.4 million in last year’s third quarter. The jump was attributed to an increase in study costs associated with the ramp up of the Reliance II/302 and Relight/304 studies in 2024. General and administrative expenses fell slightly to $11.9 million, compared to $12.2 million in 2023, a decrease of approximately $400,000.
“We believe that Relmada’s clinical programs are poised to achieve meaningful, near-term value inflection points. Our lead product candidate, REL-1017, is in a registrational Phase 3 program as a potential adjunct treatment for major depressive disorder,” CEO Sergio Traversa said. “Two ongoing trials, Reliance II and Relight, have been designed to build on positive Phase 2 results, with enhanced site selection and more stringent patient enrollment criteria.”
