RELMADA THERAPEUTICS, INC. RLMD
corporation), is a publicly traded, clinical-stage biotechnology company. We substantially redesigned our development programs following
a comprehensive strategic review in late 2024 and early 2025. We concluded in our review that the most promising path to create shareholder
value was to lever our extensive drug development expertise and clinical operations capabilities by acquiring new development candidates,
while terminating further work on esmethadone (d-methadone, dextromethadone or REL-1017). Hence we accelerated ongoing efforts to augment
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $26.9M | $46.2M | $54.8M | $113.3M | $90.6M | $36.0M | $7.0M | $2.9M | $1.3M | $6.2M |
| SG&A | $32.2M | $37.7M | $48.9M | $47.9M | $35.1M | $24.9M | $5.7M | $4.0M | $5.9M | $10.0M |
| Total operating expenses | $59.1M | $83.9M | $103.7M | $161.2M | $125.7M | $60.8M | $12.7M | $6.9M | $7.2M | $16.2M |
| Operating income | -$59.1M | -$83.9M | -$103.7M | -$161.2M | -$125.7M | -$60.8M | -$12.7M | -$6.9M | -$7.2M | -$16.2M |
| Interest expense | — | — | $5.2M | $2.7M | $1.2M | $1.4M | $761.0K | $1.3M | $550 | $1.7K |
| Net income | $0 | $0 | $0 | -$157.0M | -$125.8M | -$59.5M | -$17.3M | -$9.0M | -$6.3M | -$3.0M |
| EPS, basic | -1.45 | -2.65 | -3.28 | -5.30 | -7.16 | — | — | — | — | — |
| EPS, diluted | -1.45 | -2.65 | -3.28 | -5.30 | -7.16 | -3.81 | -2.74 | -2.86 | -0.52 | -0.26 |
| Shares, diluted (wtd. avg.) | $39.5M | $30.2M | $30.1M | $29.6M | $17.6M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.5M | $3.9M | $4.1M | $5.4M | $44.4M | $2.5M | $9.2M | $2.2M | $1.7M | $8.5M |
| Short-term investments | $89.5M | $41.1M | $92.2M | $142.9M | $167.5M | $114.6M | $80.2M | — | — | — |
| Receivables | — | — | — | $512.4K | — | — | — | — | — | — |
| Total current assets | $94.0M | $45.8M | $97.5M | $152.9M | $223.3M | $118.1M | $10.0M | $2.7M | $2.5M | $9.3M |
| Property, plant and equipment | — | — | — | — | — | $1.3K | $7.2K | $12.1K | $2.3K | $531.3K |
| Total assets | $94.0M | $45.8M | $97.6M | $152.9M | $223.3M | $118.2M | $10.2M | $3.0M | $2.8M | $10.2M |
| Accounts payable | $1.6M | $4.1M | $3.5M | $5.3M | $11.2M | $8.3M | $924.4K | $765.4K | $529.6K | $1.3M |
| Total current liabilities | $6.4M | $10.3M | $12.2M | $12.5M | $15.1M | $12.6M | $2.6M | $5.9M | $1.4M | $3.1M |
| Total liabilities | $7.5M | $10.3M | $12.2M | $12.5M | $15.1M | $12.6M | $2.6M | $8.6M | $1.4M | $3.2M |
| Retained earnings | -$698.3M | -$640.9M | -$560.9M | -$462.1M | -$305.1M | -$179.3M | -$111.7M | -$94.3M | -$85.4M | -$79.1M |
| Total equity | $86.5M | $35.5M | $85.4M | $140.4M | $208.3M | $105.6M | $115.7M | -$5.5M | $1.5M | $7.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$45.8M | -$51.8M | -$51.7M | -$103.8M | -$91.9M | -$27.8M | -$10.5M | -$6.0M | -$6.5M | -$13.1M |
| Depreciation and amortisation | — | — | — | — | $1.3K | $3.8K | $4.9K | $2.6K | $85.3K | $54.8K |
| Stock-based compensation | $13.9M | $30.2M | $43.8M | $44.2M | $40.5M | $20.8M | $1.2M | $518.0K | $704.5K | $1.0M |
| Capital expenditure | — | — | — | — | — | $182.1M | $84.8M | $12.4K | $49.7K | $562.3K |
| Investing cash flow | -$48.1M | $51.6M | $50.5M | $19.7M | -$54.1M | -$34.4M | -$80.2M | -$12.4K | -$49.7K | -$562.3K |
| Financing cash flow | $93.6M | -$40.3K | -$98.5K | $45.0M | $187.9M | $28.5M | $17.5M | $6.5M | -$273.7K | -$263.8K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-045192.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |