Relmada Therapeutics Inc (RLMD) Reports Third Quarter 2023 Financial Results
Relmada Therapeutics Inc (NASDAQ:RLMD) advances Phase 3 clinical development for REL-1017 as an adjunctive treatment for major depressive disorder (MDD).
Presented new preclinical data supporting the therapeutic potential of non-psychedelic/low dose psilocybin for metabolic dysfunction-associated steatotic liver disease (MASLD).
Reported a net loss of $22.0 million for the third quarter of 2023, with a basic and diluted loss per share of $0.73.
Ended the quarter with $6.7 million in cash and cash equivalents and $99.6 million in short-term investments.
On November 8, 2023, Relmada Therapeutics Inc (NASDAQ:RLMD), a late-stage biotechnology company focused on central nervous system diseases, released its preliminary and unaudited financial results for the third quarter ended September 30, 2023. The company's CEO, Sergio Traversa, provided a corporate update and discussed the ongoing clinical development of REL-1017 for the treatment of major depressive disorder (MDD), with enrollment on track for completion in the first half of 2024.
Corporate Update and Clinical Progress
Relmada Therapeutics Inc (NASDAQ:RLMD) continues to progress in its Phase 3 clinical development of REL-1017, with the Reliance II study and the new Phase 3 study, Relight, moving forward as planned. The company also highlighted positive efficacy and safety data from the Reliance-OLS study, which demonstrated rapid and sustained improvement in patients with MDD.
Moreover, Relmada Therapeutics Inc (NASDAQ:RLMD) presented promising preclinical data on the effects of non-psychedelic/low dose psilocybin on metabolic parameters in a rodent model of MASLD. The company plans to initiate a Phase 1 trial in early 2024 to explore the potential of psilocybin in obese patients with steatotic liver disease, followed by a Phase 2a trial.
Financial Performance Overview
For the third quarter of 2023, Relmada Therapeutics Inc (NASDAQ:RLMD) reported a net loss of $22.0 million, or $0.73 per share, compared to a net loss of $39.4 million, or $1.31 per share, for the same period in 2022. The company's research and development expenses amounted to $10.5 million, while general and administrative expenses were $12.2 million. Total operating expenses for the quarter reached $22.7 million.
The balance sheet as of September 30, 2023, showed $6.7 million in cash and cash equivalents and $99.6 million in short-term investments. Other receivables were eliminated, and prepaid expenses were reported at $2.8 million. Total current assets were $109.1 million, with total assets amounting to $109.1 million. The company's stockholders' equity stood at $100.7 million.
During the nine months ended September 30, 2023, Relmada Therapeutics Inc (NASDAQ:RLMD) used $41.4 million in net cash for operating activities. The company's investing activities provided $42.7 million, primarily due to the sale of short-term investments. There were no significant financing activities during this period.
Looking Ahead
Relmada Therapeutics Inc (NASDAQ:RLMD) is focused on advancing its clinical programs and is preparing for upcoming milestones, including the completion of the Reliance II study and the Relight Phase 3 study. The company's efforts in developing treatments for MDD and MASLD represent potential growth areas, with no approved drugs currently available for MASLD.
Investors and stakeholders are encouraged to follow the company's progress as it continues to navigate the clinical development landscape and strives to bring innovative treatments to market.
For further details on the financial results and corporate updates, interested parties can access the full earnings report and listen to the conference call via the provided webcast link.
Explore the complete 8-K earnings release (here) from Relmada Therapeutics Inc for further details.
This article first appeared on GuruFocus.
