Relmada Therapeutics Inc (NASDAQ: RLMD) is a clinical-stage pharmaceutical company focused on identifying, developing, and commercializing drug candidates targeting unmet medical needs in the central nervous system and other therapeutic areas. The company generates no product revenue; operations are funded through capital raises, and the company has incurred significant losses since inception, as disclosed in the 10-K filed March 19, 2026. As of the filing date, Relmada's pipeline centers on sepranolone, acquired via an Asset Purchase Agreement with Asarina on February 3, 2025, targeting conditions including Tourette syndrome, obsessive-compulsive disorder, and gambling disorder, supported by more than 40 issued patents and pending applications potentially providing coverage beyond 2038, and NDV-01, targeting bladder cancer, with more than 10 issued patents and pending applications potentially providing coverage beyond 2038. The esmethadone license agreement (REL-1017) was terminated effective July 7, 2025, following a 2024 clinical setback.

Revenue model

No product revenue as of the fiscal year ended December 31, 2025. The company operates at a net loss and funds its clinical-stage operations through equity financing. No royalty, licensing, or commercial product revenue is reported in the 10-K filed March 19, 2026.

Products and services

Sepranolone: clinical-stage drug candidate targeting Tourette syndrome, obsessive-compulsive disorder, and gambling disorder, with more than 40 issued patents and pending applications potentially covering beyond 2038. NDV-01: clinical-stage drug candidate targeting bladder cancer, with more than 10 issued patents and pending applications potentially covering beyond 2038. REL-1017 (esmethadone): license agreement terminated effective July 7, 2025.

Customers and end markets

No commercial customers as of the fiscal year ended December 31, 2025. Target end markets include patients with Tourette syndrome, obsessive-compulsive disorder, gambling disorder, and bladder cancer. Potential reimbursement would involve Medicare, Medicaid, and commercial insurers, subject to U.S. healthcare reform and pricing regulation including the Inflation Reduction Act enacted August 2022.

Value-chain role

Clinical-stage drug developer. Relies on third-party collaborators, contract manufacturers, and service providers for clinical trial execution and manufacturing. Does not manufacture or commercialize products as of the filing date.

Geographic exposure

Incorporated in the United States. The 10-K filed March 19, 2026 references potential international commercialization through collaborative relationships, but no specific geographic revenue or operational footprint is disclosed.

Source: SEC 10-K, filed 2026-03-19

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