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Relmada Therapeutics Provides Corporate Update and Reports Second Quarter 2023 Financial Results

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CORAL GABLES, Fla., Aug. 8, 2023 /PRNewswire/ -- Relmada Therapeutics, Inc. (Nasdaq: RLMD), a late-stage biotechnology company addressing diseases of the central nervous system (CNS), today provided a corporate update and announced preliminary and unaudited financial results for the second quarter ended June 30, 2023. The Company will host a conference call today, Tuesday, August 8, at 4:30 PM Eastern Time/1:30 PM Pacific Time.

"We continue to execute on the Phase 3 clinical development plan for REL-1017 as an adjunctive treatment for major depressive disorder (MDD)," said Sergio Traversa, Relmada's Chief Executive Officer. "Enrollment in the ongoing Reliance II (study 302) is progressing as expected, and we remain on track to complete this trial in the first half of 2024. We were also pleased to initiate Relight, our new Phase 3 Study (study 304), with screening ongoing. We currently anticipate the completion of Relight in the second half of next year. Moreover, the one year, open-label safety study, Reliance-OLS (study 310), with REL-1017 was recently completed, and we are preparing for the availability of data from that study during the current quarter."

"Importantly, we are sufficiently funded to execute on all of our plans to reach data readouts from both Phase 3 trials, Reliance (study 302) and Relight (study 304), in 2024," concluded Mr. Traversa.

Recent Corporate Highlights 

  • Enrollment is ongoing in Reliance II (study 302), a Phase 3 trial of REL-1017 for the adjunctive treatment of MDD.

  • Screening has begun in Relight (study 304), a Phase 3 trial of REL-1017 for the adjunctive treatment of MDD.

  • Data from the human abuse potential studies of REL-1017 were recently published in the peer-reviewed journal, Translational Psychiatry.

  • Investigator meetings have been successfully hosted focusing on our amended and new protocols, quality expectations, increased oversight and engagement, and optimizing clinical execution for both ongoing Phase 3 studies.

Upcoming Anticipated Milestones for REL-1017

  • Complete enrollment in ongoing Reliance II (study 302), which is planned to enroll approximately 300 patients, in the first half of 2024.

  • Complete enrollment in new Relight study (study 304), which is planned to enroll approximately 300 patients, in the second half of 2024.

  • Announce results from recently completed Reliance-OLS (study 310), a long-term, open-label study of REL-1017 in MDD, later in the current quarter.

Second Quarter 2023 Financial Results

  • Research and development expense for the three months ended June 30, 2023, totaled $13.7 million, compared to $30.9 million for the three months ended June 30, 2022. The decrease was primarily associated with the completion of the Reliance I and Reliance III clinical studies in late 2022.

  • General and administrative expense for the three months ended June 30, 2023, totaled $12.3 million, compared to $14.6 million for the three months ended June 30, 2022. The decrease was primarily driven by a decrease in stock-based compensation.

  • Net loss for the three months ended June 30, 2023, was $25.3 million, or $0.84 per basic and diluted share, compared with a net loss of $39.9 million, or $1.33 per basic and diluted share, for the three months ended June 30, 2022.

Six Months Ended June 30, 2023 Financial Results

  • Research and development expense for the six months ended June 30, 2023, totaled $29.6 million, compared to $55.9 million for the six months ended June 30, 2022. The decrease was primarily driven by a decrease in study costs associated with the completion of Reliance I and III in late 2022.

  • General and administrative expense for the six months ended June 30, 2023, totaled $24.6 million, compared to $27.9 million for the six months ended June 30, 2022. The decrease was primarily driven by a decrease in stock-based compensation.

  • Net loss for the six months ended June 30, 2023 and 2022 was $51.6 million and $79.7 million, respectively. The Company had a net loss of $1.72 and $2.73 per share for the six months ended June 30, 2023 and 2022, respectively.

  • As of June 30, 2023, the Company had cash, cash equivalents, and short-term investments of approximately $118.5 million, compared to cash, cash equivalents, and short-term investments of approximately $148.3 million at December 31, 2022.

Conference Call and Webcast Details

Tuesday, August 8 at 4:30 PM ET

Toll Free:

877-407-0792

International:

201-689-8263

Conference ID:

13740070

Webcast:

https://viavid.webcasts.com/starthere.jsp?ei=1624681&tp_key=1f9f03a8ac

About REL-1017

REL-1017, a new chemical entity (NCE) and novel NMDA receptor (NMDAR) channel blocker that preferentially targets hyperactive channels while maintaining physiological glutamatergic neurotransmission, is currently in late-stage development for the adjunctive treatment of major depressive disorder (MDD). The ongoing Clinical Research Program is designed to evaluate the potential for REL-1017 as a rapid-acting, oral, once-daily antidepressant treatment.

About Relmada Therapeutics, Inc.

Relmada Therapeutics is a late-stage biotechnology company addressing diseases of the central nervous system (CNS), with a focus on major depressive disorder (MDD). Relmada's experienced and dedicated team is committed to making a difference in the lives of patients and their families. Relmada's lead program, REL-1017, is a new chemical entity (NCE) and novel NMDA receptor (NMDAR) channel blocker that preferentially targets hyperactive channels while maintaining physiological glutamatergic neurotransmission. REL-1017 is in late-stage development as an adjunctive treatment for MDD in adults. Learn more at www.relmada.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. This press release contains statements which constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including potential failure of clinical trial results to demonstrate statistically and/or clinically significant evidence of efficacy and/or safety, failure of top-line results to accurately reflect the complete results of the trial, failure to obtain regulatory approval of REL-1017 for the treatment of major depressive disorder, and the other risk factors described under the heading "Risk Factors" set forth in the Company's reports filed with the SEC from time to time. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Relmada undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results and that the risks described herein should not be a complete list.

Investor Contact: 
Tim McCarthy
LifeSci Advisors
tim@lifesciadvisors.com 

Media Inquiries:
Corporate Communications
media@relmada.com

 

Relmada Therapeutics, Inc.
Condensed Consolidated Balance Sheets




As of
June 30,
2023
(unaudited)



As of
December 31,
2022


Assets







  Current assets:







       Cash and cash equivalents


$

14,469,354



$

5,395,905


       Short-term investments



104,059,737




142,926,781


       Other receivables



-




512,432


       Prepaid expenses



3,474,540




4,035,186


Total current assets



122,003,631




152,870,304


Other assets



34,590




34,875


Total assets


$

122,038,221



$

152,905,179











Commitments and Contingencies (See Note 6)


















Liabilities and Stockholders' Equity


















Current liabilities:









       Accounts payable


$

4,853,616



$

5,261,936


       Accrued expenses



5,848,850




7,206,941


Total current liabilities



10,702,466




12,468,877











Stockholders' Equity:









Class A convertible preferred stock, $0.001 par value, 3,500,000 shares authorized, 
     none issued and outstanding



-




-


Common stock, $0.001 par value, 150,000,000 shares authorized, 30,099,203 shares
      issued and outstanding



30,099




30,099


Additional paid-in capital



625,041,121




602,517,138


Accumulated deficit



(513,735,465)




(462,110,935)


Total stockholders' equity



111,335,755




140,436,302


Total liabilities and stockholders' equity


$

122,038,221



$

152,905,179


 

Relmada Therapeutics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)




Three months ended



Six months ended




June 30,



June 30,




2023



2022



2023



2022


Operating expenses:













       Research and development


$

13,740,205



$

30,912,671



$

29,601,215



$

55,925,524


       General and administrative



12,286,521




14,599,401




24,579,120




27,883,971


Total operating expenses



26,026,726




45,512,072




54,180,335




83,809,495



















Loss from operations



(26,026,726)




(45,512,072)




(54,180,335)




(83,809,495)



















Other (expenses) income:

















       Gain on Settlement



-




6,351,606








6,351,606


       Interest/investment income, net



1,363,406




387,333




2,571,037




717,282


       Realized (loss) gain on short-term investments



-




24,502




(666,708)




9,480


       Unrealized (loss) gain on short-term investments



(639,634)




(1,186,337)




651,476




(2,949,624)


Total other (expenses) income



723,772




5,577,104




(2,555,805)




4,128,744



















Net loss


$

(25,302,954)



$

(39,934,968)



$

(51,624,530)



$

(79,680,751)



















Loss per common share – basic and diluted


$

(.84)



$

(1.33)



$

(1.72)



$

(2.73)



















Weighted average number of common shares outstanding 
     – basic and diluted



30,099,203




29,935,895




30,099,203




29,168,511


  

Relmada Therapeutics, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited)




Three and Six months ended June 30, 2023




Common Stock



Additional
Paid-in



Accumulated







Shares



Par Value



Capital



Deficit



Total


Balance – December 31, 2022



30,099,203



$

30,099



$

602,517,138



$

(462,110,935)



$

140,436,302


Stock based compensation



-




-



$

11,354,466




-




11,354,466


Net loss



-




-




-




(26,321,576)




(26,321,576)


Balance – March 31, 2023



30,099,203




30,099




613,871,604




(488,432,511)




125,469,192


Stock based compensation



-




-




11,169,517




-




11,169,517


Net loss



-








-




(25,302,954)




(25,302,954)


Balance – June 30, 2023



30,099,203



$

30,099



$

625,041,121



$

(513,735,465)



$

111,335,755


 



Three and Six months ended June 30, 2022




Common Stock



Additional
Paid-in



Accumulated







Shares



Par Value



Capital



Deficit



Total


Balance - December 31, 2021



27,740,147



$

27,740



$

513,304,258



$

(305,067,112)



$

208,264,886


Stock based compensation



-




-




11,930,681




-




11,930,681


TM offering, net



1,609,343




1,610




29,581,932




-




29,583,542


Warrant exercised for cash



33,334




33




299,973




-




300,006


Options exercised for cash



20,000




20




64,780




-




64,800


Net loss



-




-




-




(39,745,783)




(39,745,783)


Balance – March 31, 2022



29,402,824




29,403




555,181,624




(344,812,895)




210,398,132


Stock based compensation



-




-




12,295,016




-




12,295,016


Warrant exercised for cash



91,058




91




595,259




-




595,350


Options exercised for cash



45,812




46




352,698




-




352,744


ATM offering, net of offering costs



484,900




485




13,144,572




-




13,145,057


Net loss



-




-




-




(39,934,968)




(39,934,968)


Balance – June 30, 2022



30,024,594



$

30,025



$

581,569,169



$

(384,747,863)



$

196,851,331


  

Relmada Therapeutics, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)




Six months ended
June 30,




2023



2022


Cash flows from operating activities







     Net loss


$

(51,624,530)



$

(79,680,751)


     Adjustments to reconcile net loss to net cash used in operating activities:









Stock-based compensation



22,523,983




24,225,697


Gain on settlement of fees



-




(6,351,606)


Realized loss (gain) on short-term investments



666,708




(9,480)


Unrealized (gain) loss on short-term investments



(651,476)




2,949,624


Change in operating assets and liabilities:









                Lease payment receivable



-




44,143


                Other receivables



512,432




(256,192)


                Prepaid expenses and other assets



560,931




7,810,846


                Accounts payable



(408,320)




2,698,790


                Accrued expenses



(1,358,091)




7,513,045


Net cash (used in) operating activities



(29,778,363)




(41,055,884)











Cash flows from investing activities









Purchase of short-term investments



(45,577,832)




(33,412,425)


Sale of short-term investments



84,429,644




23,244,237


Net cash provided by (used in) investing activities



38,851,812




(10,168,188)











Cash flows from financing activities









      Proceeds from issuance of common stock, net



-




42,728,599


      Proceeds from options exercised for common stock



-




417,544


      Proceeds from warrants exercised for common stock



-




895,356


Net cash provided by financing activities



-




44,041,499


Net increase/(decrease) in cash and cash equivalents



9,073,449




(7,182,573)


Cash and cash equivalents at beginning of the period



5,395,905




44,443,439











Cash and cash equivalents at end of the period


$

14,469,354



$

37,260,866











Supplemental disclosure of cash flow information:


















Cash paid during the period for:









      Interest


$

-



$

-


      Income Tax


$

-



$

-


 

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SOURCE Relmada Therapeutics, Inc.

Relmada Therapeutics, Inc.

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