Relmada Therapeutics Inc. Common Stock (RLMD)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Relmada as a Graham-style analyst, not a biotech speculator. The company is a clinical-stage operation of 17 employees with no reported revenue in the filed periods. Its programs, NDV-01 in Phase 2 for non-muscle invasive bladder cancer and Sepranolone, described as Phase 2b-ready, may have scientific promise, but promise is not a durable moat until trials succeed and commercial economics are proven. The financial record is a string of losses: net income was -$98.8 million in FY2023, -$80.0 million in FY2024, and -$57.4 million in FY2025. In more recent filings, it lost -$19.1 million in fiscal Q1 2026, the quarter ended 2026-03-31, and -$12.9 million in fiscal Q2 2026, the quarter ended 2026-06-30. Trailing free cash flow is -$46.0 million, a -12.8% FCF yield on the $358.4 million market cap at the 2026-10-13 close. The balance sheet has no debt, with D/E 0.00, which is a comfort, but cash burn is the real governor. FairStock calculations show P/B 1.73, P/E -3.69, ROE -55.66%, ROCE -32.39%, Piotroski 1/9, Altman 13.69, and a FairStock score of 25/100. The Peter Lynch category is none because it lost money in each of the last four years. At $3.36, the stock is not valued on earnings; it is valued on pipeline odds. I would need evidence of clinical success, cash runway, and eventual commercial economics before calling this a business with a margin of safety. Until then, it is a lottery ticket dressed in a biotechnology suit.

In plain English: Relmada Therapeutics is a small health-care company with no product sales yet, testing experimental treatments for bladder cancer and other conditions. It has lost money for years and spends a lot on research, so the business looks weak on its current numbers. Because there are no profits to compare with the stock price, it is hard to call the shares cheap or expensive; it has no debt, but it still burns cash.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer