Relmada Therapeutics, Inc. (RLMD) Stock Price & How to Invest

Relmada Therapeutics, Inc. is a clinical-stage biotechnology company based in Coral Gables, Florida, incorporated in Nevada and listed on the Nasdaq Capital Market. It has no approved products and has never generated revenue. Its two programs are NDV-01, a sustained-release formulation of the chemotherapy drugs gemcitabine and docetaxel that is placed directly into the bladder to treat non-muscle invasive bladder cancer (NMIBC), and sepranolone, a neurosteroid being developed first for Prader-Willi syndrome (PWS), with Tourette syndrome and essential tremor as possible later uses. It had 17 employees at the end of 2025 and relies on contract research and manufacturing firms.

The current company is the product of a turnaround. For most of its history Relmada was built around esmethadone (REL-1017), a drug for major depressive disorder. In December 2024 a planned interim analysis found the Reliance II pivotal trial was unlikely to succeed, and the stock collapsed. According to the 2026 proxy, the share price hit a low of 24 cents in March 2025, a market value of roughly $7 million. Management weighed a reverse merger and a wind-down, then chose to buy in new drug candidates instead. In February 2025 it bought sepranolone from Sweden's Asarina Pharma for €3 million, and in March 2025 it licensed NDV-01 from Israel's Trigone Pharma for $3.5 million upfront plus 3,017,420 shares (10% of the company at the time), with up to ~$200 million in milestones and a 3% royalty. The esmethadone license was terminated effective July 7, 2025, and a psilocybin program was ended in May 2025.

The money followed the data. After NDV-01 Phase 2 results, Relmada sold 40.1 million shares and pre-funded warrants at $2.20 in November 2025 (net proceeds ~$94 million), then raised ~$160 million gross in a March 2026 private placement at $4.75 a share, led by placement agents Jefferies, Leerink Partners, Piper Sandler and Mizuho. As of the March 2026 proxy, the largest holders were Janus Henderson (7.1%) and Squadron Capital Management (7.1%), with CEO Sergio Traversa at 5.8% and directors and officers together at 14.5%. Maged Shenouda is CFO, and Charles Casamento chairs the board. Bipin Dalmia joined as Chief Business Officer in July 2026, while the Chief Medical Officer for urology, Dr. Raj Pruthi, left on September 3, 2026. The stock joined the Russell 2000 on June 26, 2026.

The investment picture now turns on execution. Relmada held ~$217.7 million of cash and short-term investments on June 30, 2026, and says that funds operations through 2029, including the planned NDV-01 Phase 3 program. At ~$3.39 (October 9, 2026) and ~106.7 million shares, the market value is ~$362 million, meaning investors are paying roughly $145 million above net cash for the pipeline. The shares have fallen by more than half from their spring 2026 levels as timelines shifted: the March 2026 10-K expected initial Phase 3 data by year-end 2026, while the August update now targets only the IND filing by then, with Phase 3 starting after FDA clearance.

The biggest risk is clinical: NDV-01's Phase 2 data come from 48 patients at a single site in Israel with no control arm, and response rates in small open-label studies often fall in larger multi-center trials. Timelines have already slipped, since the March 2026 10-K expected initial Phase 3 data by year-end 2026 while the August 2026 update targets only the IND filing by then, and manufacturing a novel sustained-release product is the step management itself flags as the gating item. The bladder cancer market is getting crowded, with approved or late-stage options from Johnson & Johnson, ImmunityBio, Ferring, CG Oncology and UroGen competing for the same urologists, so even an approved NDV-01 would need to win on convenience and durability. Relmada has no revenue, an accumulated deficit of ~$698 million at the end of 2025, and expects losses for the foreseeable future; any future raise would dilute holders, as the 2025 and 2026 financings already did, taking shares outstanding from about 33 million to about 107 million. Leadership turnover matters for a 17-person company, and the Chief Medical Officer for urology left in September 2026. Sepranolone's Tourette result missed statistical significance (p=0.051), and PWS has proven difficult for drug developers. Finally, RLMD is a small-cap stock that traded between ~$1.80 and $8.00 over the past year, so moves of 10% or more on little news are common.

4 analysts publish price targets on RLMD, averaging $10.75 against a $3.39 price as of October 2026, or +217.1%. The published targets run from $9.00 to $12.00, a narrow spread, and the ratings split 4 buy, 0 hold, 0 sell. Over the last six months there have been 0 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full RLMD forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Relmada Therapeutics, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. NDV-01's Phase 2 results. The core of the story is a single-center Phase 2 trial in Israel in high-risk NMIBC. The most optimistic published target, $12.00, assumes this works close to its best case.

The case against. The biggest risk is clinical: NDV-01's Phase 2 data come from 48 patients at a single site in Israel with no control arm, and response rates in small open-label studies often fall in larger multi-center trials. The most pessimistic target, $9.00, is roughly what RLMD is worth if this bites instead.

Read the full bull and bear case on RLMD, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Relmada Therapeutics, Inc.'s investor relations page or your broker.

• Revenue (TTM): $0 (no approved products)
• Net loss (H1 2026): ~$32.0 million
• Net loss (FY 2025): ~$57.4 million
• Cash + short-term investments (Jun 30, 2026): ~$217.7 million
• Shares outstanding (Aug 4, 2026): ~106.7 million (+5.8M pre-funded warrants)
• Market cap (Oct 9, 2026): ~$362 million at ~$3.39

With no revenue, the usual earnings ratios do not apply. The useful comparison is market value against cash: at ~$362 million versus ~$218 million of cash and investments, the market assigns roughly $145 million to NDV-01, sepranolone and the team. Quarterly losses of ~$13 million are modest for a company preparing a Phase 3 program, and interest income is offsetting part of the spend. That premium was far larger in spring 2026, when the shares traded above $7. The next quarterly report, expected in November based on last year's calendar, should show whether spending is ramping as planned.

Other names that sit close to RLMD: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get RLMD exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RLMD sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where RLMD fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

RLMD is a well-funded, pre-revenue wager that NDV-01 can turn strong single-center Phase 2 results into a registrational win in a crowded bladder cancer market, with sepranolone as a smaller second shot.

Whether RLMD is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RLMD a buy or a sell?, and where the stock could go from here in the RLMD stock forecast.

For income investors, whether RLMD pays a dividend and how the payout looks is covered in does RLMD pay a dividend? And to weigh RLMD against a peer, read the full side-by-side comparisons: RLMD vs JNJ and RLMD vs IBRX.