Detailed financial statements for Relmada Therapeutics, Inc. (RLMD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Relmada Therapeutics, Inc. operates as a clinical-stage biotechnology company in the United States. The company focuses on the development of NDV-01, a controlled-release intravesical formulation of gemcitabine and docetaxel, which is in Phase 2 clinical trial for patients with aggressive forms of non-muscle invasive bladder cancer; and Sepranolone, a neurosteroid epimer of allopregnanolone, which is Phase 2b-ready for the potential treatment of prader-willi syndrome, tourett...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $4.22, RLMD has negative trailing earnings (P/E not meaningful) and an ROE of -47.52%. Market capitalisation stands at $443M.
Balance sheet quality for RLMD: current ratio of 14.6. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $85271 | $2627 | $4870 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | -$85271 | -$2627 | -$4870 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $1.3M | $2.9M | $7.0M | $7.9M | $36.0M | $90.6M | $113.3M | $54.8M | $46.2M | $744560 |
| Selling, General & Admin | $5.7M | $4.0M | $5.7M | $7.2M | $24.9M | $35.1M | $47.9M | $48.9M | $37.7M | $311904 |
| Operating Expenses | $7.2M | $6.9M | $12.7M | $15.1M | $60.8M | $125.7M | $161.2M | $103.7M | $83.9M | $59.1M |
| Operating Income | -$7.2M | -$6.9M | -$12.7M | -$15.1M | -$60.8M | -$125.7M | -$161.2M | -$103.7M | -$83.9M | -$59.1M |
| EBITDA | -$6.9M | -$6.9M | -$16.6M | -$15.1M | -$59.3M | -$125.8M | -$157.0M | $4.9M | -$80.0M | -$57.4M |
| Interest Expense | $550 | $1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$6.3M | -$9.0M | -$17.3M | -$15.0M | -$59.5M | -$125.8M | -$157.0M | -$98.8M | -$80.0M | -$57.4M |
| Income Tax | 0 | 0 | $4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$6.3M | -$9.0M | -$17.3M | -$15.0M | -$59.5M | -$125.8M | -$157.0M | -$98.8M | -$80.0M | -$57.4M |
| EPS | $-2.08 | $-2.86 | $-2.74 | $-1.63 | $-3.81 | $-7.16 | $-5.30 | $-3.28 | $-2.65 | $-1.45 |
| EPS (Diluted) | $-2.08 | $-2.86 | $-2.74 | $-1.63 | $-3.81 | $-7.16 | $-5.30 | $-3.28 | $-2.65 | $-1.45 |
| Shares Outstanding (Diluted) | $3.0M | $3.1M | $6.3M | $9.2M | $15.6M | $17.6M | $29.6M | $30.1M | $30.2M | $39.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$10.3M | -$20.3M | -$19.5M | -$15.0M |
| EBITDA | -$10.1M | -$19.9M | -$19.1M | -$12.9M |
| Net Income | -$10.1M | -$19.9M | -$19.1M | -$12.9M |
| EPS | $-0.30 | $-0.29 | $-0.22 | $-0.11 |
| EPS (Diluted) | $-0.30 | $-0.29 | $-0.22 | $-0.11 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.7M | $2.2M | $9.2M | $36.3M | $2.5M | $44.4M | $5.4M | $4.1M | $3.9M | $3.5M |
| Short-term Investments | 0 | 0 | 0 | $80.2M | $114.6M | $167.5M | $142.9M | $92.2M | $41.1M | $89.5M |
| Receivables | $291916 | $72103 | $247082 | $73091 | $79457 | $86377 | $512432 | 0 | 0 | 0 |
| Inventory | $472500 | $426900 | $459000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.5M | $2.7M | $10.0M | $116.9M | $118.1M | $223.3M | $152.9M | $97.5M | $45.8M | $94.0M |
| Property, Plant & Equipment | $2315 | $12080 | $7210 | $5010 | $1258 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.8M | $3.0M | $10.2M | $117.1M | $118.2M | $223.3M | $152.9M | $97.6M | $45.8M | $94.0M |
| Accounts Payable | $529558 | $765439 | $924359 | $522663 | $8.3M | $11.2M | $5.3M | $3.5M | $4.1M | $1.6M |
| Short-term Debt | $276670 | $285170 | $364204 | $110247 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.4M | $5.9M | $2.6M | $1.5M | $12.6M | $15.1M | $12.5M | $12.2M | $10.3M | $6.4M |
| Long-term Debt | 0 | $2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.4M | $8.6M | $2.6M | $1.5M | $12.6M | $15.1M | $12.5M | $12.2M | $10.3M | $7.5M |
| Retained Earnings | -$85.4M | -$94.3M | -$111.7M | -$119.9M | -$179.3M | -$305.1M | -$462.1M | -$560.9M | -$640.9M | -$698.3M |
| Total Equity | $1.5M | -$5.5M | $7.6M | $115.7M | $105.6M | $208.3M | $140.4M | $85.4M | $35.5M | $86.5M |
| Total Debt | $276670 | $2.9M | $364204 | $110247 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -$1.4M | $702684 | -$8.9M | -$116.3M | -$117.1M | -$211.9M | -$148.3M | -$96.3M | -$44.9M | -$93.0M |
| Working Capital | $1.1M | -$3.2M | $7.4M | $115.5M | $105.5M | $208.2M | $140.4M | $85.3M | $35.5M | $87.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.4M | $3.5M | $9.8M | $11.3M |
| Total Assets | $14.9M | $94.0M | $235.4M | $219.1M |
| Total Liabilities | $5.4M | $7.5M | $16.6M | $12.5M |
| Total Equity | $9.5M | $86.5M | $218.7M | $206.6M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$6.3M | -$9.0M | -$17.3M | -$15005 | -$59.5M | -$125.8M | -$157.0M | -$98.8M | -$80.0M | -$57.4M |
| Depreciation & Amortization | $85271 | $2627 | $4870 | $4 | $3752 | $1258 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $704452 | $518000 | $1.2M | $2761 | $20.8M | $40.5M | $44.2M | $43.8M | $30.2M | $15.0M |
| Change in Working Capital | -$247693 | $700064 | $1.5M | -$26 | $10.8M | -$7.9M | $10.6M | $3.1M | -$1.6M | -$3.9M |
| Operating Cash Flow | -$6.5M | -$6.0M | -$10.5M | -$12092 | -$27.8M | -$91.9M | -$103.8M | -$51.7M | -$51.8M | -$45.8M |
| Capital Expenditure | -$49690 | -$12391 | 0 | 0 | 0 | 0 | 0 | -$4 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.5M | -$6.0M | -$10.5M | -$12092 | -$27.8M | -$91.9M | -$103.8M | -$51.7M | -$51.8M | -$45.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.7M | -$14.6M | -$15.1M | -$9.6M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.7M | -$14.6M | -$15.1M | -$9.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.6M | $3.2M | $3.6M | -$1.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -42.5% | -93.3% | +13.4% | -296.2% | -111.5% | -24.9% | +37.1% | +19.0% | +28.3% |
| EPS Growth (YoY) | | -37.5% | +4.2% | +40.5% | -133.7% | -87.9% | +26.0% | +38.1% | +19.2% | +45.3% |
| Shares Change (YoY) | | +3.9% | +101.3% | +46.2% | +69.0% | +12.6% | +68.8% | +1.6% | +0.2% | +30.9% |
| FCF Growth (YoY) | | +7.7% | -74.5% | +99.9% | -229876.9% | -230.4% | -13.0% | +50.2% | -0.2% | +11.5% |
| Effective Tax Rate | -0.0% | -0.0% | -26.5% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2.16 | $-1.92 | $-1.66 | $-0.00 | $-1.78 | $-5.23 | $-3.50 | $-1.72 | $-1.72 | $-1.16 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3.0M | $3.1M | $6.3M | $9.2M | $15.6M | $17.6M | $29.6M | $30.1M | $30.2M | $39.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -47.52% |
| Return on Invested Capital | -30.78% |
| Return on Assets | -28.27% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 29.52 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.32 | -0.28 | -0.53 | -4.79 | -1.68 | -0.63 | -0.16 | -0.31 | -0.20 | -3.33 |
| P/B | 1.36 | -0.46 | 1.21 | 0.62 | 0.95 | 0.38 | 0.18 | 0.36 | 0.44 | 2.20 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |