Liquidity remains a critical bottleneck, as evidenced by a $15.1 million negative free cash flow in 2026Q1 and a cash balance that dropped to $3.5 million by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Aug'13 | Aug'12 |
|---|
| Cash from Operations | -42.79M | -45.79M | -51.76M | -51.66M | -103.8M | -91.87M | -27.81M | -12.09K | -10.5M | -6M | -6.47M | -13.14M | -16.23M | -11.86K | -7.57K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -231.21% | -95.27% |
| Operating CF Growth % | 62.1% | 11.53% | -0.19% | 50.23% | -12.98% | -230.38% | -229876.85% | 99.88% | -74.9% | 7.18% | 50.8% | 19% | -136730.49% | -56.76% | - |
| Net Income | -58.88M | 0 | -79.98M | -98.79M | -157.04M | -125.75M | -59.46M | -15.01K | -17.32M | -8.96M | -6.29M | -2.97M | -20.8M | -45.02K | -12.05K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 1.26K | 3.75K | 4 | 4.87K | 2.63K | 85.27K | 54.82K | 9.26K | 250 | 0 |
| Stock-Based Compensation | 10.29M | 0 | 30.19M | 43.81M | 44.19M | 40.49M | 20.78M | 2.76K | 1.21M | 518K | 704.45K | 1.21M | 796.95K | 14.48K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.83M | 708.9K | -620.25K | -13.31M | 3.71M | 0 | 0 |
| Other Non-Cash Items | 22.23K | -41.84M | -381.66K | 241.16K | -1.55M | 1.25M | 16.95K | 173 | 266.76K | 1.03M | -721.84K | -13.11M | 4.89M | 10.15K | 0 |
| Working Capital Changes | 5.78M | -3.95M | -1.58M | 3.08M | 10.59M | -7.86M | 10.85M | -26 | 1.51M | 700.06K | -247.69K | 1.68M | -1.12M | 32.91K | 4.49K |
| Change in Receivables | 0 | 0 | 0 | 512.43K | -426.06K | 79.46K | 73.09K | 0 | -169.36K | 224.98K | -655 | -232 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 169.36K | 0 | 0 | 0 | 0 | 3.24K | 491 |
| Change in Payables | 2.07M | -2.56M | 624.55K | -1.76M | 421.04K | 2.85M | 7.82M | 0 | 158.92K | 157.39K | -730.15K | 424.43K | 89.19K | 26.5K | 7K |
| Cash from Investing | -198.73M | -48.14M | 51.56M | 50.45M | 19.73M | -54.12M | -34.45M | -80.16K | 0 | -12.39K | -49.69K | -562.26K | -23.33K | -1.8K | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.39K | -49.69K | -562.26K | -23.33K | -1.8K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 35.09% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -80.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 250.14M | 93.56M | -40.34K | -98.46K | 45.02M | 187.94M | 28.47M | 126.11K | 17.48M | 6.54M | -273.67K | -263.75K | 13.16M | 20K | 13.5K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -110.25K | 0 | -285.17K | 6.54M | -273.67K | -263.75K | -293.63K | 0 | 0 |
| Equity Issued (Net) | 250.28M | 93.64M | 246.75K | 0 | 42.73M | 185.31M | 20.53M | 0 | 17.76M | 0 | 0 | 0 | 0 | 20K | 13.5K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -138.67K | -73.02K | -287.09K | -98.46K | 2.29M | 2.63M | 8.06M | 126.11K | 0 | 0 | 0 | 0 | 13.45M | 0 | 0 |
| Net Change in Cash | 8.63M | -360.49K | -234.54K | -1.3M | -39.05M | 41.95M | -33.78M | 6.98K | 6.98M | 528.43K | -6.79M | -13.97M | -3.09M | 6.34K | 5.93K |
| Free Cash Flow | -42.79M | -45.79M | -51.76M | -51.66M | -103.8M | -91.87M | -27.81M | -12.09K | -10.5M | -6.01M | -6.52M | -13.71M | -16.25M | -13.66K | -7.57K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -266.31% | -95.27% |
| FCF Growth % | 24.65% | 11.53% | -0.19% | 50.23% | -12.98% | -230.38% | -229876.85% | 99.88% | -74.54% | 7.7% | 52.46% | 15.66% | -118869.57% | -80.56% | - |
| FCF per Share | -0.49 | -1.16 | -1.72 | -1.72 | -3.50 | -5.23 | -1.78 | -0.00 | -1.66 | -1.92 | -2.16 | -4.73 | -6.54 | -0.00 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.80x | 0.65x | 0.52x | 0.66x | 0.73x | 0.47x | 0.00x | 0.61x | 0.67x | 1.03x | 4.42x | 0.78x | 0.26x | 0.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 2.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acute liquidity and clinical failure
According to recent SEC filings, Relmada's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.41 and 1.03 over the last ten quarters, suggesting that non-cash adjustments and working capital shifts are the primary drivers of the company's reported cash position.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not fully representative of the actual cash leaving the business. Investors should monitor this divergence, as it suggests that stock-based compensation and other non-cash items are masking the true velocity of capital depletion.
As reported in financial statements, Relmada's free cash flow remains deeply negative, with quarterly outflows reaching $15.1 million in 2026Q1, highlighting a structural inability to self-fund operations while the company remains entirely dependent on external financing to sustain its ongoing Phase 3 clinical development programs.
The consistent negative FCF trajectory underscores the company's status as a pre-revenue entity with no commercial buffer. This trend appears to be accelerating in recent periods, which may indicate that the costs associated with late-stage clinical trials are becoming increasingly difficult to manage without immediate capital infusions.
Based on Relmada's reported figures, working capital changes have been highly erratic, swinging from a $5.4 million inflow in 2023Q4 to a $4.8 million outflow in 2025Q1, which suggests that the timing of clinical trial payments to CROs is creating significant quarterly noise in cash flow.
This volatility in working capital suggests that management may be managing cash outflows by delaying or accelerating payments to vendors based on available liquidity. Such practices warrant further investigation, as they may obscure the true underlying burn rate and the company's ability to meet its contractual obligations.
Data from recent quarterly reports indicates that stock-based compensation has historically been a significant non-cash add-back, peaking at $9.9 million in 2023Q4, which effectively hides the true economic cost of talent retention during a period of intense clinical trial activity and financial distress.
By backing out these non-cash expenses, it becomes clear that the company's actual cash burn is higher than the headline operating cash flow figures might suggest. This reliance on equity-based compensation may indicate a strategy to preserve limited cash reserves, but it also highlights the dilution risk inherent in the company's current funding model.
Quick answers to the most common questions about buying RLMD stock.
Relmada Therapeutics, Inc. (RLMD) generated $-45.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Relmada Therapeutics, Inc. (RLMD) reported negative free cash flow of $45.8M in 2025, indicating capital requirements exceeded cash from operations.
Relmada Therapeutics, Inc. (RLMD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.