The company exhibits no operating leverage, evidenced by a $19.5 million operating loss in 2026Q1 and a complete absence of revenue to offset $8.1 million in quarterly R&D expenditures.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.13K | 7.94K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | -100% | -35.41% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.87K | 2.63K | 85.27K | 54.82K | 9.26K | 4.04K | 5.8K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 78.69% | 73.03% |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.87K | -2.63K | -85.27K | -54.82K | -9.26K | 1.09K | 2.14K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | 21.31% | 26.97% |
| Gross Profit Growth % | - | - | - | - | - | - | - | 100% | -85.38% | 96.92% | -55.55% | -492.25% | -946.84% | -48.97% | - |
| Operating Expenses | 60.34M | 59.1M | 83.89M | 103.7M | 161.25M | 125.7M | 60.84M | 15.11M | 12.73M | 6.92M | 7.22M | 16.22M | 17.1M | 46.11K | 14.19K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 898.97% | 178.74% |
| Selling, General & Admin | 37.33M | 311.9K | 37.72M | 48.9M | 47.93M | 35.08M | 24.87M | 7.25M | 5.7M | 3.98M | 5.71M | 9.88M | 9.23M | 46.11K | 13.82K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 898.97% | 174% |
| Research & Development | 23.02M | 744.56K | 46.18M | 54.81M | 113.32M | 90.62M | 35.97M | 7.86M | 7.03M | 2.94M | 1.29M | 6.21M | 7.87M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 58.04M | 0 | 0 | 923 | 0 | 0 | 0 | 0 | 2.35K | 0 | 130.27K | 0 | 0 | 0 |
| Operating Income | -60.34M | -59.1M | -83.89M | -103.7M | -161.25M | -125.7M | -60.84M | -15.11M | -12.73M | -6.92M | -7.22M | -16.22M | -17.1M | -45.02K | -12.05K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -877.66% | -151.77% |
| Operating Income Growth % | - | 29.55% | 19.1% | 35.69% | -28.28% | -106.62% | -302.67% | -18.71% | -84.01% | 4.18% | 55.48% | 5.16% | -37885.12% | -273.51% | - |
| EBITDA | -60.34M | -59.1M | -83.89M | 0 | -161.25M | -125.7M | -60.83M | -15.1M | -12.72M | -6.91M | -7.13M | -16.16M | -17.09M | -44.64K | -11.3K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -870.38% | -142.27% |
| EBITDA Growth % | -231.2% | 29.55% | - | 100% | -28.28% | -106.63% | -302.76% | -18.72% | -84.01% | 3.07% | 55.86% | 5.43% | -38181.76% | -295.13% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 103.7M | 2K | 1.26K | 3.75K | 4.36K | 4.87K | 2.63K | 85.27K | 54.82K | 9.26K | 373 | 754 |
| EBIT | -60.34M | -59.1M | -83.89M | -98.79M | -161.25M | -125.7M | -59.34M | -15.11M | -16.56M | -6.92M | -7.01M | -16.09M | -17.1M | -45.02K | -11.68K |
| Net Interest Income | 1.92M | 1.4M | 3.53M | 5.15M | 2.66M | 1.2M | 1.4M | 104 | 0 | -1.34M | -550 | 0 | 5.96K | 0 | 0 |
| Interest Income | 1.92M | 1.4M | 3.53M | 5.15M | 2.66M | 1.2M | 1.4M | 104 | -761K | 0 | 0 | 1.75K | 10.88K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 550 | 0 | 4.92K | 0 | 0 |
| Other Income/Expense | 1.47M | 1.72M | 3.91M | 4.91M | 4.21M | -48.32K | 1.38M | 104.11K | -5.7M | -2.04M | 932.31K | 13.24M | -3.7M | 0 | 0 |
| Pretax Income | -58.88M | -57.39M | -79.98M | -98.79M | -157.04M | -125.75M | -59.46M | -15.01M | -17.32M | -8.96M | -6.29M | -2.98M | -20.8M | -45.02K | -12.05K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -877.66% | -151.77% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -26.5% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -58.88M | -57.39M | -79.98M | -98.79M | -157.04M | -125.75M | -59.46M | -15.01M | -17.32M | -8.96M | -6.29M | -2.98M | -20.8M | -45.02K | -12.05K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -877.66% | -151.77% |
| Net Income Growth % | 22.23% | 28.25% | 19.04% | 37.09% | -24.88% | -111.5% | -296.24% | 13.36% | -93.26% | -42.53% | -111.33% | 85.7% | -46115.71% | -273.51% | - |
| Net Income (Continuing) | -58.88M | -57.39M | -79.98M | -98.79M | -157.04M | -125.75M | -59.46M | -15.01M | -17.32M | -8.96M | -6.29M | -2.98M | -20.8M | -45.02K | -12.05K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.68 | -1.45 | -2.65 | -3.28 | -5.30 | -7.16 | -3.81 | -1.63 | -2.74 | -2.86 | -2.08 | -1.03 | -8.37 | -0.03 | -0.01 |
| EPS Growth % | 55.78% | 45.28% | 19.21% | 38.11% | 25.98% | -87.93% | -133.74% | 40.51% | 4.2% | -37.5% | -101.94% | 87.69% | -26387.34% | - | - |
| EPS (Basic) | - | -1.45 | -2.65 | -3.28 | -5.30 | -7.16 | -3.81 | -1.63 | -2.74 | -2.86 | -2.08 | -1.03 | -8.37 | -0.03 | -0.01 |
| Diluted Shares Outstanding | 86.6M | 39.48M | 30.16M | 30.1M | 29.63M | 17.55M | 15.59M | 9.23M | 6.31M | 3.14M | 3.02M | 2.9M | 2.48M | 24.33M | 3.15M |
| Basic Shares Outstanding | 86.6M | 39.48M | 30.16M | 30.1M | 29.63M | 17.55M | 15.59M | 9.23M | 6.31M | 3.14M | 3.02M | 2.9M | 2.48M | 24.33M | 3.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Acute liquidity and clinical failure
As reported in financial statements, Relmada's operating expenses remain dominated by R&D outlays, which totaled $8.1 million in 2026Q1, reflecting the ongoing capital intensity required to sustain the RELIANCE-II clinical program despite the company's lack of any commercial revenue streams or diversified product pipeline.
The company's cost structure is entirely defined by clinical development, with R&D and SG&A expenses consistently driving operating losses in the $10 million to $26 million range per quarter. Investors should monitor whether the recent reduction in R&D spending from 2024 levels represents a strategic optimization of trial design or a forced contraction due to the company's precarious liquidity position.
Based on Relmada's reported figures, stock-based compensation remains a significant non-cash expense, with $3.2 million recorded in 2025Q4, which effectively obscures the underlying cash burn rate required to fund the company's high-stakes, single-asset clinical development strategy in the competitive CNS therapeutic market.
While stock-based compensation is a standard tool for talent retention in biotechnology, its persistence during periods of significant clinical setbacks warrants further investigation by shareholders. The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet the dilution impact remains a critical factor for long-term equity holders.
According to recent SEC filings, Relmada exhibits no operating leverage, as the company continues to generate substantial quarterly operating losses, such as the $19.5 million deficit in 2026Q1, without any corresponding revenue growth to offset the fixed costs of its clinical-stage research and development infrastructure.
The absence of revenue means that every dollar spent on SG&A and R&D directly impacts the bottom line, leaving the company entirely dependent on external capital markets. This lack of operational scale suggests that the company's financial health is tethered exclusively to the binary outcome of its clinical trials rather than any underlying business efficiency.
With a reported cash balance of approximately $3.5 million, as noted in recent company disclosures, Relmada faces an acute liquidity crisis that may necessitate immediate dilutive financing or a strategic pivot, casting significant doubt on the company's ability to complete its ongoing Phase 3 clinical trials.
The current cash position appears insufficient to support the high burn rate observed in previous quarters, suggesting that the company may be approaching a terminal liquidity event. Investors should consider the high probability that the company will be forced to raise capital under unfavorable terms, which would significantly impair existing shareholder value.
Quick answers to the most common questions about buying RLMD stock.
For fiscal year 2025, Relmada Therapeutics, Inc. (RLMD) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2012.
Relmada Therapeutics, Inc. (RLMD) reported a net loss of $57.4M for the fiscal year ending 2025.