Relmada Therapeutics is approaching critical milestones for its clinical programs while navigating financial challenges. The company expects to receive interim analysis results from its Reliance II study, a Phase 3 trial evaluating REL-1017 as an adjunct treatment for major depressive disorder (MDD), by the end of the year. Simultaneously, Relmada plans to initiate enrollment in the REL-P11 Phase I study. These developments occur as the company acknowledges potential liquidity issues that could impact operations beyond the coming year.
Clinical Program Updates
REL-1017, Relmada's lead product candidate, is currently in a registrational Phase 3 program targeting MDD. CEO Sergio Traversa emphasized the potential for "meaningful, near-term value inflection points" from the clinical programs. The ongoing Reliance II and Relight trials are designed to build upon positive Phase 2 results, incorporating enhanced site selection and stricter patient enrollment criteria.
Financial Overview
For the third quarter ending September 30, Relmada reported a net loss of $21.7 million, or 72 cents per basic and diluted share, which is comparable to the net loss of $22 million, or 73 cents per basic and diluted share, for the same period in 2023. As of September 30, the company's accumulated deficit stood at $622.2 million. Relmada reported having $54.1 million in cash, which it believes will be sufficient to reach key milestones and extend into 2025. However, the company's regulatory filing indicated projected insufficient liquidity to sustain operations for more than a year.
Research and development expenses for the quarter totaled $11.1 million, an increase from $10.4 million in the third quarter of the previous year. This rise is attributed to increased study costs associated with the Reliance II/302 and Relight/304 studies in 2024. General and administrative expenses saw a slight decrease to $11.9 million, compared to $12.2 million in 2023, representing a reduction of approximately $400,000.
