GET DAILY SIGNALSRelmada Therapeutics (RLMD) Q3 2026 Update: Narrower Loss and 18-Month NDV-01 Durability Data
Key Takeaways
- Relmada reported a net loss of $13.9 million, or $0.12 per share, for the third quarter ended September 30, 2026, beating the consensus estimate of a $0.14 loss per share.
- The per-share loss narrowed significantly from $0.30 a year earlier, helped by a larger share count following recent capital raises.
- Research and development (R&D) expense more than doubled to $9.2 million from $4.0 million, reflecting heavier investment in the NDV-01 and sepranolone programs.
- Cash, cash equivalents, and short-term investments totaled $202.1 million as of September 30, 2026, up from $93.0 million at the end of 2025.
- Updated 18-month Phase 2 data for lead candidate NDV-01 showed 86% of evaluable patients remained in complete response in non-muscle invasive bladder cancer (NMIBC).
- The Phase 3 registrational program has been renamed SPECTRUM, with an Investigational New Drug (IND) application submission expected by year-end 2026.
Earnings Context and Why It Matters
Relmada Therapeutics is a clinical-stage biotechnology company with no product revenue, so its quarterly results are less about sales and more about cash runway, spending discipline, and clinical progress. Investors watch these reports primarily for pipeline updates, because the company's value hinges on the success of NDV-01, an intravesical therapy for non-muscle invasive bladder cancer, and sepranolone, a candidate for central nervous system disorders. Following a 2025 capital raise, Relmada has extended its funding runway while accelerating development spending. This quarter's report carried added weight because it delivered the first 18-month durability data from the Phase 2 NDV-01 study, a key signal of whether the therapy can produce lasting responses. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Reported Results
For the third quarter of 2026, Relmada posted a net loss of $13.9 million, or $0.12 per basic and diluted share, compared with a net loss of $10.1 million, or $0.30 per share, in the prior-year period. The narrower per-share loss beat the consensus estimate of roughly $0.14 and reflected a higher share count rather than lower absolute spending. Revenue remained at zero, consistent with the company's clinical-stage status.
R&D expense rose to $9.2 million from $4.0 million a year ago as the company advanced manufacturing and development for NDV-01 and sepranolone. On the balance sheet, cash, cash equivalents, and short-term investments stood at approximately $202.1 million as of September 30, 2026, up from $93.0 million at December 31, 2025, providing a multi-year runway.
The highlight of the update was clinical rather than financial. Updated 18-month results from the ongoing Phase 2 study of NDV-01 showed that 12 of 14 evaluable patients (86%) remained in complete response, including 7 of 8 patients (88%) in the BCG-unresponsive subgroup. No grade 3 or higher treatment-related adverse events and no treatment-related discontinuations were reported. The company also confirmed it expects to submit its IND application for NDV-01 by year-end 2026.
Market Reaction and Investor Sentiment
Sentiment around RLMD has been shaped more by clinical milestones than by headline financials. The narrower-than-expected loss and strengthened cash position were welcome, but the 18-month durability data from the NDV-01 Phase 2 study was the primary focus. Investors interpreted the sustained complete response rates and clean safety profile as supportive of the drug's profile in NMIBC, where durable, bladder-sparing options remain limited.
Key risks heading into and following this report include manufacturing and chemistry, manufacturing, and controls (CMC) execution, the timing of IND clearances, and the inherent uncertainty of Phase 3 outcomes. As a development-stage biotech, Relmada's shares have historically been volatile around data and regulatory announcements, and investors will likely remain focused on execution milestones through the end of 2026.
Forward Outlook and Key Factors to Monitor
Relmada's near-term narrative now centers on regulatory and clinical execution. The company expects to submit an IND application for NDV-01 by year-end 2026, which would clear the path to initiate the Phase 3 SPECTRUM program across two FDA-aligned registrational pathways. Investors will watch closely for confirmation of that submission and any feedback from regulators.
In parallel, the company is preparing a separate IND submission for sepranolone, its candidate for Prader-Willi syndrome, also targeted for year-end 2026, with a Phase 2 proof-of-concept study expected to begin upon IND clearance. Manufacturing readiness will be another important factor, since the company has emphasized building uninterrupted clinical supply through Phase 3 and supporting commercial readiness.
Finally, spending trends and cash runway remain central for a pre-revenue biotech. With roughly $202.1 million on hand, Relmada has extended its operating runway, but investors will monitor how quickly R&D expenses accelerate as multiple programs move toward late-stage trials. The balance between advancing the pipeline and preserving capital will be a recurring theme in coming quarters. From what I see, this is important because it directly affects how long the company can fund its ongoing work without additional raises.
Using AI Tools in Biotech Research
In my analysis of clinical-stage names like RLMD, I often turn to Tickeron’s AI-powered tools to track momentum and peer activity alongside the pipeline updates. The AI Screener helps filter for relevant technical patterns and fundamentals in a more efficient way than manual checks, which has been useful when evaluating how catalysts like these durability results might influence broader sector moves.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
RLMD in upward trend: price rose above 50-day moving average on November 06, 2026
RLMD moved above its 50-day moving average on November 06, 2026 date and that indicates a change from a downward trend to an upward trend. In 32 of 35 similar past instances, the stock price increased further within the following month. The odds of a continued upward trend are 90%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 28, 2026. You may want to consider a long position or call options on RLMD as a result. In 77 of 88 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 88%.
The Moving Average Convergence Divergence (MACD) for RLMD just turned positive on October 20, 2026. Looking at past instances where RLMD's MACD turned positive, the stock continued to rise in 31 of 38 cases over the following month. The odds of a continued upward trend are 82%.
The 10-day moving average for RLMD crossed bullishly above the 50-day moving average on November 10, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 12 of 13 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 90%.
Following a +7.00% 3-day Advance, the price is estimated to grow further. Considering data from situations where RLMD advanced for three days, in 226 of 266 cases, the price rose further within the following month. The odds of a continued upward trend are 85%.
Bearish Trend Analysis
The RSI Indicator demonstrated that the stock has entered the overbought zone. This may point to a price pull-back soon.
The Stochastic Oscillator entered the overbought zone. Expect a price pull-back in the foreseeable future.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where RLMD declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 85%.
RLMD broke above its upper Bollinger Band on October 30, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for RLMD entered a downward trend on October 27, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron PE Growth Rating for this company is 20 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of 28 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.014) is normal, around the industry mean (3.498). P/E Ratio (-4.286) is within average values for comparable stocks, (-1.193). Projected Growth (PEG Ratio) (0.120) is also within normal values, averaging (9.059). Dividend Yield (0.000) settles around the average of (130.981) among similar stocks. P/S Ratio (0.000) is also within normal values, averaging (440.869).
The Tickeron Price Growth Rating for this company is 46 (best 1 - 100 worst), indicating steady price growth. RLMD’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 98 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. RLMD’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 93, placing this stock worse than average.
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General Information
a clinical-stage biotechnology company, which engages in the development of d-methadone receptor antagonist, which is a chemical entity that addresses areas of high unmet medical need in the treatment of central nervous system diseases
Industry Biotechnology
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