Relmada Therapeutics, Inc. (RLMD) is down 6.17% in the premarket session at the price of $21.58 after the release of the second quarter of the 2021 financial report.
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Second Quarter 2021 Financial Results
On 10th August 2021, RLMD released a corporate update and published an earnings report for the three and six months ended on 30th June 2021.
Net loss was $26.6 million or $1.56 per share in the second quarter of 2021. A net loss of $11.1 million or $0.73 per share was reported in the same quarter of 2020. The report disclosed a net loss of $48.8 million and $21.8 million for the six months ended 30th June 2021, and 2020 respectively. A net loss of $2.90 per share was reported for the six months of 2021 and $1.45 per share for the same period of 2020.
CEO Sergio Traversa remarked that the multiple clinical studies comprising of RELIANCE keep on improving. It is the vital Phase-3 project for REL-1017 to treat the major depressive disorder (MDD). Their strong R&D initiatives are assisted by a robust balance sheet. They are expecting multiple key data readouts till the end of the year, he added.
Top-Line Results of Study Evaluating REL-1017 vs Oxycodone
Relmada Therapeutics, on 27th July 2021, disclosed the top-line results of the human abuse potential (HAP) study along with REL-1017. It is a novel NMDA receptor (NMDAR) channel blocker and a lead candidate in Phase-3 development to treat major depressive disorder (MDD).
The results revealed that all three doses of REL-1017 tested in active opioid users displayed a statistically significant difference when compared to oxycodone. The three doses include therapeutic (25 mg), supratherapeutic (75mg), and maximum tolerated (150 mg).
Accession of Development and Commercial Rights to Novel Psilocybin
RLMD, on 20th July 2021, announced the acquisition of development and commercial rights to novel psilocybin and derivate program from Arbormentis LLC in all ex-Asia territories, including the U.S. and Europe. Relmada will cooperate with Arbormentis on the growth of new therapies that target neurological and psychiatric disorders. Moreover, neuroplasticity plays a pivotal role in the activity of REL-1017 which is currently in Phase III to treat depression.
As per the deal, Relmada will pay potential milestone payments of more than $150 million. Additionally, it will pay Arbormentis LLC an upfront fee of $15 million. Arbormentis LLC is also qualified to obtain a low single-digit royalty on any commercialized therapy.