Relmada Therapeutics Inc (NASDAQ:RLMD) Reports Wider-Than-Expected Q3 2025 Loss

Earnings Analysis

RELMADA THERAPEUTICS INC (NASDAQ:RLMD), a clinical-stage biotechnology company, reported its third-quarter 2025 financial results, drawing investor attention to its ongoing clinical progress against the backdrop of its pre-revenue financials. The market's reaction in after-hours trading suggests a measured response to the latest data.

Q3 2025 Financial Results Versus Estimates

The company's financial figures for the quarter were largely in line with expectations for a clinical-stage biotech, though a key profitability metric showed a significant deviation from analyst forecasts.

• Revenue: As anticipated for a company without a commercialized product, Relmada reported zero revenue, matching the analyst estimate of $0.0 million.
• Earnings Per Share (EPS): The company reported a non-GAAP loss per share of $0.30. This loss was substantially wider than the analyst consensus estimate, which projected a loss of $0.1183 per share.

The wider-than-expected loss per share is a focal point for the earnings release, highlighting the costs associated with advancing the company's clinical pipeline.

Market Reaction and Price Action

Following the earnings release, Relmada's stock experienced a decline in after-market trading. The stock was down approximately 5.4%, indicating a negative short-term reaction from investors. This movement appears to be a direct response to the larger quarterly loss compared to expectations. This after-hours dip contrasts with the stock's positive performance over recent weeks, which had seen gains of nearly 1% over the past month.

Clinical and Corporate Updates

The earnings release was accompanied by significant updates on the company's clinical programs, which remain the primary driver of investor interest. The most prominent announcement concerned positive follow-up data for NDV-01, an asset being developed for non-muscle invasive bladder cancer (NMIBC). The company reported a 92% overall response rate at any time over a 9-month follow-up period, alongside a favorable overall safety profile. This data point represents a key milestone for the program and underscores the company's progress beyond its lead CNS-focused asset, REL-1017.

Forward-Looking Estimates

With no company-provided financial outlook in the press release, analyst estimates provide the only forward-looking financial context. For the upcoming fourth quarter of 2025, analysts are forecasting zero revenue and a non-GAAP loss per share of approximately $0.06. For the full 2025 year, the consensus estimates also point to zero revenue and a total loss per share of around $1.97.

Conclusion

Relmada Therapeutics' third-quarter report presents a mixed picture. While the company continues to burn cash and posted a larger-than-expected loss, its value proposition remains firmly tied to clinical milestones. The strong 9-month data for NDV-01 in bladder cancer is a material positive development that may have supported the stock's recent strength. The immediate negative after-hours reaction, however, reflects the market's focus on the bottom-line miss. For investors, the long-term thesis for Relmada continues to hinge on the successful development of its clinical pipeline rather than near-term financial results.

For a more detailed look at historical earnings and future analyst estimates for RELMADA THERAPEUTICS INC (NASDAQ:RLMD), you can review the data here.

Disclaimer: This article is for informational purposes only and is not intended as investment advice. All investment decisions carry risk, and individuals should conduct their own research before making any financial decisions.