Relmada (RLMD) Q2 2026 Earnings Call Transcript

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DATE

Thursday, Aug. 6, 2026 at 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer - Sergio Traversa
• Chief Business Officer - Bipin Dalmia
• Chief Financial Officer - Maged Shenouda
• Investor Relations - Joyce Lonergan

TAKEAWAYS

• Cash Position -- $217.7 million as of June 30, 2026, compared to $93 million on Dec. 31, 2025, providing a projected capital runway through 2029.
• Research and Development Expense -- $8.4 million, representing an increase from $2.8 million in the prior year quarter due to higher NDV-01 and sepranolone study costs and manufacturing expenses.
• Net Loss -- $12.9 million, or $0.11 per share, compared to a net loss of $9.9 million, or $0.30 per share, in the same period last year.
• Shares Outstanding -- 106,669,846 shares as of Aug. 4, 2026, reflecting capital raises that expanded the share count from 73.3 million at the start of the year.
• General and Administrative Expense -- $6.6 million, a decrease from $7.4 million year over year primarily driven by lower stock-based and employee compensation.
• NDV-01 Clinical Efficacy -- 95% of patients in Phase 2 achieved a complete response at any time, with 76% maintaining a durable complete response at 12 months.
• NDV-01 IND Timeline -- Management expects to file the Investigational New Drug application by the end of 2026, following the completion of manufacturing scale-up activities.
• Sepranolone IND Timeline -- Filing is expected by the end of 2026, with the primary remaining task being the finalization of the pre-filled syringe delivery system.
• Phase 3 RESCUE Program -- The company has engaged approximately 80 clinical sites, including 60 primary and 20 backup sites, to initiate enrollment upon IND clearance.
• U.S. Market Opportunity -- NMIBC affects more than 744,000 people in the United States, representing 75% to 80% of all bladder cancer cases.
• Global PWS Prevalence -- Prader-Willi Syndrome is estimated to affect 350,000 to 400,000 people worldwide.
• NDV-01 Formulation -- The therapy provides sustained drug release over approximately 10 days through a soft intravesical matrix administered in under five minutes.
• Patent Portfolio -- Multiple patent applications are in place that, if issued, could provide protection for NDV-01 until 2047.
• Phase 3 Clinical Endpoints -- The primary endpoint for the RESCUE trial will be the complete response rate at any time, which accounts for reinduction after three months.
• Manufacturing Partner -- Relmada is working with Piramal for scalable Good Manufacturing Practice production.
• Net Cash Used in Operations -- $9.6 million for the quarter ended June 30, 2026, compared to $6.4 million in the second quarter of 2025.
• Stock Appreciation Rights Expense -- $5.1 million in total liabilities as of June 30, 2026, up from $1.1 million at the end of 2025.
• Total Assets -- $219.1 million as of June 30, 2026, consisting primarily of cash and short-term investments.

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RISKS

• CEO Traversa stated, "Manufacturing a product like this to a scalable and registrational standard is demanding work," noting that transitioning from laboratory prototypes to full production requires specialized coordination across multiple supply chain partners.
• Dalmia noted that in the current NMIBC landscape, available therapies frequently force physicians to accept tradeoffs between efficacy, durability, and convenience.

SUMMARY

Relmada Therapeutics reported it is entering an execution-focused phase to advance its lead clinical candidates through the Investigational New Drug application process. Management stated that existing cash resources are sufficient to fund operations through 2029, which covers the projected completion of the Phase 3 RESCUE registrational program for NDV-01. The company updated its clinical timelines, now expecting IND filings for both NDV-01 and sepranolone by the end of 2026. Strategic efforts are concentrated on manufacturing scale-up for NDV-01's sustained-release formulation and finalizing the delivery system for sepranolone.

• CEO Traversa clarified that manufacturing delays were related to securing slots in the production schedule, noting that while the process takes two days, "you have to get in their schedule and they have other clients."
• CBO Dalmia joined the company this quarter, bringing experience from the U.S. launch of the first FDA-approved intravesical gene therapy for non-muscle-invasive bladder cancer.
• The company clarified that the Phase 3 RESCUE trial design allows for one reinduction after three months if a patient does not initially respond, with the primary endpoint capturing the highest response at any time.
• Management expects to disclose Phase 3 clinical data in the first half of 2027 once a meaningful group of 15 to 20 patients has been evaluated.
• The NDV-01 formulation is designed for use in community medical settings because it can be administered via a simple office procedure without surgical devices or anesthesia.
• CEO Traversa emphasized that FDA alignment on two registration pathways has already been secured, stating, "All the components around manufacturing are ready."
• The company was added to the Russell 2000 and Russell 3000 Indexes effective June 26, 2026.

INDUSTRY GLOSSARY

• BCG: Bacillus Calmette-Gu rin, a common immunotherapy used as the standard of care for treating non-muscle-invasive bladder cancer.
• CMC: Chemistry, Manufacturing, and Controls; the body of information that defines the manufacturing process and quality standards for a drug.
• GMP: Good Manufacturing Practice; a system for ensuring that products are consistently produced and controlled according to quality standards.
• IND: Investigational New Drug application; a request for FDA authorization to administer an investigational drug to humans.
• Intravesical: A method of drug delivery where a therapeutic agent is administered directly into the urinary bladder.
• NMIBC: Non-muscle-invasive bladder cancer, a form of cancer found in the tissue that lines the inner surface of the bladder.
• PWS: Prader-Willi Syndrome, a rare genetic disorder characterized by life-threatening obesity and neurodevelopmental issues.

Full Conference Call Transcript

Operator: Good afternoon, and welcome to Relmada Therapeutics Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded and will be available for replay on the Relmada website. I would now like to turn the call over to Joyce Lonergan. Please go ahead.

Joyce Lonergan: Thank you, operator. Good day, everyone, and thank you for joining us today. This afternoon, Relmada issued a press release providing a business update and outlining its financial results for the three and six months ended June 30, 2026. Please note that certain information discussed on the call today is covered under the safe harbor provision of the Private Securities Litigation Reform Act. Relmada's management team will be making forward-looking statements during this call. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business.

These forward-looking statements are qualified by the cautionary statements contained in Relmada's press release issued today and the company's SEC filings, including the company's 10-Q filing for the quarter ended June 30, 2026, filed after the close today. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast on August 6, 2026. Relmada undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

With me on today's call are Relmada's Chief Executive Officer, Sergio Traversa, who will provide a business update; Bipin Dalmia, Relmada's Chief Business Officer, will offer his perspective on NDV-01 and the non-muscle-invasive bladder cancer landscape; and Relmada's Chief Financial Officer, Maged Shenouda, who will review the second quarter financial results. After that, we will open the line for a brief Q&A session. Now, I would like to hand the call over to Sergio Traversa. Sergio?

Sergio Traversa: Thank you, Joyce. Good afternoon, everyone, and welcome to the Relmada Second Quarter 2026 Conference Call. Relmada has entered a critical execution phase. We have a strong balance sheet, an experienced and strengthened leadership team, and a clear plan to move NDV-01 into registrational development. I would like to use this time today to tell you where we stand and why we are confident in the path ahead. Let me start with a brief recap. NDV-01 is a novel, sustained-release intravesical formulation of gemcitabine and docetaxel, or Gem/Doce, that builds on the well-established safety and efficacy profile of conventional Gem/Doce.

We believe NDV-01 has the potential to be a best-in-class therapy for patients with non-muscle-invasive bladder cancer, or NMIBC, a disease affecting more than 744,000 people in the United States alone. Our clinical regulatory foundation is strong. The 12-month Phase II data are compelling. 95% of patients achieved a complete response at any time. 76% had a durable complete response at 12 months, and safety has been favorable throughout. We have FDA alignment on the two planned registration pathways, and we continue to see strong interest from the uro-oncology community. Let me go directly to manufacturing because it is our immediate priority. NDV-01 is a novel, sustained-release therapy that combines two chemotherapies in a single delivery system.

Manufacturing a product like this to a scalable and registrational standard is demanding work. It requires a specialized capability, coordination across several supply chain partners, and a scale-up from a laboratory prototype to a full Good Manufacturing Practice, or GMP, production. We have done the work to understand what that requires. We also have planned the remaining activities needed to support the IND, and we are executing against a clear plan to complete them. This is work driven through quality, and we are dedicated to getting it done right. Importantly, all the components around manufacturing are ready.

They have FDA alignment, a robust data set, and clinical trial sites that are engaged and prepared to begin enrolling patients as soon as the IND is cleared and clinical material is available. Manufacturing is the final piece, and we are confident in our plan and in our team. We plan to file the IND for NDV-01 by the end of 2026 and to initiate the Phase III RESCUE registrational program upon IND clearance. The same discipline applies to sepranolone. Our program in Prader-Willi Syndrome, or PWS, a rare and underserved condition, is estimated to affect 350,000 to 400,000 people worldwide. Here, the formulation development is complete, and the one remaining step is finalizing the pre-filled syringe delivery system.

We expect to file the sepranolone IND by year-end 2026 as well, and to initiate a Phase II proof-of-concept study upon IND clearance. So on both programs, we have characterized what is required, we have a clear plan in place, and we are executing on it. Before we turn to our financial results, I would like to have the privilege to introduce Bipin Dalmia, our new Chief Business Officer. Bipin joined us this quarter and brings nearly 3 decades of experience in uro-oncology, business development, and manufacturing of [ plasmids ], including leading the U.S. launch of the first FDA-approved intravesical gene therapy for NMIBC. Bipin also brings strong industry relationships and an outstanding track record of value creation.

Bipin, it's all on you.

Bipin Dalmia: Thank you, Sergio. Good afternoon, everyone. As Sergio mentioned, I've spent nearly 3 decades in biopharmaceuticals, including many years focused on uro-oncology, and especially non-muscle-invasive bladder cancer, or NMIBC. During my first 2 weeks with the company, I've spent considerable time reviewing NDV-01's clinical, regulatory, and manufacturing plans, as well as our patent strategy. That work has only strengthened my belief that NDV-01 represents one of the most compelling opportunities in NMIBC. Let me explain why. The NMIBC treatment landscape is evolving rapidly, particularly in BCG-unresponsive disease where bladder preservation is increasingly the primary goal of treatment. And yet, patients and physicians are still forced to make important tradeoffs.

The newer therapies available today may deliver on one dimension, either efficacy or durability or convenience, but in each case at the expense of another important dimension. Our market research and KOL discussions suggest that what physicians and patients continue to need is an intravesical therapy that delivers meaningful efficacy and durable responses without compromising safety, tolerability, convenience, or ease of use. And these tradeoffs will become even more important as the market moves into the community setting where the majority of the patients are, and into earlier stages of NMIBC, such as intermediate-risk and BCG-naive settings. And that is where we believe NDV-01 has the potential to differentiate itself.

What I find particularly compelling about NDV-01 is that we're building on a strong clinical foundation rather than starting from scratch. We're leveraging decades of published clinical experience with gemcitabine and docetaxel, a combination that is deeply familiar to the urology community. Our innovation is not in changing those therapies, but in finding a better way to deliver them through a sustained-release formulation that combines long bladder exposure without the use of a surgical device with a simple office-based procedure that can be completed in approximately 5 minutes.

In summary, the combination of a well-established therapeutic foundation, encouraging efficacy and durability results from our Phase II study, favorable safety and tolerability, practical ease of use, and applicability across most NMIBC patient populations differentiates NDV-01 from many current and emerging approaches in the field, combined with a clear FDA-agreed regulatory path and strong patent protection. Taken together, these attributes support our belief that NDV-01, if approved, has the potential to become a foundational and best-in-class intravesical therapy across the NMIBC disease spectrum. I joined Relmada because I believe in that potential and in this team's ability to execute. While important work remains ahead, the path forward is well-defined.

We have an experienced team and strong external partners focused on executing against a clear plan and well-defined near-term milestones. I'm excited to be part of Relmada at this important stage and look forward to helping advance NDV-01 for patients who need new treatment options. With that, I'll turn the call over to Maged. Maged?

Maged Shenouda: Thank you, Bipin, and good afternoon, everyone. I'll walk you through our second quarter 2026 financial results. Our press release and 10-Q filings provide the full details. Relmada closed the second quarter of 2026 with cash, cash equivalents, and short-term investments of $217.7 million, compared to $93 million on December 31, 2025. Current cash resources are expected to fund company operations through 2029, including completion of the Phase III RESCUE program for NDV-01. Moving briefly through our second quarter financial results, research and development expense for the 3 months ended June 30, 2026, totaled $8.4 million compared to $2.8 million for the three months ended June 30, 2025.

The increase was primarily attributable to higher NDV-01 and sepranolone study costs, and increased manufacturing and drug storage costs, partially offset by lower employee compensation. General and administrative expense for the same period totaled $6.6 million compared to $7.4 million for the same period last year. The decrease was primarily driven by lower stock-based compensation and lower employee compensation, partially offset by higher stock appreciation rights expense and consulting services. Net cash used in operating activities for the 3 months ended June 30, 2026, totaled $9.6 million compared to $6.4 million for the same period in 2025.

The net loss for the quarter was $12.9 million, or $0.11 per basic and diluted share, compared with a net loss of $9.9 million, or $0.30 per basic and diluted share for the second quarter of 2025. Before we open the call for questions, I'll turn back to Sergio for some closing comments. Sergio?

Sergio Traversa: Thank you, Maged. I believe we can open the call for questions, but before we do that, let me close on this. Relmada is in a position of strength. We have a differentiated, clinically validated asset in NDV-01 with FDA alignment on our path to registration, a Phase III program that is ready to enroll, and the capital to see this work through. Our focus now is execution, completing the manufacturing work to the highest standard and filing both the NDV-01 and sepranolone INDs by year-end. We know what is in front of us, we have a clear plan, and we have the team and the resources to deliver.

I am very confident in this program and optimistic about Relmada's future. I look forward to keeping you close to our programs along the way. Operator, I would like now to open the call for questions. Thank you.

Operator: [Operator Instructions] Our first question comes from the line of Uy Ear of Mizuho. Please go ahead.

Uy Ear: I guess we have a couple of questions from reading your press release. Before I ask the questions, I also want to welcome Bipin to Relmada. I hope to work with you in the future. So maybe a general question for Bipin first. Maybe just help us understand what your role at Relmada is and how do you envision bringing NDV-01 essentially from this stage up to commercialization? And the second question is, based on your press release, it seems that you indicated manufacturing as well as CMC activities. Maybe just help us get some more color on the gating factors for both of these items?

Is it, you know, is there issues with the release of the chemo from the gel? Is it scaling? Is it just consistency, stability, maybe just help us get a flavor?

Sergio Traversa: Sure, thank you. Bipin, you want to take the first one, then all of us can take the second one.

Bipin Dalmia: Yes, Sergio. So thank you, Uy. I also look forward to working with you. So my role as Chief Business Officer and primarily responsible for the NDV-01 program will be corporate strategy, commercial planning, which includes new product planning, making sure our program maximizes the potential of NDV-01, business development if and when that becomes relevant. But I also bring a lot of development and manufacturing experience in addition to commercial. So I will be very closely involved in all aspects of NDV-01.

Sergio Traversa: Thanks, Bipin. Yes, I hope this answers your first question. The second we can take, I mean, I can start, right? Look, manufacturing is always like, you can go as much in detail as we want to, but the top-down is that the formulation has been locked, the process has been locked, so now is the question of getting into the, I would say, the schedule of the manufacturer. You know, our manufacturer is Piramal, that is a pretty large company. And so to get on their schedule and make the product, and then that would be made at the scalable quantity. So that's where we are in manufacturing. That's where we are.

Bipin, you want to add something to the topic, the subject?

Bipin Dalmia: Yes, no, absolutely. I think Sergio, we have the formulation, which is the same as the formulation we used in Phase II. We, of course, have a new scalable process and that is locked now. So the remaining activities, if we have analytics in place, so the analytical process program is complete. So now it's just a matter of blocking and tackling and producing the GMP batches and putting them on stability are needed for IND filing. And that's where we are. It's just a matter of execution now.

Uy Ear: So you're kind of saying that it's primarily an engineering issue that you can resolve relatively quickly. Is that a way of summarizing it?

Sergio Traversa: Yes, take it. Go ahead Bipin.

Bipin Dalmia: Yes, so in manufacturing, you have to develop a formulation. You have to develop a process. That's the development activities. Then you have the manufacturing activities. So there is, the development activities are complete. The manufacturing activities are our next focus. That takes some time because you have to get on the schedule of the GMP, kind of clean room and what we call working with an external partner for that. And then once you manufacture the GMP batch, you need some degree of stability data needed to file in the IND. So I wouldn't call it an engineering or a non-engineering problem.

The way to think about it is development is complete, and now manufacturing is what we will do in the next, in the coming months.

Sergio Traversa: Thank you, Bipin.

Uy Ear: Super helpful, thanks.

Operator: Our next question comes from Farzin Haque of Jefferies. Please go ahead.

Farzin Haque: Just to follow up on the last one, do you need FDA input on the GMP once you have the manufacturing batch GMP ready prior to filing?

Sergio Traversa: Thank you, Farzin. Bipin, do you want to take this? I don't believe so. I mean, we already had the minutes from the meetings we had with the FDA on the development. So, we'll just file the IND, but Bipin, you're more expert, so you can...

Bipin Dalmia: No, I don't believe we need any FDA input before filing the IND.

Farzin Haque: Got it. And then a quick follow-up. How many sites are being planned? And how much, basically, how quickly can you go from the IND clearance to the first patient dosed?

Sergio Traversa: Thank you, Farzin. That's a great question. It's also easy to answer. We have around, I believe, 80 sites enrolled, of which 60 are primary and 20 are like more backup and to speed up the enrollment. And I believe as soon as the IND is cleared, there will be 30 days after we file it, technically we can start to enroll patients at any time. So everything else is pretty much good to go. We are waiting for the product to be delivered and the data on the product to be delivered to file the IND, and 30 days later, hopefully, we'll be okay for clearing and then we can start to enroll pretty much, right?

Right after the IND is cleared.

Farzin Haque: Got it, and then a quick follow-up. Do you have any plans to disclose the 18-month cut from the Phase II data later this year?

Sergio Traversa: Yes, we haven't looked. To be honest, we haven't focused on the Phase II. The site in Israel is continuing to enroll patients, but we have been totally focused on the Phase III preparation. We'll probably, yes, we'll publish the 18 data at some point, but we don't have plans to do it. We have not seen the data after the 12 months. So at some point, we'll probably publish that. But the focus has been the registration more than anything else.

Farzin Haque: Thank you so much.

Sergio Traversa: Thank you, Farzin.

Operator: Next question comes from Kelsey Goodwin of Piper Sandler. Please go ahead.

Kelsey Goodwin: First, just to circle back on the NDV-01 IND, I guess, what steps or tasks required took longer than you were expecting when you had initially guided to mid-'26? And then secondly, I know you had initially guided to some clinical data later this year, that 3-month CR look. Should we expect that in the first half now, or are you maybe reevaluating what the initial disclosure is going to look like? That's it for me, thank you.

Sergio Traversa: Hey Kelsey, good afternoon, great to hear you. These are actually two different questions, right, and require two different answers. One, what was unexpected? Well, you know, when we made the initial projection, it's like we kind of listened to the manufacturer and what's the best educated guess to give a timeline. But I don't think, and Bipin, Maged, you have been involved too in the manufacturing. There was really nothing unexpected. It's just everything in manufacturing, until you have done and you are to the final, you never know. So it's a trial and error.

And there was just a question, I would say probably the most, the biggest hurdle is always to get into the manufacturing schedule because not that you call and they put the product in manufacturing right away. Usually, there is at least one or two or three months where they give you a slot. To make the product, it takes technically two days. It's not very, it's not a lot of time, but you have to get in their schedule and they have other clients, and so that was not unexpected, but it's still something that we have to get done, and so that's where we are. And the second question was, remind me?

Kelsey Goodwin: Yes, the initial clinical data that was guided for the end of the year, the three-month CR data. Just, you know, will that be pushed into the first half of '27, or are you thinking about maybe just doing a different disclosure altogether?

Sergio Traversa: Yes, look, we haven't decided yet. We have been hearing different opinions from all the people that are helping us on doing this. The current tendency, yes, it would be, I would say, first half, but the current trend or what we think is that we would like to have a certain number of patients, not to publish data on 5 patients, right? To have a certain number of patients and make it relevant. I don't know what the number is, but it's probably 15, 20 patients, so it's significant. You know, four or five patients don't really mean anything or not much.

And the second one, you know, the treatment three months, they may not be that representative for, like the retreatment is allowed after three months, so the patient doesn't respond after three months can be retreated. So probably the six months is a lot more meaningful in terms of showing what the real results are. But we haven't decided yet. So the focus is really to file the IND to get the trial started. Then we can think about the data. It's an open label, one arm, so we can see the data. Hope I answer your question.

Kelsey Goodwin: Yes, that's perfect. Thank you so much.

Sergio Traversa: Thank you, Kelsey.

Operator: [Operator Instructions] All right. We have another question from Farzin Haque of Jefferies. Please go ahead.

Farzin Haque: Just to clarify in your last comment, the ClinicalTrials.gov allows one reinduction after disease recurrence.

Sergio Traversa: Right.

Farzin Haque: So does the reinduction count towards the primary CR endpoint, or is it captured as a secondary?

Sergio Traversa: Thanks for the question. Give me a chance to clarify. The primary endpoint is response at any time. So the six months is anytime by the highest response during the trial.

Farzin Haque: So the patients can have one reinduction if needed?

Sergio Traversa: Correct.

Farzin Haque: Okay, got it. Thank you.

Sergio Traversa: So if they don't respond at three months, they can be reinduced, and they may respond at six months. So for the primary endpoints, the highest response rate is the one that matters. Thanks for the question. It was important.

Operator: All right. Looks like we have another question from Uy Ear of Mizuho. Please go ahead.

Uy Ear: I just wanted to ask, I don't know if you guys or [ Rodge ] has watched the FDA AdCom on the [ reprimand ] product, and I just wanted to see if you think that there's any read-through to your second-line development, you know, for NDV-01 as well. And yes, just wanted to see if you think there's any read-through considering that, you know, the, I guess the FDA was looking for a large response rate and in their opinion it wasn't really the case, but the AdCom looked at it sort of differently and saw a signal and I think took into taking us again into consideration.

Maged Shenouda: Maybe I can step in here. You know, I think it's important for us to comment on, you know, other companies' AdComs and different disease areas as well. So I don't, you know, I don't know that it would be again prudent for us to comment here, but thank you for the question.

Sergio Traversa: Yes, there are different indications, and what we can share is that with the meeting with the FDA, there is no fixed number about what kind of response rate the FDA expects to approve NDV-01. And I believe they stated that they want to see the overall data in terms of response rate and durability. So it's really different from any other comparison.

Operator: Thank you. This concludes our question and answer session and call for today. Thank you, everyone. You may now disconnect.

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