Relmada Therapeutics
RLMD on Nasdaq. Pharmaceutical preparations. Market value $371m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$3.28 a share, 82% above its 1-year low
Over the past year the price has ranged from $1.80 to $8.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.07bn | 0.11bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 254% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $13 million, compared with a loss of $10 million a year ago.
- 239% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$22m |
| December 2024 | -$19m |
| March 2025 | -$18m |
| June 2025 | -$10m |
| September 2025 | -$10m |
| December 2025 | -$20m |
| March 2026 | -$19m |
| June 2026 | -$13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 126 funds in all.
Largest holders overall
- Jupiter Topco$77m
- BlackRock$51mAdded
- Squadron Capital Management$51mCut
- Venrock Adviser$47mAdded
- Spruce Street Capital LP$44mAdded
- Adage Capital Partners GP, L.L.C.$33m
- Vanguard Capital Management$31mAdded
- Jones Hill Capital LP$25mAdded
- Orbimed Advisors$25mCut
- State Street$17mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- JANUS HENDERSON GROUP PLCPassive investor10.1%Since 30 January 2026
- Squadron Capital Management LLCPassive investorat least 7.0%−2.9 pts(filed with 3 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor7.0%Since 30 June 2026
- Venrock Healthcare Capital Partners III, L.P.Passive investorat least 6.2%(filed with 6 related holders)Since 2 June 2026
- Spruce Street Capital LPPassive investorat least 5.6%(filed with 2 related holders)Since 31 December 2025
- Commodore Capital LPPassive investorat least 5.1%(filed with 3 related holders)Since 27 April 2026
- Ikarian Capital, LLCPassive investorat least 4.8%(filed with 1 related holder)Since 30 September 2025
- Adage Capital Management, L.P.Passive investorat least 4.5%−1.3 pts(filed with 2 related holders)Since 31 March 2026
- Millennium Management LLCPassive investorat least 4.4%(filed with 2 related holders)Since 16 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
JANUS HENDERSON GROUP PLC Passive investor | 10.1% | 30 January 2026 | |
Squadron Capital Management LLC Passive investor | at least 7.0%−2.9 pts (filed with 3 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.0% | 30 June 2026 | |
Venrock Healthcare Capital Partners III, L.P. Passive investor | at least 6.2% (filed with 6 related holders) | 2 June 2026 | |
Spruce Street Capital LP Passive investor | at least 5.6% (filed with 2 related holders) | 31 December 2025 | |
Commodore Capital LP Passive investor | at least 5.1% (filed with 3 related holders) | 27 April 2026 | |
Ikarian Capital, LLC Passive investor | at least 4.8% (filed with 1 related holder) | 30 September 2025 | |
Adage Capital Management, L.P. Passive investor | at least 4.5%−1.3 pts (filed with 2 related holders) | 31 March 2026 | |
Millennium Management LLC Passive investor | at least 4.4% (filed with 2 related holders) | 16 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $4m of shares on the open market.
- Shenouda MagedChief Financial OfficerBought
- Date
- 10 September 2026
- Shares
- 79,800
- Price
- $4.25
- Value
- $339,150
- TRAVERSA SERGIOChief Executive Officer, DirectorBought
- Date
- 10 September 2026
- Shares
- 100,000
- Price
- $4.10
- Value
- $410,000
- Shenouda MagedChief Financial OfficerBought
- Date
- 9 September 2026
- Shares
- 120,200
- Price
- $4.20
- Value
- $504,840
- TRAVERSA SERGIOChief Executive Officer, DirectorBought
- Date
- 9 September 2026
- Shares
- 100,000
- Price
- $4.18
- Value
- $418,000
- TRAVERSA SERGIOChief Executive Officer, DirectorBought
- Date
- 15 December 2025
- Shares
- 27,500
- Price
- $4.12
- Value
- $113,300
- Shenouda MagedChief Financial OfficerBought
- Date
- 15 December 2025
- Shares
- 11,665
- Price
- $4.12
- Value
- $48,060
- Ence ChuckCAO and COOBought
- Date
- 5 November 2025
- Shares
- 136,000
- Price
- $2.20
- Value
- $299,200
- TRAVERSA SERGIOChief Executive Officer, DirectorBought
- Date
- 5 November 2025
- Shares
- 272,500
- Price
- $2.20
- Value
- $599,500
- Shenouda MagedChief Financial OfficerBought
- Date
- 5 November 2025
- Shares
- 500,000
- Price
- $2.20
- Value
- $1m
- Kelly Paul EdwardChief Operating Officer, DirectorBought
- Date
- 5 November 2025
- Shares
- 90,000
- Price
- $2.20
- Value
- $198,000
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | Shenouda Maged Chief Financial Officer | Bought | 79,800 | $4.25 | $339,150 |
| 10 September 2026 | TRAVERSA SERGIO Chief Executive Officer, Director | Bought | 100,000 | $4.10 | $410,000 |
| 9 September 2026 | Shenouda Maged Chief Financial Officer | Bought | 120,200 | $4.20 | $504,840 |
| 9 September 2026 | TRAVERSA SERGIO Chief Executive Officer, Director | Bought | 100,000 | $4.18 | $418,000 |
| 15 December 2025 | TRAVERSA SERGIO Chief Executive Officer, Director | Bought | 27,500 | $4.12 | $113,300 |
| 15 December 2025 | Shenouda Maged Chief Financial Officer | Bought | 11,665 | $4.12 | $48,060 |
| 5 November 2025 | Ence Chuck CAO and COO | Bought | 136,000 | $2.20 | $299,200 |
| 5 November 2025 | TRAVERSA SERGIO Chief Executive Officer, Director | Bought | 272,500 | $2.20 | $599,500 |
| 5 November 2025 | Shenouda Maged Chief Financial Officer | Bought | 500,000 | $2.20 | $1m |
| 5 November 2025 | Kelly Paul Edward Chief Operating Officer, Director | Bought | 90,000 | $2.20 | $198,000 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.