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Relmada loses another $21.8M, makes progress with clinical trials

Patient enrollment for a third study on REL-1017, designed to treat major depressive disorder, is ongoing.
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Florida-based Relmada Therapeutics (Nasdaq: RLMD) posted another $21.8 million loss for the first three months of 2024, down both sequentially and year-over-year as the pre-revenue psychedelics firm continues its clinical trials with multiple drugs in development.

The net loss is down from both the $25.2 million lost last quarter, as well as the $26.3 million lost for the same period a year prior, Relmada reported.

At the same time, the psychedelics firm has made strides with clinical trials for its drug REL-1017, designed to treat major depressive disorder, with patient enrollment ongoing for a third trial and top-line data from a second trial expected later this year, CEO Sergio Traversa said in a news release. The company said it is aiming for about 300 patients in the upcoming study.

Not only that, but Traversa said Relmada is also now working on developing a psilocybin-based drug for obese patients, with clinical trials scheduled to begin sometime in the first half of 2024.

“The goal of this study will be to define the pharmacokinetic, safety, and tolerability profile of our modified-release psilocybin formulation in this population, and it will be followed by a Phase 2a trial to establish clinical proof-of-concept,” Traversa said of the psilocybin trial.

Data results from the psilocybin study isn’t expected until next year. The company hopes to prove that psilocybin has the ability to “ameliorate neurodegenerative conditions.”

Research and development expenses for the most recent quarter, which ended March 31, came to $13.3 million, down from the $15.9 million Relmada spent in the first quarter last year, with the spending decrease stemming from the completion of earlier clinical trials. General and administrative costs were also down year-over-year to $9.7 million from $12.3 million.

At the close of the quarter, Relmada had $84.4 million in total assets, including $1.3 million in cash, against $12.3 million in total liabilities.

The post Relmada loses another $21.8M, makes progress with clinical trials appeared first on Green Market Report.

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