Relmada Therapeutics (RLMD) Q2 2026 earnings call transcript

Thank you, Operator. Good day, everyone, and thank you for joining us today. This afternoon, RELMADA issued a press release providing the 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.

Vipendamia, RELMADA's Chief Business Officer, will offer his perspective on NDV01 and the non-muscle invasive bladder cancer landscape. And RELMADA's Chief Financial Officer, Megha Chanuda, 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?

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 NDVO 1 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. NDVO-1 is a novel, sustained-release intravesical formulation of gencitabine endosetaxel, or GENDOSI, that builds on the well-established safety and efficacy profile of conventional GENDOSI. We believe NDVO1 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 and 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 registrational 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. NDVO-1 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 specialized capability, coordination across several supply chain partners, and 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 AMD, and we are executing against a clear plan to complete them. This is work driven to quality, and we are dedicated to getting it done right. Importantly, all the components around manufacturing are ready. We 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-NDV01 by your end of 2026 and to initiate the Phase III RESCUE registration program upon IND clearance. The same discipline applies to SEPRANOLON. Our program in Prader-Willi syndrome or PWS, a rare and underserved condition, 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 sopranal on IND by year end 2026 as well, and to initiate Phase 2 Proof of Concept study upon an 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 BPIN DALMIA, our new Chief Business Officer. BPIN joined us this quarter and brings nearly three decades of experience in neuro-oncology, business development, and manufacturing oversight, including leading the U. S. launch of the first FDA-approved intravesical gene therapy for NMIBC. BIPIN also brings strong industry relationship and an outstanding track record of value creation.

BIPIN, it's all on you.

Thank you, Sergio, and good afternoon, everyone. As Sergio mentioned I spent nearly three decades in biopharmaceuticals including many years focused on neuro and especially non invasive bladder cancer or NMIBC During my first two weeks with the company I spent considerable time reviewing NDV01 clinical regulatory and manufacturing plans as well as our patent strategy That work has only strengthened my belief that NDVO-1 represents one of the most compelling opportunities in NMI-BC. Let me explain why. The NMI-BC treatment landscape is evolving rapidly, particularly in BCD 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 majority of the patients are, and into earlier stages of NMI-BC, such as intermediate risk and BCG-naive settings.

And that is where we believe NDVO-1 has the potential to differentiate itself. What I find particularly compelling about NDVO-1 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 prolonged bladder exposure without the use of a physical device with a simple office-based procedure that can be completed in approximately five 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 NDV01 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 NDVO-1, if approved, has the potential to become a foundational and best-in-class intravesical therapy across the NMI-BC 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 am excited to be part of RELMADA at this important stage and look forward to helping advance NDVO1 for patients who need new treatment options. With that, I will turn the call over to Magid. Magid?

Thank you, Vipin. Good afternoon, everyone. I will walk you through our second quarter 2026 financial results. A press release and 10Q 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. Our current cash resources are expected to fund company operations through 2029, including completion of the Phase III Rescue Program for NDVO-1.

Moving briefly through our second quarter financial results. Research and development expense for the three 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 NDV01 and sucranolone 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 three months end of 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 11 cents per basic and diluted share, compared with a net loss of $9.9 million, or 30 cents 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?

Thank you, Maget. 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 acid in NDVO1 with FDA alignment on our path to registration. A phase three 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 NDVO-1 and SEPLAN-1 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'm very confident in this program and optimistic about RELMADA's future.

I look forward to keeping you close to our progress along the way. Operator, I would like now to open the call for questions.

Sure. Thank you. I may be beeping. You want to take the first one? Then we can, all of us can take the second one.

Yeah, Sergio. So thank you, Oy. I also look forward to working with you. So my role as chief business officer and primarily responsible for the NDVO-1 program will be corporate strategy, commercial planning, which includes new product planning, making sure our program maximizes the potential of NDVO-1, business development, if and when that becomes relevant. But I also bring a lot of development in manufacturing experience in addition to commercial. So I will be very closely involved in all aspects of NDVO-1. Thanks, Vipin. I hope this answers your first question. The second one we can take, I mean, I can start, right? Look, manufacturing is always, 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 a question of getting into the schedule of the manufacturer. Our manufacturer is Pyromel. It is a pretty large company. And so it's 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.

Bibi, do you want to add something to the topic? Yeah, no, absolutely. I think, Sergio, we have the formulation, which is the same as the formulation we use in Phase 2. We, of course, have a new scalable process, and that is locked now. So the remaining active, if we have analytics in place, so the analytical program is complete. So now it's just a matter of blocking and tackling and producing the GNP batches and putting them on stability needed for R&D filing.

And that's where we are. It's just a matter of execution now.

Yeah, I can tell you. Yeah, take it. Go ahead.

Yeah, so in manufacturing, you have to develop a formulation, you have to develop a process, that's the development activities, and then you have the manufacturing activities. So there is, the development activities are complete. The manufacturing activities are our next focus, and that takes some time because you have to get on the schedule of the GMP, kind of clean room. And we're working with an external partner for that. And then once we manufacture the GMP batch, we 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.

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...

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

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 more backup to speed up the enrollment. And I believe as soon as the IND is clear, 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 after the IND is cleared.

Yes, we haven't, look, to be honest, we haven't focused on the phase two. The site in Israel has continued to involve patients but we have been totally focused on the phase three preparation We probably yes we publish the 18 data at some point but we don have specific plan to do it We have not seen the data after the 12 months So at some point we probably publish that But the focus has been the registration more than anything else Thank you so much.

Hey, Kelsey. Good afternoon. Great to hear from you. These are actually two different questions, right, and require two different answers. One, what was unexpected? Well, when we made the initial projection, we kind of listened to the manufacturer and was the best educated guess to give a timeline. But I don't think, and BP and Magda, you have been involved too in the manufacturer. 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 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 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, was 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? Yeah, 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 date on five 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 to any 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 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 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 answered your question.

Thank you, Kelsey.

Well, thanks for the question. Sorry, give me a chance to clarify. The primary endpoint is response at any time. So the six months is any time, but it is the higher response during the trial. So the patients can have one re-induction if needed? Correct. Okay, got it. Thank you. So if they don't respond at three months, they can be reused, 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.

Maybe I can step in here. You know, I think it's imprudent 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, Roy.

Yeah, there are different indications, and what we can share is that with a meeting with the FDA, there is no fixed number about what kind of response rate the FDA expects to approve NDVO-1, 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.

Thank you.