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Relmada Therapeutics Provides Corporate Update and Reports Third Quarter 2022 Financial Results
CORAL GABLES, Fla., Nov. 10, 2022 /PRNewswire/ -- Relmada Therapeutics, Inc. (Nasdaq: RLMD), a late-stage biotechnology company addressing diseases of the
About this update from Relmada Therapeutics, Inc.
[{"type":"text","content":"CORAL GABLES, Fla., Nov. 10, 2022 /PRNewswire/ -- Relmada Therapeutics, Inc. (Nasdaq: RLMD), a late-stage biotechnology company addressing diseases of the central nervous system (CNS), today provided a corporate update and announced preliminary and unaudited financial results for the three and nine months ended September 30, 2022. The Company will host a conference call today, Thursday, November 10, at 4:30 PM Eastern Time/1:30 PM Pacific Time.\n\n \n \n \n \n \n \n\n \n\"We are currently further evaluating the recently announced top-line results from RELIANCE III, our monotherapy registrational Phase 3 trial for REL-1017 for individuals living with major depressive disorder (MDD),\" said Sergio Traversa, Relmada's Chief Executive Officer. \"We continue to expect top-line results before the end of the year from RELIANCE I, the first of two ongoing Phase 3 sister two-arm, placebo-controlled, pivotal studies evaluating REL-1017 as a potential adjunctive treatment. While we await these data, we continue to enroll patients in RELIANCE II, our second adjunctive study, while making certain improvements to how the trial is being conducted. Therefore, we now anticipate the availability of these top-line results in 2023.\"\n\"Despite the initial RELIANCE III disappointment, we remain highly confident in the potential of REL-1017 to be a safe and effective new therapy for the adjunctive treatment of MDD,\" continued Sergio Traversa. \"It is also important to note that we have the financial flexibility to continue advancing REL-1017 in the clinic due to our strong balance sheet.\"\nUpcoming Anticipated Milestones for REL-1017\nResults of RELIANCE I adjunctive MDD trial before year-end 2022Results of RELIANCE II adjunctive MDD trial in 2023Results of RELIANCE – OLS (Long-term, Open-label study) in MDD in first half of 2023Third Quarter 2022 Financial Results\nResearch and development expense for the three months ended September 30, 2022, totaled $30.5 million, compared to $34.0 million for the three months ended September 30, 2021. The decrease was primarily driven by a decrease in stock-based compensation.General and administrative expense for the three months ended September 30, 2022, totaled $8.2 million compared to $8.7 million for the three months ended September 30, 2021, a decrease of approximately $0.5 million. The decrease was prim...