Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________________ to ___________________________

Commission File Number: 000- 55347

RELMADA THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Nevada		45-5401931
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

2222 Ponce de Leon, Floor 3 Coral Gables, FL		33134
(Address of Principal Executive Offices)		(Zip Code)

(786) 629-1376

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.001 par value per share		RLMD		The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of November 6, 2023, there were 30,099,203 shares of common stock, $0.001 par value per share, outstanding.

Relmada Therapeutics, Inc.

Index

		Page Number
PART I - FINANCIAL INFORMATION

Item 1.	Unaudited Condensed Consolidated Financial Statements	1
	Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022	1
	Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022	2
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2023 and 2022	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operation	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	20
Item 4.	Controls and Procedures	20

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	22

SIGNATURES		23

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Relmada Therapeutics, Inc.

Condensed Consolidated Balance Sheets

	As of
	September 30,			As of
	2023 (Unaudited)			December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	6,698,599		$	5,395,905
Short-term investments		99,568,502			142,926,781
Other receivables		-			512,432
Prepaid expenses		2,834,037			4,035,186
Total current assets		109,101,138			152,870,304
Other assets		47,715			34,875
Total assets	$	109,148,853		$	152,905,179

Commitments and Contingencies (See Note 6)

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,856,752		$	5,261,936
Accrued expenses		5,565,466			7,206,941
Total current liabilities		8,422,218			12,468,877

Stockholders’ Equity:
Class A convertible preferred stock, $0.001 par value, 3,500,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.001 par value, 150,000,000 shares authorized, 30,099,203 shares issued and outstanding		30,099			30,099
Additional paid-in capital		636,434,059			602,517,138
Accumulated deficit		(535,737,523	)		(462,110,935	)
Total stockholders’ equity		100,726,635			140,436,302
Total liabilities and stockholders’ equity	$	109,148,853		$	152,905,179

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Relmada Therapeutics, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	Three months ended						Nine months ended
	September 30,						September 30,
	2023			2022			2023			2022
Operating expenses:
Research and development	$	10,454,072		$	30,529,108		$	40,055,287		$	86,454,632
General and administrative		12,238,566			8,208,053			36,817,686			36,092,024
Total operating expenses		22,692,638			38,737,161			76,872,973			122,546,656

Loss from operations		(22,692,638	)		(38,737,161	)		(76,872,973	)		(122,546,656	)

Other (expenses) income:
Gain on settlement of fees		-			-			-			6,351,606
Interest/investment income, net		1,321,441			827,614			3,892,478			1,544,898
Realized loss on short-term investments		(51,714	)		(561,648	)		(718,422	)		(552,171	)
Unrealized (loss) gain on short-term investments		(579,147	)		(947,512	)		72,329			(3,897,135	)

Total other (expense) income – net		690,580			(681,546	)		3,246,385			3,447,198

Net loss	$	(22,002,058	)	$	(39,418,707	)	$	(73,626,588	)	$	(119,099,458	)

Loss per common share – basic and diluted	$	(0.73	)	$	(1.31	)	$	(2.45	)	$	(4.04	)

Weighted average number of common shares outstanding – basic and diluted		30,099,203			30,063,735			30,099,203			29,470,198

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Relmada Therapeutics, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

	Three and Nine months ended September 30, 2023
	Common Stock				Additional Paid-in		Accumulated
	Shares		Par Value		Capital		Deficit			Total
Balance – December 31, 2022		30,099,203	$	30,099	$	602,517,138	$	(462,110,935	)	$	140,436,302
Stock-based compensation		-		-		11,354,466		-			11,354,466
Net loss		-		-		-		(26,321,576	)		(26,321,576	)
Balance – March 31, 2023		30,099,203		30,099		613,871,604		(488,432,511	)		125,469,192
Stock-based compensation		-		-		11,169,517		-			11,169,517
Net loss		-		-		-		(25,302,954	)		(25,302,954	)
Balance – June 30, 2023		30,099,203		30,099		625,041,121		(513,735,465	)		111,335,755
Stock-based compensation		-		-		11,392,938		-			11,392,938
Net loss		-		-		-		(22,002,058	)		(22,002,058	)
Balance – September 30, 2023		30,099,203	$	30,099	$	636,434,059	$	(535,737,523	)	$	100,726,635

	Three and Nine months ended September 30, 2022
	Common Stock						Additional Paid-in			Accumulated
	Shares			Par Value			Capital			Deficit			Total
Balance – December 31, 2021		27,740,147		$	27,740		$	513,304,258		$	(305,067,112	)	$	208,264,886
Stock-based compensation		-			-			11,930,681			-			11,930,681
ATM offering, net		1,609,343			1,610			29,581,932			-			29,583,542
Warrant exercised for cash		33,334			33			299,973			-			300,006
Options exercised for cash		20,000			20			64,780			-			64,800
Net loss		-			-			-			(39,745,783	)		(39,745,783	)
Balance – March 31, 2022		29,402,824			29,403			555,181,624			(344,812,895	)		210,398,132
Stock-based compensation		-			-			12,295,016			-			12,295,016
Warrant exercised for cash		91,058			91			595,259			-			595,350
Options exercised for cash		45,812			46			352,698			-			352,744
ATM offering, net of offering costs		484,900			485			13,144,572			-			13,145,057
Net loss		-			-			-			(39,934,968	)		(39,934,968	)
Balance – June 30, 2022		30,024,594			30,025			581,569,169			(384,747,863	)		196,851,331
Stock-based compensation		-			-			8,343,139			-			8,343,139
Warrant exercised for cash		51,527			51			332,865			-			332,916
Options exercised for cash		17,886			18			286,158			-			286,176
Share exchange – Pre-funded warrants, net of fees		(1,452,016	)		(1,452	)		(48,548	)		-			(50,000	)
Net loss		-			-			-			(39,418,707	)		(39,418,707	)
Balance – September 30, 2022		28,641,991		$	28,642		$	590,482,783		$	(424,166,570	)	$	166,344,855

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Relmada Therapeutics, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine months ended
	September 30,
	2023			2022
Cash flows from operating activities
Net loss	$	(73,626,588	)	$	(119,099,458	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		33,916,921			32,568,836
Realized loss on short-term investments		718,422			552,171
Unrealized (gain) loss on short-term investments		(72,329	)		3,897,135
Change in operating assets and liabilities:
Lease payment receivable		-			86,377
Other receivable		512,432			-
Prepaid expenses and other assets		1,188,309			8,359,994
Accounts payable		(2,405,184	)		(766,661	)
Accrued expenses		(1,641,475	)		6,482,889
Net cash used in operating activities		(41,409,492	)		(67,918,717	)

Cash flows from investing activities
Purchase of short-term investments		(57,151,963	)		(38,993,173	)
Sale of short-term investments		99,864,149			60,382,229
Net cash provided by investing activities		42,712,186			21,389,056

Cash flows from financing activities
Payment of fees for warrants issued for common stock		-			(50,000	)
Proceeds from issuance of common stock – net		-			42,728,599
Proceeds from options exercised for common stock		-			703,720
Proceeds from warrants exercised for common stock		-			1,228,272
Net cash provided by financing activities		-			44,610,591

Net increase /(decrease) in cash and cash equivalents		1,302,694			(1,919,070	)
Cash and cash equivalents at beginning of the period		5,395,905			44,443,439
Cash and cash equivalents at end of the period	$	6,698,599			42,524,369

Supplemental disclosure of cash flow information:

Non-cash investing and financing activities:
Share exchange for Pre-funded warrants	$	-		$	1,452

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 1 – BUSINESS

Relmada Therapeutics, Inc. (Relmada or the Company) (a Nevada corporation), is a clinical-stage, publicly traded biotechnology company focused on the development of esmethadone (d-methadone, dextromethadone, REL-1017), an N-methyl-D-aspartate (NMDA) receptor antagonist. Esmethadone is a new chemical entity (NCE) that potentially addresses areas of high unmet medical need in the treatment of central nervous system (CNS) diseases and other disorders.

In addition to the normal risks associated with a new business venture, there can be no assurance that the Company’s research and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with the Food and Drug Administration (FDA) and other governmental regulations and approval requirements.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim unaudited condensed consolidated financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2022 and notes thereto contained in the Company’s Annual Report on Form 10-K.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the Company’s accounts and those of the Company’s wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation.

Liquidity

As shown in the accompanying unaudited condensed consolidated financial statements, the Company incurred negative operating cash flows of $41,409,492 for the nine months ended September 30, 2023 and has an accumulated deficit of $535,737,523 from inception through September 30, 2023.

Management believes that the Company’s existing cash and cash equivalents and short-term investments will enable it to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance of these unaudited condensed consolidated financial statements. Beyond that point management will evaluate the size and scope of any subsequent operations and clinical trials that will affect the timing of additional financings through public or private sales of equity or debt securities or from bank or other loans or through strategic collaboration and/or licensing agreements. Further, additional financing does not affect the Company’s conclusion that based on the cash on hand and the budgeted cash flow requirements, the Company has sufficient funds to maintain operations for at least 12 months from the issuance of these unaudited condensed consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The significant estimates are stock-based compensation expenses and recorded amounts related to income taxes.

Cash and Cash Equivalents

The Company considers cash deposits and all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company’s cash deposits are held at two high-credit-quality financial institutions. The Company’s cash and cash equivalents balance of $6,698,599 at September 30, 2023 at these institutions exceed the federally insured limits.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Short-term Investments

The Company’s investments consist entirely of mutual funds. The securities are measured at fair value based on the net asset value (NAV). Substantially all equity investments in nonconsolidated entities are measured at fair value with recurring changes recognized in earnings, except for those accounted for using equity method accounting. Changes in fair value of the securities are recorded as part of other income on the unaudited condensed consolidated statement of operations. Short-term investment activity is presented in the investing activities section on the unaudited condensed consolidated statement of cash flows.

Short-term investments at September 30, 2023 consisted of mutual funds with a fair value of $99,568,502.

Patents

Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.

Leases

The Company recognizes its leases with a term of greater than a year on the balance sheet by recording right-of-use assets and lease liabilities. Leases can be classified as either operating leases or finance leases. Operating leases will result in straight-line lease expense, while finance leases will result in front-loaded expense. The Company’s lease consists of an operating lease for office space. The Company does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

Fair Value of Financial Instruments

The Company’s financial instruments primarily include cash, short-term investments, and accounts payable. Due to the short-term nature of cash and accounts payable the carrying amounts of these assets and liabilities approximate their fair value.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price), in an orderly transaction between market participants at the reporting date. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

	Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

	Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.

	Level 3 Inputs – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

As required by Accounting Standard Codification (ASC) Topic No. 820 – 10 Fair Value Measurement, financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

The Company’s short-term investment instruments of $99,568,502 at September 30, 2023 consist of mutual funds and are classified using Level 1 inputs within the fair value hierarchy because the value is based on quoted prices in active markets. Unrealized gains and losses are recorded in the unaudited condensed consolidated statement of operations under other (expenses) income. The Company recorded an unrealized loss of $579,147 for the three months ended September 30, 2023 and an unrealized gain of $72,329 included in other (expenses) income for the nine months ended September 30, 2023. The Company recorded unrealized loss of $947,512 and $3,897,135 included in other (expenses) income for the three and nine months ended September 30, 2022, respectively.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income Taxes

The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of September 30, 2023 and December 31, 2022, the Company had recognized a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold.

The Company files a U.S. Federal income tax return and various state returns. Uncertain tax positions taken on the Company’s tax returns will be accounted for as liabilities for unrecognized tax benefits. The Company will recognize interest and penalties, if any, related to unrecognized tax benefits in general and administrative expenses in the statements of operations. There were no liabilities recorded for uncertain tax positions at September 30, 2023 and December 31, 2022. The open tax years, subject to potential examination by the applicable taxing authority, for the Company are from June 30, 2018 forward.

Research and Development

Research and development costs primarily consist of research contracts for the advancement of product development, salaries and benefits, stock-based compensation, and consultants. The Company expenses all research and development costs in the period incurred. The Company makes an estimate of costs in relation to clinical study contracts. The Company analyzes the progress of studies, including the progress of clinical studies and phases, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability.

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award – the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of those instruments.

Net Loss per Common Share

Basic loss per common share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted loss per common share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of options and warrants to purchase common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net losses in each period.

For the nine months ended September 30, 2023 and 2022, the potentially dilutive securities that would be anti-dilutive due to the Company’s net loss are not included in the calculation of diluted net loss per share attributable to common stockholders. The anti-dilutive securities are as follows (in common stock equivalent shares):

	Nine months ended
	September 30, 2023		September 30, 2022
Stock options		12,455,568		10,719,424
Common stock warrants		3,027,441		4,484,874
Total		15,483,009		15,204,298

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 3 – PREPAID EXPENSES

Prepaid expenses consisted of the following (rounded to nearest $00):

	September 30, 2023		December 31, 2022
Insurance	$	445,100	$	313,200
Research and Development		2,185,900		3,619,800
Other		203,000		102,200
Total	$	2,834,000	$	4,035,200

NOTE 4 – ACCRUED EXPENSES

Accrued expenses consisted of the following (rounded to nearest $00):

	September 30, 2023		December 31, 2022
Research and development	$	3,860,700	$	5,809,800
Professional fees		174,900		116,500
Accrued bonus		1,106,900		492,100
Accrued vacation		355,900		529,800
Other		67,100		258,700
Total	$	5,565,500	$	7,206,900

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock

During the nine months ended September 30, 2023, no shares of common stock were issued.

On April 6, 2022, the Company entered into a new Open Market Sale Agreement with Jefferies, as sales agent, pursuant to which we may offer and sell, from time to time, through Jefferies, shares of our common stock, having an aggregate offering price of up to $100,000,000. We are not obligated to sell any shares under the agreement. As of September 30, 2023, no shares have been issued under this agreement.

Options and Warrants

In December 2014, the Board of Directors adopted, and the Company’s shareholders approved Relmada’s 2014 Stock Option and Equity Incentive Plan, as amended (the “Plan”), which allows for the granting of 5,152,942 common stock awards, stock appreciation rights, and incentive and nonqualified stock options to purchase shares of the Company’s common stock to designated employees, non-employee directors, and consultants and advisors.

In May 2021, the Company’s Board of Directors adopted, and shareholders approved Relmada’s 2021 Equity Incentive Plan (the “2021 Plan”) which allows for the granting of 1,500,000 options or stock awards.

In May 2022, the Company’s Board of Directors adopted, and shareholders approved an amendment to the 2021 Plan to increase the shares of the Company’s common stock available for issuance thereunder by 3,900,000 shares.

In May 2023, the Company’s Board of Directors adopted and shareholders approved an amendment to the 2021 Plan to increase the shares of the Company’s common stock available for issuance thereunder by 2,500,000 shares.

These combined plans allowed for the granting of up to 13,052,942 options or other stock awards.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 5 – STOCKHOLDERS’ EQUITY (continued)

Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years. As of September 30, 2023, 597,374 shares were available for future grants under the 2014 or 2021 Plan.

As of September 30, 2023, no stock appreciation rights have been issued.

The Company utilizes the Black-Scholes option pricing model to estimate the fair value of stock options and warrants. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. The expected volatility was based on historical volatility.

The Company uses the simplified method for share-based compensation to estimate the expected term for equity awards for share-based compensation in its option-pricing model.

From January 1, 2023 through September 30, 2023, 690,000 options were issued to various consultants and employees with an exercise price ranging from $2.28 to $4.30 and a 10-year term, vesting over a 4 year period. The options granted include time-based vesting grants. The options have an aggregate fair value of approximately $2.1 million calculated using the Black-Scholes option-pricing model. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 3.43 – 4.44 % (2) expected life of 6.25 years, (3) expected volatility of 113.3 – 115.6 %, and (4) zero expected dividends.

On September 5, 2023, Dr. Eric Schmidt, a member of the Board of Directors (the “Board”), notified the Company that he would resign from the Board, effective immediately. On September 22, 2023, the Board voted and approved that all of Dr. Schmidt’s unvested options would vest immediately and be exercisable through the original term of the respective grants. In addition, the Board approved the extension of the exercise period for the options which were vested on September 5, 2023 from 90 days to the original term of the respective options. As a result of the modifications, the Company recorded approximately $1.2 million of stock-based compensation during the quarter ended September 30, 2023.

At September 30, 2023, the Company has unrecognized stock-based compensation expense of approximately $61.2 million related to unvested stock options which will be recognized over the weighted average remaining service period of 2.33 years.

Options

A summary of the changes in options during the nine months ended September 30, 2023 is as follows:

	Number of Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding and expected to vest at December 31, 2022		12,122,606		$	18.19		8.5	$	417,998
Granted		690,000		$	3.52		9.33	$	14,600
Forfeited		(191,099	)	$	-		-	$	-
Cancelled		(165,939	)	$	-		-	$	-
Outstanding at September 30, 2023		12,455,568		$	17.20		7.86	$	14,600
Options exercisable at September 30, 2023		6,559,124		$	20.36		7.17	$	-

Warrants

A summary of the changes in outstanding warrants during the nine months ended September 30, 2023 is as follows:

	Number of Shares		Weighted Average Exercise Price Per Share
Outstanding at December 31, 2022		3,027,441	$	15.24
Granted		-	$	-
Exercised		-	$	-
Outstanding at September 30, 2023		3,027,441	$	15.24
Warrants vested at September 30, 2023		2,853,816	$	16.08

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 5 – STOCKHOLDERS’ EQUITY (continued)

At September 30, 2023, the Company had approximately $3.95 million of unrecognized compensation expense related to outstanding warrants.

At September 30, 2023, the aggregate intrinsic value of warrants vested and outstanding was $0.

Stock-based compensation by class of expense

The following table summarizes the components of stock-based compensation expense which includes stock options and warrants in the unaudited consolidated statements of operations for the nine months ended September 30, 2023 and 2022 (rounded to nearest $00):

	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Research and development	$	5,463,100	$	5,674,600
General and administrative		28,453,800		26,894,200
Total	$	33,916,900	$	32,568,800

NOTE 6 – COMMITMENTS AND CONTINGENCIES

License Agreements

Wonpung

On August 20, 2007, the Company entered into a License Development and Commercialization Agreement with Wonpung Mulsan Co, a shareholder of the Company. Wonpung has exclusive territorial rights in countries it selects in Asia to market up to two drugs the Company was developing at the time of the signing of the agreement and a right of first refusal (“ROFR”) for up to an additional five drugs that the Company may develop in the future as defined in more detail in the license agreement. If the parties cannot agree to terms of a license agreement then the Company shall be able to engage in discussions with other potential licensors. As of September 30, 2022, no discussions are active between the Company and Wonpung.

The Company received an upfront license fee of $1,500,000 and will earn royalties of up to 12% of net sales for up to two licensed products it is currently developing. The licensing terms for the ROFR products are subject to future negotiations and binding arbitration. The terms of each licensing agreement will expire on the earlier of any time from 15 years to 20 years after licensing or on the date of commercial availability of a generic product to such licensed product in the licensed territory.

Third Party Licensor

Based upon a prior acquisition, the Company assumed an obligation to pay third parties (Dr. Charles E. Inturrisi and Dr. Paolo Manfredi – see below): (A) royalty payments up to 2% on net sales of licensed products that are not sold by sublicensee and (B) on each and every sublicense earned royalty payment received by licensee from its sublicensee on sales of license product by sublicensee, the higher of (i) 20% of the royalties received by licensee; or (ii) up to 2% of net sales of sublicensee. The Company will also make milestone payments of up to $4 million or $2 million, for the first commercial sale of product in the field that has a single active pharmaceutical ingredient, and for the first commercial sale of product in the field of product that has more than one active pharmaceutical ingredient, respectively. As of September 30, 2023, the Company has not generated any revenue related to this license agreement.

Inturrisi / Manfredi

In January 2018, the Company entered into an Intellectual Property Assignment Agreement (the Assignment Agreement) and License Agreement (the License Agreement and together with the Assignment Agreement, the Agreements) with Dr. Charles E. Inturrisi and Dr. Paolo Manfredi (collectively, the Licensor). Pursuant to the Agreements, Relmada assigned its existing rights, including patents and patent applications, to esmethadone in the context of psychiatric use (the Existing Invention) to Licensor. Licensor then granted Relmada under the License Agreement a perpetual, worldwide, and exclusive license to commercialize the Existing Invention and certain further inventions regarding esmethadone, in the context of other indications such as those contemplated above. In consideration of the rights granted to Relmada under the License Agreement, Relmada paid the Licensor an upfront, non-refundable license fee of $180,000. Additionally, Relmada will pay Licensor $45,000 every three months until the earliest to occur of the following events: (i) the first commercial sale of a licensed product anywhere in the world, (ii) the expiration or invalidation of the last to expire or be invalidated of the patent rights anywhere in the world, or (iii) the termination of the License Agreement. Relmada will also pay Licensor tiered royalties with a maximum rate of 2%, decreasing to 1.75%, and 1.5% in certain circumstances, on net sales of licensed products covered under the License Agreement. Relmada will also pay Licensor tiered payments up to a maximum of 20%, and decreasing to 17.5%, and 15% in certain circumstances, of all consideration received by Relmada for sublicenses granted under the License Agreement. As of September 30, 2023, no events have occurred, and the Company continues to pay Licensor $45,000 every three months.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 6 – COMMITMENTS AND CONTINGENCIES (continued)

Arbormentis, LLC

On July 16, 2021, the Company entered into a License Agreement with Arbormentis, LLC, a privately held Delaware limited liability company, by which the Company acquired development and commercial rights to a novel psilocybin and derivate program from Arbormentis, LLC, worldwide excluding the countries of Asia. The Company will collaborate with Arbormentis, LLC on the development of new therapies targeting neurological and psychiatric disorders, leveraging its understanding of neuroplasticity, and focusing on this emerging new class of drugs targeting the neuroplastogen mechanism of action. Under the terms of the License Agreement, the Company paid Arbormentis, LLC an upfront fee of $12.7 million, consisting of a mix of cash and warrants to purchase the Company’s common stock, in addition to potential milestone payments totaling up to approximately $160 million related to pre-specified development and commercialization milestones. Arbormentis, LLC is also eligible to receive a low single digit royalty on net sales of any commercialized therapy resulting from this agreement. The license agreement is terminable by the Company but is perpetual and not terminable by the licensor absent material breach of its terms by the Company.

The new licensed program stems from an international collaboration among U.S., European and Swiss scientists that has focused on the discovery and development of compounds that may promote neural plasticity. Dr. Paolo Manfredi, Relmada’s Acting Chief Scientific Officer and co-inventor of REL-1017, and Dr. Marco Pappagallo, Relmada’ s prior Acting Chief Medical Officer, are among the scientists affiliated with Arbormentis, LLC.

Legal

From time to time, the Company may become involved in lawsuits and other legal proceedings that arise in the course of business. Litigation is subject to inherent uncertainties, and it is not possible to predict the outcome of litigation with total confidence. The Company is currently not aware of any legal proceedings or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on the Company’s business, financial condition, operating results, or cash flows.

Leases and Sublease

On August 1, 2021, the Company relocated its corporate headquarters to 2222 Ponce de Leon, Floor 3, Coral Gables, FL 33134, pursuant to a lease agreement with monthly rent of approximately $11,000. The lease period was for five months. The lease agreement expired on December 31, 2021 and was renewed for the calendar year 2022 and 2023 with monthly rent of approximately $9,000 and $7,000 respectively. Beginning on January 1, 2023, we also leased office space at 880 Third Avenue, 12^th Floor, New York, NY 10022 with monthly rent of approximately $14,500 that expires on December 31, 2023. In accordance with ASC 842, Leases, the Company recognizes rent expense evenly over the 12 months. For the nine months ended September 30, 2023 and 2022, the Company recognized lease expense of approximately $213,500 and $87,100, respectively.

On June 8, 2017, the Company entered into an agreement with Actinium Pharmaceuticals, Inc. Pursuant to the terms of the agreement, Actinium licensed the furniture, fixtures, equipment and tenant improvements located in its office (FFE) for a license fee of $7,529 per month until December 8, 2022. On July 7, 2022, Actinium exercised its right to purchase the FFE for $52,698. The license of FFE qualified as a sales type lease. At inception, the Company derecognized the underlying assets of $493,452, recognized discounted lease payments receivable of $397,049 using the discount rate of 8.38% and recognized loss on sales-type lease of fixed assets of $96,403. As of September 30, 2023 and 2022 there was no unearned interest income.

NOTE 7 – OTHER POST-RETIREMENT BENEFIT PLAN

Relmada participates in a multiemployer 401(k) plan that permits eligible employees to contribute funds on a pretax basis subject to maximum allowed under federal tax provisions. The Company matches 100% of the first 3% of employee contributions, plus 50% of employee contributions that exceed 3% but do not exceed 5%.

The employees choose an amount from various investment options for both their contributions and the Company’s matching contribution. The Company’s contribution expense was approximately $118,800 and $87,900 for the nine months ended September 30, 2023 and 2022, respectively.

NOTE 8 – SUBSEQUENT EVENTS

None.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

FORWARD-LOOKING STATEMENT NOTICE

This Quarterly Report on Form 10-Q (this Report) contains forward looking statements that involve risks and uncertainties, principally in the sections entitled “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All statements other than statements of historical fact contained in this Quarterly Report, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking statements. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks outlined under “Risk Factors” or elsewhere in this Quarterly Report, which may cause our or our industry’s actual results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements.

You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this Quarterly Report on Form-10-Q. Before you invest in our securities, you should be aware that the occurrence of the events described in the section entitled “Risk Factors” and elsewhere in this Quarterly Report could negatively affect our business, operating results, financial condition and stock price. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this Quarterly Report on Form-10-Q to conform our statements to actual results or changed expectations.

Business Overview

Relmada Therapeutics, Inc. (Relmada or the Company, we or us) (a Nevada corporation), is a clinical-stage biotechnology company focused on the development of esmethadone (d-methadone, dextromethadone, REL-1017), an N-methyl-D-aspartate (NMDA) receptor antagonist. Esmethadone, an isomer of methadone, is a new chemical entity (NCE) that potentially addresses areas of high unmet medical need in the treatment of central nervous system (CNS) diseases and other disorders.

Our lead product candidate, esmethadone, is being developed as a rapidly acting, oral agent for the treatment of depression and other potential indications. On October 15, 2019 we reported top-line data from study REL-1017-202. During late 2022, we announced RELIANCE I and III did not achieve their primary endpoints. Relmada has completed its long term, open label study and plans to complete two additional adjunctive Phase 3 trials (RELIANCE II and RELIGHT).

Relmada also intends, in 2024, to enter human studies of its proprietary, non-psychedelic/low dose modified-release formulation of psilocybin for metabolic indications.

Phase 2 Clinical Trial

In the REL-1017-202 study, 62 subjects, with an average age of 49.2 years, with an average Hamilton Depression Rating Scale score of 25.3 and an average Montgomery-Asberg Depression Rating Scale (MADRS) score of 34.0 (severe depression), were randomized. Other demographic characteristics were balanced across all arms. After an initial screening period, subjects were randomized to one of three arms: placebo, REL-1017 25 mg or REL-1017 50 mg, in addition to stable background antidepressant therapy. Subjects in the REL-1017 treatment arms received one loading dose of either 75 mg (25 mg arm) or 100 mg (50 mg arm) of REL-1017. Subjects were treated inpatient for 7 days and discharged home at Day 9. They returned for follow-up visits at Day 14 and Day 21. Efficacy was measured on Days 2, 4 and 7 in the dosing period and on Day 14, one week after treatment discontinuation. 61 subjects received all treatment doses and were included in the per-protocol population (PPP) treatment analysis; 57 subjects completed all visits. All 62 randomized subjects were part of the intention-to-treat (ITT) analysis. No differences were observed between the ITT and PPP analyses and results.

We observed that subjects in both the REL-1017 25 mg and 50 mg treatment groups experienced statistically significant improvement on all efficacy measures tested as compared to subjects in the placebo group, including: MADRS; the Clinical Global Impression – Severity (CGI-S) scale; the Clinical Global Impression – Improvement (CGI-I) scale; and the Symptoms of Depression Questionnaire (SDQ).

Improvements on the MADRS endpoint appeared on Day 4 in both REL-1017 dose groups and continued through Day 7 and Day 14, seven days after treatment discontinuation, with P values< 0.03 and large effect sizes (a measure of quantifying the difference between two groups), ranging from 0.7 to 1.0. Similar findings emerged from the CGI-S and CGI-I scales.

The study also confirmed the tolerability profile of REL-1017, which was observed in the Phase 1 studies. Subjects experienced only mild and moderate adverse events (AEs), and no serious adverse events, without significant differences between placebo and treatment groups. The AEs observed in the Phase 2a clinical study were of the same nature as those observed in the Phase 1 clinical studies of d-Methadone, and there was no evidence of either treatment induced psychotomimetic and dissociative AEs or withdrawal signs and symptoms upon treatment discontinuation.

Phase 3 Program

On December 20, 2020, Relmada announced that the first patient had been enrolled in the first Phase 3 clinical trial (RELIANCE I) for the Company’s lead product candidate, REL-1017, as an adjunctive treatment for MDD.

On April 1, 2021, Relmada announced the initiation of RELIANCE II, the second of two sister pivotal Phase 3 clinical trials (RELIANCE I and RELIANCE II) for the Company’s lead product candidate, REL-1017, as an adjunctive treatment for MDD.

On October 4, 2021, Relmada announced the initiation of RELIANCE III study, a monotherapy trial for the Company’s lead product candidate, REL-1017.

On August 9, 2022, Relmada announced that the FDA granted Fast Track designation to REL-1017 as a monotherapy for the treatment of MDD.

On October 13, 2022, Relmada announced that its RELIANCE III study, evaluating REL-1017 in the monotherapy setting for MDD, did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo as measured by MADRS on Day 28. In the study, the REL-1017 treatment arm showed a MADRS reduction of 14.8 points at Day 28 versus 13.9 points for the placebo arm, a higher than expected placebo response.

On December 7, 2022, Relmada announced that its RELIANCE I study, evaluating REL-1017 as an adjunctive treatment for MDD, did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo as measured by MADRS on Day 28. In the study, the REL-1017 treatment arm (n= 113) showed a MADRS reduction of 15.1 points at Day 28 versus 12.9 points for the placebo arm (n=114), which is a clinically meaningful difference of 2.2 points on the MADRS. The study also showed a nominally statistically significant difference in the response rate, with a response rate of 39.8% in the REL-1017 arm vs 27.2% in the placebo arm (p<0.05). Additionally, in a prespecified protocol analysis, the REL-1017 treatment arm (n=101) showed a MADRS reduction of 15.6 points at Day 28 versus 12.5 points for the placebo arm (n=97), a difference of 3.1 points, with p=0.051.

Patients who completed the RELIANCE trials were eligible to rollover into the long-term, open-label study, which also included subjects who had not previously participated in a REL-1017 clinical trial. This rollover study completed subject visits on July 11, 2023.

On August 23, 2023, Relmada announced the dosing of the first patient in RELIGHT, a Phase 3 clinical trial for REL-1017, as an adjunctive treatment for MDD.

On September 20, 2023, Relmada announced efficacy results for the de novo (or new to treatment) patients (204 patients) and safety results for all subjects (627 patients) from the Phase 3, long-term, open-label, registrational trial (Study 310) of REL-1017 in patients with Major Depressive Disorder (MDD). Patients treated daily with REL-1017 for up to one year experienced rapid, clinically meaningful, and sustained improvements in depressive symptoms and associated functional impairment. REL-1017 was well-tolerated with long-term dosing, showing low rates of adverse events and discontinuations due to adverse events. No new safety signals were detected.

In addition, in order to support potential regulatory submissions seeking approval for REL-1017 as monotherapy and adjunctive treatment, the FDA confirmed that, based on what is known at this time, Relmada will not be required to conduct a two-year carcinogenicity study of REL-1017, as sufficient clinical data have been generated to date. The FDA also confirmed that Relmada does not need to conduct a Thorough QT analysis (TQT) cardiac study in humans to support cardiac safety in potential regulatory submissions for REL-1017, as the data provided so far and the data generated by the Phase 3 program will be adequate to evaluate the cardiac safety profile of REL-1017.

Human Abuse Potential (HAP) Studies

Top-line Results - Oxycodone:

On July 27, 2021, Relmada announced top-line results that showed that all three doses of REL-1017 (25 mg, 75 mg and 150 mg, the therapeutic, supratherapeutic and maximum tolerated doses (MTD), respectively) tested in recreational opioid users, demonstrated a highly statistically significant difference vs. the active control drug, oxycodone 40 mg. The study’s primary endpoint was a measure of “likability” with the subjects rating the maximum effect (or Emax) for Drug Liking “at the moment”, using a 1=100 bipolar rating scale (known as a visual analog scale or VAS), with 100 as the highest likability, 50 as neutral (placebo-like), and 0 the highest dislike. In summary, all tested doses of REL-1017, including the 150 mg MTD, showed a highly statistically significant difference in abuse potential versus oxycodone with p-values less than 0.05. Consistent results were seen for the secondary endpoints. Additionally, all REL-1017 doses including 150 mg (6 times the therapeutic dose and MTD) were statistically equivalent to placebo (p<0.05). These results support the lack of opioid effects of REL-1017.

Top-line Results - Ketamine:

On February 23, 2022, Relmada announced top-line results that showed that all three doses of REL-1017 (25 mg, 75 mg, and 150 mg, the therapeutic, supratherapeutic and MTD, respectively) tested in recreational drug users, demonstrated a substantial (30+ points) and statistically significant difference vs. the active control drug, intravenous ketamine 0.5 mg/kg over 40 minutes, and, importantly, were statistically equivalent to placebo. The study’s primary endpoint was a measure of “likability” with the subjects rating the maximum effect (or Emax) for Drug Liking “at this moment”, using a 1-100 bipolar rating scale (known as a visual analog scale or VAS), with 100 as the highest likability, 50 as neutral (placebo-like), and 0 the highest dislike. Consistent results are seen for the secondary endpoints.

Psilocybin Program:

On October 11, 2023, Relmada announced that it intends to enter human studies of its proprietary, non-psychedelic/low dose modified-release formulation of psilocybin for metabolic indications. The Company plans to commence a single-ascending dose Phase 1 trial in obese patients with steatotic liver disease in early 2024 to define the pharmacokinetic, safety and tolerability profile of Relmada's modified-release psilocybin formulation in this population, followed by a Phase 2a trial in the same patient population to establish clinical proof-of-concept.

Pre-clinical data in a rodent model of metabolic dysfunction-associated steatotic liver disease (MASLD) demonstrated beneficial effects of non-psychedelic/low dose psilocybin on multiple metabolic parameters, including reduced hepatic steatosis, reduced body weight gain, and fasting blood glucose levels.

Key Upcoming Anticipated Milestones

We expect multiple key milestones over the next 12-18 months. These include:

●

Complete enrollment in ongoing RELIANCE II, which is planned to enroll approximately 300 patients, in the first half of 2024.

●

Complete enrollment in new Relight study, which is planned to enroll approximately 300 patients, in the second half of 2024.

●

Initiate Phase I trial of non-psychedelic/low dose modified-release formulation of psilocybin in early 2024.

Our Development Program

Esmethadone (d-Methadone, dextromethadone, REL-1017) as a treatment for MDD

Background

In 2020, the National Institute of Mental Health (NIMH) estimated that 21.0 million adults aged 18 or older in the United States had at least one major depressive episode in the past year. According to data from nationally representative surveys supported by NIMH, only about half of Americans diagnosed with major depression in a given year receive treatment. Of those receiving treatment with as many as four different standard antidepressants, 33% of drug-treated depression patients do not achieve adequate therapeutic benefits according to the Sequenced Treatment Alternatives to Relieve Depression (STAR*D) trial published in the American Journal of Psychiatry.

In addition to the high failure rate, only two of the marketed products for depression, esketamine (marketed by Johnson and Johnson as Spravato®), an in-clinic nasal spray treatment, and dextromethorphan-bupropion (marketed by Axsome as Auvelityä), can demonstrate rapid antidepressant effects, while the other currently approved products can take two to eight weeks to show activity. The urgent need for improved, faster acting antidepressant treatments is underscored by the fact that severe depression can be life-threatening, due to heightened risk of suicide.

Esmethadone Overview and Mechanism of Action

Esmethadone’s mechanism of action, as a low affinity, non-competitive NMDA channel blocker or antagonist, is fundamentally differentiated from most currently FDA-approved antidepressants, as well as all atypical antipsychotics used adjunctively with standard, FDA-approved antidepressants. Working through the same brain mechanisms as ketamine and esketamine but potentially lacking their adverse side effects, esmethadone is being developed as a rapidly acting, oral agent for the treatment of depression and potentially other CNS conditions.

In chemistry an enantiomer, also known as an optical isomer, is one of two stereoisomers that are mirror images of each other that are non-superimposable (not identical), much as one’s left and right hands are the same except for being reversed along one axis. A racemic compound, or racemate, is one that has equal amounts of left- and right-handed enantiomers of a chiral molecule. For racemic drugs, often only one of a drug’s enantiomers is responsible for the desired physiologic effects, while the other enantiomer is less active or inactive.

As a single isomer of racemic methadone, esmethadone has been shown to possess NMDA antagonist properties with virtually no traditional opioid or ketamine-like adverse events at the expected therapeutic doses. In contrast, racemic methadone is associated with common opioid side effects that include anxiety, nervousness, restlessness, sleep problems (insomnia), nausea, vomiting, constipation, diarrhea, drowsiness, and others. It has been shown that the left (levo) isomer, l-methadone, is largely responsible for methadone’s opioid activity, while the right (dextro) isomer, esmethadone, at the currently therapeutic doses used in development is virtually inactive as an opioid while maintaining affinity for the NMDA receptor.

NMDA receptors are present in many parts of the CNS and play important roles in regulating neuronal activity and promoting synaptic plasticity in brain areas important for cognitive functions such as executive function, learning and memory. Based on these premises, esmethadone could show benefits in several different CNS indications.

Esmethadone (d-methadone, dextromethadone, REL-1017) in other indications

While our current strategy is to focus on the further development of esmethadone as an adjunctive treatment of MDD, we may in the future re-commence testing of esmethadone as a monotherapy for MDD. In addition, we are evaluating other indications that Relmada may explore in the future, including restless leg syndrome and other glutamatergic system activation related diseases.

Psilocybin Program

Relmada acquired the development and commercial rights to a novel psilocybin and derivative program from Arbormentis LLC in July of 2021. The original focus of the program was limited to neurodegenerative diseases. Psilocybin has neuroplastogen™ effects that have the potential to ameliorate the consequences of multiple neurodegenerative conditions. The pleiotropic metabolic effects of low-dose psilocybin were discovered while studying its neuroplastogen™ potential in a rodent model deficient in neurogenesis – obese rodents maintained on a high fructose, high fat diet (HFHFD). Specifically, in a rodent model of metabolic dysfunction-associated steatotic liver disease (MASLD), beneficial effects of non-psychedelic/low dose psilocybin were observed on multiple metabolic parameters, including reduced hepatic steatosis, reduced body weight gain, and fasting blood glucose levels.

Our Corporate History and Background

We are a clinical-stage, publicly traded biotechnology company developing NCEs and novel versions of drug products that potentially address areas of high unmet medical need in the treatment of depression and other CNS diseases. We are also developing a novel non-psychedelic/low dose psilocybin for the treatment of metabolic indications.

Currently, none of our product candidates have been approved for sale in the United States or elsewhere. We have no commercial products nor do we have a sales or marketing infrastructure. In order to market and sell our products we must conduct clinical trials on patients and obtain regulatory approvals from appropriate regulatory agencies, like the FDA in the United States, and similar organizations elsewhere in the world.

We have not generated revenues and do not anticipate generating revenues for the foreseeable future. We had net loss of $73,626,588 for the nine months ended September 30, 2023. At September 30, 2023, we had an accumulated deficit of $535,737,523.

Business Strategy

Our strategy is to leverage our considerable industry experience, understanding of CNS markets and development expertise to identify, develop and commercialize product candidates with significant market potential that can fulfill unmet medical needs in the treatment of CNS diseases. We have assembled a management team along with both scientific advisors, including recognized experts in the fields of depression, and business advisors with significant industry and regulatory experience to lead and execute the development and commercialization of esmethadone.

We plan to further develop esmethadone as our priority program. As the drug esmethadone is an NCE, the regulatory pathway required to support a new drug application (NDA) submission involves a full clinical development program. We plan to continue to generate intellectual property (IP) that will further protect our products from competition. We will also continue to prioritize our product development activities after taking into account the resources we have available, market dynamics and potential for adding value.

Market Opportunity

We believe that the market for addressing areas of high unmet medical need in the treatment of CNS diseases will continue to be large for the foreseeable future and that it will represent a sizable revenue opportunity for us. For example, the World Health Organization (WHO) has estimated that CNS diseases affect nearly 2 billion people globally, making up approximately 40% of total disease burden (based on disability adjusted life years), compared with 13% for cancer and 12% for cardiovascular disease.

The depression treatment market is segmented on the basis of antidepressants drugs, devices, and therapies. Antidepressants are the largest and most popular market segment. The antidepressants segment consists of large pharmaceutical and generic companies, such as Eli Lilly, Pfizer, GlaxoSmithKline, Allergan, Sage Therapeutics and Johnson & Johnson. Some of the notable drugs produced by these companies are Cymbalta® (Eli Lilly), Effexor® (Pfizer), Pristiq® (Pfizer), Zulresso® (Sage), Spravato® (Johnson & Johnson) and Auvelityä (Axsome).

Intellectual Property Portfolio and Market Exclusivity

We have over 50 issued patents and pending patent applications related to REL-1017 for multiple uses, including psychological and neurological conditions, potentially provide coverage beyond 2033. We have also secured an Orphan Drug Designation from the FDA for d-methadone for “the treatment of postherpetic neuralgia" (postherpetic neuralgia is lasting pain in areas of skin affected by previous outbreaks of shingles, caused by the varicella zoster, or herpes zoster, virus) which, upon potential NDA approval, carries 7-year FDA Orphan Drug marketing exclusivity. In the European Union, some of our actual and prospective products may be eligible up to 10 years of market exclusivity, which includes 8 years data exclusivity and 2 years market exclusivity. In addition to any granted patents, REL-1017 will be eligible for market exclusivity to run concurrently with the term of the patent for 5 years in the U.S. (Hatch Waxman Act) plus an additional 6 months of pediatric exclusivity and up to 10 years of exclusivity in the European Union. We believe an extensive intellectual property estate of US and foreign patents and applications, once approved, will protect our technology and products.

Key Strengths

We believe that the key elements for our market success include:

	●	Compelling lead product opportunity, REL-1017 currently in the second of three Phase 3 trials for the adjunctive treatment of MDD.

	●	Robust and highly statistically significant, efficacy seen with esmethadone in a randomized Phase 2 trial with the primary endpoint at 7 days, with onset of action seen at 4 days, and the effect carrying through to 14 days (7 days post-treatment).

	●	Successful Phase 1 safety studies of esmethadone and strong clinical activity signal in depression established in three independent animal models in preclinical studies.

	●	Potential in additional multiple indications for esmethadone in underserved markets with large patient population in other affective disorders, and cognitive disorders.

●

Substantial esmethadone IP portfolio and market protection: approved and filed patent applications provide coverage beyond 2033.

	●	Portfolio diversification with the development of a novel non-psychedelic/low dose psilocybin for the treatment of metabolic indications. This program is expected to enter human studies, to define its pharmacokinetic, safety and tolerability profile, in early 2024.

	●	Scientific support of leading experts: Our scientific advisors include clinicians and scientists who are affiliated with a number of highly regarded medical institutions such as Harvard, Cornell, Yale, and University of Pennsylvania.

Available Information

Reports we file with the Securities and Exchange Commission (SEC) pursuant to the Exchange Act of 1934, as amended (the Exchange Act), including annual and quarterly reports, and other reports we file, can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street NE, Washington, D.C. 20549.

Results of Operations

For the Three Months Ended September 30, 2023 versus September 30, 2022

	Three Months Ended		Three Months Ended
	September 30, 2023		September 30, 2022		Increase (Decrease)
Operating Expenses
Research and development	$	10,454,072	$	30,529,108	$	(20,075,036	)
General and administrative		12,238,566		8,208,053		4,030,513
Total	$	22,692,638	$	38,737,161	$	(16,044,523	)

Research and Development Expense

Research and development expense for the three months ended September 30, 2023 was approximately $10,454,100 compared to $30,529,100 for the three months ended September 30, 2022, a decrease of approximately $20,075,000. The decrease was primarily due to:

●

Decrease in study costs of $12,875,800 associated with the completion of the RELIANCE I and III in late 2022;

●

Decrease in other research expenses of $6,137,200 primarily associated with the reduction of consultants contracted to assist in RELIANCE I and III that concluded in late 2022;

●

Decrease in stock-based compensation expense of $1,433,500;

●

Increase in compensation expense of $208,300 due to an increase in research and development employees and their related bonus; and

●

Increase in manufacturing and drug storage costs of $163,200.

General and Administrative Expense

General and administrative expense for the three months ended September 30, 2023 was approximately $12,238,600 compared to $8,208,100 for the three months ended September 30, 2022, an increase of approximately $4,030,500. The increase was primarily due to:

●

Increase in stock-based compensation expense of $4,483,200;

●

Increase in compensation expense of $29,100 related to an increase of general and administrative employees and their related bonuses; and

●

Decrease in other general and administrative expenses of $481,800 primarily due to a decrease in consulting services.

Other Income (Expense)

Interest / investment income was approximately $1,321,400 and $827,600 for the three months ended September 30, 2023 and 2022, respectively. The increase was due to higher interest rates and investment yields. Realized loss on short-term investments was approximately $51,700 and $561,600 for the three months ended September 30, 2023 and 2022, respectively. Unrealized loss on short-term investments was approximately $579,100 and $947,500 for the three months ended September 30, 2023 and 2022, respectively. Gain on settlement of fees was $6,351,600 for the three months ended September 30, 2022.

Net Loss

The net loss for the Company for the three months ended September 30, 2023 and 2022 was approximately $22,002,100 and $39,418,700 respectively. The Company had loss per share, basic and diluted of $0.73 and $1.31 for the three months ended September 30, 2023 and 2022, respectively.

Income Taxes

The Company did not provide for income taxes for the three months ended September 30, 2023 and 2022, since there was a loss and a full valuation allowance against all deferred tax assets.

Results of Operations

For the Nine Months Ended September 30, 2023 versus September 30, 2022

	Nine Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2022		Increase (Decrease)
Operating Expenses
Research and development	$	40,055,287	$	86,454,632	$	(46,399,345	)
General and administrative		36,817,686		36,092,024		725,662
Total	$	76,872,973	$	122,546,656	$	(45,673,683	)

Research and Development Expense

Research and development expense for the nine months ended September 30, 2023 was approximately $40,055,300 compared to $86,454,600 for the nine months ended September 30, 2022, a decrease of approximately $46,399,300. The decrease was primarily driven by:

●

Decrease in study costs of $35,273,800 associated with the completion of RELIANCE I and III in late 2022;

●

Decrease in other research expenses of $11,640,300 primarily associated with the reduction of consultants contracted to assist in the execution of RELIANCE I and III that concluded in late 2022;

●

Decrease in manufacturing and drug storage costs of $414,700;

●

Decrease in stock-based compensation expense of $211,500; and

●

Increase in compensation expense of $1,141,000 due to an increase in research and development employees and their related bonuses.

General and Administrative Expense

General and administrative expense for the nine months ended September 30, 2023 was approximately $36,817,700 compared to $36,092,000 for the nine months ended September 30, 2022, an increase of approximately $725,700. The increase was primarily due to:

●

Increase in stock-based compensation expense of $1,559,500 primarily related to options granted to employees and key consultants;

●

Increase in compensation expense of $415,800 related to an increase of general and administrative employees and their related bonuses; and

●

Decrease in other general and administrative expenses of $1,249,600 primarily due to a decrease in consulting services.

Other Income (Expense)

Interest / investment income was approximately $3,892,500 and $1,544,900 for the nine months ended September 30, 2023 and 2022, respectively. Realized loss on short-term investments was approximately $718,400 and $552,200 for the nine months ended September 30, 2023 and 2022, respectively. Unrealized gain on short-term investments was approximately $72,300 and unrealized loss on short-term investments was approximately $3,897,100 for the nine months ended September 30, 2023 and 2022, respectively. Gain on settlement fees was $6,351,600 for the nine months ended September 30, 2022.

Net Loss

The net loss for the Company for the nine months ended September 30, 2023 and 2022 was approximately $73,626,600 and $119,099,500 respectively. The Company had loss per share, basic and diluted of $2.45 and $4.04 for the nine months ended September 30, 2023 and 2022, respectively.

Income Taxes

The Company did not provide for income taxes for the nine months ended September 30, 2023 and 2022, since there was a loss and a full valuation allowance against all deferred tax assets.

Liquidity

As shown in the accompanying financial statements, the Company incurred negative operating cash flows of $41,409,492 for the nine months ended September 30, 2023 and has an accumulated deficit of $535,737,523 from inception through September 30, 2023. At September 30, 2023 the Company had cash and cash equivalents, and short-term investments of $106,267,101.

Management believes that the Company’s existing cash and cash equivalents, and short-term investments will enable it to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance of these unaudited condensed consolidated financial statements. Beyond that point management will evaluate the size and scope of any subsequent operations and clinical trials that will affect the timing of additional financings through public or private sales of equity or debt securities or from bank or other loans or through strategic collaboration and/or licensing agreements. Further, additional financing does not affect the Company’s conclusion that based on the cash on hand and the budgeted cash flow requirements, the Company has sufficient funds to maintain operations for at least 12 months from the issuance of these unaudited condensed consolidated financial statements.

The following table sets forth selected cash flow information for the periods indicated below:

	Nine Months Ended September 30, 2023			Nine Months Ended September 30, 2022
Cash used in operating activities	$	(41,409,492	)	$	(67,918,717	)
Cash provided by investing activities		42,712,186			21,389,056
Cash provided by financing activities		-			44,610,591
Net increase/(decrease) in cash and cash equivalents	$	1,302,694			(1,919,070	)

For the nine months ended September 30, 2023, cash used in operating activities was $41,409,492 primarily due to the net loss of $73,626,588 offset by non-cash stock-based compensation charges of $33,916,921. There were realized losses and unrealized gains on short-term investments of $718,422 and $72,329, respectively. In addition, there was a decrease in operating assets and liabilities of $2,345,918.

For the nine months ended September 30, 2022, cash used in operating activities was $67,918,717 primarily due to the net loss of $119,099,458 offset by non-cash stock-based compensation charges of $32,568,836. There were realized and unrealized losses on short-term investments of $552,171 and $3,897,135, respectively. In addition, there was an increase in operating assets and liabilities of $14,162,599.

For the nine months ended September 30, 2023, cash provided by investing activities was $42,712,186 due to $57,151,963 of purchases of short-term investments offset by $99,864,149 of sales of short-term investments.

For the nine months ended September 30, 2022, cash provided by investing activities was $21,389,056 due to $38,996,173 of purchases of short-term investments offset by $60,382,229 of sales of short-term investments.

Net cash provided by financing activities for the nine months ended September 30, 2023 was $0.

Net cash provided by financing activities for the nine months ended September 30, 2022 was $44,610,591 due to sales of common stock of $42,728,599, proceeds from warrants exercised for common stock of $1,228,272, and proceeds from options exercised for common stock of $703,720.

Effects of Inflation

Our assets are primarily monetary, consisting of cash and cash equivalents and short-term investments. Because of their liquidity, these assets are not directly affected by inflation. However, the rate of inflation affects our expenses, such as those for employee compensation and contract services, which could increase our level of expenses and the rate at which we use our resources.

Commitments and Contingencies

Please refer to Note 7 in our Annual Report on Form 10-K for the year ended December 31, 2022 under the heading Commitments and Contingencies. To our knowledge there have been no material changes to the risk factors that were previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Critical Accounting Policies and Estimates

A critical accounting policy is one that is both important to the portrayal of a company’s financial condition and results of operations and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

Our unaudited condensed consolidated financial statements are presented in accordance with U.S. GAAP, and all applicable U.S. GAAP accounting standards effective as of September 30, 2023 have been taken into consideration in preparing the unaudited consolidated financial statements. The preparation of unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. On a continual basis, management reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience, and reasonable assumptions. After such reviews, and if deemed appropriate, management’s estimates are adjusted accordingly. Actual results could differ from those estimates and assumptions under different and/or future circumstances. Management considers an accounting estimate to be critical if:

	●	it requires assumptions to be made that were uncertain at the time the estimate was made; and

	●	changes in the estimate, or the use of different estimating methods that could have been selected, could have a material impact on results of operations or financial condition.

We evaluate our estimates and assumptions on an ongoing basis and none of the Company’s estimates and assumptions used within the unaudited condensed consolidated financial statements involve a high level of estimation uncertainty. For additional discussion regarding the application of the significant accounting policies, see Note 2 to the Company’s unaudited condensed consolidated financial statements included in this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes to our exposures to market risks as disclosed under the heading “Quantitative and Qualitative Disclosures About Market Risks” in the annual MD&A contained in our Form 10-K for the year ended December 31, 2022.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act). Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based upon our evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective as of September 30, 2023, in ensuring that material information that we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the nine months ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors under Part I, Item 1A of our Form 10-K for the year ended December 31, 2022.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Copies of the following documents are included as exhibits to this report pursuant to Item 601 of Regulation S-K

Exhibit No.	Title of Document	Location

31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Certification of the Chief Executive Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*	Furnished herewith
32.2	Certification of the Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*	Furnished herewith
101.INS	Inline XBRL Instance Document.	Filed herewith
101.SCH	Inline XBRL Taxonomy Extension Schema Document.	Filed herewith
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.	Filed herewith
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	Filed herewith
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	Filed herewith
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	Filed herewith
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).	Filed herewith

The Exhibit attached to this Form 10-Q shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: November 8, 2023	By:	/s/ Sergio Traversa
		Sergio Traversa
		Chief Executive Officer
		(Duly Authorized Officer and Principal Executive Officer)

		/s/ Maged Shenouda
		Maged Shenouda
		Chief Financial Officer
		(Duly Authorized Officer and Principal Financial and Accounting Officer)

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Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Sergio Traversa, certify that:

I have reviewed this Report on Form 10-Q of Relmada Therapeutics, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;

I and the other certifying officer are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

I and the other certifying officer have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Relmada Therapeutics, Inc.

By:	/s/ Sergio Traversa
	Sergio Traversa
	Chief Executive Officer
	(Principal Executive Officer)

November 8, 2023

Exhibit 31.2

CERTIFICATION OF PRINICIPALFINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Maged Shenouda, certify that:

I have reviewed this Report on Form 10-Q of Relmada Therapeutics, Inc.;

(e)

(f)

(g)

(h)

(c)

(d)

Any fraud, whether or not material, that involved management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Relmada Therapeutics, Inc.

By:	/s/ Maged Shenouda
	Maged Shenouda
	Chief Financial Officer

November 8, 2023

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Relmada Therapeutics, Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sergio Traversa, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of consolidated operations of the Company.

Relmada Therapeutics, Inc.

By:	/s/ Sergio Traversa
	Sergio Traversa
	Chief Executive Officer
	(Principal Executive Officer)

November 8, 2023

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Relmada Therapeutics, Inc. (the “Company”) on Form 10-Q for the quarterly period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Maged Shenouda, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the consolidated financial condition and results of consolidated operations of the Company.

Relmada Therapeutics, Inc.

By:	/s/ Maged Shenouda
	Maged Shenouda
	Chief Financial Officer
	(Principal Financial Officer)

November 8, 2023

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 06, 2023
Document Information Line Items
Entity Registrant Name	RELMADA THERAPEUTICS, INC.
Trading Symbol	RLMD
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		30,099,203
Amendment Flag	false
Entity Central Index Key	0001553643
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55347
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	45-5401931
Entity Address, Address Line One	2222 Ponce de Leon
Entity Address, Address Line Two	Floor 3
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	(786)
Local Phone Number	629-1376
Title of 12(b) Security	Common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,698,599	$ 5,395,905
Short-term investments	99,568,502	142,926,781
Other receivables		512,432
Prepaid expenses	2,834,037	4,035,186
Total current assets	109,101,138	152,870,304
Other assets	47,715	34,875
Total assets	109,148,853	152,905,179
Commitments and Contingencies (See Note 6)
Current liabilities:
Accounts payable	2,856,752	5,261,936
Accrued expenses	5,565,466	7,206,941
Total current liabilities	8,422,218	12,468,877
Stockholders’ Equity:
Class A convertible preferred stock, $0.001 par value, 3,500,000 shares authorized, none issued and outstanding
Common stock, $0.001 par value, 150,000,000 shares authorized, 30,099,203 shares issued and outstanding	30,099	30,099
Additional paid-in capital	636,434,059	602,517,138
Accumulated deficit	(535,737,523)	(462,110,935)
Total stockholders’ equity	100,726,635	140,436,302
Total liabilities and stockholders’ equity	$ 109,148,853	$ 152,905,179

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Convertible preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	3,500,000	3,500,000
Convertible preferred stock, shares issued
Convertible preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	30,099,203	30,099,203
Common stock, shares outstanding	30,099,203	30,099,203

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses:
Research and development	$ 10,454,072	$ 30,529,108	$ 40,055,287	$ 86,454,632
General and administrative	12,238,566	8,208,053	36,817,686	36,092,024
Total operating expenses	22,692,638	38,737,161	76,872,973	122,546,656
Loss from operations	(22,692,638)	(38,737,161)	(76,872,973)	(122,546,656)
Other (expenses) income:
Gain on settlement of fees				6,351,606
Interest/investment income, net	1,321,441	827,614	3,892,478	1,544,898
Realized loss on short-term investments	(51,714)	(561,648)	(718,422)	(552,171)
Unrealized (loss) gain on short-term investments	(579,147)	(947,512)	72,329	(3,897,135)
Total other (expense) income – net	690,580	(681,546)	3,246,385	3,447,198
Net loss	$ (22,002,058)	$ (39,418,707)	$ (73,626,588)	$ (119,099,458)
Loss per common share – basic and diluted (in Dollars per share)	$ (0.73)	$ (1.31)	$ (2.45)	$ (4.04)
Weighted average number of common shares outstanding – basic and diluted (in Shares)	30,099,203	30,063,735	30,099,203	29,470,198

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Loss per common share – diluted	$ (1.31)	$ (1.31)	$ (4.04)	$ (4.04)
Weighted average number of common shares outstanding – Diluted	30,099,203	30,063,735	30,099,203	29,470,198

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 27,740	$ 513,304,258	$ (305,067,112)	$ 208,264,886
Balance (in Shares) at Dec. 31, 2021	27,740,147
Stock based compensation		11,930,681		11,930,681
ATM offering, net	$ 1,610	29,581,932		29,583,542
ATM offering, net (in Shares)	1,609,343
Warrant exercised for cash	$ 33	299,973		300,006
Warrant exercised for cash (in Shares)	33,334
Options exercised for cash	$ 20	64,780		64,800
Options exercised for cash (in Shares)	20,000
Net loss			(39,745,783)	(39,745,783)
Balance at Mar. 31, 2022	$ 29,403	555,181,624	(344,812,895)	210,398,132
Balance (in Shares) at Mar. 31, 2022	29,402,824
Balance at Dec. 31, 2021	$ 27,740	513,304,258	(305,067,112)	208,264,886
Balance (in Shares) at Dec. 31, 2021	27,740,147
Net loss				(119,099,458)
Balance at Sep. 30, 2022	$ 28,642	590,482,783	(424,166,570)	166,344,855
Balance (in Shares) at Sep. 30, 2022	28,641,991
Balance at Mar. 31, 2022	$ 29,403	555,181,624	(344,812,895)	210,398,132
Balance (in Shares) at Mar. 31, 2022	29,402,824
Stock based compensation		12,295,016		12,295,016
ATM offering, net	$ 485	13,144,572		13,145,057
ATM offering, net (in Shares)	484,900
Warrant exercised for cash	$ 91	595,259		595,350
Warrant exercised for cash (in Shares)	91,058
Options exercised for cash	$ 46	352,698		352,744
Options exercised for cash (in Shares)	45,812
Net loss			(39,934,968)	(39,934,968)
Balance at Jun. 30, 2022	$ 30,025	581,569,169	(384,747,863)	196,851,331
Balance (in Shares) at Jun. 30, 2022	30,024,594
Stock based compensation		8,343,139		8,343,139
Share exchange – Pre-funded warrants, net of fees	$ (1,452)	(48,548)		(50,000)
Share exchange – Pre-funded warrants, net of fees (in Shares)	(1,452,016)
Warrant exercised for cash	$ 51	332,865		332,916
Warrant exercised for cash (in Shares)	51,527
Options exercised for cash	$ 18	286,158		286,176
Options exercised for cash (in Shares)	17,886
Net loss			(39,418,707)	(39,418,707)
Balance at Sep. 30, 2022	$ 28,642	590,482,783	(424,166,570)	166,344,855
Balance (in Shares) at Sep. 30, 2022	28,641,991
Balance at Dec. 31, 2022	$ 30,099	602,517,138	(462,110,935)	140,436,302
Balance (in Shares) at Dec. 31, 2022	30,099,203
Stock based compensation		11,354,466		11,354,466
Net loss			(26,321,576)	(26,321,576)
Balance at Mar. 31, 2023	$ 30,099	613,871,604	(488,432,511)	125,469,192
Balance (in Shares) at Mar. 31, 2023	30,099,203
Balance at Dec. 31, 2022	$ 30,099	602,517,138	(462,110,935)	140,436,302
Balance (in Shares) at Dec. 31, 2022	30,099,203
ATM offering, net (in Shares)
Net loss				(73,626,588)
Balance at Sep. 30, 2023	$ 30,099	636,434,059	(535,737,523)	100,726,635
Balance (in Shares) at Sep. 30, 2023	30,099,203
Balance at Mar. 31, 2023	$ 30,099	613,871,604	(488,432,511)	125,469,192
Balance (in Shares) at Mar. 31, 2023	30,099,203
Stock based compensation		11,169,517		11,169,517
Net loss			(25,302,954)	(25,302,954)
Balance at Jun. 30, 2023	$ 30,099	625,041,121	(513,735,465)	111,335,755
Balance (in Shares) at Jun. 30, 2023	30,099,203
Stock based compensation		11,392,938		11,392,938
Net loss			(22,002,058)	(22,002,058)
Balance at Sep. 30, 2023	$ 30,099	$ 636,434,059	$ (535,737,523)	$ 100,726,635
Balance (in Shares) at Sep. 30, 2023	30,099,203

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (73,626,588)	$ (119,099,458)
Stock-based compensation	33,916,921	32,568,836
Realized loss on short-term investments	718,422	552,171
Unrealized (gain) loss on short-term investments	(72,329)	3,897,135
Change in operating assets and liabilities:
Lease payment receivable		86,377
Other receivable	512,432
Prepaid expenses and other assets	1,188,309	8,359,994
Accounts payable	(2,405,184)	(766,661)
Accrued expenses	(1,641,475)	6,482,889
Net cash used in operating activities	(41,409,492)	(67,918,717)
Cash flows from investing activities
Purchase of short-term investments	(57,151,963)	(38,993,173)
Sale of short-term investments	99,864,149	60,382,229
Net cash provided by investing activities	42,712,186	21,389,056
Cash flows from financing activities
Payment of fees for warrants issued for common stock		(50,000)
Proceeds from issuance of common stock – net		42,728,599
Proceeds from options exercised for common stock		703,720
Proceeds from warrants exercised for common stock		1,228,272
Net cash provided by financing activities		44,610,591
Net increase /(decrease) in cash and cash equivalents	1,302,694	(1,919,070)
Cash and cash equivalents at beginning of the period	5,395,905	44,443,439
Cash and cash equivalents at end of the period	6,698,599	42,524,369
Non-cash investing and financing activities:
Share exchange for Pre-funded warrants		$ 1,452

Business

9 Months Ended

Sep. 30, 2023

Business [Abstract]

BUSINESS

NOTE 1 – BUSINESS

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Liquidity

Use of Estimates

Cash and Cash Equivalents

Short-term Investments

Short-term investments at September 30, 2023 consisted of mutual funds with a fair value of $99,568,502.

Patents

Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.

Leases

Fair Value of Financial Instruments

	Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

	Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.

	Level 3 Inputs – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Income Taxes

Research and Development

Stock-Based Compensation

Net Loss per Common Share

	Nine months ended
	September 30, 2023		September 30, 2022
Stock options		12,455,568		10,719,424
Common stock warrants		3,027,441		4,484,874
Total		15,483,009		15,204,298

Prepaid Expenses

9 Months Ended

Sep. 30, 2023

Prepaid Expenses [Abstract]

PREPAID EXPENSES

NOTE 3 – PREPAID EXPENSES

Prepaid expenses consisted of the following (rounded to nearest $00):

	September 30, 2023		December 31, 2022
Insurance	$	445,100	$	313,200
Research and Development		2,185,900		3,619,800
Other		203,000		102,200
Total	$	2,834,000	$	4,035,200

Accrued Expenses

9 Months Ended

Sep. 30, 2023

Accrued Expenses [Abstract]

ACCRUED EXPENSES

NOTE 4 – ACCRUED EXPENSES

Accrued expenses consisted of the following (rounded to nearest $00):

	September 30, 2023		December 31, 2022
Research and development	$	3,860,700	$	5,809,800
Professional fees		174,900		116,500
Accrued bonus		1,106,900		492,100
Accrued vacation		355,900		529,800
Other		67,100		258,700
Total	$	5,565,500	$	7,206,900

Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Stockholders' Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 5 – STOCKHOLDERS’ EQUITY

Common Stock

During the nine months ended September 30, 2023, no shares of common stock were issued.

Options and Warrants

These combined plans allowed for the granting of up to 13,052,942 options or other stock awards.

As of September 30, 2023, no stock appreciation rights have been issued.

The Company uses the simplified method for share-based compensation to estimate the expected term for equity awards for share-based compensation in its option-pricing model.

Options

A summary of the changes in options during the nine months ended September 30, 2023 is as follows:

	Number of Options			Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding and expected to vest at December 31, 2022		12,122,606		$	18.19		8.5	$	417,998
Granted		690,000		$	3.52		9.33	$	14,600
Forfeited		(191,099	)	$	-		-	$	-
Cancelled		(165,939	)	$	-		-	$	-
Outstanding at September 30, 2023		12,455,568		$	17.20		7.86	$	14,600
Options exercisable at September 30, 2023		6,559,124		$	20.36		7.17	$	-

Warrants

A summary of the changes in outstanding warrants during the nine months ended September 30, 2023 is as follows:

	Number of Shares		Weighted Average Exercise Price Per Share
Outstanding at December 31, 2022		3,027,441	$	15.24
Granted		-	$	-
Exercised		-	$	-
Outstanding at September 30, 2023		3,027,441	$	15.24
Warrants vested at September 30, 2023		2,853,816	$	16.08

At September 30, 2023, the Company had approximately $3.95 million of unrecognized compensation expense related to outstanding warrants.

At September 30, 2023, the aggregate intrinsic value of warrants vested and outstanding was $0.

Stock-based compensation by class of expense

	Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Research and development	$	5,463,100	$	5,674,600
General and administrative		28,453,800		26,894,200
Total	$	33,916,900	$	32,568,800

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 6 – COMMITMENTS AND CONTINGENCIES

License Agreements

Wonpung

Third Party Licensor

Inturrisi / Manfredi

Arbormentis, LLC

Legal

Leases and Sublease

Other Post-Retirement Benefit Plan

9 Months Ended

Sep. 30, 2023

Other Post-Retirement Benefit Plan [Abstract]

Stockholders' Equity (Details) - USD ($)		3 Months Ended		9 Months Ended
Stockholders' Equity (Details) - USD ($)	Apr. 06, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	May 31, 2023	May 31, 2022	May 31, 2021	Dec. 31, 2014
Stockholders' Equity (Details) [Line Items]
Shares available for granting				13,052,942			1,500,000	5,152,942
Common stock available for future issuance				597,374	2,500,000	3,900,000
Stock options exercisable period				10 years
Vesting period				4 years
Expected life term				6 years 3 months
Stock-based compensation (in Dollars)				$ 1,200,000
Share based compensation (in Dollars)				$ 61,200,000
Weighted average service period				2 years 3 months 29 days
Unrecognized compensation expense (in Dollars)				$ 3,950,000
Intrinsic value of warrants vested and outstanding (in Dollars per share)				$ 0
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock issued		484,900	1,609,343
Common stock aggregate offering price (in Dollars)	$ 100,000,000
Minimum [Member]
Stockholders' Equity (Details) [Line Items]
Discount rate				3.43%
Expected volatility rate				113.30%
Maximum [Member]
Stockholders' Equity (Details) [Line Items]
Discount rate				4.44%
Expected volatility rate				115.60%
Consultants [Member]
Stockholders' Equity (Details) [Line Items]
Vesting period				4 years
Stock issued during period, shares				690,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Terms of Award				10
Stock issued during period, fair value (in Dollars)				$ 2,100,000
Consultants [Member] \| Minimum [Member]
Stockholders' Equity (Details) [Line Items]
Stock option exercise price (in Dollars per share)				$ 2.28
Consultants [Member] \| Maximum [Member]
Stockholders' Equity (Details) [Line Items]
Stock option exercise price (in Dollars per share)				$ 4.3

Stockholders' Equity (Details) - Schedule of Changes in Options	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Schedule of Changes in Options [Abstract]
Number of Options Outstanding and Expected to Vest, Beginning balance \| shares	12,122,606
Weighted Average Exercise Price For Share Outstanding and expected to vest, Beginning balance \| $ / shares	$ 18.19
Weighted Average Remaining Contractual Term (Years) Outstanding and expected to vest, Beginning balance	8 years 6 months
Aggregate Intrinsic Value Outstanding and expected to vest, Beginning balance \| $	$ 417,998
Number of Options, Granted \| shares	690,000
Weighted Average Exercise Price For Share, Granted \| $ / shares	$ 3.52
Weighted Average Remaining Contractual Term (Years), Granted	9 years 3 months 29 days
Aggregate Intrinsic Value, Granted \| $	$ 14,600
Number of Options, Forfeited \| shares	(191,099)
Weighted Average Exercise Price For Share, Forfeited \| $ / shares
Weighted Average Remaining Contractual Term (Years), Forfeited
Aggregate Intrinsic Value, Forfeited \| $
Number of Options, Cancelled \| shares	(165,939)
Weighted Average Exercise Price For Share, Cancelled \| $ / shares
Weighted Average Remaining Contractual Term (Years), Cancelled
Aggregate Intrinsic Value, Cancelled \| $
Number of Options Outstanding, Ending balance \| shares	12,455,568
Weighted Average Exercise Price For Share Outstanding, Ending balance \| $ / shares	$ 17.2
Weighted Average Remaining Contractual Term (Years) Outstanding, Ending balance	7 years 10 months 9 days
Aggregate Intrinsic Value Outstanding, Ending balance \| $	$ 14,600
Number of Options Exercisable, Options exercisable \| shares	6,559,124
Weighted Average Exercise Price For Share, Options exercisable \| $ / shares	$ 20.36
Weighted Average Remaining Contractual Term (Years), Options exercisable	7 years 2 months 1 day
Aggregate Intrinsic Value, Options exercisable \| $

Stockholders' Equity (Details) - Schedule of Changes in Outstanding Warrants	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Schedule of Changes in Outstanding Warrants [Abstract]
Number of Shares Outstanding, Beginning balance \| shares	3,027,441
Weighted Average Exercise Price Per Share Outstanding, Beginning balance \| $ / shares	$ 15.24
Number of Shares Outstanding, Ending balance \| shares	3,027,441
Weighted Average Exercise Price Per Share Outstanding, Ending balance \| $ / shares	$ 15.24
Number of Shares, Warrants Vested \| shares	2,853,816
Weighted Average Exercise Price Per Share, Warrants Vested \| $ / shares	$ 16.08

Stockholders' Equity (Details) - Schedule of Stock-Based Compensation Expense - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 33,916,900	$ 32,568,800
Research and development [Member]
Schedule of stock-based compensation expense [Abstract]
Stock-based compensation expense	5,463,100	5,674,600
General and administrative [Member]
Schedule of stock-based compensation expense [Abstract]
Stock-based compensation expense	$ 28,453,800	$ 26,894,200

Commitments and Contingencies (Details) - USD ($)				1 Months Ended	9 Months Ended		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Jul. 07, 2022	Aug. 01, 2021	Jun. 08, 2017	Jul. 16, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies (Details) [Line Items]
License fees			$ 7,529
Payment to licensor					$ 45,000
Fee payment				$ 12,700,000
Milestone payment				$ 160,000,000
Rent amount		$ 11,000			$ 14,500			$ 9,000
Lease period					5 months
Lease agreement expiry date					Dec. 31, 2023
Lease expense					$ 213,500	$ 87,100
Assets					493,452
Lease payments receivable					$ 397,049
Discount rate					8.38%
Loss on sales-type lease of fixed assets					$ 96,403
Minimum [Member]
Commitments and Contingencies (Details) [Line Items]
License agreement term					15 years
Maximum [Member]
Commitments and Contingencies (Details) [Line Items]
License agreement term					20 years
Forecast [Member]
Commitments and Contingencies (Details) [Line Items]
Rent amount							$ 7,000
License Agreements [Member]
Commitments and Contingencies (Details) [Line Items]
Description of rights granted to license agreement					In consideration of the rights granted to Relmada under the License Agreement, Relmada paid the Licensor an upfront, non-refundable license fee of $180,000. Additionally, Relmada will pay Licensor $45,000 every three months until the earliest to occur of the following events: (i) the first commercial sale of a licensed product anywhere in the world, (ii) the expiration or invalidation of the last to expire or be invalidated of the patent rights anywhere in the world, or (iii) the termination of the License Agreement. Relmada will also pay Licensor tiered royalties with a maximum rate of 2%, decreasing to 1.75%, and 1.5% in certain circumstances, on net sales of licensed products covered under the License Agreement. Relmada will also pay Licensor tiered payments up to a maximum of 20%, and decreasing to 17.5%, and 15% in certain circumstances, of all consideration received by Relmada for sublicenses granted under the License Agreement.
FFE [Member]
Commitments and Contingencies (Details) [Line Items]
Purchase amount	$ 52,698
Leases and Sublease [Member]
Commitments and Contingencies (Details) [Line Items]
Lease agreement expiry date					Dec. 31, 2021
Wonpung [Member]
Commitments and Contingencies (Details) [Line Items]
License fees					$ 1,500,000
Net sales rate					12.00%
Third Party Licensor [Member] \| Business Combination [Member] \| License Agreements [Member]
Commitments and Contingencies (Details) [Line Items]
Business acquisition, description					Based upon a prior acquisition, the Company assumed an obligation to pay third parties (Dr. Charles E. Inturrisi and Dr. Paolo Manfredi – see below): (A) royalty payments up to 2% on net sales of licensed products that are not sold by sublicensee and (B) on each and every sublicense earned royalty payment received by licensee from its sublicensee on sales of license product by sublicensee, the higher of (i) 20% of the royalties received by licensee; or (ii) up to 2% of net sales of sublicensee. The Company will also make milestone payments of up to $4 million or $2 million, for the first commercial sale of product in the field that has a single active pharmaceutical ingredient, and for the first commercial sale of product in the field of product that has more than one active pharmaceutical ingredient, respectively. As of September 30, 2023, the Company has not generated any revenue related to this license agreement.

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Summary of Significant Accounting Policies (Details) - Schedule of Anti-Dilutive Securities - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	15,483,009	15,204,298
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,455,568	10,719,424
Common stock warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,027,441	4,484,874

Prepaid Expenses (Details) - Schedule of Prepaid Expenses - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Prepaid Expenses [Abstract]
Insurance	$ 445,100	$ 313,200
Research and Development	2,185,900	3,619,800
Other	203,000	102,200
Total	$ 2,834,000	$ 4,035,200

Accrued Expenses (Details) - Schedule of Accrued Expenses - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Accrued Expenses [Abstract]
Research and development	$ 3,860,700	$ 5,809,800
Professional fees	174,900	116,500
Accrued bonus	1,106,900	492,100
Accrued vacation	355,900	529,800
Other	67,100	258,700
Total	$ 5,565,500	$ 7,206,900

Other Post-Retirement Benefit Plan (Details) - USD ($)	9 Months Ended
Other Post-Retirement Benefit Plan (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Other Post-Retirement Benefit Plan [Abstract]
Employee contributions, description	The Company matches 100% of the first 3% of employee contributions, plus 50% of employee contributions that exceed 3% but do not exceed 5%.
Contribution expense	$ 118,800	$ 87,900

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