HomeTrending StocksWhy did Relmada Therapeutics Inc. (RLMD) stock perform well on Friday?

Why did Relmada Therapeutics Inc. (RLMD) stock perform well on Friday?

Relmada Therapeutics Inc. (RLMD) shares popup 16.29% in after-hours on Friday, December 31, 2021, and closed the daily trading at $26.20. Even in the regular trading session, RLMD’s stock gained 3.7%. RLMD shares have fallen 29.75% over the last 12 months, and they have moved up 1.26% in the past week. Over the past three months, the stock has lost 15.74%, while over the past six months, it has declined 30.91%.

Let’s discuss its recent news and developments.


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Publication of REL-1017 clinical data

On December 22, 2021, Relmada Therapeutics, Inc. (RLMD), announced the publication of Phase 2 data from the clinical study of REL-1017 in the peer-reviewed American Journal of Psychiatry. The article is titled, “REL-1017 (Esmethadone) as Adjunctive Treatment in Patients with Major Depressive Disorder: a Phase 2a Double-Blind Randomized Trial”.

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The phase 2 study was a randomized, double-blind, placebo-controlled clinical study and it was carried out to evaluate the safety, tolerability, and efficacy of two doses of REL-1017 tablets, 25 mg once a day and 50 mg once a day when given as an adjunctive treatment for MDD in patients with inadequate response to standard antidepressants.

The results confirmed the favorable safety, tolerability, and pharmacokinetic profile of REL-1017 and demonstrated that both doses of REL-1017 produced rapid, robust, and sustained antidepressant effects when compared to placebo in patients with MDD.

RLMD closed a public offering of common stock

On December 14, 2021, Relmada Therapeutics, Inc. (RLMD), closed its previously announced upsized underwritten public offering of 10,147,059 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 1,323,529 additional shares of common stock, at a public offering price of $17.00 per share. T

Relmada will get gross proceeds of approximately $172.5 million and intends to use the net proceeds from the offering, to fund research and development activities for its clinical development programs.

RLMD latest financial results

On November 11, 2021, Relmada Therapeutics, Inc. (RLMD) announced financial results for the three and nine months ended September 30, 2021.

Q3 2021 financial highlights

  • Research and development expenses were$34.0 million, compared to $11.2 million in the third quarter of 2020.
  • General and administrative expenses were $8.7 million in Q3 2021 compared to $5.9 million in Q3 2020.
  • It suffered a net loss of $42.6 million or a net loss of $2.44per share in Q3 2021 compared with a net loss of $16.9 million, or a net loss of $1.05 per share, in the third quarter of 2020.
  • The company ended the third quarter with cash and short-term investments of $88.1 million, compared to cash, cash equivalents, and short-term investments of approximately $117.1 million on December 31, 2021.

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Conclusion

We were unable to find any valid reason for its positive performance on Friday. we hope that it will commence the new year trading with the same momentum.

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