RELMADA THERAPEUTICS Q2 FY26 earnings call RLMD

Relmada's lead asset, NDV-01, is a novel sustained-release intravesicle formulation for non-muscle-invasive bladder cancer (NMIBC), a disease affecting over 744,000 people in the US. Phase 2 data demonstrated compelling results with 95% of patients achieving a complete response at any time and 76% having a durable complete response at 12 months, alongside a favorable safety profile. The company has FDA alignment on two planned registration pathways, and the uro-oncology community shows strong interest in the therapy.

Manufacturing NDV-01, which combines two chemotherapies in a single delivery system, is the company's immediate priority. This demanding process requires specialized capabilities, coordination across several supply chain partners, and scaling from laboratory prototype to GMP production. While the formulation and process are locked, the current focus is on producing GMP batches and generating stability data required for the IND filing. The main hurdle is securing manufacturing slots with external partners like Pyramal.

The Cepranolone program, targeting Prader-Willi Syndrome (PWS), a rare condition affecting 350,000 to 400,000 people worldwide, is also advancing. Formulation development for Cepranolone is complete, with the final step being the development of a pre-filled syringe delivery system. The company expects to file the Cepranolone IND by year-end 2026 and initiate a Phase 2 proof-of-concept study upon IND clearance.

NDV-01 is positioned to differentiate itself in the evolving NMIBC treatment landscape by leveraging decades of clinical experience with gemcitabine and docetaxel. The innovation lies in its sustained-release formulation, which provides long bladder exposure without surgical devices and allows for a simple, office-based procedure. This combination of established efficacy, durability, favorable safety, and ease of use is expected to make NDV-01 a foundational and best-in-class intravesical therapy across the NMIBC disease spectrum.

Relmada Therapeutics reported a strong financial position, closing the second quarter of 2026 with $217.7 million in cash, cash equivalents, and short-term investments. This capital is projected to fund company operations through 2029, including the completion of the Phase 3 Rescue Program for NDV-01. Research and development expenses increased due to higher study and manufacturing costs, while general and administrative expenses saw a slight decrease.

Bipin Dhamia joined Relmada as Chief Business Officer during the quarter, bringing nearly three decades of experience in uro-oncology, business development, and manufacturing. His role will encompass corporate strategy, commercial planning, and close involvement in all aspects of the NDV-01 program, leveraging his strong industry relationships and track record of value creation.