Relmada Therapeutics: 2 New Assets, 2 New 'Blockbusters'? I'd Wait And See

Summary

• Relmada Therapeutics, Inc. has rebounded nearly 2,000% in one year, driven by promising Phase 2 data for NDV-01 in NMIBC.
• NDV-01 demonstrated a 76% 12-month complete response rate and favorable safety, supporting advancement into Phase 3 with two registrational pathways.
• RLMD secured ~$160m in new funding, extending its cash runway into 2029, but faces entrenched competition from JNJ's Inlexzo and UroGen's Zusduri.
• Issuing a Hold rating: while RLMD’s assets are derisked by positive data, competitive and execution risks temper conviction in best-in-class potential.