RLMD S-3ASR SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

RLMD ▼ -2.83% at T+5d

SHORT call ✓ call won +2.83% · α vs SPY +2.11% · entry $7.42 → $7.21

Next anchor: T+20d tomorrow

Currently $6.27 · +15.50% from $7.42 entry (call sign-flipped)

Entry anchored
May 13, 2026
via day open

T+1d

-7.01%

call +7.01% · α +5.78%

$6.90

settled 27d ago

T+5d

-2.83%

call +2.83% · α +2.11%

$7.21

settled 21d ago

T+20d

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call — · α —

—

tomorrow

T+60d

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call — · α —

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in 8w

Price Chart

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Executive Summary

Relmada Therapeutics filed an automatic shelf registration statement (S-3ASR) on May 13, 2026, registering an indeterminate amount of securities for potential future offerings. The filing comes one day after the company reported Q1 2026 results showing a net loss of $19.1M and a cash position of $234M (including $224M in short-term investments), following a $160M PIPE in March 2026. The shelf registration is an opportunistic capital-raising tool for a clinical-stage biotech with no revenue, but the proximity to the recent large PIPE and the company's history of frequent dilutive raises (November 2025 and March 2026) signals ongoing capital needs ahead of mid-2026 Phase 3/Phase 2b trial initiations.

Actionable Insight

The S-3ASR itself is not an immediate offering, but the pattern of frequent dilutive raises (Nov 2025, March 2026, now shelf registration) signals persistent capital needs ahead of mid-2026 clinical catalysts. Monitor for prospectus supplements that would indicate an actual offering — any ATM or follow-on at current prices (~$7.45) would be significantly dilutive given the 43% share count increase already this year. The company's $234M cash position provides runway but the shelf registration suggests management expects to tap markets again before clinical data readouts.

Key Facts

Filed S-3ASR on May 13, 2026, registering an indeterminate amount of common stock, preferred stock, warrants, subscription rights, depositary shares, purchase contracts, and units
Registration includes $50M of unsold securities carried forward from prior S-3 (File No. 333-281877)
Q1 2026 net loss of $19.1M ($0.22/share) vs. $17.6M loss in Q1 2025
Cash and short-term investments of $234M as of March 31, 2026, up from $93M at year-end 2025 after $160M PIPE in March 2026
Company has raised ~$250M in equity in the past 6 months (Nov 2025: ~$94M, March 2026: ~$150M)
Outstanding shares increased from 73.3M at Dec 2025 to 104.9M at March 2026, a 43% increase
Pre-funded warrants outstanding for 7.4M shares at $0.001 exercise price, plus 8.0M regular warrants at $2.10 weighted average exercise price
Stock closed at $7.45 on May 12, 2026, with market cap of $781M
Company expects to initiate Phase 3 programs for NDV-01 and Phase 2b study for Sepranolone mid-2026

Financial Impact

Indeterminate offering size — no specific dollar amount registered. Company has $234M cash runway but has raised ~$250M in two equity offerings over 6 months, suggesting ongoing capital needs. Potential dilution could be material if full shelf is utilized.

dilutionshare countcash position

Risk Factors

Potential future dilution from shelf offerings — company has raised ~$250M in 6 months and may need more capital before mid-2026 trial initiations
Pre-funded warrants (7.4M shares at $0.001) represent near-certain future dilution
No revenue and growing operating losses ($19.1M in Q1 2026 vs. $17.6M in Q1 2025)
Clinical-stage biotech with no approved products — all pipeline candidates are early-stage (Phase 2/2b)
History of failed programs (REL-1017 terminated July 2025, REL-P11 terminated May 2025)

Market Snapshot

Exchange

Nasdaq

Sector

Pharmaceutical Preparations

Analyst Consensus

91% bullish (11 analysts)

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

Document	Accession Number
S-3ASR Filing (Primary)	0001213900-26-055901
Document: ea029017201ex-fee.htm	0001213900-26-055901
Document: ea029017201ex5-1.htm	0001213900-26-055901
Document: ea029017201ex23-2.htm	0001213900-26-055901
Document: ea029017201ex23-1.htm	0001213900-26-055901
Document: 0001213900-26-055901-index-headers.html	0001213900-26-055901
Document: 0001213900-26-055901-index.html	0001213900-26-055901
Document: 0001213900-26-055901.txt	0001213900-26-055901

7 reports for RLMD

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for RLMD — sortable, filterable
	Type				Now
May 13, 2026 27d ago	S-3ASR BEARISH ★ 6/10	$7.42 $7.21	▲ +2.83%	▲ +2.11%	$6.27 (+15.50%)
May 12, 2026 28d ago	8-K NEUTRAL ★ 4/10	$7.49 $7.03	▼ −6.14%	▼ −4.98%	$6.27 (−16.29%)
Apr 17, 2026 7w ago	DEFA14A NEUTRAL ★ 3/10	$7.37 $7.03	▼ −4.61%	▼ −5.53%	$6.27 (−14.93%)
Apr 3, 2026 9w ago	S-3 NEUTRAL ★ 3/10	$6.90 $7.38	▲ +6.96%	▲ +2.82%	$6.27 (−9.13%)
Mar 19, 2026 11w ago	Press Release BULLISH ★ 8/10	$6.07 $6.43	▲ +5.93%	▲ +8.08%	$6.27 (+3.29%)
Mar 12, 2026 12w ago	Press Release NEUTRAL ★ 3/10	$6.15 $6.25	▲ +1.63%	▲ +2.60%	$6.27 (+1.95%)
Mar 9, 2026 13w ago	Press Release NEUTRAL ★ 6/10	$7.17 $6.18	▼ −13.81%	▼ −12.45%	$6.27 (−12.55%)

US Market Status

Market Closed — Opens Thu (10h 56m)

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