Relmada Therapeutics Stock Plummets Losing 80% Value - Here's Why

Core Insights - Relmada Therapeutics announced that the interim analysis of the Reliance II Phase 3 study for REL-1017 as an adjunctive treatment for major depressive disorder (MDD) indicated that the study is futile and unlikely to meet the primary efficacy endpoint with statistical significance [1] - The company will evaluate the full dataset to determine next steps for the REL-1017 program while continuing to advance the Phase 1 study of REL-P11 for metabolic disease [3] - No new safety signals were reported during the analysis [2] Company Developments - Relmada acquired the development and commercial rights to a novel psilocybin and derivatives program in July 2021, which has potential neuroplastogen effects for neurodegenerative conditions [3] - The company identified the potential to use low-dose psilocybin to treat metabolic diseases and published relevant data at the American Society for the Study of Liver Disease [4] - In a previous Phase 3 trial (Study 310) of REL-1017, patients treated daily for up to one year experienced rapid and sustained improvements in depressive symptoms [5] Market Reaction - Following the announcement, RLMD stock experienced a significant decline of 75.4%, trading at $0.68 [6]