RELMADA THERAPEUTICS, INC.

RLMDdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

RELMADA THERAPEUTICS, INC. earns about -116% on equity, but has diluted owners by 125% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$125.8M¹	−$157M²	−$98.8M³	−$80M⁴	−$57.4M⁴
Operating cash flow	−$91.9M⁵	−$103.8M⁶	−$51.7M⁷	−$51.8M⁸	−$45.8M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$44.4M⁹	$5.4M¹⁰	$4.09M¹¹	$3.86M¹²	$3.5M¹²
Diluted shares	17.6M	29.6M	30.1M	30.2M	39.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$21.91

your share of equity

Profit it earned you last year

−$14.54

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $21.91 of net worth that earned you −$14.54 last year.

iii. Is this a good business?

Moat signal · return on equity

-116% avg · 5y

FY21 -60%FY22 -112%FY23 -116%FY24 -225%FY25 -66%

It earned an average -116% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+125% shares · 5y

Share count is up 125% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001213900-23-022463 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-024013 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001013762-25-003426 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-031862 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001213900-23-022463 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-24-024013 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001013762-25-003426 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-031862 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001213900-23-022463 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001213900-24-024013 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001013762-25-003426 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-031862 (CashAndCashEquivalentsAtCarryingValue)