Don't Be Fooled By Relmada's Clinical Data Readout

About: Relmada Therapeutics, Inc. (RLMD)
by: Zhiyuan Sun
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Zhiyuan Sun
Long/short equity, healthcare, biotech, ETF investing

REL-1017 saw superb Phase 2 results with 40% reduction vs. placebo on the HAM-D scale measuring patients' depression.

The market seems to buy into the results, sending shares of RLMD into a massive rally since its recent press release.

On a deeper dive, however, the clinical data may be deceiving in the context of a critical design oversight in REL-1017's investigation.

Image Source: ZwavelStream Clinic

Company Thesis

Relmada Therapeutics (RLMD) has recently announced top-line Phase 2 data for its sole pipeline candidate REL-1017 under evaluation for major depressive disorder. At first glance, the data