Why Relmada Therapeutics (RLMD) Shares Are Plunging Today - Relmada Therapeutics (NASDAQ:RLMD)

Relmada Therapeutics Inc's RLMD RELIANCE III study (REL-1017-303) of REL-1017 in the monotherapy setting for Major Depressive Disorder (MDD) did not achieve its primary endpoint.
The product candidate failed to achieve a statistically significant improvement in depression symptoms compared to the placebo.
The REL-1017 treatment arm showed a symptom score reduction of 14.8 points at Day 28 versus 13.9 points for the placebo arm, a higher-than-expected placebo response.
In August, the FDA granted Fast Track designation to REL-1017 for major depressive disorder.
Paradoxical results were observed in certain study sites, where placebo dramatically outperformed REL-1017. Relmada is investigating the nature of these results.
REL-1017, administered for 28 days to 232 subjects in RELIANCE 3, demonstrated favorable tolerability and safety, confirming the results of Phase 1 and Phase 2 studies, with no opioid-like effects, withdrawal effects, and psychotomimetic effects.
There were no adverse events related to QTcF prolongation.
Relmada continues to enroll patients in RELIANCE I and RELIANCE II, two ongoing Phase 3 studies evaluating REL-1017 as a potential adjunctive treatment for MDD.
Price Action: RLMD shares are down 78.1% at $6.94 during the premarket session on the last check Thursday.

Relmada Stock Tumbles To 52-Week Low On Failed Depression Trial