RELMADA THERAPEUTICS, INC. 10-K

ITEM 9A . CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2025, such disclosure controls and procedures were effective. Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. This Annual Report does not include an attestation report from our registered public accounting firm regarding internal control over financial reporting. Our internal control over financial reporting was not subject to such attestation as we are a non-accelerated filer. 44 Limitations on the Effectiveness of Controls Our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our disclosure control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected. Our Chief Executive Officer and Chief Financial Officer have concluded, based on their evaluation as of the end of the period covered by this Annual Report that our disclosure controls and procedures were effective to provide reasonable assurance that the objectives of our disclosure control system were met. Changes in Internal Control Over Financial Reporting There were no changes in the Company’s internal controls over financial reporting that occurred during the fourth quarter of the fiscal year covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Management’s Report on Internal Control Over Financial Reporting As required by the SEC rules and regulations for the implementation of Section 404 of the Sarbanes-Oxley Act, our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of our consolidated financial statements for external reporting purposes in accordance with United States Generally Accepted Accounting Principles (GAAP). Our internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making these assessments, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission COSO (2013 framework). Based on our assessments and those criteria, management determined that we did maintain effective internal control over financial reporting as of December 31, 2025. ITEM 9B. OTHER INFORMATION Insider Trading Arrangements No officers, as defined in Rule 16a-1(f), or directors adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the fourth fiscal quarter of 2025. In connection with the execution of the Company’s strategic plan, significantly strengthening its pipeline and financial position, the Compensation Committee approved the payment of one-time discretionary bonuses to certain executive officers, and one-time special fees to members of the Board of Directors. The aggregate amount of such bonuses is $4.8 million, allocated as follows: $1.625 million to Sergio Traversa, Chief Executive Officer; $1.625 million to Maged Shenouda, Chief Financial Officer; $525,000 to Chuck Ence, Chief Accounting and Compliance Officer; $525,000 to Paul Kelly, Chief Operating Officer; $200,000 to Charles Casamento, Chairman of the Board; $150,000 to John Glasspool, member of the Board of Directors; and $150,000 to Fabiana Fedeli, member of the Board of Directors. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not applicable. 45 PART III The information required for the Items contained in Part III is incorporated herein by reference from our definitive proxy statement for our 2026 Annual Meeting of Stockholders (the “Proxy Statement”), which will be filed with the SEC no later than 120 days after December 31, 2025. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE ITEM 11. EXECUTIVE COMPENSATION ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT Securities Authorized for Issuance under Equity Compensation Plans Relmada has a 2014 Option and Equity Incentive Plan, as amended (the 2014 Plan) in which its directors, officers, employees and consultants shall be eligible to participate. The 2014 Plan allows for the granting of common stock awards, stock appreciation rights, and incentive and nonqualified stock options to purchase shares of the Company. On May 20, 2021, at the annual shareholders meeting, our shareholders approved our 2021 Equity Incentive Plan (the 2021 Plan) which allows for the granting of incentive and nonqualified stock options, stock appreciation rights, restricted stock awards, performance share awards and other equity-based awards for up to 1,500,000 options or stock awards. At the annual shareholders meeting on May 25, 2022, our shareholders approved an amendment to the 2021 Plan to increase the shares of the Company’s common stock available for issuance thereunder by 3,900,000 shares. At the annual shareholders meeting on May 25, 2023, our shareholders approved an amendment to the 2021 Plan to increase the shares of the Company’s common stock available for issuance thereunder by 2,500,000 shares. At the annual shareholders meeting on May 23, 2025, our shareholders approved an amendment to the 2021 Plan to increase the shares of the Company’s common stock available for issuance thereunder by 2,000,000. At the annual shareholders meeting (currently anticipated for May 27, 2026), our shareholders will vote on a management proposal to increase the shares authorized for awards under the 2021 Plan by an additional 3,000,000 shares, but there can be no assurance such amendment will be approved. As of December 31, 2025, the Company had 32,338, shares available to be issued pursuant to awards under the 2014 and 2021 Plan. The following table summarizes our equity compensation plan information as of December 31, 2025: Equity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options and stock appreciation rights Weighted- average exercise price of outstanding options and stock appreciation rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (a) (b) (c) Equity compensation plans approved by security holders (1) 15,020,604 $ 12.51 32,338 Equity compensation plans not approved by security holders - - - Total 15,020,604 $ 12.51 32,338 (1) The 2014 and the 2021 Plan, as amended. The additional information required by this item will be included in the Proxy Statement, which will be filed with the SEC no later than 120 days after the end of our fiscal year ended December 31, 2025 and is incorporated herein by reference. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 46 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES Financial Statement Schedules Our consolidated financial statements are listed on the Index to Financial Statements on this Annual Report on Form 10-K beginning on page F-1. All financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto. Our independent registered public accounting firm is CBIZ CPAs P.C. (PCAOB ID #199) of Houston, Texas. 47 RELMADA THERAPEUTICS, INC. (INDEX TO FINANCIAL STATEMENTS) Page Report of Independent Registered Public Accounting Firm (PCAOB ID # 199 ) F-2 Report of Independent Registered Public Accounting Firm (PCAOB ID #688) F-3 Consolidated Balance Sheets as of December 31, 2025 and 2024 F-4 Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024 F-5 Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2025 and 2024 F-6 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 F-7 Notes to Consolidated Financial Statements F-8 F- 1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and Board of Directors of Relmada Therapeutics, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Relmada Therapeutics, Inc. (the “Company”) as of December 31, 2025, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. Critical Audit Matters Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters. /s/ CBIZ CPAs P.C. CBIZ CPAs P.C. We have served as the Company’s auditor since 2014 through (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C., effective November 1, 2024). Houston, Texas March 19, 2026 F- 2 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and Board of Directors of Relmada Therapeutics, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Relmada Therapeutics, Inc. (the “Company”) as of December 31, 2024, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the 2024 financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Explanatory Paragraph – Going Concern The 2024 financial statements have been prepared assuming that the Company would continue as a going concern. As of December 31, 2024, the Company had incurred significant losses and negative cash flows from operations since inception, expected to incur additional losses until such time that it could generate revenue, and was projecting insufficient liquidity to sustain its operations through one year following the date that the 2024 financial statements were issued. These conditions raised substantial doubt about the Company's ability to continue as a going concern. The 2024 financial statements did not include any adjustments that might result from the outcome of this uncertainty. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ Marcum LLP Marcum LLP We have served as the Company’s auditor from 2014 through 2025. Houston, Texas March 27, 2025 F- 3 Relmada Therapeutics, Inc. Consolidated Balance Sheets As of As of December 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 3,496,540 $ 3,857,026 Short-term investments 89,509,710 41,052,356 Prepaid expenses 977,721 886,461 Total current assets 93,983,971 45,795,843 Other assets 19,500 21,975 Total assets $ 94,003,471 $ 45,817,818 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 1,568,944 $ 4,130,563 Accrued expenses 4,861,583 6,160,827 Total current liabilities 6,430,527 10,291,390 Stock appreciation rights 1,060,931 4,467 Total liabilities 7,491,458 10,295,857 Commitments and Contingencies (Note 10) Stockholders’ Equity: Preferred stock, $ 0.001 par value, 200,000,000 shares authorized, none issued and outstanding - - Class A convertible preferred stock, $ 0.001 par value, 3,500,000 shares authorized, none issued and outstanding - - Common stock, $ 0.001 par value, 150,000,000 shares authorized, 73,333,622 and 30,174,202 shares issued and outstanding, respectively 73,333 30,174 Additional paid-in capital 784,705,878 676,373,822 Accumulated deficit ( 698,267,198 ) ( 640,882,035 ) Total stockholders’ equity 86,512,013 35,521,961 Total liabilities and stockholders’ equity $ 94,003,471 $ 45,817,818 The accompanying notes are an integral part of these consolidated financial statements. F- 4 Relmada Therapeutics, Inc. Consolidated Statements of Operations For the Years Ended December 31, 2025 and 2024 2025 2024 Operating expenses: Research and development $ 26,879,146 $ 46,175,512 General and administrative 32,221,054 37,715,524 Total operating expenses 59,100,200 83,891,036 Loss from operations ( 59,100,200 ) ( 83,891,036 ) Other income (expenses): Interest/investment income, net 1,395,989 3,530,021 Realized (loss) gain on short-term investments ( 79,207 ) 374,926 Unrealized gain on short-term investments 398,255 6,735 Total other income (expenses), net 1,715,037 3,911,682 Net loss $ ( 57,385,163 ) $ ( 79,979,354 ) Net loss per common share – basic and diluted $ ( 1.45 ) $ ( 2.65 ) Weighted average number of common shares outstanding – basic and diluted 39,479,694 30,163,751 The accompanying notes are an integral part of these consolidated financial statements. F- 5 Relmada Therapeutics, Inc. Consolidated Statements of Changes in Stockholders’ Equity For the Years Ended December 31, 2025 and 2024 Common Stock Additional Paid-in Accumulated Shares Par Value Capital Deficit Total Balance – December 31, 2023 30,099,203 $ 30,099 $ 646,229,824 $ ( 560,902,681 ) $ 85,357,242 Stock-based compensation expense - - 30,184,414 - 30,184,414 Net proceeds from cash exercise option 74,999 75 246,672 - 246,747 ATM fees - - ( 287,088 ) - ( 287,088 ) Net loss - - - ( 79,979,354 ) ( 79,979,354 ) Balance – December 31, 2024 30,174,202 30,174 676,373,822 ( 640,882,035 ) 35,521,961 Stock-based compensation expense - - 13,905,181 - 13,905,181 Issuance of restricted common stock 3,017,420 3,017 902,209 - 905,226 Proceeds from issuance of common stock, net 40,142,000 40,142 93,597,687 - 93,637,829 ATM fees - - ( 73,021 ) - ( 73,021 ) Net loss - - - ( 57,385,163 ) ( 57,385,163 ) Balance – December 31, 2025 73,333,622 $ 73,333 $ 784,705,878 $ ( 698,267,198 ) $ 86,512,013 The accompanying notes are an integral part of these consolidated financial statements. F- 6 Relmada Therapeutics, Inc. Consolidated Statements of Cash Flows For the Years Ended December 31, 2025 and 2024 2025 2024 Cash flows from operating activities Net loss $ ( 57,385,163 ) $ ( 79,979,354 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock-based compensation 13,905,181 30,184,414 Stock appreciation rights compensation 1,056,464 4,467 Issuance of restricted common stock 905,226 - Realized (gain) loss on short-term investments 79,207 ( 374,926 ) Unrealized gain on short-term investments ( 398,255 ) ( 6,735 ) Change in operating assets and liabilities: Prepaid expenses and other assets ( 88,785 ) 319,746 Accounts payable ( 2,561,619 ) 624,554 Accrued expenses ( 1,299,244 ) ( 2,527,964 ) Net cash used in operating activities ( 45,786,988 ) ( 51,755,798 ) Cash flows from investing activities Purchase of short-term investments ( 83,828,576 ) ( 12,079,628 ) Sale of short-term investments 35,690,270 63,641,225 Net cash (used in)/provided by investing activities ( 48,138,306 ) 51,561,597 Cash flows from financing activities Proceeds from issuance of common stock, net 93,637,829 - Payment of ATM fees ( 73,021 ) ( 287,088 ) Proceeds from options exercised for common stock - 246,747 Net cash provided by/(used in) financing activities 93,564,808 ( 40,341 ) Net decrease in cash and cash equivalents ( 360,486 ) ( 234,542 ) Cash and cash equivalents at beginning of the year 3,857,026 4,091,568 Cash and cash equivalents at end of the year $ 3,496,540 $ 3,857,026 The accompanying notes are an integral part of these consolidated financial statements. F- 7 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 1 - BUSINESS Relmada Therapeutics Inc. (“Relmada” or the “Company”) (a Nevada corporation), is a clinical-stage, publicly traded biotechnology company focused on the development of NDV-01 and sepranolone. NDV-01 is a novel, controlled-release intravesical formulation of gemcitabine and docetaxel. NDV-01 is currently in a Phase 2 clinical trial in Isreal to assess its safety and efficacy in patients with aggressive forms of non-muscle invasive bladder cancer (NMIBC). Sepranolone is a novel neurosteroid epimer of allopregnanolone. sepranolone is being developed for the potential treatment of Prader-Willi Syndrome, Tourette Syndrome, excessive tremor and other diseases related to excessive GABAergic activity. The Esmethadone (d-methadone, dextromethadone, REL-1017) program was terminated effective July 7, 2025. Relmada was also developing a proprietary, modified-release formulation of psilocybin (REL-P11) for metabolic indications. This program was terminated effective May 12, 2025. In addition to the normal risks associated with a new business venture, there can be no assurance that the Company’s research and development will be successfully completed or that any product will be approved or commercially viable. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with the Food and Drug Administration (FDA) and other governmental regulations and approval requirements. On February 3, 2025, the Company entered into an Asset Purchase Agreement (the Purchase Agreement) with Asarina Pharma AB (Asarina), a Swedish corporation, pursuant to which the Company has agreed, subject to the terms and conditions set forth therein, to purchase from Asarina all right, title, and interest in sepranolone, a Phase 2b ready neurosteroid being developed for the potential treatment of Prader-Willi Syndrome, Tourette Syndrome, essential tremor and other diseases related to excessive GABAergic activity. The total purchase price for sepranolone is € 3,000,000 . The Company paid Asarina $ 2,756,000 on February 5, 2025, which includes a credit of $ 250,000 for a previous payment made by the Company to Asarina pursuant to an exclusivity agreement dated October 25, 2024. On March 24, 2025, the Company entered into an Exclusive License Agreement with Trigone, a privately held Israeli company. The license agreement is for Trigone’s NDV-01 product, which is a novel, sustained-release, intravesical gemcitabine/docetaxel, ready-for-use product candidate for the treatment of NMIBC. Under the terms of the agreement, the Company made a $ 3,500,000 upfront payment on March 25, 2025, and issued 3,017,420 shares of common stock, which represented 10 % of the Company’s outstanding shares on such date, for exclusive worldwide rights to NDV-01, excluding Israel, India and South Africa. In addition, the Company will pay up to approximately $ 200 million in development, regulatory and commercial milestones pending successful commercialization. The Company will also pay a royalty of 3 % on any net sales. F- 8 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 2 - GOING CONCERN These audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying audited consolidated financial statements, the Company has incurred losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue from the commercialization of its product candidates. During the twelve months ended December 31, 2025, the Company incurred a net loss of $ 57,385,163 and had negative operating cash flows of $ 45,786,988 . On November 5, 2025, the Company announced the closing of its underwritten offering of 40,142,000 shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 5,315,000 shares of common stock. The shares of common stock were sold at an offering price of $ 2.20 per share, and the pre-funded warrants were sold at an offering price of $ 2.199 per pre-funded warrant, which represents the per share offering price for the common stock less the $ 0.001 per share exercise price for each such pre-funded warrant. The net proceeds to Relmada from the offering, before deducting other expenses payable by Relmada, and excluding the exercise of any pre-funded warrants, were approximately $ 94 million. On March 9, 2026, the Company entered into a Securities Purchase Agreement for a private placement with certain institutional and accredited investors (collectively, the Purchasers). The closing of the Private Placement (the Closing) occurred on March 11, 2026. Pursuant to the Purchase Agreement, the Purchasers purchased, for an aggregate purchase price of approximately $ 160.0 million, an aggregate of (i) 29,474,569 shares of the Company’s common stock, par value $ 0.001 per share, at a price of $ 4.75 per Share and (ii) pre-funded warrants to purchase up to 4,210,527 shares of common stock at a price of $ 4.749 per pre-funded warrant, which represents the per share purchase price for the common stock less the $ 0.001 per share exercise price for each such Pre-Funded Warrant. The proceeds from the Purchase Agreement, before deducting fees, other expenses payable by Relmada, and excluding the exercise of any pre-funded warrants, were approximately $ 160 million. As of the date of this report, Management believes that the Company’s existing cash and cash equivalents and short-term investments will enable it to fund operating expenses and capital expenditure requirements for at least 12 months from the issuance of these, audited consolidated financial statements. Beyond that point management will evaluate the size and scope of any subsequent trials that will affect the timing of additional financings through public or private sales of equity or debt securities or from bank or other loans or through strategic collaboration and/or licensing agreements. Any such expenditures related to any subsequent clinical trials will not be incurred until such additional financing is raised. As a result, the Company concluded the Company has sufficient funds to maintain operations for at least 12 months from the issuance of these audited consolidated financial statements. F- 9 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The consolidated financial statements include the Company’s accounts and those of the Company’s wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. The significant estimates are stock-based compensation expenses, stock appreciation rights expense, and recorded amounts related to income taxes. Cash and Cash Equivalents The Company considers cash deposits and all highly liquid investments with a maturity of three months or less when purchased to be cash and cash equivalents. The Company’s cash deposits are held at two high-credit-quality financial institutions. The Company’s cash and cash equivalents are carried at cost, which approximates their fair value. The Company’s cash and cash equivalents of $ 3,496,540 and $ 3,857,026 at December 31, 2025 and 2024, respectively, at these institutions exceed federally insured limits. Short-term Investments The Company’s investments consist entirely of mutual funds. The securities are measured at fair value based on the net asset value “NAV”. Substantially all equity investments in nonconsolidated entities are measured at fair value with recurring changes recognized in earnings, except for those accounted for using equity method accounting. Changes in fair value of the securities are recorded as part of other income on the consolidated statements of operations. Short term investment activity is presented in the investing activities section on the consolidated statements of cash flows. Short-term investments at December 31, 2025 and 2024 consisted of mutual funds with a fair value of $ 89,509,710 and $ 41,052,356 , respectively. Patents Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain. Leases The Company recognizes its leases with a term of greater than a year on the balance sheet by recording right-of-use assets and lease liabilities. Leases can be classified as either operating leases or finance leases. Operating leases will result in straight-line lease expense, while finance leases will result in front-loaded expense. The Company’s leases consists of operating leases for office space for terms of 12 months or less. The Company does not recognize a lease liability or right-of-use asset on the balance sheet for short-term leases. Instead, the Company recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. F- 10 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements Fair Value of Financial Instruments The Company’s financial instruments primarily include cash, short-term investments, and stock appreciation rights. Due to the short-term nature of cash and accounts payable the carrying amounts of these assets and liabilities approximate their fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by Accounting Standard Codification (ASC) Topic No. 820 - 10 Fair Value Measurement , financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The Company’s short-term investment instruments of $ 89,509,710 and $ 41,052,356 at December 31, 2025 and 2024, respectively, are classified using Level 1 inputs within the fair value hierarchy because they are valued using NAV. Unrealized gains are recorded in the consolidated statement of operations as unrealized gain on short-term investments. The Company recorded unrealized gains of $ 398,255 and of $ 6,735 , included in other income (expense) for the years ended December 31, 2025 and 2024, respectively. The Company’s stock appreciation rights liability is a mark-to-market liability and classified within Level 3 of the fair value hierarchy as the Company is using a Black-Scholes option pricing model. Significant unobservable inputs included expected term and volatility. The expected term was calculated using the simplified method. The volatility is calculated based on the Company’s historical stock price over a period of time. As of December 31, 2025 and 2024, the stock appreciation rights liability had a fair value of $ 1,060,931 and $ 4,467 , respectively. Significant inputs for Level 3 stock appreciation rights liability fair value measurement at December 31, 2025 are disclosed in Footnote 6. There have been no transfers in and out of level 3 during the years ended December 31, 2025 and 2024. F- 11 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. At December 31, 2025 and 2024, the Company had recognized a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files a U.S. Federal income tax return and various state returns. Uncertain tax positions taken on the Company’s tax returns will be accounted for as liabilities for unrecognized tax benefits. The Company will recognize interest and penalties, if any, related to unrecognized tax benefits in general and administrative expenses in the statements of operations. There were no liabilities recorded for uncertain tax positions at December 31, 2025 and 2024. The open tax years, subject to potential examination by the applicable taxing authority, for the Company are from December 31, 2021 forward. Research and Development Research and development costs primarily consist of research contracts for the advancement of product development, salaries and benefits, stock-based compensation, and consultants. The Company expenses all research and development costs in the period incurred. The Company makes an estimate of costs in relation to clinical study contracts. The Company analyzes the progress of studies, including the progress of clinical studies and phases, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award - the requisite service period. The grant-date fair value of employee share options is estimated using the Black-Scholes option pricing model adjusted for the unique characteristics of those instruments. Stock Appreciation Rights Pursuant to the terms of the Company’s 2021 Equity Incentive Plan, the Company may grant cash-settled Stock Appreciation Rights (“SARs”) that are classified as liabilities under ASC 718 ( Compensation—Stock Compensation ). These SARs allow employees to receive cash payments based on the appreciation of the Company’s stock price over a specified period. The initial fair value of SARs is determined on the grant date using the Black-Scholes option pricing model. SARs are remeasured at fair value at each reporting date using the Black-Scholes pricing model until they are exercised or expire. Changes in fair value are recognized in the income statement as a compensation expense. Compensation expense is recognized over the service period, which is the period during which employees are required to provide service in exchange for the award. Upon exercise, the Company will settle SARs in cash based on the difference between the fair value of the underlying shares at the exercise date and the exercise price. Pre-Funded Warrants The Company may issue pre-funded equity classified warrants that are exercisable for shares of common stock at a nominal exercise price. As the exercise price of the pre-funded warrants is nominal, the underlying shares are included in basic earnings per share from the issuance date. F- 12 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements Net Loss per Common Share Basic loss per common share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted loss per common share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of options and warrants to purchase common stock. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net losses in each period. The potentially dilutive securities that would be anti-dilutive due to the Company’s net loss are not included in the calculation of diluted net loss per share attributable to common stockholders. The anti-dilutive securities are as follows (in common stock equivalent shares): Year ended December 31, Year ended December 31, 2025 2024 Common stock warrants 5,880,085 1,382,613 Common stock options 15,020,604 12,263,017 Total 20,900,689 13,645,630 Adoption of Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 was effective for our annual periods beginning January 1, 2025. The Company adopted this standard prospectively effective January 1, 2025 and the updated standard effected our consolidated financial statement with enhanced disclosures presented in Note 9. Recent Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . ASU 2024-03 requires specified information about certain costs and expenses be disclosed in the notes to the financial statements, including the expense caption on the face of the income statement in which they are disclosed, in addition to a qualitative description of remaining amounts not separately disaggregated. Entities will also be required to disclose their definition of “selling expenses” and the total amount in each annual period. The standard is effective for the Company for annual periods beginning January 1, 2027 and for interim periods beginning January 1, 2028, with updates applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its disclosures. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810) . This ASU provides clarifications related to step acquisitions and simplifies certain consolidation assessments involving variable interest entities. The standard is effective for the Company for annual periods beginning January 1, 2026, and for interim periods beginning January 1, 2027, with updates applied prospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-04, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606). This ASU clarifies when awards fall under stock compensation guidance. This standard is effective for the Company for annual periods beginning January 1, 2026, and interim periods beginning January 1, 2027, with updates applied retrospectively or modified retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. F- 13 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 4 - PREPAID EXPENSES Prepaid expenses consisted of the following (rounded to nearest $00): December 31, 2025 December 31, 2024 Insurance $ 411,900 $ 403,100 Research and Development 496,500 391,200 Other 69,300 92,200 Total $ 977,700 $ 886,500 NOTE 5 - ACCRUED EXPENSES Accrued expenses consisted of the following (rounded to nearest $00): December 31, 2025 December 31, 2024 Research and development $ 3,971,700 $ 4,514,800 Professional fees 220,000 362,600 Accrued bonus - 732,300 Accrued vacation 535,500 421,700 Other 134,400 129,400 Total $ 4,861,600 $ 6,160,800 F- 14 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 6 - STOCK APPRECIATION RIGHTS During the year ended December 31, 2025, 5,331,000 cash-settled stock appreciation rights were issued to employees with an exercise price of $ 0.45 - $ 4.06 respectively with a 10 -year term and vesting over a 4 -year period. Variables used in the Black-Scholes option-pricing model at the grant date include: (1) discount rate of 3.85 – 4.43 %, (2) expected life of 6.25 years, (3) expected volatility of 134.4 %- 140.4 %, and (4) zero expected dividends. During the year ended December 31, 2024, 110,000 cash-settled stock appreciation rights were issued to employees with an exercise price of $ 3.84 - $ 3.69 respectively with a 10 -year term and vesting over a 4 -year period. Variables used in the Black-Scholes option-pricing model include: (1) discount rate of 3.87 – 4.15 %, (2) expected life of 6.25 years, (3) expected volatility of 113 %, and (4) zero expected dividends. As of December 31, 2025 and 2024, the total liability related to cash-settled SARs is $ 1,060,931 and $ 4,467 , respectively, reflecting the fair value as of the reporting date. The Company revalued the cash-settled stock appreciation rights at year end using the Black-Scholes option-pricing model using the following variables: Years Ended Years Ended December 31, December 31, 2025 2024 Stock price $ 4.83 $ 0.52 Exercise price $ 0.45 to $ 4.06 $ 3.84 to $ 3.69 Risk free interest rate 3.73 to 3.84 % 4.38 % Dividend yield 0 % 0 % Volatility 131 - 142 % 129 % Expected term (in years) 4.75 - 6.25 5.75 The following summarizes the components of compensation expense related to the cash-settled SAR in the accompanying consolidated statements of operations: Year Ended Year Ended December 31, December 31, 2025 2024 Research and development $ 744,560 $ 4,467 General and administrative 311,904 - Total $ 1,056,464 $ 4,467 A summary of the changes in SARs during the year ended December 31, 2025 is as follows. Number of Cash-Settled SARS Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2023 - $ - - $ - Granted 110,000 $ 3.70 - - Outstanding at December 31, 2024 110,000 $ 3.70 9.58 $ - Granted 5,331,000 $ 3.55 - $ - Forfeited ( 6,875 ) $ - - $ - Outstanding at December 31, 2025 5,434,125 $ 3.55 9.83 $ 6,915,214 SARs vested at December 31, 2025 34,375 $ 3.70 8.58 $ 38,719 At December 31, 2025, the Company has unrecognized compensation expense of approximately $ 23,378,000 related to unvested stock appreciation rights which will be recognized over the weighted average remaining service period of 3.83 years. F- 15 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 7 - STOCKHOLDERS’ EQUITY Common Stock During the year ended December 31, 2025, the Company issued 3,017,420 shares of restricted common stock in accordance with the license agreement with Trigone Pharma. The Company recognized $ 905,226 of research and development compensation expense related to the restricted common stock issued as part of the transaction. During the years ended December 31, 2025 and 2024, the Company did not issue any shares of common stock for the exercise of warrants. During the year ended December 31, 2025, the Company did not issue any shares of common stock for the exercise of options. During the year ended December 31, 2024, the Company issued 74,999 shares of common stock for the exercise of options for proceeds of $ 246,747 . On April 6, 2022, the Company entered into a new Open Market Sale Agreement with Jefferies LLC, as sales agent, pursuant to which we may offer and sell, from time to time, through Jefferies LLC, shares of our common stock, having an aggregate offering price of up to $ 100,000,000 . We are not obligated to sell any shares under the agreement. As of December 31, 2025, no shares have been issued under this agreement. On November 5, 2025 the Company announced the closing of its underwritten offering of 40,142,000 shares of its common stock and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 5,315,000 shares of common stock. The shares of common stock were sold at an offering price of $ 2.20 per share, and the pre-funded warrants were sold at an offering price of $ 2.199 per pre-funded warrant, which represents the per share offering price for the common stock less the $ 0.001 per share exercise price for each such pre-funded warrant. The net proceeds to Relmada from the offering, before deducting other expenses payable by Relmada, and excluding the exercise of any pre-funded warrants, were approximately $ 94 million. NOTE 8 - OPTIONS AND WARRANTS In December 2014, the Board of Directors adopted and the Company’s shareholders approved Relmada’s 2014 Stock Option and Equity Incentive Plan, as amended (the “2014 Plan”), which allows for the granting of 5,152,942 common stock awards, stock appreciation rights, and incentive and nonqualified stock options to purchase shares of the Company’s common stock to designated employees, non-employee directors, and consultants and advisors. In May 2021, the Company’s Board of Directors adopted and shareholders approved Relmada’s 2021 Equity Incentive Plan (the “2021 Plan”) which allows for the granting of 1,500,000 options or other stock awards. In subsequent years the Company’s Board of Directors adopted and shareholders approved amendments to the 2021 plan to increase the shares of the Company’s common stock available to be issued under the plan to 9,900,000 shares. These combined plans allowed for the granting of up to 15,052,942 options or other stock awards. Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years . The Company uses the simplified method for share-based compensation to estimate the expected term for employee option awards for share-based compensation in its option-pricing model. F- 16 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements Options A summary of the changes in options outstanding for the years ended December 31, 2025 and 2024 is as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding and expected to vest at December 31, 2023 17,416,192 $ 12.99 8.3 $ 11,183,370 Granted 487,434 3.10 - - Forfeited and cancelled ( 5,565,610 ) - - - Exercised ( 74,999 ) - - - Outstanding and expected to vest at December 31, 2024 12,263,017 $ 16.61 6.01 $ - Granted 3,989,567 1.38 Forfeited and cancelled ( 1,231,980 ) - - - Outstanding and expected to vest at December 31, 2025 15,020,604 $ 12.51 6.69 $ 20,007,758 Options exercisable at December 31, 2025 10,294,468 $ 17.39 5.59 $ 5,921,908 At December 31, 2025, the Company has unrecognized stock-based compensation expense of approximately $ 7,494,000 related to unvested stock options over the weighted average remaining service period of 2.96 years. The weighted average fair value of options granted during the years ended December 31, 2025 and 2024 was approximately $ 1.38 and $ 3.10 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following assumptions: Years Ended Years Ended December 31, December 31, 2025 2024 Risk free interest rate 3.85 to 4.16 % 4.10 to 4.51 % Dividend yield 0 % 0 % Volatility 126.4 - 134.4 % 113.5 - 114.1 % Expected term (in years) 6.25 5.92 - 6.25 F- 17 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements Warrants A summary of the changes in outstanding warrants during the years ended December 31, 2025 and 2024 is as follows: Number of Shares Weighted Average Exercise Price Per Share Outstanding at December 31, 2023 2,381,366 $ 20.02 Forfeited ( 998,753 ) $ 2.31 Outstanding at December 31, 2024 1,382,613 $ 28.74 Granted 5,315,000 0.001 Forfeited ( 817,528 ) $ 28.03 Outstanding at December 31, 2025 5,880,085 $ 2.86 Warrants exercisable at December 31, 2025 5,880,085 $ 2.86 At December 31, 2025, the Company had no unrecognized stock-based compensation expense related to outstanding warrants. At December 31, 2025, the aggregate intrinsic value of warrants vested and outstanding was $ 25,682,591 . Stock-based compensation by class of expense The following summarizes the components of stock-based compensation expense which includes stock options and warrants in the consolidated statements of operations (rounded to nearest $00): Year Ended Year Ended December 31, December 31, 2025 2024 Research and development $ 1,577,000 $ 5,933,200 General and administrative 13,233,400 24,251,200 Total $ 14,810,400 $ 30,184,400 F- 18 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 9 - INCOME TAXES A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate after the adoption of ASU 2023-09 is as follows: 2025 U.S. Federal Statutory Tax Rate $ ( 12,049,955 ) 21.00 % Current State and Local Income Taxes, net of federal income tax benefit - 0.00 % Deferred State & Local Income Taxes, net of federal income tax benefit - 0.00 % Tax Credits Research and Development Tax Credits ( 812,027 ) 1.42 % Changes in Valuation Allowances 5,827,080 ( 10.16 )% Nontaxable or Nondeductible Items Share-based payment awards 1,154,153 ( 2.01 )% Other 461,515 ( 0.80 )% Changes in Unrecognized Tax Benefits - 0.00 % Other Adjustments Expiration of Stock Based Compensation 8,874,352 ( 15.47 )% Adjustments to NOL due to 382 ( 3,455,118 ) 6.02 % Effective Tax Rate $ - 0.00 % A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate before the adoption of ASU 2023-09 is as follows: Year Ended December 31, 2024 Statutory federal income tax rate 21.00 % State (net of federal benefit) ( 14.27 )% Non-deductible expenses ( 2.58 )% R&D Credit 2.15 % NOL and R&D adjustment due to 382 ( 2.72 )% NUBIL – 382 adjustment 5.23 % Permanent true-ups ( 2.28 )% Other 0.00 % Change in valuation allowance ( 6.53 )% Effective income tax rate 0 % F- 19 Deferred Tax Assets at December 31, 2025 and 2024 are related to the following (rounded to the nearest $000): December 31, 2025 December 31, 2024 Federal net operating loss $ 51,746,000 $ 26,679,000 State net operating loss 2,719,000 1,554,000 Net Unrealized Built in Loss Section 382 - Amortization - 7,763,000 Research and development tax credits 4,765,000 3,953,000 Capitalized R&D 35,902,000 42,843,000 Nonqualified Stock Options 21,981,000 29,040,000 Accruals 1,608,000 1,398,000 Intangibles and Fixed Assets 3,540,000 2,118,000 Stock appreciation rights 231,000 - Other 11,000 11,000 Total Gross Deferred Tax Assets 122,503,000 115,359,000 Less: valuation allowance ( 122,503,000 ) ( 115,359,000 ) Total Deferred Tax Assets $ - $ - In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not that some portion of the deferred income tax will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to expiration of the net operation loss carryforwards. At December 31, 2025 and 2024, the Company has recorded a full valuation allowance against its net deferred tax assets of approximately $ 122,503,000 and $ 115,359,000 , respectively. The change in the valuation allowance during the years ended 2025 and 2024 was approximately a decrease of $ 7,144,000 and $ 5,222,000 , respectively. At December 31, 2025, the Company had federal net operation loss (NOL) carryforwards of approximately $ 246,407,000 . At December 31, 2025, the Company had federal research and development credit carryforwards of approximately $ 4,765,000 . Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax positions taken on their income tax returns. The Company has analyzed its tax positions and concluded that as of December 31, 2025 and 2024 there were no uncertain tax positions. Because the Company is in a loss carryforward position, the Company is generally subject to US federal and state income tax examinations by tax authorities for all years for which a loss carryforward is available. This is because the utilization of net operating losses from prior years opens the relevant tax year to audit by the IRS and/or state taxing authorities. Interest and penalties, if any, as they relate to income tax assessed, are included in the income tax provision. The Company did not have any unrecognized tax benefits and has not accrued any interest or penalties for the years ended December 31, 2025 and 2024. If and when applicable, the Company will recognize interest and penalties as part of income tax expense. The amounts of cash income taxes paid by the Company were as follows: Year Ended Year Ended December 31, December 31, 2025 2024 Federal $ - $ - State and Local 4,425 - Income Taxes, net of amount refunded $ 4,425 $ - In July 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including domestic research cost expensing among other changes. Many of the tax provisions of the OBBBA are designed to accelerate tax deductions. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. The Company currently believes that the tax provisions of the legislation will not have a material impact on the Company’s Statement of Operations. F- 20 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements NOTE 10 - COMMITMENTS AND CONTINGENCIES License Agreements Third Party Licensor Based upon a prior acquisition, the Company assumed an obligation to pay a third party (Dr. Charles E. Inturrisi and Dr. Paolo Manfredi – see below): (A) royalty payments up to 2 % on net sales of licensed products that are not sold by sublicensee and (B) on each and every sublicense earned royalty payment received by licensee from its sublicensee on sales of license product by sublicensee, the higher of (i) 20 % of the royalties received by licensee; or (ii) up to 2 % of net sales of sublicensee. The Company will also make milestone payments of up to $ 4 or $ 2 million, for the first commercial sale of product in the field that has a single active pharmaceutical ingredient, and for the first commercial sale of product in the field of product that has more than one active pharmaceutical ingredient, respectively. As of December 31, 2025, the Company has not generated any revenue related to this license agreement. Inturrisi / Manfredi In January 2018, weentered into an Intellectual Property Assignment Agreement (the Assignment Agreement) and License Agreement (the License Agreement and together with the Assignment Agreement, the Agreements) with Dr. Charles E. Inturrisi and Dr. Paolo Manfredi (collectively, the Licensor). Pursuant to the Agreements, Relmada assigned its existing rights, including patents and patent applications, to esmethadone in the context of psychiatric use (the Existing Invention) to Licensor. Licensor then granted Relmada under the License Agreement a perpetual, worldwide, and exclusive license to commercialize the Existing Invention and certain further inventions regarding esmethadone in the context of other indications such as those contemplated above. In consideration of the rights granted to Relmada under the License Agreement, Relmada paid the Licensor an upfront, non-refundable license fee of $ 180,000 . Additionally, Relmada was to pay Licensor $ 45,000 every three months until the earliest to occur of the following events: (i) the first commercial sale of a licensed product anywhere in the world, (ii) the expiration or invalidation of the last to expire or be invalidated of the patent rights anywhere in the world, or (iii) the termination of the License Agreement. Relmada was to also pay Licensor tiered royalties with a maximum rate of 2 %, decreasing to 1.75 %, and 1.5 % in certain circumstances, on net sales of licensed products covered under the License Agreement. Relmada was to also pay Licensor tiered payments up to a maximum of 20 %, and decreasing to 17.5 %, and 15 % in certain circumstances, of all consideration received by Relmada for sublicenses granted under the License Agreement. On July 7, 2025, the Company delivered to the Licensor formal notice of termination of the License Agreement, ending the Company’s participation in the previously announced esmethadone development program. As a result of the notice of termination, all material obligations under the license agreement with the Licensor ceased as of October 5, 2025, which was 90 days after the date of the notice. There were no fees or costs associated with the termination of the License Agreement. Arbormentis, LLC On July 16, 2021, the Company entered into a License Agreement with Arbormentis, LLC, a privately held Delaware limited liability company, by which the Company acquired development and commercial rights to a novel psilocybin and derivate program from Arbormentis, LLC, worldwide excluding the countries of Asia. The Company will collaborate with Arbormentis, LLC on the development of new therapies targeting neurological and psychiatric disorders, leveraging its understanding of neuroplasticity, and focusing on this emerging new class of drugs targeting the neuroplastogen mechanism of action. Under the terms of the License Agreement, the Company paid Arbormentis, LLC an upfront fee of $ 12.7 million, consisting of a mix of cash and warrants to purchase the Company’s common stock, in addition to potential milestone payments totaling up to approximately $ 160 million related to pre-specified development and commercialization milestones. Arbormentis, LLC was also eligible to receive a low single digit royalty on net sales of any commercialized therapy resulting from this agreement. The new licensed program stems from an international collaboration among U.S., European and Swiss scientists that has focused on the discovery and development of compounds that may promote neural plasticity. Dr. Paolo Manfredi, co-inventor of REL-1017, and Dr. Marco Pappagallo, are among the scientists affiliated with Arbormentis, LLC. On May 12, 2025, the Company delivered to Arbormentis LLC a formal notice of termination of the License Agreement, ending the Company’s participation in the previously announced psilocybin development program. As a result of the cancellation, all obligations under the license agreement with Arbormentis ceased as of August 10, 2025, which was 90 days after the date of notice. There were no fees or costs associated with the termination of the License Agreement. F- 21 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements Trigone On March 24, 2025, the Company entered into an Exclusive License Agreement with Trigone, a privately held Israeli company. The license agreement is for Trigone’s NDV-01 product, which is a novel, sustained-release, intravesical gemcitabine/docetaxel, ready-for-use product candidate for the treatment of NMIBC. Under the terms of the agreement, the Company made a $ 3,500,000 upfront payment on March 25, 2025, and issued 3,017,420 shares of common stock, which represent 10 % of the Company’s outstanding shares, for exclusive worldwide rights to NDV-01, excluding Israel, India and South Africa. In addition, the Company will pay up to $ 200 million in development, regulatory and commercial milestones pending successful commercialization. The Company will also pay a royalty of 3 % on any net sales. As of December 31, 2025, a milestone had been achieved with a $ 2 million payment. The milestone payment was accrued for as of December 31, 2025 and paid to Trigone in January 2026. Leases and Subleases On August 1, 2021, the Company relocated its corporate headquarters to 2222 Ponce de Leon, Floor 3, Coral Gables, FL 33134, pursuant to a lease agreement with monthly rent of approximately $ 11,000 . The lease period was for five months . The lease agreement expired on December 31, 2021 and was renewed for each subsequent year with monthly rent for the years end December 31, 2025 and 2024 of approximately $ 4,500 and $ 7,000 , respectively. Beginning on December 1, 2023, we leased office space at 12 E 49 th Street, New York, NY 10022 for with monthly rent of approximately $ 12,000 that lease was terminated on May 31, 2024 . Beginning on May 29, 2024, we leased office space at 12 E 49 th Street, New York, NY 10022 with monthly rent of approximately $ 10,500 ; that lease expired on May 30, 2025 with the Company continuing to lease the space under a month-to-month option. In accordance with ASC 842, Leases , the Company has elected the practical expedient and recognizes rent expense evenly over the 12 months. The Company incurred rent expense of approximately $ 190,700 and $ 236,900 for the years ended December 31, 2025 and 2024, respectively. Legal From time to time, the Company may become involved in lawsuits and other legal proceedings that arise in the course of business. Litigation is subject to inherent uncertainties, and it is not possible to predict the outcome of litigation with total confidence. The Company is currently not aware of any legal proceedings or potential claims against it whose outcome would be likely, individually or in the aggregate, to have a material adverse effect on the Company’s business, financial condition, operating results, or cash flows. NOTE 11 - OTHER POSTRETIREMENT BENEFIT PLAN Relmada participates in a multiemployer 401(k) plan that permits eligible employees to contribute funds on a pretax basis subject to maximum allowed under federal tax provisions. The Company matches 100 % of the first 3 % of employee contributions, plus 50 % of employee contributions that exceed 3 % but do not exceed 5 %. The employees choose an amount from various investment options for both their contributions and the Company’s matching contribution. The Company’s contribution expense was $ 176,365 and $ 135,298 for the years ended December 31, 2025 and 2024, respectively. NOTE 12 – SEGMENT REPORTING The Company determined its reporting units in accordance with ASC 280, Segment Reporting . Reportable operating segments are determined based on the management approach, as defined by ASC 280, is based on the way that the chief operating decision-maker (CODM) organizes segments within the Company for making operating decisions, assessing performance, and allocating resources. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates the Company. Management determined the Company’s operations constitute a single reportable segment in accordance with ASC 280: clinical stage drug development. The Company derives all of its losses from the development of clinical stage drugs expenses. The Company’s CODM is its chief executive officer and chief financial officer . The CODM assesses performance and makes operating decisions about allocating resources based on the research and development operating expenses on the Consolidated Statements of Operations. The CODM does not review assets in evaluating the results of the clinical stage development, and therefore, such information is not presented. F- 22 Relmada Therapeutics, Inc. Notes to Consolidated Financial Statements The following table provides the operating expenses of our clinical stage drug development segment (rounded to the nearest $00): December 31, December 31, 2025 2024 Clinical Study Expense $ 11,789,600 $ 11,376,200 Other Research Expense 4,604,500 23,616,000 Manufacturing and Drug Storage Expense 3,531,900 1,567,400 Pre-clinical Expense - 328,900 Compensation Expense 4,631,600 3,349,400 Stock-based Compensation Expense 2,321,500 5,937,600 Total Research and Development Expense $ 26,879,100 $ 46,175,500 NOTE 13 - SUBSEQUENT EVENTS On March 9, 2026, the Company entered into a Securities Purchase Agreement for a private placement with certain institutional and accredited investors (collectively, the Purchasers). The closing of the Private Placement (the Closing) occurred on March 11, 2026. Pursuant to the Purchase Agreement, the Purchasers purchased, for an aggregate purchase price of approximately $ 160.0 million, an aggregate of (i) 29,474,569 shares of the Company’s common stock, par value $ 0.001 per share, at a price of $ 4.75 per Share and (ii) pre-funded warrants to purchase up to 4,210,527 shares of common stock at a price of $ 4.749 per pre-funded warrant, which represents the per share purchase price for the common stock less the $ 0.001 per share exercise price for each such Pre-Funded Warrant. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes, which includes the advancement of research and development of its product candidates. The proceeds to Relmada from the Purchase Agreement, before deducting fees, other expenses payable by Relmada, and excluding the exercise of any pre-funded warrants, were approximately $ 160 million. On March 9, 2026, holders exercised 2,080,500 prefunded warrants on a cashless basis. As a result of the exercise, the Company issued an aggregate of 2,080,032 shares of its common stock. No cash proceeds were received by the Company in connection with the cashless exercise of these prefunded warrants. F- 23 Exhibits Certain of the agreements filed as exhibits to this Annual Report contain representations and warranties by the parties to the agreements that have been made solely for the benefit of the parties to the agreement. These representations and warranties: ● may have been qualified by disclosures that were made to the other parties in connection with the negotiation of the agreements, which disclosures are not necessarily reflected in the agreements; ● may apply standards of materiality that differ from those of a reasonable investor; and ● were made only as of specified dates contained in the agreements and are subject to subsequent developments and changed circumstances. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date that these representations and warranties were made or at any other time. Investors should not rely on them as statements of fact. Exhibit Number Description 2.1 Share Exchange Agreement, dated May 20, 2014, by and among Camp Nine, Inc., Relmada Therapeutics, Inc., and the stockholders of Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 2.1 of Relmada’s Form 8-K filed with the SEC on May 27, 2014). 3.1 (i) Articles of Incorporation of Camp Nine, Inc. (incorporated by reference to Exhibit 3.1 of Relmada’s Registration Statement on Form S-1 filed with the SEC on November 13, 2012). (ii) Certificate of Designation dated May 13, 2014 (incorporated by reference to Exhibit 4.1 to Relmada’s Report on Form 8-K filed with the SEC on May 19, 2014). (iii) Nevada Certificate of Amendment to Articles of Incorporation of Camp Nine, Inc., effective May 30, 2014 (incorporated by reference to Exhibit 3.1 of Relmada’s Form 8-K filed with the SEC on June 2, 2014). (iv) Nevada Certificate of Amendment to Articles of Incorporation of Camp Nine, Inc., effective July 8, 2014 (incorporated by reference to Exhibit 3.1 of Relmada’s Form 8-K filed with the SEC on July 14, 2014). (v) Certificate of Change of Relmada Therapeutics, Inc. dated September 26, 2019 (incorporated by reference to Exhibit 3.1 of Relmada’s Form 8-K filed with the SEC on September 27, 2019). (vi) Certificate of Amendment to Articles of Incorporation dated September 22, 2022 (incorporated by reference to Exhibit 3.1 of Relmada’s Form 8-K filed with the SEC on September 22, 2022). 3.2 Second Amended and Restated Bylaws of Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 3.2 of Relmada’s Form 8-K filed with the SEC on November 25, 2015). 48 Exhibit Number Description 4.8 Form of 2019 Warrant (incorporated by reference to Exhibit 4.1 of Relmada’s Form 10-Q filed with the SEC on May 15, 2019). 4.9 Form of Exchanged Warrant [(incorporated by reference to Exhibit 4.1 of Relmada’s Form 8-K filed with the SEC on September 22, 2022).] 4.10 Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 of Relmada’s Form 8-K filed with the SEC on November 5, 2025). 4.10 Description of Securities (incorporated by reference to the description of the Company’s common stock, par value $0.001 per share, under the heading “Description of Securities We May Offer—Authorized Capital Stock; Issued and Outstanding Capital Stock,” “—Common Stock,” “—Forum for Adjudication of Disputes, “—Anti-takeover Effects of Our Articles of Incorporation and By-laws, and “—Anti-takeover Effects of Nevada Law” in the Company’s Registration Statement on Form S-3 (File No. 333-245054), filed with the Securities and Exchange Commission on August 12, 2020) 10.1 Agreement and Plan of Merger dated as of December 31, 2013 between Relmada Therapeutics, Inc. and Medeor, Inc. (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on May 27, 2014). 10.2 2014 Stock Option and Equity Incentive Plan (incorporated by reference to Exhibit 10.14 of Relmada’s Form S-1/A filed with the SEC on December 9, 2014) 10.3 Director Agreement, dated July 14, 2015, by and between Charles J. Casamento and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on July 16, 2015) 10.4 Director Indemnity Agreement, dated July 14, 2015, by and between Charles J. Casamento and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.2 of Relmada’s Form 8-K filed with the SEC on July 16, 2015) 10.5 Amended 2014 Stock Option and Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on August 7, 2015). 10.6 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.2 of Relmada’s Form 8-K filed with the SEC on August 7, 2015). 49 Exhibit Number Description 10.9 Form of Note and Warrant Purchase Agreement (incorporated by reference to Exhibit 10.1 of Relmada’s Form 10-Q filed with the SEC on February 12, 2018). 10.10 Third Amendment to the 2014 Stock Option and Equity Incentive Plan, as amended (incorporated by reference to Exhibit 10.3 of Relmada’s Form 10-Q filed with the SEC on May 14, 2018). 10.11 Form of Unit Purchase Agreement among Relmada Therapeutics, Inc. and certain accredited investors (incorporated by reference to Exhibit 10.1 of Relmada’s Form 10-Q filed with the SEC on November 13, 2018). 10.12 Amendment No. 4 to the Relmada Therapeutics, Inc. 2014 Stock Option and Equity Incentive Plan, as amended (incorporated by reference to Exhibit 10.1 of Relmada’s Form 10-Q filed with the SEC on May 15, 2019). 10.13 Form of Share Purchase Agreement, dated September 23, 2019 and September 26, 2019, among Relmada Therapeutics, Inc. and certain accredited investors named therein (incorporated by reference to Exhibit 10.4 of Relmada’s Form 10-Q filed with the SEC on November 13, 2019). 10.14 Form of Registration Rights Agreement, dated September 23, 2019 and September 26, 2019, among Relmada Therapeutics, Inc. and certain accredited investors named therein (incorporated by reference to Exhibit 10.5 of Relmada’s Form 10-Q filed with the SEC on November 13, 2019). 10.15 Amended and Restated Unit Purchase Agreement dated November 27, 2019, between Relmada Therapeutics, Inc., and certain accredited investors (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on December 3, 2019). 10.17 Director Agreement, effective December 19, 2019, by and between Eric Schmidt and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on December 26, 2019). 10.18 Indemnity Agreement, effective December 19, 2019, by and between Eric Schmidt and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.2 of Relmada’s Form 8-K filed with the SEC on December 26, 2019). 10.19 Director Agreement, effective December 19, 2019, by and between John Glasspool and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.3 of Relmada’s Form 8-K filed with the SEC on December 26, 2019). 50 Exhibit Number Description 10.20 Indemnity Agreement, effective December 19, 2019, by and between John Glasspool and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.4 of Relmada’s Form 8-K filed with the SEC on December 26, 2019). 10.21 Employment Agreement, dated January 9, 2020, by and between Maged Shenouda and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on January 10, 2020). 10.22 Employment Agreement, dated January 9, 2020, by and between Charles Ence and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.2 of Relmada’s Form 8-K filed with the SEC on January 10, 2020). 10.23 Amended and Restated Employment Agreement, dated January 9, 2020, by and between Sergio Traversa and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.3 of Relmada’s Form 8-K filed with the SEC on January 10, 2020). 10.24 Amendment No. 5 to Stock Option and Equity incentive Plan (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on March 9, 2020). 10.25 Open Market Sale Agreement SM dated as of April 7, 2022 by and between Relmada Therapeutics, Inc. and Jefferies LLC. (incorporated by reference to Exhibit 1.2 to the Registrant’s Registration Statement on Form S-3 filed with the Commission on April 7 ,2022. 10.26 Relmada Therapeutics, Inc., 2021 Equity Incentive Plan (incorporated by reference to Exhibit 10.61 of Relmada’s Form 10-K filed with the SEC on March 24, 2021). 10.28 Exchange Agreement between Relmada Therapeutics, Inc., and Venrock Healthcare Capital Partners EG, L.P., Venrock Healthcare Capital Partners II, L.P., VHCP Co-Investment Holdings II, LLC, Venrock Healthcare Capital Partners III, L.P., and VHCP Co-Investment Holdings III, LLC, dated September 21, 2022 (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on September 22, 2022). 51 Exhibit Number Description 10.30 Advisory Agreement dated as of January 1, 2023, between Relmada Therapeutics, Inc., and Paul Kelly (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on January 5, 2023). 10.31 Director Agreement between Relmada Therapeutics, Inc., and Fabiana Fedeli (incorporated by reference to Exhibit 99.1 of Relmada’s Form 8-K filed with the SEC on January 17, 2023). 10.32 Indemnity Agreement between Relmada Therapeutics, Inc., and Fabiana Fedeli (incorporated by reference to Exhibit 99.2 of Relmada’s Form 8-K filed with the SEC on January 17, 2023). 10.33 Employment Agreement, dated January 1, 2025, between Relmada Therapeutics, Inc. and Paul Kelly (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.34 Amended and Restated Employment Agreement, dated January 1, 2025, by and between Sergio Traversa and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.2 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.35 Amended and Restated Employment Agreement, dated January 1, 2025, by and between Maged Shenouda and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.3 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.36 Amended and Restated Employment Agreement, dated January 1, 2025, by and between Charles Ence and Relmada Therapeutics, Inc. (incorporated by reference to Exhibit 10.4 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.37 Retention Compensation Agreement, effective as of August 27, 2024, between Relmada Therapeutics, Inc. and Sergio Traversa (incorporated by reference to Exhibit 10.5 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.38 Retention Compensation Agreement, effective as of August 27, 2024, between Relmada Therapeutics, Inc. and Maged Shenouda (incorporated by reference to Exhibit 10.6 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.39 Retention Compensation Agreement, effective as of August 27, 2024, between Relmada Therapeutics, Inc. and Charles Ence (incorporated by reference to Exhibit 10.7 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.40 Retention Compensation Agreement, effective as of August 27, 2024, between Relmada Therapeutics, Inc. and Paul Kelly (incorporated by reference to Exhibit 10.8 of Relmada’s Form 8-K filed with the SEC on January 6, 2025). 10.41 Asset Purchase Agreement between Relmada Therapeutics, Inc. and Asarina Pharma AB, dated February 3, 2025 (incorporated by reference to Exhibit 10.1 of Relmada’s Form 8-K filed with the SEC on February 6, 2025) 10.42‡ Exclusive License Agreement between Trigone Pharma, Ltd., and Relmada Therapeutics, Inc., dated March 24, 2025 (incorporated by reference to Exhibit 10.2 of Relmada’s Form 10-Q filed with the SEC on May 12, 2025). 19.1 Insider Trading Policy, effective November 10, 2020 (incorporated by reference to Exhibit 19.1of Relmada’s Form 10-K filed with the SEC on March 27, 2025) 52 Exhibit Number Description 21.1 List of Subsidiaries (incorporated by reference to Exhibit 21.1 of Relmada’s Form 10-K filed with the SEC on September 9, 2014). 23.1* Consent of CBIZ CPAs P.C. 23.2* Consent of Marcum LLP 31.1* Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification of Principal Financial and Accounting Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1† Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2† Certification of Principal Financial and Accounting Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 97.1 Clawback Policy, effective November 21, 2023 (incorporated by reference to Exhibit 97.1 of Relmada’s Form 10-K filed with the SEC on March 27, 2025). 101.INS* Inline XBRL Instance Document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document. 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document. 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). * Filed herewith † Furnished herewith ‡ Certain portions of this Exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. ITEM 16. FORM 10-K SUMMARY None. 53 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant. Dated: March 19, 2026 RELMADA THERAPEUTICS, INC. By: /s/ Sergio Traversa Sergio Traversa Chief Executive Officer (Duly Authorized Officer and Principal Executive Officer) By: /s/ Maged Shenouda Maged Shenouda Chief Financial Officer (Duly Authorized Officer and (Principal Financial and Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacities and on the dates indicated. Signature Title Date /s/ Sergio Traversa Chief Executive Officer, and Director March 19, 2026 Sergio Traversa /s/ Maged Shenouda Chief Financial Officer March 19, 2026 Maged Shenouda /s/ Charles J. Casamento Chairman of the Board March 19, 2026 Charles J. Casamento /s/ Paul Kelly Chief Operating Officer, and Director March 19, 2026 Paul Kelly /s/ John Glasspool Director March 19, 2026 John Glasspool /s/ Fabiana Fedeli Director March 19, 2026 Fabiana Fedeli 54