What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-12 compared with 2025-11-13 · 363 added, 405 removed, 385 unchanged (67% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets

September 30,

Current assets:

3 unchanged sentences

Total current assets

$ 235,362,794

Liabilities and Stockholders’ Equity

16 unchanged sentences

Total liabilities and stockholders’ equity

$ 235,362,794

The accompanying notes are an integral part of

3 unchanged sentences

Three months ended

Nine months ended

September 30,

Operating expenses:

5 unchanged sentences

( 18,218,435 )

( 38,767,088 )

( 64,815,482 )

Other (expenses) income:

Other income:

Interest/investment income, net

Realized (loss)/gain on short-term investments

Unrealized gain on short-term investments

Total other (expense) income – net

$ ( 10,091,496 )

$ ( 21,725,970 )

Unrealized (loss)/gain on short-term investments

Total other income, net

$ ( 19,051,956 )

5 unchanged sentences

Relmada Therapeutics, Inc.

Condensed Consolidated Statements of

Changes in Stockholders’ Equity

Three and Nine months ended September 30, 2025

Condensed Consolidated Statements of Changes

in Stockholders’ Equity

Three months ended March 31, 2026

Balance - December 31, 2025

2 unchanged sentences

Stock based compensation

Issuance of Restricted Common Stock

Proceeds from issuance of common stock, net

Cashless exercise of pre-funded warrants for common stock

( 19,051,956 )

2 unchanged sentences

$ 935,946,841

Stock-based compensation

$ ( 717,319,154 )

$ 218,732,577

Balance – June 30, 2025

( 668,307,942 )

Stock-based compensation

( 10,091,496 )

Balance – September 30, 2025

$ 687,831,786

$ ( 678,399,438 )

Three and Nine months ended September 30, 2024

Three months ended March 31, 2025

Balance - December 31, 2024

2 unchanged sentences

Stock based compensation

Options exercises for common stock

Issuance of restricted common stock

( 17,559,465 )

2 unchanged sentences

$ 680,848,800

Stock-based compensation

$ ( 658,441,500 )

( 17,768,122 )

Balance – June 30, 2024

( 600,498,929 )

Stock-based compensation

( 21,725,970 )

Balance – September 30, 2024

$ 669,819,907

$ ( 622,224,899 )

The accompanying notes are an integral part of

2 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Nine months ended

September 30,

Three months ended

Cash flows from operating activities

3 unchanged sentences

Stock-based compensation

Realized gain on short-term investments

Unrealized gain on short-term investments

Fair value changes on stock appreciation rights

Stock appreciation rights compensation

Issuance of restricted common stock

Realized loss/(gain) on short-term investments

Unrealized loss/(gain) on short-term investments

Change in operating assets and liabilities:

Prepaid expenses and other assets

Prepaid expenses

Accounts payable

( 2,865,553 )

( 1,160,468 )

Accrued expenses

7 unchanged sentences

( 149,517,480 )

( 11,424,986 )

Sale of short-term investments

Net cash provided by investing activities

Net cash (used in)/provided by investing activities

( 135,226,997 )

Cash flows from financing activities

Proceeds from options exercised for common stock

Net cash (used in)/provided by financing activities

Net decrease in cash and cash equivalents

Proceeds from issuance of common stock

Payment of fees for issuance of common stock

( 3,360,000 )

Net cash provided by financing activities

Net increase/(decrease) in cash and cash equivalents

( 2,707,320 )

1 unchanged sentence

Cash and cash equivalents at end of the period

Supplemental disclosure of cash flow information:

Cash paid during the period for:

Non-cash investing and financing activities:

Cashless exercise of warrants for common stock

Fees for issuance of common stock included in accounts payable

Fees for issuance of common stock included in accrued expenses

The accompanying notes are an integral part of

4 unchanged sentences

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.

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 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.

NDV-01 is currently in a Phase 2 clinical trial in Israel 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, with additional potential

indications in Tourette Syndrome, excessive tremor and other diseases related to excessive GABAergic activity.

The Esmethadone (d-methadone, dextromethadone,

REL-1017) program has been terminated effective July 7, 2025.

REL-1017) program was terminated effective July 7, 2025.

Relmada was also developing a proprietary, modified-release

8 unchanged sentences

and other governmental regulations and approval requirements.

On January 21, 2025, Relmada Therapeutics, Inc.

(the “Company”) received a written notification from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”)

notifying the Company that, for the 30 consecutive business days ended January 17, 2025, the Company’s security did not maintain

a minimum bid price of $ 1 per share.

Nasdaq stated in its letter that in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company

had a compliance period of 180 calendar days from the date of the notice (“Initial Compliance Period”), and that it may regain

compliance if the closing bid of the Company’s security is at least $ 1 for a minimum of ten consecutive business days during the

Initial Compliance Period, which ended on July 21, 2025.

On July 22, 2025, Nasdaq notified the Company

that it had approved the Company’s application to transfer its listing to the Nasdaq Capital Market.

The Company’s common

stock was transferred to the Nasdaq Capital Market at the opening of business on July 24, 2025.

Nasdaq also approved a 180-day extension,

or until January 19, 2026 (the “Compliance Period”), to regain compliance with the minimum bid price in accordance with Nasdaq

Listing Rule 5550(a)(2).

To regain compliance, the Company’s common stock must maintain a closing bid price of at least $ 1.00 per

share for a minimum of 10 consecutive business days at any time prior to the expiration of the Compliance Period.

On September 15, 2025, the Company received written

notice of compliance from Nasdaq stating that for 10 consecutive trading days, from August 29, 2025 to September 12, 2025, the closing

bid price of the Company’s common stock had been at $ 1.00 per share or greater, and accordingly, the Company regained compliance

with Nasdaq Listing Rule 5550(a)(2).

Nasdaq informed the Company in the compliance notice that it now considered this matter closed.

On February 3, 2025, the Company entered into

7 unchanged sentences

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.

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,

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.

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.

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.

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.

As of March 31, 2026, no additional milestones were achieved.

Relmada Therapeutics, Inc.

7 unchanged sentences

until such time that it can generate significant revenue from the commercialization of its product candidates.

During the nine months

ended September 30, 2025, the Company incurred a net loss of $ 37,517,403 and had negative operating cash flows of $ 31,190,765 .

At September,

30, 2025, the Company was projecting insufficient liquidity to sustain its operations through one year following the date that the financial

statements are issued.

During the three months

ended March 31, 2026, the Company incurred a net loss of $ 19,051,956 and had negative operating cash flows of $ 15,067,488 .

On November 5, 2025, the Company announced the

4 unchanged sentences

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, are approximately $ 94 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 unaudited condensed consolidated quarterly 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.

expenditures related to any subsequent clinical trials will not be incurred until such additional financing is raised.

As a result, the

Company concluded that management’s plans alleviated substantial doubt about the Company’s ability to continue as a going

concern as of September 30, 2025 and the Company has sufficient funds to maintain operations for at least 12 months from the issuance

of these unaudited condensed consolidated financial statements.

NOTE 3 - SUMMARY OF SIGNIFICANT

ACCOUNTING POLICIES

The net proceeds to the Company from the

offering, before deducting other expenses payable by the Company, 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 Purchasers purchased 29,474,569

shares of the Company’s common stock, par value $ 0.001 per share and pre-funded warrants up to 4,210,527 shares of common stock.

The closing of the Private Placement occurred on March 11, 2026.

The shares of common stock were sold at an offering price of $ 4.75 per

share, and the pre-funded warrants were sold at an offering 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 net proceeds from the Purchase

Agreement, before deducting fees, other expenses payable by the Company, and excluding the exercise of any pre-funded warrants, were approximately

$ 150 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 unaudited condensed consolidated financial statements.

that point management will evaluate the size and scope of any subsequent trials that will affect the timing of additional financing 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.

the Company concluded the Company has sufficient funds to maintain operations for at least 12 months from the issuance of these unaudited

condensed consolidated financial statements.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements

and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.

The accompanying unaudited condensed 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) for interim unaudited condensed consolidated financial information.

Accordingly, they do not include all of the information and

footnotes required by U.S.

Accordingly, they do not include all of the

information and footnotes required by U.S.

GAAP for complete consolidated financial statements.

The unaudited condensed consolidated financial statements

reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement

of the results for the interim periods presented.

Interim results are not necessarily indicative of the results for the full year.

unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements

of the Company for the year ended December 31, 2024 and notes thereto contained in the Company’s Annual Report on Form 10-K.

The unaudited condensed consolidated financial

statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for

a fair statement of the results for the interim periods presented.

Interim results are not necessarily indicative of the results for the

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial

statements of the Company for the year ended December 31, 2025 and notes thereto contained in the Company’s Annual Report on Form

Principles of Consolidation

4 unchanged sentences

Use of Estimates

The preparation of financial statements in conformity

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 unaudited condensed consolidated financial statements and the reported amounts

of revenues and expenses for the reporting period.

The preparation of unaudited condensed consolidated 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 unaudited condensed consolidated 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 and recorded amounts related to income taxes.

The significant estimates

are stock-based compensation expenses, stock appreciation rights expense, and recorded amounts related to income taxes.

Cash and Cash Equivalents

5 unchanged sentences

their fair value.

The Company’s cash and cash equivalents balance of $ 1,384,484 and $ 3,857,026 at September 30, 2025 and December

The Company’s cash and cash equivalents of $ 9,776,400 and $ 3,496,540 at March 31, 2026 and December 31, 2025,

respectively, at these institutions exceed the federally insured limits.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Short-term Investments

The Company’s investments consist entirely of mutual funds.

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 accounting

Changes in fair value of the securities are recorded as part of other income on the unaudited condensed consolidated statement

of operations.

Short-term investment activity is presented in the investing activities section on the condensed consolidated statement

of cash flows.

Short-term investments at September 30, 2025 and December 31, 2024

The Company’s investments consist entirely of mutual fund and

corporate debt securities.

Mutual fund securities are measured at fair value based on the net asset value “NAV”.

debt securities are measured at fair value using observable inputs.

Changes in fair value of the securities are recorded as part of other

income on the unaudited condensed consolidated statement of operations.

Short-term investment activity is presented in the investing activities

section on the condensed consolidated statements of cash flows.

Short-term investments at March 31, 2026 and December

31, 2025 consisted of mutual funds with a fair value of $ 224,186,743 and $ 89,509,710 , respectively.

1 unchanged sentence

are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.

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

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.

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

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.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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 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:

10 unchanged sentences

the fair value hierarchy levels.

The Company’s short-term investment instruments of $ 12,502,040

at September 30, 2025 consist of mutual funds and are classified using Level 1 inputs within the fair value hierarchy because they

are valued using NAV.

Unrealized gains and losses are recorded in the condensed consolidated statement of operations as unrealized gain

on short-term investment.

The Company recorded an unrealized gain of $ 70,275 and $ 212,210 included in other income for the three and nine

months ended September 30, 2025, respectively.

The Company recorded unrealized gains of $ 278,555 and $ 283,803 included in other income

for the three and nine months ended September 30, 2024, respectively.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

The Company’s short-term investment instruments

of $ 224,186,743 at March 31, 2026 consist of mutual funds and corporate debt securities.

Mutual fund securities are classified using Level 1

inputs within the fair value hierarchy because they are valued using NAV per share in an active market and are readily redeemable at that

value on a daily basis without restriction.

As of March 31, 2026, the mutual fund securities balance was $ 174,980,438 .

Corporate debt securities are classified using

Level 2 inputs within the fair value hierarchy because they are measured using observable inputs such as benchmark yields, credit spreads,

and quoted prices for similar securities in active or inactive markets.

As of March 31, 2026, the corporate securities balance was $ 49,206,305 .

Unrealized gains and losses are recorded in the condensed consolidated statement of operations as unrealized

gain on short-term investments.

The Company recorded unrealized losses of $ 540,097 and unrealized gains of $155,731 included in other

income for the three months ended March 31, 2026 and 2025, respectively.

The Company’s stock appreciation rights

5 unchanged sentences

The volatility is calculated based on the Company’s historical stock price over a period of time.

As of September 30, 2025, the stock appreciation rights liability had

a fair value of $ 221,107 .

Significant inputs for Level 3 stock appreciation rights liability fair value measurement at September

30, 2025 are (1) discount rate of 3.74 % - 3.84 %, (2) expected life of 5 – 6 years, (3) expected volatility of 132 % - 137 %, (4) zero

expected dividends, (5) stock price of $ 2.01 and (6) exercise price of $ 0.45 - $ 3.84 .

There have been no transfers in and out of level

3 during the three and nine months ended September 30, 2025, respectively.

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.

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.

As of September 30, 2025,

and December 31, 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.

As of March 31, 2026, the stock appreciation rights

liability had a fair value of $ 3,738,583 .

Significant inputs for Level 3 stock appreciation rights liability fair value measurement

at March 31, 2026 are disclosed in Footnote 6.

There have been no transfers in and out of level 3 during the three-months

ended March 31, 2026 and 2025.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

The Company accounts for income taxes using the asset and liability

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.

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.

As of March 31, 2026 and December 31, 2025, the Company had

recorded 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.

5 unchanged sentences

expenses in the statements of operations.

There were no liabilities recorded for uncertain tax positions at September 30, 2025 and December

There were no liabilities recorded for uncertain tax positions at March 31, 2026 and December

The open tax years, subject to potential examination by the applicable taxing authority, for the Company are from December 31,

18 unchanged sentences

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.

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.

Reclassification

Certain amounts in the prior period’s unaudited

condensed consolidated financial statements have been reclassified to conform to the current period presentation.

These reclassifications

had no impact on previously reported net loss, total assets, total liabilities, or stockholders’ equity.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Net Loss per Common Share

2 unchanged sentences

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.

For the nine months ended September 30, 2025 and 2024, 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):

Nine months ended

September 30,

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.

For the three months ended March 31, 2026 and

2025, 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

Three months ended

Stock options

Common stock warrants

Adoption of Recent Accounting Standards

In November 2023, The FASB issued ASU

2023-07, “ Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures ” which expands annual and

interim disclosures for reportable segments, primarily through enhanced disclosures about significant segment expenses.

was effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early

adoption permitted.

The Company adopted this standard effective January 1, 2024 and the standard did not have significant impact on

our consolidated financial statements.

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 effective January 1, 2025 and the updated standard did not have a significant impact

on our consolidated financial statement disclosures.

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, which could lead

to lower tax payments.

The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future.

While the Company continues to assess the impact of the tax provisions of the OBBBA on its condensed consolidated financial statements,

the Company currently believes that the tax provisions of the legislation are not expected to have a material impact on the Company’s

Statement of Operations.

Recent Accounting Standards

12 unchanged sentences

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.

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 and interim periods beginning January

1, 2027, with updates applied prospectively.

Early adoption is permitted.

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.

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

This standard is effective for the Company for annual 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.

The Company is currently evaluating the impact of this guidance on its consolidated

financial statements.

In April 2026, the FASB issued ASU 2026-01, Equity—Initial

Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (Topic 505) .

This ASU clarifies the initial measurement

and recognition of paid-in-kind (PIK) dividends on equity-classified preferred stock, including the timing and classification of such

dividends within equity.

The guidance is intended to reduce diversity in practice and improve comparability in the accounting for preferred

stock instruments with PIK features.

The standard is effective for the Company for annual and interim periods beginning January 1, 2027,

with early adoption permitted.

The guidance is to be applied either on a prospectively or modified retrospectively.

The Company is currently

evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Relmada Therapeutics, Inc.

2 unchanged sentences

Prepaid expenses consisted of the following (rounded to nearest $00):

September 30,

Research and Development

1 unchanged sentence

Accrued expenses consisted of the following (rounded to nearest $00):

September 30,

Research and development

Accrued fees for issuance of common stock

Professional fees

2 unchanged sentences

NOTE 6 - STOCK APPRECIATION RIGHTS

During the nine months ended September 30, 2025,

775,000 cash-settled SARs were issued to employees and consultants with an exercise price ranging from $ 0.45 to $ 0.67 with a 10 -year

During the three months ended March 31, 2026,

175,000 cash-settled stock appreciation rights have been issued to consultants with an exercise price of $ 4.11 – $ 4.32 with a 10 -year

term and vesting over a 4 -year period.

2 unchanged sentences

3.87 %, (2) expected life of 6.25 years, (3) expected volatility of 135 %, and (4) zero expected dividends.

At September 30, 2025, the Company revalued the

cash-settled SARs using a stock price of $ 2.01 and an exercise price ranging from $ 0.45 to $ 3.84 .

Variables used

in the Black-Scholes option-pricing model include:

(1) discount rate of 3.74 % - 3.84 %, (2) expected life of 5 – 6 years, (3) expected

volatility of 132 % - 137 % and (4) zero expected dividends.

As of September 30, 2025, the total liability

related to cash-settled SARs is $ 221,107 , reflecting the fair value as of the reporting date.

For the nine months ended September 30,

2025, the Company recorded compensation related to the cash-settled SARs in the amount of $ 216,640 , included $ 202,159 and $ 14,481 research

and development and general and administrative expense, respectively, in the accompanying unaudited condensed consolidated statements

of operations.

A summary of the changes in SARs during the nine months ended September

At March 31, 2026, the Company revalued the cash-settled

stock appreciation rights using a stock price of $ 6.96 and an exercise price of $ 0.45 - $ 4.32 .

Variables used in the Black-Scholes option-pricing

model include:

(1) discount rate of 3.92 % - 4.

02 %, (2) expected life of 4.50 – 6.25 years, (3) expected volatility of 130 % - 148 %

and (4) zero expected dividends.

As of March 31, 2026, the total liability related to cash-settled SARs

is $ 3,738,583 , reflecting the fair value as of the reporting date.

During the quarters ended March 31, 2026, the Company recorded compensation

related to the cash-settled SARs in the amount of $ 802,590 and 1,875,062 , included in research and development and general and administrative

expenses, respectively in the accompanying unaudited condensed consolidated statements of operations.

A summary of the changes in SARs during the three months ended March

31, 2026 is as follows:

Number of Cash-Settled

SARS Weighted

3 unchanged sentences

Granted 175,000 $ 4.17 9.79 $ -

Outstanding at September 30, 2025 885,000 $ 0.97 9.47 $ -

SARs vested at September 30, 2025 -

At September 30, 2025, the Company has unrecognized

compensation expense of approximately $ 1,450,100 related to unvested SARs which will be recognized over the weighted

Cancelled/Forfeited ( 103,125 ) $ -

Outstanding at March 31, 2026 5,506,000 $ 3.57 9.59 $ 18,683,400

SARs vested at March 31, 2026 486,313 $ 2.85 9.37 $ 1,996,853

At March 31, 2026, the Company has unrecognized

compensation expense of approximately $ 32,066,100 related to unvested stock appreciation rights which will be recognized over the weighted

average remaining service period of 3.59 years.

2 unchanged sentences

NOTE 7 - STOCKHOLDERS’ EQUITY

During the nine months ended September 30, 2025,

During the three months ended March 31, 2026,

the Company issued 2,082,032 shares of common stock upon the cashless exercise of 2,082,500 warrants.

During the three months ended March 31, 2025,

the Company issued 3,017,420 shares of restricted common stock in accordance with the license agreement with Trigone Pharma.

1 unchanged sentence

of the transaction.

During the nine months ended September 30, 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, as sales agent (the “ATM”), pursuant to which we may offer and sell, from time

to time, through Jefferies, 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 September 30, 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, are approximately $ 94 million.

Open Market Sale Agreement with Jefferies, as sales agent, pursuant to which we may offer and sell, from time to time, through Jefferies,

shares of our common stock, having an aggregate offering price of up to $ 100 million.

We are not obligated to sell any shares under the

As of March 31, 2026, 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 the Company from the

offering, after deducting other expenses payable by the Company, 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 Purchasers purchased 29,474,569

shares of the Company’s common stock, par value $ 0.001 per share and pre-funded warrants up to 4,210,527 shares of common stock.

The closing of the Private Placement occurred on March 11, 2026.

The shares of common stock were sold at an offering price of $4.75 per

share, and the pre-funded warrants were sold at an offering 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 net proceeds from the Purchase

Agreement, after deducting fees payable by the Company, and excluding the exercise of any pre-funded warrants, were approximately $ 150

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 “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 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 “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

1 unchanged sentence

of 1,500,000 options or other stock awards.

In May 2022, the Company’s Board of Directors

adopted, and 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.

In May 2023, the Company’s Board of Directors

adopted and 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.

In May 2025, the Company’s Board of Directors

adopted and 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 shares.

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

These combined plans allowed for the granting

2 unchanged sentences

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.

From January 1, 2025 through September 30, 2025,

3,103,567 options were issued with a weighted average exercise price of $ 0.65 and a 10 -year term, vesting over a 4 year

The options granted include time-based vesting grants.

The options have an aggregate fair value of $ 1,894,177 calculated using

the Black-Scholes option-pricing model.

Variables used in the Black-Scholes option-pricing model include:

(1) discount rate of 3.90 %

- 4.16 % (2) expected life of 6.25 years, (3) expected volatility of 126 % - 132 %, and (4) zero expected dividends.

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.

Relmada Therapeutics, Inc.

2 unchanged sentences

A summary of the changes in options during the

three months ended September 30, 2025 is as follows:

three months ended March 31, 2026 is as follows:

Options Weighted

2 unchanged sentences

Outstanding and expected to vest at December 31, 2025 15,020,604 $ 12.51 6.69 $ 20,007,758

Granted 3,103,567 $ 0.65 -

Cancelled ( 125 ) $ -

Outstanding at September 30, 2025 14,149,986 $ 13.05 6.73 $ 4,218,100

Options exercisable at September 30, 2025 9,732,827 $ 17.96 5.72 $ 242,635

At September 30, 2025, the Company has unrecognized

stock-based compensation expense of approximately $ 7.7 million related to unvested stock options which will be recognized over the weighted

Outstanding at March 31, 2026 15,020,479 $ 12.51 6.44 $ 37,924,296

Options exercisable at March 31, 2026 10,796,790 $ 16.69 5.48 $ 16,201,985

At March 31, 2026, the Company has unrecognized

stock-based compensation expense of approximately $6.

5 million related to unvested stock options which will be recognized over the weighted

average remaining service period of 2.77 years.

A summary of the changes in outstanding warrants during the nine months

ended September 30, 2025 is as follows:

No options were granted in the three months ended

March 31, 2026.

For the year ended December 31, 2025, the weighted average fair value of options granted was approximately $ 1.38 per share,

calculated using the Black-Scholes model with the following specific assumptions:

Risk free interest rate

3.85 to 4.16 %

Dividend yield

126.4 - 134.4 %

Expected term (in years)

A summary of the changes in outstanding warrants during the three months

ended March 31, 2026 is as follows:

Outstanding Warrants at December 31, 2025

Outstanding at September 30, 2025

Warrants Vested at September 30, 2025

At September 30, 2025, the Company does not have

any unrecognized compensation expense related to outstanding warrants.

At September 30, 2025, the aggregate intrinsic

value of warrants vested and outstanding was $ 0 .

( 2,082,500 )

Outstanding at March 31, 2026

Warrants exercisable at March 31, 2026

At March 31, 2026, the Company had approximately

$ 0 of unrecognized compensation expense related to outstanding warrants.

At March 31, 2026, the aggregate intrinsic value of warrants exercisable

was $ 22,552,693 .

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

7 - STOCKHOLDERS’ EQUITY (continued)

Stock-based compensation by class of expense

The following table summarizes the components

of stock-based compensation expense which includes restricted stock, stock options, and warrants in the unaudited consolidated statements

of operations for the nine months ended September 30, 2025 and 2024 (rounded to nearest $00):

September 30,

The following summarizes the components of stock-based

compensation expense which includes, stock options, and warrants in the unaudited consolidated statements of operations for the three

months ended March 31, 2026 and 2025 (rounded to nearest $00):

Research and development

General and administrative

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 8 - COMMITMENTS AND CONTINGENCIES

12 unchanged sentences

of product that has more than one active pharmaceutical ingredient, respectively.

As of September 30, 2025, the Company has not generated

As of March 31, 2026, the Company has not generated

any revenue related to this license agreement.

13 unchanged sentences

an upfront, non-refundable license fee of $ 180,000 .

Additionally, Relmada will pay Licensor $ 45,000 every three months until the earliest

Additionally, Relmada was to pay Licensor $ 45,000 every three months until the earliest

to occur of the following events:

1 unchanged sentence

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 will also pay Licensor tiered royalties with a maximum rate of 2 %, decreasing to 1.75 %, and 1.5 % in certain circumstances, on

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 will also pay Licensor tiered payments up to a maximum of

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

As a result of the notice of termination, all material obligations under the license agreement with the Licensor will 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.

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.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

8 - COMMITMENTS AND CONTINGENCIES (continued)

Arbormentis, LLC

7 unchanged sentences

million related to pre-specified development and commercialization milestones.

Arbormentis, LLC is also eligible to receive a low

Arbormentis, LLC was also eligible to receive a low

single digit royalty on net sales of any commercialized therapy resulting from this agreement.

The license agreement is terminable by

the Company but is perpetual and not terminable by the licensor absent material breach of its terms by the Company.

The new licensed program stems from an international

4 unchanged sentences

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

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.

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.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 8 - COMMITMENTS AND CONTINGENCIES (continued)

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.

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.

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

In addition, the Company will pay up to $ 200 million

2 unchanged sentences

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

3 unchanged sentences

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 $ 4,100 , and $ 7,000 , respectively.

Beginning on December 1, 2023, the Company leased

office space at 12 E 49 th Street, New York, NY 10022 with monthly rent of approximately $ 12,000 ;

that lease was terminated

on May 31, 2024 .

Beginning on May 29, 2024, the Company 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.

with monthly rent for the years ended December 31, 2026 and 2025 of approximately $ 4,600 , and $ 4,500 , respectively.

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 lease term.

For the nine months ended September 30, 2025 and

Company has elected the practical expedient and recognizes rent expense evenly over the 12 months.

For the three months ended March 31, 2026 and

2025, the Company recognized lease expense of approximately $ 45,700 and $ 44,800 , respectively.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

NOTE 8 - COMMITMENTS AND CONTINGENCIES (continued)

From time to time, the Company may become involved

5 unchanged sentences

Company’s business, financial condition, operating results, or cash flows.

NOTE 9 - OTHER POST-RETIREMENT BENEFIT PLAN

NOTE 9 - OTHER POSTRETIREMENT BENEFIT PLAN

Relmada participates in a multiemployer 401(k)

3 unchanged sentences

options for both their contributions and the Company’s matching contribution.

The Company’s contribution expense was approximately

$ 151,200 and $ 107,300 for the nine months ended September 30, 2025 and 2024, respectively.

Relmada Therapeutics, Inc.

Notes to Unaudited Condensed Consolidated Financial

The Company’s contribution expense was $ 55,200

and $ 47,700 for the three months ended March 31, 2026 and 2025, respectively.

NOTE 10 - SEGMENT REPORTING

2 unchanged sentences

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

by ASC 280, and 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.

12 unchanged sentences

The following table provides the operating expenses

of our clinical stage drug development segment for the three and nine months ended September 30, 2025 and 2024 (rounded to the nearest

Three months ended

September 30,

Nine months ended

September 30,

of our clinical stage drug development segment (rounded to the nearest $00):

Clinical Study Expense

1 unchanged sentence

Manufacturing and Drug Storage Expense

Pre-clinical Expense

Compensation Expense

2 unchanged sentences

NOTE 11 - SUBSEQUENT EVENTS

On October 1, 2025, the Company awarded a total

of 50,000 stock options to a consultant with an exercise price of $ 2.16 and a 10 year term, vesting over a 4 -year period.

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, are approximately $ 94 million.

In April 2026, the Company filed a provisional

patent application with the United States Patent and Trademark Office directed to pharmaceutical formulations and methods of treatment

related to NDV-01.

The provisional filing has the potential to form the basis for broad world-wide patent filings for the NDV-01 program.

If issued, patents claiming priority to the provisional filing will be expected to have a term until April 2047.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements