On October 13, 2022, Relmada announced the results of its RELIANCE III study (REL-1017-303), evaluating the drug REL-1017 as a monotherapy for Major Depressive Disorder (MDD). The Company revealed that the RELIANCE III trial did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo on Day 28, as measured by the Mongomery-Asberg Depression Rating Scale (MADRS). Specifically, the REL-1017 treatment showed a MADRS reduction of 14.8 points at Day 28 versus 13.9 points for placebo, a higher-than-expected placebo response. Relmada described that “[p]aradoxical results were observed in certain study sites, where placebo dramatically outperformed REL-1017.”

On this news, Relmada’s stock price fell $25.22 per share, or 79.57% to close at $6.4750 per share on October 13, 2022.