Relmada Therapeutics Inc (OTCMKTS:RLMD) has witnessed its rough patches, but somehow it has managed to post remarkable gains recently. The stock began surging on the charts at the end of last month and since then it has managed to climb up on chart on increasing daily volumes. In last trading session, the stock price of Relmada gained more than 1% to close the day at $3.55. The gains came at a share volume of 150,006 compared to average share volume of 42,308.
The performance
Relmada’s market capitalization is nearly $42 million and it is still not that impressive. The company has done well maintaining it that way, by performing a 1-for-5 reverse split in 2H2015 and maintaining total outstanding share count low. Meanwhile, the balance sheet is decent, considering it is a clinical-stage biopharmaceutical firm listed on an OTC marketplace.
As per the latest report, Relmada had cash of $15.12 million. The current assets came at $15.65 million while current liabilities amounted to $4.78 million. So far, the company has posted $0 in revenue. The net loss from operations in the reported period was $5.72 million.
The takeaway
The reported numbers for 4Q2015 reveal that the current assets and cash have declined, but at the same time the liabilities have also reduced. Despite that RLMD stock was thinly traded, which stated that investors were not willing to invest in Relmada stock at that time.
Recently, as the RLMD stock has gained remarkably, this scenario has changed. The percentile jump in price between March 22, 2016 and yesterday’s trading session sits at more than 150%. This positive momentum is most probably the outcome of a well-timed press release published on April 14 that gave an update on Relmada’s NASDAQ application. It stated that the only requirement the firm has yet to meet is the $4 per share price for thirty days in the recent 60 trading sessions.
