Exploring Relmada Therapeutics, Inc. (RLMD) Investor Profile: Who’s Buying and Why?

You're looking at Relmada Therapeutics, Inc. (RLMD) and wondering how a clinical-stage biotech with zero revenue in Q3 2025 can have a stock that has surged over 660% this year. Honestly, it's a classic biotech puzzle: the market is trading on pipeline potential, not current financials. While the company posted a wider-than-expected non-GAAP loss of $0.30 per share in the third quarter, the real story is the pivot away from the failed REL-1017 program and the massive bet on the new lead asset, NDV-01, which is targeting non-muscle invasive bladder cancer (NMIBC). We're seeing a clear vote of confidence from the smart money, with institutional investors owning about 15.98% of the stock and insiders, including the CFO and COO, buying over 1.26 million shares in the last three months alone. But who are these buyers-firms like BlackRock, Inc. holding 508,000 shares-and are they chasing the analyst projection of $2 billion in peak sales for NDV-01, or are they simply capitalizing on the recent $94.0 million capital raise that pushed the cash runway into 2028? Let's dig into the 2025 ownership filings to see defintely who is accumulating shares and what their risk tolerance really looks like.

Who Invests in Relmada Therapeutics, Inc. (RLMD) and Why?

If you are looking at Relmada Therapeutics, Inc. (RLMD), you are definitely not looking for dividends or a stable utility stock. You are buying a pure-play biotech catalyst bet, which is why the investor base is split between aggressive hedge funds, institutional growth mandates, and a large retail following. The core thesis is simple: the potential blockbuster success of the bladder cancer drug candidate, NDV-01, which analysts project could hit peak sales of $2 billion.

This is a high-risk, high-reward profile. The stock was up over 703.85% in 2025, but the company still reported zero revenue for the full year 2025, with a consensus loss per share of around $1.97. That kind of volatility, with a Beta of 2.63, attracts a very specific type of capital.

Key Investor Types: A Retail and Hedge Fund Mix

The ownership structure for Relmada Therapeutics, Inc. is a classic biotech profile: a small institutional core and a very large retail float. This mix explains the stock's massive price swings. As of late 2025, the general public and individual investors hold the lion's share, roughly 75.27% of the company's stock.

Institutional ownership, which includes mutual funds and large money managers like BlackRock, Inc. and Vanguard Group Inc., accounts for about 10.79% to 15.1% of the outstanding shares. These are the big players who file the quarterly 13F reports, but the real action comes from the hedge funds that are making massive bets on the pipeline.

• Retail Investors: Hold the majority (approx. 75.27%), driven by high-growth potential.
• Institutional Investors: Hold about 15.1%, including passive funds and growth mandates.
• Insider Ownership: Management and directors own a significant portion, around 6.64% to 11.66%, and they have been buying.

Here's a quick look at the top institutional holders as of the third quarter of 2025, showing the kind of money managers involved:

Investment Motivations: The NDV-01 Pivot

The motivation for buying Relmada Therapeutics, Inc. stock in 2025 is almost entirely tied to the pipeline, specifically the pivot away from the failed REL-1017 program for depression. The company's value proposition is now centered on NDV-01, a treatment for non-muscle invasive bladder cancer (NMIBC), and sepranolone for compulsivity disorders. You can read more about the company's shift here: Relmada Therapeutics, Inc. (RLMD): History, Ownership, Mission, How It Works & Makes Money.

The recent surge in the stock price-over 660% in 2025 alone-was triggered by positive clinical updates. Specifically, the strong follow-up data for NDV-01, which showed a 92% overall response rate over a nine-month period, is the main driver. This suggests a high-potential catalyst. Mizuho's November 2025 upgrade to Outperform, with a $10 price target, is a clear signal that the market is beginning to price in this success.

What this estimate hides, still, is the execution risk. The company is debt-free, with a strong current ratio of 2.86, but it's burning cash to fund these trials. The Q3 2025 non-GAAP loss per share of $0.30 was wider than the consensus, so you are betting on clinical success, not current financials.

Investment Strategies: Pure Catalyst Speculation

The dominant strategy among Relmada Therapeutics, Inc. investors is catalyst-driven speculation. This is a classic biotech trade where investors buy in anticipation of a major clinical trial milestone or regulatory approval, and then often sell on the news. Long-term holding, or value investing, is not the primary strategy here because the company has no commercial product and no revenue.

Hedge funds, like Ikarian Capital, LLC, are using a highly aggressive form of this strategy. They increased their stake by over 4,476% in the third quarter of 2025, which is a massive, defintely conviction-based bet on the NDV-01 program. This is not passive investing; it's a calculated wager on a Phase 3 trial success. Retail investors mirror this, often using short-term trading strategies to capitalize on the high volatility. The significant insider buying in November 2025, including a $1.1 million purchase by a director, also signals management's confidence in the near-term outlook, which further encourages these speculative strategies.

Institutional Ownership and Major Shareholders of Relmada Therapeutics, Inc. (RLMD)

If you're looking at Relmada Therapeutics, Inc. (RLMD), you're seeing a classic biotech story: high volatility, a pipeline pivot, and institutional investors making big, directional bets. As of late 2025, the institutional ownership sits at approximately 15.95% of shares outstanding, a figure that is relatively low for a mature company but significant for a clinical-stage firm with a beta of 2.63, meaning the stock is highly volatile compared to the broader market.

The institutional money is primarily focused on the potential of the expanded pipeline, especially the non-opioid candidate for depression, d-methadone (REL-1017), and the newer, high-potential asset, NDV-01 for non-muscle invasive bladder cancer (NMIBC). Honestly, the stock's over 660% surge in 2025 is largely tied to the NDV-01 development, which is why you see hedge funds and asset managers moving money around.

Top Institutional Investors and Their Stakes

The largest institutional holders of RLMD stock are a mix of specialized biotech hedge funds and major index-tracking asset managers. These are the players with the capital and conviction to ride the high-risk, high-reward nature of a clinical-stage company. Here's the quick math on the top positions, based on the most recent 13F filings as of September 30, 2025, with the stock price around $3.95 per share.

What this table shows is a clear divergence: some large, established institutions like BlackRock, Inc. and Vanguard Group Inc. maintain or slightly increase their positions, likely through index or quantitative strategies, while specialized funds like Ikarian Capital, LLC and Boothbay Fund Management, Llc have made massive, conviction-based entries. The total number of institutional owners is around 54, holding a combined 8,393,126 shares.

Recent Shifts in Institutional Ownership

The most telling story in RLMD's investor profile is the recent churn. In the second quarter of 2025, we saw a dynamic shift: 19 institutional investors added shares, but 29 decreased their positions. This isn't a simple accumulation story; it's a re-shuffling of the deck, which is common after a major strategic update or clinical data release.

• Major Adds: Driehaus Capital Management Llc added 740,006 shares in Q2 2025, a significant vote of confidence.
• Major Cuts: Vanguard Group Inc. removed a substantial 843,998 shares in Q2 2025, a nearly 70% reduction, before their Q3 increase, suggesting a tactical reduction in their index-tracking funds.
• New Entrants: Boothbay Fund Management, Llc was a new entrant in Q3 2025, buying 693,236 shares, defintely signaling a fresh thesis on the company's new direction.

This kind of ownership flux indicates that the market is still digesting the company's strategic pivot, moving away from a sole focus on d-methadone for major depressive disorder (MDD) to a diversified portfolio that includes the promising oncology candidate, NDV-01. You see the smart money chasing the new narrative. You can read more about the strategic shift in the Mission Statement, Vision, & Core Values of Relmada Therapeutics, Inc. (RLMD).

Impact of Institutional Investors on Strategy and Stock Price

Institutional investors are not just passive holders; they are the market's shock absorbers and accelerants. Their collective action dictates the stock's short-term price movements and often influences long-term strategy, especially in a small-cap biotech. When institutions like Ikarian Capital, LLC take a massive new stake, it signals to the broader market that a professional, in-depth due diligence process has validated the company's new strategic direction, particularly the focus on NDV-01, which analysts project could achieve peak sales of $2 billion.

The recent Mizuho upgrade to Outperform, setting a new price target of $10, is directly influenced by this institutional sentiment and the promising Phase 2 data for NDV-01. Their buying pressure-or selling pressure-amplifies volatility. When a stock's beta is 2.63, as RLMD's is, institutional trading decisions lead to massive price swings. Their conviction provides the necessary capital to fund expensive Phase 3 trials, which is the next clear action for the company's NDV-01 program, planned for early 2026.

Key Investors and Their Impact on Relmada Therapeutics, Inc. (RLMD)

The investor profile for Relmada Therapeutics, Inc. (RLMD) in the 2025 fiscal year is a classic biotech story: a mix of institutional belief in the clinical pipeline and a massive vote of confidence from company insiders. You are seeing a significant concentration of ownership, which means a few key players have a disproportionate amount of influence on the stock's direction.

As of late 2025, institutional investors and hedge funds own a substantial chunk-about 45.24% of the company's stock. This is a high-risk, high-reward bet on the clinical-stage pipeline, especially the new oncology focus. You can find a deeper dive into their corporate strategy here: Relmada Therapeutics, Inc. (RLMD): History, Ownership, Mission, How It Works & Makes Money.

Notable Institutional Holders and Their Thesis

The largest institutional holders are a mix of specialized biotech funds and major passive players. Firms like Ikarian Capital, LLC, and Driehaus Capital Management LLC are among the top institutional owners, suggesting a conviction play on the company's clinical milestones. These funds are not passive; they are buying with a clear catalyst in mind.

Still, you also have the giants of the indexing world, which hold shares simply because Relmada Therapeutics, Inc. is in their benchmark. BlackRock, Inc. and The Vanguard Group, Inc. are consistently in the top ten, holding shares like 508,000 and 418,580 respectively as of the third quarter of 2025. Their presence provides a baseline of liquidity, but their investment is mechanical, not a strategic endorsement of the drug pipeline.

Here's a snapshot of the major institutional activity from Q3 2025, which tells you exactly where the conviction lies:

• Ikarian Capital, LLC: Increased its stake by over 4,480%. That's a massive conviction bet.
• Boothbay Fund Management LLC: Acquired a new stake valued at approximately $1,393,000.
• Driehaus Capital Management LLC: Added 740,006 shares in Q2 2025.

The smart money is looking past the near-term cash burn.

Recent Insider Buying: A Strong Signal

The most compelling recent move isn't from a hedge fund, but from the people who know the company defintely best: the executives. Corporate insiders own a significant 20.70% of the stock, a very high percentage for a public company. This is a critical metric for a clinical-stage biotech.

Following a $100 million underwritten offering in November 2025, which secured funding through 2028, management immediately stepped up with substantial open market purchases. This is a powerful signal to the market that they believe the stock is undervalued, even after raising capital.

Here's the quick math on the November 5, 2025 insider purchases at $2.20 per share:

When the Chief Financial Officer drops over a million dollars of their own money into the stock, you pay attention. The total insider buying in the last quarter amounted to 726,000 shares worth $1,597,200. This aggressive buying post-financing suggests management is highly confident in the strategic shift toward oncology and the strong Phase 2 data for NDV-01, which showed a 92% complete response rate in non-muscle invasive bladder cancer. This is the core of the current investment thesis.

Investor Influence and Clear Actions

In a clinical-stage company like Relmada Therapeutics, Inc., investor influence is less about boardroom battles and more about capital allocation and maintaining a cash runway. The key investors-the large institutions and the insiders-are essentially funding the clinical trials. Their 'influence' is tied to their willingness to participate in future offerings and their reaction to clinical data.

The recent $100 million offering in November 2025, which extended the cash runway, was a decision directly supported by the investor base. This funding allows the company to execute its strategic pivot, moving forward with the Phase 3 trial for NDV-01 and the Phase 2 study for sepranolone. The action for you is clear: track the clinical milestones for NDV-01 and sepranolone. Positive data will drive the stock; a setback will cause a sharp correction, regardless of the strong insider ownership.

Finance: Monitor the cash balance against the projected burn rate from the Q3 2025 report to ensure the $100 million raised keeps the company funded through 2028 as planned.

Market Impact and Investor Sentiment

You're looking at Relmada Therapeutics, Inc. (RLMD) and seeing a stock that's been on a wild ride in 2025, and honestly, the investor sentiment is a study in contradiction. The near-term view is positive, driven by massive insider confidence and a major pipeline shift, but the long-term institutional picture is still quite mixed. The stock has surged over 660% in 2025, which tells you there's real excitement, but Wall Street's official consensus remains a cautious 'Hold.'

The biggest signal of positive sentiment comes from the people who know the company best: the insiders. Relmada Therapeutics, Inc.'s Chief Financial Officer, Maged Shenouda, purchased 500,000 shares in November 2025 at an average price of $2.20, a transaction valued at $1,100,000.00. Plus, Chief Operating Officer Chuck Ence bought 136,000 shares around the same time. This kind of high-impact open-market buying is a strong vote of confidence, lifting total insider ownership to about 20.7% of the company. Insiders are defintely putting their money where their mouths are.

Institutional ownership, which accounts for approximately 45.24% of the stock, shows a more nuanced picture. While some major holders like Vanguard Group Inc. removed a significant portion of their shares in the second quarter of 2025, other funds like Driehaus Capital Management LLC and Boothbay Fund Management LLC have been establishing or increasing their positions. This push-and-pull reflects the company's transition from its previous lead candidate to the promising NDV-01 program for non-muscle invasive bladder cancer. It's a classic biotech story: high risk, high reward.

• Insider Buying: Positive (Executives buying large blocks)
• Institutional Activity: Mixed (Major position shifts, but net inflows over the last 12 months)
• Retail/Technical Sentiment: Bullish (Stock up >660% in 2025)

Recent Market Reactions to Ownership Changes

The market has reacted sharply to the major investor moves in 2025. For example, when CEO Sergio Traversa disclosed an open-market purchase of 265,976 shares in late August 2025, the stock price, which closed at $0.67 on August 27, soared to $1.44 shortly after-a 115% gain. This explosive reaction shows how closely the market watches insider activity in a clinical-stage company like Relmada Therapeutics, Inc. It's a clear sign that investors view insider purchases as a potent validation of the company's shift in strategic direction.

More recently, the stock was trading around $4.85 as of November 2025, having hit a 52-week high of $5.12. This price action is directly tied to the positive clinical updates on NDV-01, which showed a 92% complete response rate in 9-month follow-up data, and the company's successful completion of a $100 million underwritten offering. The financing, which supports operations into 2028, significantly de-risks the near-term cash runway, and that's a major catalyst that traders and institutions are buying into. If you want a deeper dive into how that $100 million impacts the balance sheet, check out Breaking Down Relmada Therapeutics, Inc. (RLMD) Financial Health: Key Insights for Investors.

Analyst Perspectives on Key Investors' Impact

Analyst perspectives on Relmada Therapeutics, Inc. are currently polarized, which is exactly what you'd expect for a biotech stock at this stage. The consensus rating is 'Hold' with a consensus price target of $5.50. But that average hides the real story. Mizuho, for instance, upgraded the stock from 'Neutral' to 'Outperform' in November 2025, dramatically raising its price target from $1.00 to a new high of $10.00, suggesting a potential upside of over 106% from the current price.

This Mizuho upgrade is a direct response to the NDV-01 pipeline progress and the belief that the drug could achieve peak sales of $2 billion. Other firms, like Weiss Ratings, still maintain a 'Sell (e+)' rating, highlighting the inherent risks of a clinical-stage company with no revenue and a recent Q3 2025 earnings per share (EPS) miss of ($0.30) against a consensus estimate of ($0.04). The insider buying, however, acts as a counter-narrative to the skeptics, providing a tangible sign of internal conviction that the analysts can't ignore.

Here's a quick look at the analyst split:

What this estimate hides is the binary nature of biotech: success in Phase 3 trials means the $10.00 target is achievable, but a clinical setback makes the 'Sell' rating look prescient. Your action item is to track the Phase 3 trial initiation for NDV-01, expected in early 2026, as that will be the next major catalyst.