Relmada Therapeutics, Inc. (RLMD) Cash Flow Statement
Where RLMD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$45.8M
- Capital expenditures
- $0
- Free cash flow
- −$45.8M
- Returned to shareholders
- —
- Change in cash
- −$360,486 cash at year-end $3.5M
Cash from operations
−$45.8M
Investments (net)
−$48.1M
Shares issued
+$93.6M
Change in cash
−$360,486
Drawn to scale: where the cash came from and how it was used. Hover for values.
RLMD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RLMD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$13.1M2016 | −$45.8M2025 | — | |
| Capital expenditures | $562,2562016 | $02025 | −100.0% | |
| Free cash flow | −$13.7M2016 | −$45.8M2025 | — | |
| Stock-based compensation | $1.2M2016 | $15.0M2025 | +32.3%/yr | |
| Share buybacks (net) | $02018 | $02022 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RLMD cash flow by activity
OperatingInvestingFinancingChange in cash
RLMD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RLMD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$57.4M | −$80.0M | −$98.8M | −$157.0M | −$125.8M | −$59.5M | −$15,005 | −$9.0M | −$6.3M | −$3.0M |
| Depreciation & amortization | — | — | $103.7M | $2,000 | $1,258 | $3,752 | $4,363 | $2,627 | $85,271 | $54,819 |
| Stock-based compensation | $15.0M | $30.2M | $43.8M | $44.2M | $40.5M | $20.8M | $2,761 | $518,000 | $704,452 | $1.2M |
| Change in working capital | −$3.9M | −$1.6M | $3.1M | $10.6M | −$7.9M | $10.8M | −$26 | $700,064 | −$247,693 | $1.7M |
| Other non-cash items | $586,178 | −$381,661 | −$103.5M | −$1.5M | $1.2M | $16,946 | −$4,185 | $1.7M | −$721,844 | −$13.1M |
| Cash from operating activities | −$45.8M | −$51.8M | −$51.7M | −$103.8M | −$91.9M | −$27.8M | −$12,092 | −$6.0M | −$6.5M | −$13.1M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$4 | −$3 | −$5 | $0 | $0 | −$12,391 | −$49,690 | −$562,256 |
| Investments (net) | −$48.1M | $51.6M | $50.5M | $19.7M | −$54.1M | −$34.4M | −$80.2M | −$80.2M | −$12,391 | −$49,690 |
| Acquisitions & other investing | $0 | $0 | $4 | $3 | $5 | $0 | $80.1M | $80.2M | $12,391 | $49,690 |
| Cash from investing activities | −$48.1M | $51.6M | $50.5M | $19.7M | −$54.1M | −$34.4M | −$80,164 | −$12,391 | −$49,690 | −$562,256 |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | $42.7M | — | — | $113.9M | $17.8M | — | — |
| Net borrowing (repayment) | — | — | — | −$50,000 | $0 | −$110,247 | −$368,695 | −$285,170 | $6.5M | −$273,670 |
| Shares issued | $93.6M | $246,747 | $0 | $43.4M | $185.3M | $20.5M | $0 | $17.8M | $0 | $0 |
| Other financing | −$73,021 | −$287,088 | −$98,463 | −$41.1M | $2.6M | $8.1M | −$113.4M | −$28.7M | −$6.8M | $9,918 |
| Cash from financing activities | $93.6M | −$40,341 | −$98,463 | $45.0M | $187.9M | $28.5M | $126,109 | $6.5M | −$273,670 | −$263,752 |
| Summary | ||||||||||
| Net change in cash | −$360,486 | −$234,542 | −$1.3M | −$39.0M | $41.9M | −$33.8M | $6,977 | $528,431 | −$6.8M | −$14.0M |
| Cash at end of period | $3.5M | $3.9M | $4.1M | $5.4M | $44.4M | $2.5M | $9,216 | $2.2M | $1.7M | $8.5M |
| Free cash flow | −$45.8M | −$51.8M | −$51.7M | −$103.8M | −$91.9M | −$27.8M | −$12,092 | −$6.0M | −$6.5M | −$13.7M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$12.9M | −$19.1M | −$19.9M | −$10.1M | −$9.9M | −$17.6M | −$18.7M | −$21.7M | −$17.8M | −$21.8M | −$25.2M | −$22.0M |
| Depreciation & amortization | — | — | — | — | — | — | $19.1M | $23.0M | $18.8M | — | $26.8M | — |
| Stock-based compensation | −$1.8M | $3.6M | $3.2M | $3.6M | $3.5M | $4.5M | $6.7M | $8.0M | $7.2M | $8.3M | $9.9M | $11.4M |
| Change in working capital | $858,799 | −$199,334 | $1.2M | $4.7M | $24,909 | −$4.8M | $2.9M | −$2.5M | −$2.6M | $599,756 | $5.4M | −$1.7M |
| Other non-cash items | $4.2M | $549,964 | $827,105 | −$5.0M | −$33,407 | −$218,683 | −$18.8M | −$23.4M | −$18.9M | −$103,846 | −$27.2M | $630,861 |
| Cash from operating activities | −$9.6M | −$15.1M | −$14.6M | −$6.7M | −$6.4M | −$18.1M | −$8.8M | −$16.7M | −$13.3M | −$13.0M | −$10.2M | −$11.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$4 | −$3 | −$4 | $0 | −$5 | −$2 | −$4 | $0 |
| Investments (net) | $17.6M | −$135.2M | −$76.9M | $6.8M | $6.7M | $15.4M | $11.3M | $16.1M | $14.0M | $10.1M | $7.7M | $3.9M |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $4 | $3 | $4 | $0 | $5 | $2 | $4 | $0 |
| Cash from investing activities | $17.6M | −$135.2M | −$76.9M | $6.8M | $6.7M | $15.4M | $11.3M | $16.1M | $14.0M | $10.1M | $7.7M | $3.9M |
| Financing activities | ||||||||||||
| Shares issued | $0 | $160.0M | $93.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$6.4M | −$3.4M | $0 | $0 | −$73,021 | $0 | −$172,487 | −$89,601 | $0 | $221,747 | −$98,463 | $0 |
| Cash from financing activities | −$6.4M | $156.6M | $93.6M | $0 | −$73,021 | $0 | −$172,487 | −$89,601 | $0 | $221,747 | −$98,463 | $0 |
| Summary | ||||||||||||
| Net change in cash | $1.6M | $6.3M | $2.1M | $31,133 | $203,645 | −$2.7M | $2.4M | −$602,471 | $751,242 | −$2.8M | −$2.6M | −$7.8M |
| Cash at end of period | $11.3M | $9.8M | $3.5M | $1.4M | $1.4M | $1.1M | $3.9M | $1.5M | $2.1M | $1.3M | $4.1M | $6.7M |
| Free cash flow | −$9.6M | −$15.1M | −$14.6M | −$6.7M | −$6.4M | −$18.1M | −$8.8M | −$16.7M | −$13.3M | −$13.0M | −$10.2M | −$11.6M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RLMD cash generation
In fiscal 2025 (ended December 31, 2025), Relmada Therapeutics generated -$45.8 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$45.8 million. Cash and equivalents fell by $0.4 million over the year.
Related: RLMD income statement, RLMD balance sheet. See the RLMD stock overview for the latest quote and news.
RLMD cash flow FAQ
What is Relmada Therapeutics's free cash flow?
Relmada Therapeutics's free cash flow was -$45.8 million in fiscal 2025: -$45.8 million of operating cash flow minus $0 of capital expenditures It was -$51.8 million a year earlier..
How much cash does Relmada Therapeutics generate from operations?
Relmada Therapeutics generated -$45.8 million of cash from operating activities in fiscal 2025.