Relmada Therapeutics' depression treatment is "unlikely" to meet the main goal of a late-stage trial, it said, citing an independent data monitoring committee's analysis.

The treatment, REL-1017, also known as esmethadone, was being tested as an adjunctive for major depressive disorder (MDD) to be used in combination with other approved anti-depressants.

"Based on these results, Relmada will evaluate the full dataset to determine next steps for the REL-1017 program," CEO Sergio Traversa said in a statement.