Relmada Therapeutics announced plans to discontinue two late-stage studies for its depression drug and explore strategic alternatives, including a potential sale, without providing a timeline for the process.

The company stated that its depression drug, esmethadone, is "unlikely" to meet the primary goal of a late-stage trial. It was being tested as an adjunct treatment for major depressive disorder alongside approved antidepressants.

Relmada also confirmed it will continue testing its early-stage metabolic disease treatment, REL-P11.