Form 4: RELMADA CFO Buys Shares, Receives Stock Appreciation Rights

RELMADA Therapeutics' Chief Financial Officer, Maged Shenouda, acquired 11,665 common shares and was granted 828,000 stock appreciation rights.

Summary

• Maged Shenouda, Chief Financial Officer of RELMADA Therapeutics, Inc., purchased 11,665 shares of common stock at a price of $4.12 per share on December 15, 2025.
• Following this transaction, Shenouda directly beneficially owns 800,000 shares of common stock.
• Shenouda was granted 828,000 Stock Appreciation Rights (SARs) on December 12, 2025, with an exercise price of $4.06.
• These SARs are scheduled to vest in 16 equal quarterly installments, commencing on March 12, 2026, and will expire on December 12, 2035.

Sentiment

Score: 8

Explanation: The insider purchase by the CFO and the grant of long-term equity incentives (SARs) are strong positive signals, indicating management's belief in the company's future and aligning their interests with shareholders.

Positives

• Chief Financial Officer Maged Shenouda's direct purchase of 11,665 shares of common stock at $4.12 per share signals strong management confidence in the company's current valuation and future prospects.
• The grant of 828,000 Stock Appreciation Rights aligns executive incentives with long-term shareholder value creation, as the value of these rights is tied to the company's stock performance.

Future Outlook

The filing indicates a long-term incentive structure for the Chief Financial Officer through Stock Appreciation Rights, which will vest over four years, suggesting a focus on sustained future performance.

Industry Context

Insider purchases, particularly by a Chief Financial Officer, are generally viewed as a positive indicator by the market, suggesting management's belief in the company's intrinsic value or anticipated positive developments. The use of Stock Appreciation Rights is a common executive compensation strategy across various industries to align management's financial interests with long-term shareholder returns.

Comparison to Industry Standards

• The direct acquisition of common stock by a senior executive like a CFO is a standard practice that demonstrates personal investment and confidence, aligning with best practices for executive engagement in publicly traded companies.
• The grant of Stock Appreciation Rights (SARs) is a widely adopted form of equity compensation, particularly in growth-oriented sectors like biotechnology, designed to incentivize executives based on stock price appreciation without requiring an upfront capital outlay from the executive.

Stakeholder Impact

• Shareholders: Potential positive impact due to increased management ownership and alignment of interests, which often signals confidence in the company's future performance.
• Employees: No direct impact mentioned, but executive compensation structures can indirectly influence overall company culture and morale by demonstrating leadership's commitment.

Next Steps

• The Stock Appreciation Rights granted to Maged Shenouda will begin vesting in 16 equal quarterly installments commencing on March 12, 2026.

Key Dates

Recommendation

The Chief Financial Officer's direct purchase of company stock, coupled with a significant grant of Stock Appreciation Rights, indicates strong insider confidence in RELMADA Therapeutics' future performance and valuation. This alignment of management's financial interests with shareholders suggests a positive outlook and potential for future stock appreciation, making it a compelling 'buy' signal for investors.

Keywords

RELMADA Therapeutics, RLMD, Maged Shenouda, CFO, Insider Trading, Stock Purchase, Stock Appreciation Rights, SARs, Equity Compensation, Form 4