SCHEDULE: Spruce Street Capital Discloses 5.57% Stake in Relmada

Spruce Street Capital LP and its co-managing members have reported a 5.57% beneficial ownership stake in Relmada Therapeutics, Inc. common stock.

Summary

• Spruce Street Capital LP, an investment manager, along with its co-managing members Alex R. Rosen and Simon Basseyn, collectively hold 4,086,181 shares of Relmada Therapeutics, Inc. common stock.
• This ownership represents 5.57% of Relmada Therapeutics, Inc.'s outstanding common stock.
• The percentage is calculated based on 73,333,622 shares of common stock outstanding as of November 10, 2025, as reported in the company's Form 10-Q.
• The reporting persons share both voting and dispositive power over all 4,086,181 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development, as it signifies institutional interest and a significant ownership stake, which can be a positive signal to the market, without indicating any immediate negative implications.

Positives

• The disclosure of a significant 5.57% stake by an institutional investor like Spruce Street Capital LP can signal confidence in Relmada Therapeutics, Inc.'s future prospects.
• The filing indicates a passive investment, suggesting the investor is not seeking to influence control, which can be viewed positively by existing management and shareholders.

Future Outlook

This filing does not contain any forward-looking statements or guidance from Relmada Therapeutics, Inc. or the reporting persons regarding the company's future performance.

Industry Context

StockSavvy.ai notes that institutional ownership disclosures, particularly from investment managers, are a common occurrence in the biotech and pharmaceutical sectors. A new or increased stake by a reputable investment firm can sometimes be interpreted by the market as a vote of confidence in a company's drug pipeline, market position, or strategic direction, especially for a company like Relmada Therapeutics operating in a specialized therapeutic area.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive indicator of confidence in the company's value proposition.
• The company's management might see this as validation of their strategy and potentially a stable long-term investor base.

Key Dates

Keywords

Relmada Therapeutics, Spruce Street Capital, Institutional Ownership, Beneficial Ownership, Common Stock, SEC Filing, RLMD, Investment Management