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Side-by-side financial comparison of RELMADA THERAPEUTICS, INC. (RLMD) and Versus Systems Inc. (VS). Click either name above to swap in a different company.
Versus Systems Inc. is the larger business by last-quarter revenue ($2.2M vs $1.3M, roughly 1.7× RELMADA THERAPEUTICS, INC.).
Relmada Therapeutics, Inc. is a clinical-stage biotechnology company dedicated to developing novel therapies for central nervous system disorders. Its lead product candidate targets treatment-resistant depression, with ongoing clinical trials to address unmet medical needs in its primary markets of North America and Europe.
Versus Systems Inc. operates a proprietary interactive reward platform that integrates with video games, streaming content, live sports broadcasts and mobile apps. It enables content creators and brands to offer personalized real-time prizes to audiences across North America and global digital entertainment markets.
RLMD vs VS — Head-to-Head
Income Statement — Q4 FY2023 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3M | $2.2M |
| Net Profit | — | $-964.9K |
| Gross Margin | — | 0.2% |
| Operating Margin | -2130.6% | -54.2% |
| Net Margin | — | -44.7% |
| Revenue YoY | 13.0% | — |
| Net Profit YoY | — | -19.2% |
| EPS (diluted) | $-0.84 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $2.2M | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $-176.0K | ||
| Q4 24 | — | $0 | ||
| Q4 23 | $1.3M | — | ||
| Q3 23 | $1.3M | — | ||
| Q2 23 | $1.4M | $157.9K | ||
| Q1 23 | $1.2M | — |
| Q4 25 | — | $-964.9K | ||
| Q3 25 | — | $-537.8K | ||
| Q2 25 | — | $672.3K | ||
| Q4 24 | — | $-809.5K | ||
| Q4 23 | — | — | ||
| Q3 23 | $-22.0M | — | ||
| Q2 23 | $-25.3M | $-2.3M | ||
| Q1 23 | $-26.3M | — |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | 79.5% | ||
| Q1 23 | — | — |
| Q4 25 | — | -54.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | -2130.6% | — | ||
| Q3 23 | -1717.3% | — | ||
| Q2 23 | -1908.9% | -840.1% | ||
| Q1 23 | -2331.3% | — |
| Q4 25 | — | -44.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -382.0% | ||
| Q4 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | -1665.0% | — | ||
| Q2 23 | -1855.9% | -1462.9% | ||
| Q1 23 | -2179.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $0.14 | ||
| Q4 24 | — | $-0.27 | ||
| Q4 23 | $-0.84 | — | ||
| Q3 23 | $-0.73 | — | ||
| Q2 23 | $-0.84 | $-2.41 | ||
| Q1 23 | $-0.87 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $96.3M | $527.4K |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $85.4M | $10.2M |
| Total Assets | $97.6M | $2.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $527.4K | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $3.1M | ||
| Q4 23 | $96.3M | — | ||
| Q3 23 | $106.3M | — | ||
| Q2 23 | $118.5M | $3.2M | ||
| Q1 23 | $132.4M | — |
| Q4 25 | — | $10.2M | ||
| Q3 25 | — | $11.1M | ||
| Q2 25 | — | $11.7M | ||
| Q4 24 | — | $11.4M | ||
| Q4 23 | $85.4M | — | ||
| Q3 23 | $100.7M | — | ||
| Q2 23 | $111.3M | $6.4M | ||
| Q1 23 | $125.5M | — |
| Q4 25 | — | $2.1M | ||
| Q3 25 | — | $3.1M | ||
| Q2 25 | — | $3.8M | ||
| Q4 24 | — | $3.5M | ||
| Q4 23 | $97.6M | — | ||
| Q3 23 | $109.1M | — | ||
| Q2 23 | $122.0M | $9.5M | ||
| Q1 23 | $135.6M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.2M | $-568.6K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-568.6K | ||
| Q3 25 | — | $24.7K | ||
| Q2 25 | — | $-867.5K | ||
| Q4 24 | — | $-716.6K | ||
| Q4 23 | $-10.2M | — | ||
| Q3 23 | $-11.6M | — | ||
| Q2 23 | $-13.3M | $-1.3M | ||
| Q1 23 | $-16.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -1.29× | ||
| Q4 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
