MindMaze Therapeutics Holding SA (QB) (RLFTF)

Analysis by Chat GPT.........

RLFTF / MMTX FA snapshot

The November 2025 Relief/NeuroX announcement is now stale but important: the combination did close on December 15, 2025, and Relief now operates as MindMaze Therapeutics Holding SA. The primary Swiss listing trades as MMTX on SIX, while the U.S. OTC quotes remain RLFTF and RLFTY. At closing, former NeuroX shareholders received 140 million new ordinary shares, and the company reported 152,602,044 shares outstanding excluding treasury shares.

Current trading picture

The U.S. OTC ticker RLFTF recently showed a price of about $0.2888 on very light volume, with a 52-week range of about $0.25 to $4.88. The primary Swiss listing MMTX was around CHF 0.21–0.22 recently, also near the low end of its range. This is a microcap / distressed-transition setup, not a normal liquid small-cap biotech.

Key fundamentals
Metric Read-through
Ticker SIX: MMTX; OTCQB: RLFTF / RLFTY
Current price About $0.29 OTC / CHF 0.21–0.22 Swiss recently
P/E Not meaningful; company is loss-making
Revenue FY2025 revenue was only CHF 642k
Net loss FY2025 net loss was CHF 9.906M
EPS FY2025 basic/diluted loss per share: CHF -0.480
Cash CHF 9.473M at Dec. 31, 2025; later disclosed CHF 4.4M at Mar. 31, 2026
Debt / liabilities Borrowings listed as zero, but total financial liabilities were CHF 10.420M, including leases, warrant liabilities, payables, and other current liabilities
O/S Official post-combination O/S was 152.6M excluding treasury; official registered share capital later shown as 159.0M shares
IV Rank / IV Percentile N/A / not useful from the sources I found; this OTC/SIX microcap does not appear to have a useful listed-options volatility profile

Financially, the company is not strong yet. FY2025 revenue was tiny versus expenses: CHF 642k revenue against CHF 11.157M operating expenses, producing a CHF 10.515M operating loss and CHF 7.208M negative operating cash flow.

The biggest red flag is liquidity/runway. The annual report disclosed that cash had fallen to CHF 4.4M by March 31, 2026, and management stated existing resources were sufficient only through Q2 2026, creating a material going-concern uncertainty unless more financing is secured.

Dilution risk

Dilution is a major issue. After the business combination already added 140M shares, MindMaze announced a CHF 8M strategic equity financing in May 2026. That deal included mandatory convertible notes expected to convert into about 29.8M additional ordinary shares within 12 months, with conversion economics tied to the lower of CHF 0.23 or a discount mechanism.

That does not automatically make the deal bad, because they need cash to commercialize the NeuroX/MindMaze platform, but it means shareholders are still exposed to further dilution.

Insider trading

This is a Swiss foreign issuer, so the usual U.S. Form 4 trail is not the best source. The available Swiss insider/director-dealing data is not encouraging: InsidersAlpha showed 0 insider buys and 12 sells, with recent sales in December 2025 and January 2026. Hargreaves Lansdown’s director-deal feed also lists multiple sells, including sales after the combination closed.

My read: insider activity is bearish/negative, mainly because I found no open-market insider buying to offset the director/executive selling. I would not treat every sale as automatically devastating, but the pattern does not provide bullish confirmation.

Catalysts

There are some real potential catalysts. MindMaze announced a U.S. channel partnership with Vibra Healthcare for a two-year multi-site deployment across five inpatient rehabilitation centers, and management said it expects the partnership to help drive U.S. health-system customer acquisition in the second half of 2026 and beyond.

The company also sold U.S. and Canadian rights to its legacy RLF-OD032 PKU program for $3M upfront plus royalties, and said it was working to dispose of most remaining non-neurology legacy operations, with an expected cost-base reduction of about one-third.

Bottom line

RLFTF/MMTX is a speculative turnaround, not a fundamentally sound stock yet. The bullish case is that NeuroX/MindMaze turns Relief’s shell and listing into a commercial-stage digital neurotherapeutics platform with real healthcare customers. The bearish case is stronger right now: tiny revenue, negative cash flow, going-concern language, dilution, insider selling, prior reverse-split history, and very poor trading liquidity.

For your FA screen, I would classify RLFTF as:

Fundamentals: weak / high risk
Balance sheet: weak, despite low traditional debt
Dilution risk: high
Insider signal: negative
Tradeability: poor unless you are specifically playing a catalyst spike
Investment quality today: unproven turnaround

The next thing I would watch is whether the Vibra partnership produces measurable revenue, whether the company raises more cash, and whether any insiders start making open-market purchases rather than just selling.

Relief Therapeutics Holdings changed to MindMaze Therapeutics Holding

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

The idiot on that other board doesn't realize your talking about shorting big board company's. Ask him why someone is loading millions of shares

Dear Pegs!
I recently visited iHub again and checked the status of my shares.
Do you remember me? I corresponded with you back in 2021 and wished you all the best in your situation. I also suffered from a disease that, according to pulmonologists, is incurable: COPD. For years, I could rarely leave the house because the shortness of breath was so exhausting.
To put it briefly: it's over. Thanks to a natural remedy from Switzerland, I have conquered COPD and can breathe freely again. Even though I can't yet perform all my previous activities and hobbies, I am on the verge of being completely cured of this disease, much to the amazement of my pulmonologist. After years of study by a doctor, I received this all-natural preparation.
If you think it can help you too, I would be happy to send you a sample so you can try it. But please handle it carefully, it's very expensive.
Send me your address, and I hope my shipment will be delivered to you in the US. At least I don't think it's currently being confiscated by customs or other authorities.
Good luck in the future and best regards from Austria
Claus

Up three days in a row in a down market

Up three days in a row in a down market

What's all this then?

Management, it seems, can not start a fire with a box of matches.
Making some deals with a big pharma company would seem to be a good path..
This is pretty sad, gone from high hopes during first two years of covid,
and covid is still going around today, with no news about relief on the international stage or
in the US, by the management, (from what I have noticed at least).
When the stock gets back to 2 cents....I guess it'll be a buy again. looks ugly right now.

Any miracles on the horizon for Relief T? guess we're just waiting for chapter 11!....SMH

Is this fancy language for another R/S ???
Capital Reduction by Reduction of Nominal Value
The Board proposes to reduce the nominal value of the Company's share capital from CHF 56'163'348.00 to CHF 1'404'083.70 by reducing the nominal value of each share from CHF 4.00 to CHF 0.10. This technical adjustment comes as the share currently quotes at a price below its par value. This situation presents practical implications, including limiting the Company's ability to raise capital. The number of outstanding shares, as well as shareholders' financial and patrimonial rights, will not be affected by the reduction in par value. The modification of the share capital shall render the capital band provisions under the Articles of Association void.

Looks like JJ scammed all the investors....whatever happen to Dr. Joey Johnson ...haven't seen him post in 2 years...he was good for some optimism in Relief T. at the very least...

Unfortunately the failed trial with NIH has spoiled aviptadil IMO. And without the FDA backing this is going nowhere. Hope they prove me wrong.

All the talk about NASDAQ was b.s. I'm sure they have been diluting the crap out of this to pay their high salaries and bonuses. Which means another r/s may be in the making in 2025 (or earlier).

The simple truth is, this company does not have a product that can generate reasonable revenues. It's always been one big pipe dream. FDA approval via COVID was the one big crap shoot with high profit potential. It's gone now.

When will the breakthrough come? https://medriva.com/health/respiratory-health/revolutionizing-respiratory-treatment-unveiling-the-potential-of-new-cell-therapy/

Hey Joe.......The annual incidence of ARDS is around 60 cases per 100,000 people. Approximately 2% of all patients admitted to intensive care units meet the criteria for ARDS.18.08.2023................and now we know that AVIPTADIL has already been approved in the EU ! https://www.vfa.de/de/arzneimittel-forschung/woran-wir-forschen/therapeutische-medikamente-gegen-die-coronavirusinfektion-covid-19 Here is a text from the current report of the research-based pharmaceutical industry, originally written in German ................

4. Medicines for lung function
The vital task of the lungs is to ensure the exchange of gases between the air we breathe and the blood. Seriously ill corona patients are in danger of losing their lives if this no longer works sufficiently. What is then essential for recovery is that the lungs can regenerate with functional tissue and not just scar tissue.

One of the drugs being tested for maintaining lung function contains the active ingredient Aviptadil, a synthetic version of the naturally occurring molecule VIP in humans. The Swiss company Relief Therapeutics has approval in the EU for the treatment of acute respiratory distress syndrome (ARDS) and sarcoidosis, but has not yet brought it onto the market in Germany. The active ingredient works, among other things: anti-inflammatory and protects certain lung cells (alveolar type 2 cells) from viral attack. They are a preferred target of SARS-CoV-2 and are particularly important for maintaining lung function. Following positive laboratory data, the company NeuroRx conducted a phase II/III study with seriously ill Covid-19 patients (symptoms of severe lung failure; ventilated) in the USA with the support of Relief Therapeutics. With intravenous therapy, patients recovered more quickly from respiratory symptoms. NeuRx then applied for an Emergency Use Authorization from the FDA. A long-term study (1 year follow-up) with patients with serious previous illnesses suggested that VIP improved their survival by 60%. However, in another study with seriously ill Covid-19 patients, Aviptadil did not show any effectiveness. Relief Therapeutics has also started a phase II study with an inhalable formulation of the active ingredient together with the company AdVita Lifescience in Saarbrücken. The aim here is also to avoid acute respiratory distress syndrome in Covid-19 patients.

rollup....great work rollup...greatly appreciated, all excellent news, and a reason to remain very hopeful. 😀

selected quotes from your link.........w the Indian Journal of Critical Care Medicine
"Effect of Aviptadil, a Novel Therapy, on Clinical Outcomes of Patients with Viral-related Severe ARDS:"
"Background: Dealing with life-threatening viral acute respiratory distress syndrome (ARDS) has always been challenging and with the recent COVID pandemic experience, there is still the need of newer therapies to alleviate mortality. Aviptadil, has shown significant beneficial results in COVID. We share our experience with this molecule by doing a retrospective study to evaluate the effect of this drug on clinical outcomes in viral-related ARDS patients."
"Conclusion: Aviptadil has shown to improve the clinical outcomes in patients with severe viral-related ARDS without any adverse effects"

Any old figures for the global dollar value of ARDS medications out there.. ???

Joe Kaplan, here is the brand new answer to your request! Indian Journal of Critical Care Medicine, Volume 28 Issue 1 (January 2024)
https://www.ijccm.org/abstractArticleContentBrowse/IJCCM/64/28/1/34862/abstractArticle/Article ------ read in the article PDF.....Considering these properties of VIP, aviptadil was launched, and this molecule received the US Food and Drug Administration (FDA) Fast Track Designation in June 2020 for dealing critical COVID-19 with respiratory failure. Aviptadil, a synthetic form of VIP, also named as RLF-100, is at present under phase II/III clinical trials. This drug has been designated as an orphan drug by FDA and has been used in past to treat respiratory airway diseases, such as asthma, chronic obstructive pulmonary disease (COPD), ARDS, and sarcoidosis.17 The first reported use of intravenous aviptadil was by Youssef et al., who used this drug to treat double-lung transplant COVID patient with respiratory failure. A dramatic recovery was seen and the patient was discharged in satisfactory condition.

ZUVENTUS = OXYPTADIL = AVIPTADIL = RLF100 = Relief Therapeutic😀

Pegs, ...very sympathetic about your interstitial lung issues. Hopes and prayers for big improvements in the new year. The progress with aviptadil is disappointing for me at this time. ... I have hoped there will be some much better progress with big pharma in india or japan or especially a swiss company. Still hoping for a better 2024....
Interesting company in solid state battery tech is ENVX fyi

Pegs,

IMO I think working through India is your best bet. I think we are years away in the USA before aviptadil is FDA approved for anything.

What is the ticker symbol for that EV battery stock? I'll put it on my watch list.

Take care, and I wish you the best. Keep fighting the fight!

Penny
It's been a long time since posting to you. I'm still alive with My interstitial lung disease. Can you tell me if aviptadil is dead or alive? Last I heard was that India was treating covid patients with it successfully. That trials were going on in Europe. My pulmonologist are saying that all medications have been exhausted for my condition. So I'm back to stem cell therapy. But it's so expensive! I was hoping that aviptadil would make a come back. But reading a couple of posts tell me that dilution & RSare on your horizon. I hate to see that happen to you guys. I've been through 3 RS which were brutal! I now only have 1 penny stock. It's on the verge of being the only highest energy dense battery worldwide for Electric Vehicls. Ford has lined up to test the battery out. So I'm hopeful for 2024 to be prosperous. I need the money to fund my stem cells until newer drugs are on the market. Wishing you all Happy Holidays.......Pegs

Relief Therapeutics Announces that more than 400,000 of its ADRs are Currently Outstanding and that, as a Result, the Company has Achieved an Important NASDAQ Initial Listing Milestone

https://finance.yahoo.com/news/relief-therapeutics-announces-more-400-052000953.html

GENEVA, SWITZERLAND / ACCESSWIRE / October 10, 2023 / RELIEF THERAPEUTICS Holding SA (SIX:RLF)(OTCQB:RLFTF)(OTCQB:RLFTY) (Relief, or the Company), a biopharmaceutical company committed to delivering innovative treatment options with the potential for transformative outcomes to benefit those suffering from select specialty and rare diseases, today announced that over 400,000 of its ADRs are now outstanding. Since one of the key requirements for a NASDAQ listing of ADRs is the requirement that a company have more than 400,000 ADRs outstanding at the time of its initial listing, this important milestone has now been achieved. If Relief is successful in listing its ADRs on the NASDAQ Stock Market, Relief's ADR listing will complement the existing listing of its ordinary shares on the SIX Swiss Exchange.
Relief Therapeutics Holdings AG, Friday, May 26, 2023, Press release picture
Relief Therapeutics Holdings AG, Friday, May 26, 2023, Press release picture

"We are pleased that our shareholders have contributed ordinary shares in return for ADRs in an effort to aid in our objective of listing our ADRs on a U.S. national securities exchange," said Jack Weinstein, chief executive officer of Relief. "Once the remaining requirements for listing are met, which primarily includes achieving a market price of $4.00 per ADR, we intend to progress quickly towards a NASDAQ listing of our ADRs." Mr. Weinstein continued, "Achieving a listing of our ADRs on a U.S. national exchange will broaden the pool of institutional investors able to invest both with open market purchases of our ADRs and in potential future U.S. offerings. We believe that Relief can obtain a NASDAQ listing status by the end of this year, and we are currently exploring several avenues to meet the remaining NASDAQ initial listing requirements."

2023 Half Year Report..........
https://relieftherapeutics.com/images/pdf/RELIEF_Half-Year_Report_2023Final_with_hyperlinks4.pdf

At least this PR will result in RLFTF receiving REVENUES from the ACER partnership. It's prorgess.

https://relieftherapeutics.com/newsblog-detail/?newsID=2585961

https://quotes.freerealtime.com/quotes/RLFTF/Time%26Sales

safe and effective.......mgmt needs to to broadcast the message... looks like a
new round of covid being mfg.

Up, up on nice volume today.
Is good news on the way ?

ACER earnings out. Not was I was hoping for. Looks like they are out of money now.
https://finance.yahoo.com/news/acer-therapeutics-reports-second-quarter-200500038.html

Up over 8 percent today on no news and low volume.

Any one with any info ??

Frustrating.

Usually they put our communication announcements once a week. Been totally quiet for three weeks.

Good morning! I wish I had some insight but, no, I know nothing and i haven’t come across any news.

Does anyone have any idea what is going on with this company? Nasdaq is a laughable objective in my opinion and the loss of stockholders value is deplorable.

Same here!

Wish they would halt trading until they get their act together. Lost more money on this investment than ever before

Thanks Penny.

I don't believe RLFFD is the correct symbol anymore. Should be RLFTF. I'll PM IHUB

Are we halted or simply not trading?

I'm surprised that GEM went along with the R/S strategy. No NASDAQ uplisting in sight. Most reverse splits use that lame excuse to keep the SH at aby, and then never deliver. We'll see what happens here.

Unfortunately, once they do one R/S....it's very easy to do another, and another. So if the pps drifts down to a buck (from dilution) I predict another R/S.

Some very powerful good news is needed to resurrect this dog. ACER has a $1M cash infusion now, so maybe they will get the show on the road with generating revenues soon.

Stock went down another 15% today. Thieves for sure. 30,000 shares and now 75 and have lost 75% of the value. Class action suit is in order. Take the management income off the table.

Acer Therapeutics Receives $1 Million Capital Infusion from Chief Executive Officer and Founder

This should be good for RLFTF.
https://finance.yahoo.com/news/acer-therapeutics-receives-1-million-123000673.html

4 Hot Penny Stocks Making Waves : ALKM, FBCD, RMHI, RLFTF June 23, 2023
https://www.drpjournal.com/4-hot-penny-stocks-making-waves-alkm-stgz-fbcd-rmhi/

Agree 100%

It's about time!!! Their compensation packages should be frozen until they can start to generate sales of some sort. Their priorities are all backwards. RAM should be fired and replaced with someone who understands how to balance sales and marketing with R&D.

The annual meeting showcases the discontent of shareholders with the management and BOD.

not a clue. they stopped communicating matters of interest to the SH. I’ve always felt that the nasdaq talk was gibberish that penny stock ceo’s always say to appease SH before a devastating R/S. And they never shared with the SH their final analysis of the trial data that NRX was forced to give them. off the radar.

So far a terrible investment. What are they doing about uplisting to Nasdaq

More dilution....The management salaries and bonus checks must be paid on the backs of the SH. Someday the fat cats will start doing their job and find a way to generate sales.

"..... Relief Therapeutics plans to use the net proceeds from the private placement for working capital and other general corporate purposes."

https://finance.yahoo.com/news/relief-therapeutics-holding-sa-announces-053000386.html

In theory, this should help RLFFD. --- Acer Therapeutics Inc gets a Sentiment Score of Bullish from InvestorsObserver and receives an average analyst recommendation of Strong Buy with a price target of $9.67 https://www.investorsobserver.com/news/stock-update/healthcare-stocks-moving-wednesday-pbla-chek-acer-indp-namsw-nams-carm-zlab

Why are they not letting stockholders know what’s going on other than the persistent drop in value. Management is a catastrophe

Dr presenting on Avip and ARDS

I know, $3000 is ridiculous

Unfortunately the IRS only permits 3K write-off per year.

RVVTF has gotten hammered too. They thought they had a covid pill, but the FDA said... 'not so fast'. And there goes their PPS. It wasn't too long ago and they were sitting at 40 cents.