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Relmada Therapeutics Inc. (Nasdaq: RLMD) will halt its Phase 3 studies of depression treatment REL-1017 following a data monitoring committee evaluation, sending the company searching for strategic alternatives.

The late-stage biotechnology company will discontinue both the Reliance II and Relight Phase 3 studies while continuing development of REL-P11, its modified psilocybin compound, according to a statement Monday.

The company’s decision comes after mounting financial pressure. As of September 30, Relmada reported an accumulated deficit of $622.2 million with $54.1 million in cash remaining, according to previous financial statements. The company had warned investors it projected “insufficient liquidity to sustain its operations through one year.”

CEO Sergio Traversa had expressed optimism about REL-1017’s potential just weeks ago, noting the trials were “poised to achieve meaningful, near-term value inflection points,” according to a previous statement.

The Florida-based company will now explore options including a potential sale of assets, merger, reverse merger or acquisition of new product rights, though it cautioned there’s no guarantee of any transactions. Relmada plans to engage a financial advisor to assist with the strategic review.

REL-1017 is a novel NMDA receptor channel blocker designed to target hyperactive channels while maintaining physiological glutamatergic neurotransmission, according to the firm. The company will maintain its Phase 1 study of REL-P11, a low-dose psilocybin derivative being investigated for metabolic diseases.

Relmada said it won’t provide further updates on the strategic review process unless required. The company has opened talks with potential financial advisors but hasn’t set a timeline for completing its evaluation of alternatives.