Rezolute, Inc. RZLT
Rezolute, Inc. ("Rezolute", the "Company", "we" or "us") is a late-stage rare disease company focused on significantly improving outcomes for individuals with hypoglycemia caused by hyperinsulinism ("HI").
Our lead clinical asset, ersodetug, is a potential treatment for hypoglycemia caused by multiple forms of hyperinsulinism.
Ersodetug is an intravenously administered human monoclonal antibody that binds to a unique site (allosteric) on the insulin receptor in insulin target tissues, such as in the liver, fat, and muscle. The antibody down modulates insulin's binding, signaling, and action thereby counteracting the effects of elevated insulin in the body, and helping to restore glucose to a more normalized range. Ersodetug shows dose dependent pharmacokinetics with a half-life greater than 2 weeks, which has the potential for monthly dosing. Therefore, we believe that ersodetug is ideally suited as a potential therapy for conditions characterized by excessive insulin or insulin-like levels, and it is being developed to treat hyperinsulinism. As ersodetug acts downstream from beta cells, it has the potential to be universally effective at treating hypoglycemia related to HI, whether genetic or acquired.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | $61.5M | $55.7M | $43.8M | $32.5M | $15.0M | $14.4M | $19.1M | $17.3M | $12.1M | $9.4M |
| SG&A | $18.4M | $14.7M | $12.2M | $9.4M | $7.9M | $6.1M | $6.9M | $9.1M | $8.2M | $5.5M |
| Total operating expenses | $79.9M | $70.4M | $56.0M | $41.8M | $22.9M | $20.5M | $25.9M | $28.7M | $20.3M | $15.0M |
| Operating income | -$79.9M | -$70.4M | -$56.0M | -$41.8M | -$22.9M | -$20.5M | -$25.9M | -$28.7M | -$20.3M | -$15.0M |
| Interest expense | — | — | — | — | $375.0K | $0 | $5.0M | $689.0K | $1.6K | $5.0K |
| Pre-tax income | -$74.4M | -$68.5M | -$51.8M | -$41.1M | -$20.9M | -$20.3M | -$30.4M | -$29.9M | -$20.3M | -$14.9M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$74.4M | -$68.5M | -$51.8M | -$41.1M | -$20.9M | -$20.3M | -$30.4M | -$29.9M | -$20.3M | -$14.9M |
| EPS, basic | -0.98 | -1.33 | -1.01 | -2.26 | -2.72 | — | — | — | — | — |
| EPS, diluted | -0.98 | -1.33 | -1.01 | -2.32 | -2.72 | -3.54 | -18.41 | -0.54 | -0.57 | -0.84 |
| Shares, diluted (wtd. avg.) | $76.0M | $51.5M | $51.2M | $19.5M | $7.7M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $94.1M | $70.4M | $16.0M | $150.4M | $41.0M | $10.0M | $11.6M | $11.6M | $4.5M | — |
| Short-term investments | $73.8M | $56.5M | $85.9M | — | — | — | — | — | — | — |
| Total current assets | $171.1M | $128.7M | $104.9M | $152.1M | $42.0M | $10.5M | $12.1M | $2.0M | $4.9M | $4.5M |
| Property, plant and equipment | $72.0K | $103.0K | $139.0K | $16.0K | $29.0K | $33.0K | $44.0K | $368.0K | $5.3M | $6.0M |
| Other intangibles | — | — | — | — | — | $0 | $29.0K | $37.0K | $44.3K | $51.6K |
| Total assets | $175.5M | $132.7M | $123.7M | $152.4M | $42.6M | $11.0M | $12.3M | $2.5M | $10.6M | $10.9M |
| Accounts payable | $5.8M | $4.9M | $3.3M | $1.1M | $1.0M | $893.0K | $563.0K | $1.9M | $951.2K | $1.5M |
| Total current liabilities | $11.9M | $9.6M | $5.2M | $2.5M | $2.0M | $3.2M | $8.4M | $6.2M | $1.8M | $1.7M |
| Long-term debt | — | — | — | — | $14.0M | $0 | $0 | $3.4M | — | — |
| Total liabilities | $13.4M | $11.7M | $7.5M | $2.9M | $16.5M | $3.6M | $10.5M | $6.5M | $2.1M | $2.1M |
| Retained earnings | -$403.9M | -$329.4M | -$261.0M | -$209.2M | -$168.1M | -$147.2M | -$126.9M | -$94.2M | -$64.3M | -$44.0M |
| Total equity | $162.1M | $121.0M | $116.2M | $149.5M | $26.1M | $7.4M | $1.8M | -$4.0M | $8.5M | $8.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$69.1M | -$57.4M | -$44.5M | -$39.6M | -$20.4M | -$24.2M | -$15.3M | -$14.1M | -$13.3M | -$10.5M |
| Depreciation and amortisation | $31.0K | $36.0K | $30.0K | $13.0K | $13.0K | $11.0K | $41.0K | $1.1M | $1.1M | $744.0K |
| Stock-based compensation | $7.1M | $7.4M | $7.3M | $3.7M | $4.0M | $3.3M | $2.6M | $5.1M | $6.0M | $3.8M |
| Capital expenditure | — | — | $153.0K | — | — | $0 | $47.0K | $6.0K | — | — |
| Investing cash flow | -$14.5M | $48.7M | -$101.5M | — | $0 | $0 | $231.0K | $1.7M | -$195.4K | -$1.5M |
| Financing cash flow | $107.3M | $63.0M | $11.6M | $149.0M | $51.5M | $22.6M | $25.0M | $9.5M | $13.9M | $10.7M |
| Buybacks | — | $3.0K | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-090848.
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