Executive Summary
Rezolute Inc. (RZLT) reported a pre-revenue QQ1 2025 quarter with a meaningful operating loss driven primarily by research and development (R&D) activities and ongoing pipeline investments. For the quarter ended September 30, 2024, the company posted an operating loss of $16.941 million and a net loss of $15.378 million, or basic/diluted earnings per share of $-0.22. Revenue remained nil, reflecting the company’s clinical-stage status and lack of commercial products. R&D expenses totaled $12.754 million and general and administrative (G&A) expenses were $4.187 million, contributing to a cash burn profile that culminated in net cash used in operating activities of $16.014 million and net cash outflows from investing activities of $49.410 million. Financing activities added $5.50 million, leaving a net cash decrease of $59.924 million for the quarter, and ending cash and cash equivalents at $10.472 million. The company holds substantial liquidity with cash and short-term investments totaling about $108.273 million and total assets of $123.414 million, enabling continued focus on its lead programs (RZ358 in Phase 2b for congenital hyperinsulinism and RZ402 in Phase 1 for diabetic macular edema) while seeking additional funding for ongoing development. Management commentary is not included in the provided transcript data, limiting direct quotes, but the quarter underscores the typical risk-reward profile of late-stage biotech pipelines tied to readouts rather than near-term revenue generation. Investors should monitor upcoming clinical milestones, potential partnering discussions, and any financing events given the cash runway dynamics. The standout takeaway is that Rezolute remains in a high-uncertainty, high-potential trajectory with a robust liquidity cushion to fund pipeline advancement, albeit with continued reliance on external capital to sustain operations.
Key Performance Indicators
Key Insights
Revenue: 0 (N/A YoY/QoQ)
Operating Income: -$16.941 million; YoY -6.45%, QoQ +26.67%
Net Income: -$15.378 million; YoY -5.88%, QoQ +33.07%
EPS: -$0.22; YoY +21.43%, QoQ +51.11%
R&D Expenses: $12.754 million
G&A Expenses: $4.187 million
Depreciation & Amortization: $0.008 million
Other notable items: Stock-based compensation $1.40 million; Change in working capital -$1.354 million
Operating cash flow: -$16.014 million; Free cash flow: -$16.014 million
Investing activities: -$49.410 mi...
Financial Highlights
Revenue: 0 (N/A YoY/QoQ)
Operating Income: -$16.941 million; YoY -6.45%, QoQ +26.67%
Net Income: -$15.378 million; YoY -5.88%, QoQ +33.07%
EPS: -$0.22; YoY +21.43%, QoQ +51.11%
R&D Expenses: $12.754 million
G&A Expenses: $4.187 million
Depreciation & Amortization: $0.008 million
Other notable items: Stock-based compensation $1.40 million; Change in working capital -$1.354 million
Operating cash flow: -$16.014 million; Free cash flow: -$16.014 million
Investing activities: -$49.410 million
Financing activities: +$5.50 million
Net change in cash: -$59.924 million
Cash at end of period: $10.472 million
Total current assets: $110.178 million; Total assets: $123.414 million; Total current liabilities: $7.991 million; Total liabilities: $9.973 million; Total stockholders’ equity: $113.441 million
Cash and investments: Cash & cash equivalents $10.472m; Short-term investments $97.801m; Long-term investments $9.552m; Total cash/short-term investments $108.273m
Liquidity ratios (as of 9/30/2024): Current ratio 13.79; Cash ratio 1.310
Key profitability/efficiency ratios (Q1 2025): Net income margin 0%; Return on assets (ROA) -0.125%; Return on equity (ROE) -0.136%; Debt to equity 0.018; Price to book 2.98; Enterprise value to FCF -21.12
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-16.94M |
-6.45% |
26.67% |
| Net Income |
-15.38M |
-5.88% |
33.07% |
| EPS |
-0.22 |
21.43% |
51.11% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.23
freeCashFlowPerShare
$-0.23
Management Commentary
Transcript data for the QQ1 2025 quarter is not provided in the supplied dataset. As a result, there are no management quotes or thematic highlights available to cite. The analysis herein relies on the disclosed financial statements and balance sheet metrics to infer strategic focus (lead programs RZ358 and RZ402) and liquidity trajectory. If an earnings call transcript becomes available, quotes centered on pipeline milestones, capital strategy, and near-term readouts would be incorporated to enrich this section.
Forward Guidance
No formal forward guidance was included in the provided QQ1 2025 data. In a typical clinical-stage biotech setting, investors should watch for: (i) upcoming Phase 2b data readouts for RZ358 in congenital hyperinsulinism, (ii) early safety and pharmacokinetic signals for RZ402 in diabetic macular edema, (iii) any development or partnering updates that could de-risk the pipeline or extend the cash runway, and (iv) financing announcements or equity offerings that could affect share count and dilution. Given the current cash position of approximately $108 million in liquidity and an operating cash burn around $16 million per quarter (plus significant investing activity), the company may require additional financing to sustain multi-quarter development beyond the near term. Key factors investors should monitor include data readouts, trial enrollment progress, regulatory interactions, and any strategic licensing discussions that could unlock non-dilutive or non-transaction-based funding.