Fourth quarter and full fiscal year 2026
Filed Sep 24, 2026Rezolute reported lower fourth-quarter net loss and R&D expense, while full-year net loss increased and congenital HI Phase 3 regulatory uncertainty remained unresolved.
Fourth-quarter operating expenses and net loss declined from the prior-year period, and the tumor HI upLIFT study produced responder updates. However, full-year net loss increased, cash and marketable securities declined, and the congenital HI sunRIZE study did not meet its primary endpoint.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Fourth quarter fiscal 2026 research and development expensesGAAP | $14.9M | – | – |
| Full fiscal year 2026 research and development expensesGAAP | $53.8M | – | – |
| Fiscal 2026 research and development share-based compensation expenseGAAP | $6.5M | – | – |
| Fourth quarter fiscal 2026 general and administrative expensesGAAP | $6.7M | – | – |
| Full fiscal year 2026 general and administrative expensesGAAP | $29.2M | – | – |
| Fiscal 2026 general and administrative share-based compensation expenseGAAP | $8M | – | – |
| Fourth quarter fiscal 2026 total operating expensesGAAP | $21.56M | – | – |
| Full fiscal year 2026 total operating expensesGAAP | $82.97M | – | – |
| Fourth quarter fiscal 2026 loss from operationsGAAP | (21,562 ) | – | – |
| Full fiscal year 2026 loss from operationsGAAP | (82,966 ) | – | – |
| Fourth quarter fiscal 2026 non-operating income, netGAAP | 1,071 | – | – |
| Full fiscal year 2026 non-operating income, netGAAP | 5,380 | – | – |
| Fourth quarter fiscal 2026 net lossGAAP | $20.5M | – | – |
| Full fiscal year 2026 net lossGAAP | $77.6M | – | – |
| Fourth quarter fiscal 2026 basic and diluted net loss per common shareGAAP | $ (0.20 ) | – | – |
| Full fiscal year 2026 basic and diluted net loss per common shareGAAP | $ (0.75 ) | – | – |
| Fourth quarter fiscal 2026 shares used to compute basic and diluted net loss per common shareGAAP | 104,488 | – | – |
| Full fiscal year 2026 shares used to compute basic and diluted net loss per common shareGAAP | 103,907 | – | – |
| Cash and cash equivalents as of June 30, 2026GAAP | $10.62M | – | – |
| Investments in marketable debt securities as of June 30, 2026GAAP | 97,186 | – | – |
| Working capital as of June 30, 2026GAAP | 99,093 | – | – |
| Total assets as of June 30, 2026GAAP | 112,849 | – | – |
| Accumulated deficit as of June 30, 2026GAAP | (481,442 ) | – | – |
| Total stockholders’ equity as of June 30, 2026GAAP | 100,687 | – | – |
What drove it
- Enrollment is in progress in the upLIFT Phase 3 study in tumor HI, with topline results expected before the end of 2026.
- Of the 8 participants enrolled in upLIFT, 6 had met the responder criterion within the 8-week pivotal treatment phase as of the June 2026 announcement, and the seventh participant subsequently met the responder criterion.
- Each of the 6 participants that had met the responder criterion at the June 2026 announcement achieved complete discontinuation of intravenous glucose requirements with ersodetug.
- The decrease in fiscal year 2026 R&D expenses was primarily due to decreased manufacturing costs for ersodetug, partially offset by increased employee-related stock-based compensation expense.
- The increase in fiscal year 2026 G&A expenses was primarily attributable to increased employee-related stock-based compensation expense and increased professional fees in preparation for future ersodetug commercial activities.
Concerns
- The Phase 3 sunRIZE study in congenital HI did not meet its primary endpoint.
- Data from sunRIZE remains under review with the FDA.
- The Company stated that the FDA could determine that the only path forward for the congenital HI indication is a new randomized control trial similar to sunRIZE.
- Full fiscal year 2026 net loss was $77.6 million compared to net loss of $74.4 million for the fiscal year 2025.
- Cash, cash equivalents and investments in marketable securities were $107.8 million as of June 30, 2026, compared with $167.9 million as of June 30, 2025.
What to watch
- Completion of upLIFT enrollment and topline results expected before the end of 2026.
- FDA feedback on the congenital HI sunRIZE data package and whether the Agency requests a new randomized control trial.
- Ongoing participation and glycemic-control indicators in the sunRIZE open-label extension phase.
- Further changes in R&D manufacturing costs, employee-related stock-based compensation expense, and professional fees associated with potential ersodetug commercial activities.
Balance sheet and cash flow
- Cash, cash equivalents and investments in marketable securities were $107.8 million as of June 30, 2026, compared with $167.9 million as of June 30, 2025.
- Working capital was 99,093 as of June 30, 2026, compared with 159,233 as of June 30, 2025.
- Total stockholders’ equity was 100,687 as of June 30, 2026, compared with 162,127 as of June 30, 2025.
Analysis
Rezolute remains a development-stage company, with no revenue reported in the filing and financial performance defined by clinical-development spending and investment income. Fourth-quarter R&D expenses were $14.9 million compared with $20.9 million for the same period a year ago, while fourth-quarter net loss was $20.5 million compared with a net loss of $24.4 million. The lower quarterly R&D expense was the principal contributor to the reduced quarterly loss.
The full-year picture was less favorable on operating costs and loss. Fiscal 2026 R&D expenses were $53.8 million compared to $61.5 million in fiscal year 2025, with the decrease primarily attributed to lower ersodetug manufacturing costs. However, G&A expenses increased to $29.2 million from $18.4 million, driven by employee-related stock-based compensation expense and professional fees for prospective ersodetug commercial activities. Full-year net loss increased to $77.6 million from $74.4 million.
Liquidity declined over the year. Cash, cash equivalents and investments in marketable securities were $107.8 million as of June 30, 2026, compared with $167.9 million as of June 30, 2025. The balance sheet also showed working capital of 99,093 versus 159,233 and total stockholders’ equity of 100,687 versus 162,127. The filing did not report operating cash flow, free cash flow, debt, capital-return activity, or financial guidance.
The operating update centers on ersodetug clinical and regulatory milestones. In tumor HI, upLIFT enrollment is in progress and topline results are expected before the end of 2026. The Company reported that 6 of 8 enrolled participants had met the primary-endpoint responder criterion within the 8-week pivotal treatment phase as of its June 2026 update, with a seventh participant subsequently meeting the criterion. In congenital HI, sunRIZE did not meet its primary endpoint, and the Company continues to await FDA feedback after providing additional data and analyses.
The critical near-term variables are the upLIFT topline outcome and the FDA’s view of the sunRIZE evidence. Rezolute stated that the Agency could conclude that a new randomized control trial similar to sunRIZE is the only path forward for congenital HI, which the Company said would adversely affect its ability to pursue that indication and the commercial potential for ersodetug. The filing therefore presents positive tumor HI study progress alongside unresolved congenital HI regulatory risk and a lower year-end liquidity position.
Not in the filing
stated, not guessed- Revenue
- Segment revenue and segment profitability
- Gross profit and gross margin
- Non-GAAP financial measures
- Prior-quarter comparisons
- Operating cash flow
- Free cash flow
- Debt and other liabilities
- Capital returns, including share repurchases and dividends
- Financial guidance for revenue, gross margin, operating expenses, tax rate, or other financial metrics
- Named executive quotes
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.