Full Press Release Details
Rezolute Reports Third Quarter Fiscal 2021 Financial
Results and Highlights Recent Company Progress
CITY, Calif., May 17, 2021 (GLOBE NEWSWIRE) - Rezolute, Inc. (Nasdaq: RZLT), a
clinical-stage biopharmaceutical company developing transformative therapies for metabolic diseases associated with chronic glucose imbalance,
today announced its financial results for the fiscal third quarter ended March 31, 2021.
"We continue to advance the clinical development of our pipeline
candidates, RZ358 and RZ402, with several milestones expected this year," said Nevan Elam, Chief Executive Officer of Rezolute.
"Highly encouraging topline results from our Phase 1 study of RZ402 support oral daily dosing for the treatment of diabetic macular
edema, and we are on track to initiate a repeat-dose Phase 1b trial in the third quarter of 2021."
Recent Business Highlights
Third Quarter Fiscal 2021 Financial Results
About Rezolute, Inc.
Rezolute is advancing transformative therapies
for metabolic diseases associated with chronic glucose imbalance. The Company's lead clinical asset, RZ358, is in Phase 2b development
for treatment of congenital hyperinsulinism (CHI), a rare pediatric endocrine disorder. The Company is also developing RZ402, an orally
available plasma kallikrein inhibitor, for the treatment of diabetic macular edema. For more information, visit www.rezolutebio.com or
Forward-Looking Statements
This release, like many written and oral
communications presented by Rezolute, Inc. and our authorized officers, may contain certain forward-looking statements regarding our
prospective performance and strategies within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company,
are generally identified by use of words such as "anticipate," "believe," "estimate," "expect,"
"intend," "plan," "project," "seek," "strive," "try," or future or conditional
verbs such as "could," "may," "should," "will," "would," or similar expressions. Our
ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may
differ materially from anticipated results. Readers are cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date of this release. Except as required by applicable law or regulation, Rezolute undertakes no obligation to update
these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
Investor/Media Contact
Condensed Consolidated Financial Statements Data
(in thousands, except per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Condensed Consolidated Statements of Operations Data: | ||||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 3,758 | 3,733 | 10,598 | 12,005 | ||||||||||||
| General and administrative | 1,725 | 1,337 | 5,660 | 4,964 | ||||||||||||
| Total operating expenses | 5,483 | 5,070 | 16,258 | 16,969 | ||||||||||||
| Loss from operations | (5,483 | ) | (5,070 | ) | (16,258 | ) | (16,969 | ) | ||||||||
| Non-operating income - interest and other | 1,788 | 30 | 1,846 | 183 | ||||||||||||
| Net loss | $ | (3,695 | ) | $ | (5,040 | ) | $ | (14,412 | ) | $ | (16,786 | ) | ||||
| Basic and diluted net loss per common share | $ | (0.44 | ) | $ | (0.86 | ) | $ | (1.94 | ) | $ | (2.93 | ) | ||||
| Shares used to compute basic and diluted net loss per common share | 8,352 | 5,866 | 7,445 | 5,719 |
| March 31, | June 30, | |||||||
| 2021 | 2020 | |||||||
| (unaudited) | ||||||||
| Condensed Consolidated Balance Sheets Data: | ||||||||
| Cash and cash equivalents | $ | 31,989 | $ | 9,955 | ||||
| Working capital | 28,607 | 7,292 | ||||||
| Total assets | 32,933 | 10,965 | ||||||
| License fees payable to Xoma (1) | - | 1,809 | ||||||
| Accumulated deficit | (161,648 | ) | (147,236 | ) | ||||
| Total stockholders' equity | 29,132 | 7,365 |
(1) In October 2020, we completed a private placement of equity securities
for gross proceeds of $41.0 million, resulting in acceleration of the entire $1.4 million outstanding obligation shown above and we paid
it on October 23, 2020.