Rezolute Reports Third Quarter Fiscal 2023 Results and Highlights Company Progress The Company is poised to commence Phase 3 for RZ358 in the third quarter of calendar year 2023

Rezolute Reports Third Quarter Fiscal 2023 Results and Highlights Company Progress

The Company is poised to commence Phase 3 for RZ358 in the third quarter of calendar year 2023

REDWOOD CITY, Calif., May 11, 2023 (GLOBE

NEWSWIRE) -- Rezolute, Inc. (Nasdaq: RZLT), a clinical-stage biopharmaceutical company dedicated to developing transformative therapies

with the potential to shift the treatment paradigms of devastating metabolic diseases, today announced its financial results for the third

quarter of fiscal 2023 ended March 31, 2023.

"We are continuing to make progress

across our pipeline, including preparation for a Phase 3 study for RZ358 as well as enrollment of patients in our Phase 2 Study for

RZ402," said Nevan Charles Elam, Chief Executive Officer and Founder of Rezolute. "The

quarter was punctuated by a Rezolute-hosted virtual key opinion leader event that explored the

therapeutic landscape of diabetic macular edema and the rationale for treating with an oral plasma kallikrein inhibitor such as

RZ402. I am excited and encouraged by the support of key thought leaders in the ophthalmology space who, like all of us

at Rezolute, wish to change the treatment paradigm of DME."

Third Quarter Fiscal 2023 Financial Results

About Rezolute, Inc.

Rezolute strives to disrupt current treatment

paradigms by developing transformative therapies for devastating rare and chronic metabolic diseases. Its novel therapies hold the potential

to both significantly improve outcomes and reduce the treatment burden for patients, the treating physician, and the healthcare system.

Patient, clinician, and advocate voices are integrated in the Company's drug development process, enabling Rezolute to boldly address

a range of severe conditions. Rezolute is steadfast in its mission to create profound, positive, and lasting impact on patients'

lives. The Company's lead clinical asset, RZ358, is in late-stage development for the treatment of congenital hyperinsulinism,

a rare pediatric endocrine disorder. Rezolute is also developing RZ402, an orally available plasma kallikrein inhibitor, for the treatment

Forward-Looking Statements

This release, like many written and oral communications

presented by Rezolute 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 Rezolute,

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. Important

factors that may cause such a difference include any other factors discussed in Rezolute's filings with the SEC, including the Risk

Factors contained in the Rezolute's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available

at the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements

in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety

by this cautionary statement.

Canale Communications, Inc.

Condensed Consolidated Financial Statements Data

(in thousands, except per share data)