Free cash flow remains deeply negative with quarterly outflows frequently exceeding $15 million, and the OCF/NI ratio of 0.85 in 2026Q3 highlights the persistent reliance on external funding.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 |
|---|
| Cash from Operations | -73.48M | -69.08M | -57.37M | -44.48M | -39.62M | -20.44M | -24.17M | -15.3M | -14.11M | -13.31M | -10.49M | -7.08M | -3.17M | -1.63M | -40.4K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -55.25% | -20.41% | -28.97% | -12.28% | -93.81% | 15.42% | -57.92% | -8.44% | -6.02% | -26.91% | -48.17% | -123.5% | -94.56% | -3929.82% | - |
| Net Income | -81.48M | -74.41M | -68.46M | -51.79M | -41.06M | -20.9M | -20.33M | -30.45M | -29.86M | -20.28M | -14.94M | -11.36M | -9.73M | -6.73M | -49.29K |
| Depreciation & Amortization | 31K | 31K | 36K | 30K | 13K | 13K | 18K | 49K | 1.07M | 1.11M | 751.25K | 134.13K | 11.3K | 295 | 221 |
| Stock-Based Compensation | 8.31M | 7.12M | 7.36M | 7.27M | 3.69M | 3.96M | 3.32M | 2.64M | 5.1M | 6.01M | 3.76M | 2.85M | 1.08M | 3.69M | 0 |
| Deferred Taxes | 0 | 0 | 0 | -1.36M | 0 | -1.78M | 102K | -17K | 2.93M | 0 | 0 | 756.29K | 4.58M | 0 | 0 |
| Other Non-Cash Items | 2.66M | -1.86M | 595K | 352K | -1.61M | 384K | 222K | 4.12M | 5.63M | 1.2K | 53.15K | 166.08K | 404.59K | 456.17K | 9.78K |
| Working Capital Changes | -3M | 47K | 3.1M | 1.02M | -642K | -2.12M | -7.49M | 8.36M | 1.03M | -155.36K | -119.2K | 380.15K | 488.38K | 955.53K | -1.11K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 306.31K | 237.09K | 645.7K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 222.38K | -66.6K | 223K | 0 |
| Change in Payables | -3.31M | 1.42M | 1.08M | 2.14M | -11K | 142K | 330K | -548K | 824.45K | 112.35K | 26.37K | -132.34K | 271.96K | 80.12K | -1.11K |
| Cash from Investing | -33.05M | -14.54M | 48.7M | -101.46M | 0 | 0 | 0 | 231K | 1.73M | -195.38K | -1.45M | -3.61M | -830.18K | 185.11K | -2K |
| Capital Expenditures | 0 | 0 | 0 | -153K | 0 | 0 | 0 | -47K | -5.82K | -407.93K | -2.09M | -3.16M | -69.97K | -11.72K | -2K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 101.46M | 0 | 0 | 0 | 278K | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 68.49M | 0 | 0 | -101.46M | 0 | 0 | 0 | 278 | 1.74M | 212.55K | 637.67K | -450.17K | -760.21K | 196.83K | 0 |
| Cash from Financing | 103.17M | 107.33M | 63.03M | 11.57M | 148.98M | 51.53M | 22.55M | 25M | 9.54M | 13.93M | 10.73M | 10.04M | 9.93M | 1.42M | 10.5K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -16.01M | 15M | 0 | 0 | 5.34M | -23.13K | -93.85K | -67.9K | 2.64M | 1.57M | 0 |
| Equity Issued (Net) | 82.42M | 107.33M | 49.02M | 12.33M | 133.6M | 41M | 24.05M | 25M | 4.5M | 14.64M | 11.71M | 11.18M | 8.93M | 0 | 10.5K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 20.76M | 0 | 14.01M | -759K | 31.39M | -4.47M | -1.5M | 0 | -299.27K | -683.19K | -890.36K | -1.07M | -1.64M | -157.5K | -2.01M |
| Net Change in Cash | -3.36M | 23.71M | 54.36M | -134.37M | 109.36M | 31.09M | -1.62M | 9.93M | -2.84M | 424.52K | -1.22M | -655.83K | 5.93M | -25.35K | -31.9K |
| Free Cash Flow | -73.48M | -69.08M | -57.37M | -44.63M | -39.62M | -20.44M | -24.17M | -15.35M | -14.12M | -13.72M | -12.58M | -10.24M | -3.24M | -1.64M | -42.4K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -12.01% | -20.41% | -28.53% | -12.67% | -93.81% | 15.42% | -57.44% | -8.73% | -2.91% | -9.05% | -22.83% | -216.37% | -97.44% | -3767.36% | - |
| FCF per Share | -0.71 | -0.91 | -1.11 | -0.87 | -2.03 | -2.66 | -4.20 | -8.64 | -12.68 | -16.61 | -25.39 | -24.44 | -17.25 | -13.21 | -0.55 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.93x | 0.84x | 0.86x | 0.96x | 0.98x | 1.19x | 0.50x | 0.47x | 0.66x | 0.70x | 0.62x | 0.33x | 0.24x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in quarterly financial statements, Rezolute consistently exhibits a tight correlation between net losses and operating cash outflows, with the OCF/NI ratio hovering near 0.90, indicating that non-cash expenses like stock-based compensation provide only minimal relief to the company's underlying cash burn profile.
The narrow gap between net income and operating cash flow suggests that the company's reported losses are highly representative of actual cash depletion. Investors should note that the lack of significant non-cash add-backs implies that the firm's operational burn is almost entirely driven by cash-intensive clinical development activities.
Based on the provided cash flow data, Rezolute's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $15 million, reflecting a structural inability to generate internal liquidity while the company remains in the high-cost, pre-revenue phase of its clinical development lifecycle.
The absence of positive free cash flow is an expected characteristic of a pre-revenue biotech, yet the consistency of these outflows warrants caution regarding the company's runway. The trajectory suggests that without a major milestone or partnership, the firm will remain entirely dependent on external capital markets to sustain its operations.
According to recent SEC filings, Rezolute's working capital changes have fluctuated between a $2.4 million inflow and a $1.7 million outflow, demonstrating that timing differences in vendor payments and clinical trial accruals create meaningful, albeit temporary, noise in the company's quarterly cash burn metrics.
These fluctuations appear to be driven by the episodic nature of clinical trial expenses rather than fundamental shifts in operational efficiency. Analysts should monitor these swings to distinguish between genuine changes in burn rate and simple timing variances in the settlement of research-related liabilities.
As indicated by historical financial data, stock-based compensation has consistently added back millions to the cash flow statement, with a peak of $3.4 million in 2026Q2, effectively masking the true economic cost of talent retention during the company's critical Phase 3 clinical trial execution.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not fully captured in the operating cash flow figure. Investors should adjust their burn rate models to account for this dilution, as it represents a hidden financing cost that supports the company's operational structure.
Quick answers to the most common questions about buying RZLT stock.
Rezolute, Inc. (RZLT) generated $-69.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rezolute, Inc. (RZLT) reported negative free cash flow of $69.1M in 2025, indicating capital requirements exceeded cash from operations.
Rezolute, Inc. (RZLT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.