The company continues to report zero revenue while sustaining significant operating losses, which peaked at $25.9 million in 2025Q4 due to intensive R&D spending.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 23K | 0 | 0 | 0 | 0 | 13K | 18K | 48K | 1.07M | 12.57M | 8.27M | 5.85M | 2.4M | 4.56M | 4.84K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -23K | 0 | 0 | 0 | 0 | -13K | -18K | -48K | -1.07M | -12.57M | -8.27M | -5.85M | -2.4M | -4.56M | -4.84K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | 27.78% | 62.5% | 95.5% | 91.52% | -52.06% | -41.38% | -144.08% | 47.45% | -94080.17% | - |
| Operating Expenses | 87.23M | 79.89M | 70.42M | 55.99M | 41.84M | 22.88M | 20.5M | 25.9M | 26.38M | 20.32M | 14.95M | 10.7M | 5.18M | 6.11M | 42.67K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 27.59M | 18.37M | 14.68M | 12.18M | 9.36M | 7.91M | 6.07M | 6.82M | 9.1M | 8.23M | 5.5M | 6M | 5.13M | 6.1M | 42.67K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 59.77M | 61.53M | 55.74M | 43.81M | 32.49M | 14.99M | 14.45M | 19.08M | 17.28M | 12.09M | 9.45M | 4.7M | 34.32K | 3.49K | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136.13K | 37.14K | 5.33M | 3.51M | 11.3K | 295 | 0 |
| Operating Income | -87.25M | -79.89M | -70.42M | -55.99M | -41.84M | -22.89M | -20.52M | -25.94M | -28.73M | -20.32M | -14.95M | -10.7M | -5.18M | -6.11M | -45.73K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -13.45% | -25.78% | -33.81% | -82.77% | -11.56% | 20.9% | 9.71% | -41.38% | -35.94% | -39.76% | -106.68% | 15.24% | -13254.5% | - |
| EBITDA | -87.22M | -79.86M | -70.39M | -55.96M | -41.83M | -22.88M | -20.5M | -25.9M | -27.67M | -19.21M | -14.2M | -10.56M | -5.16M | -6.11M | -45.51K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -13.11% | -13.46% | -25.78% | -33.78% | -82.82% | -11.6% | 20.83% | 6.41% | -44.03% | -35.28% | -34.42% | -104.54% | 15.42% | -13318.71% | - |
| D&A (Non-Cash Add-back) | 31K | 31K | 36K | 30K | 13K | 13K | 18K | 48K | 1.07M | 1.11M | 751.25K | 134.13K | 11.3K | 295 | 221 |
| EBIT | -85.59M | -79.89M | -70.42M | -55.99M | -39.25M | -20.53M | -20.33M | -25.49M | -29.17M | -20.28M | -14.93M | -11.36M | -5.5M | -6.16M | 0 |
| Net Interest Income | 5.77M | 5.48M | 4.87M | 4.21M | -1.73M | -312K | 188K | -4.9M | -688.19K | 0 | -4.07K | -1.76K | -4.22M | -462.81K | 0 |
| Interest Income | 5.77M | 5.48M | 4.87M | 4.21M | 80K | 63K | 188K | 61K | 1K | 0 | 965 | 4.97K | 12.18K | 106.04K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 1.81M | 375K | 0 | 4.96M | 689.19K | 1.59K | 5.04K | 6.73K | 4.23M | 568.86K | 0 |
| Other Income/Expense | 5.77M | 5.48M | 1.96M | 4.2M | 783K | 1.99M | 188K | -4.5M | -1.13M | 46.92K | 15.75K | -664.48K | -4.55M | -620.58K | -1.78K |
| Pretax 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 | -47.51K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29K | 0 | -11.37K | -19.82K | 0 | 0 | 0 | 3.56K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.1% | 0% | 0.06% | 0.13% | 0% | 0% | 0% | -7.49% |
| Net Income | -81.48M | -74.41M | -68.46M | -51.79M | -41.06M | -20.9M | -20.33M | -30.42M | -29.86M | -20.28M | -14.94M | -11.36M | -9.73M | -6.73M | -49.29K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -11.63% | -8.7% | -32.19% | -26.13% | -96.44% | -2.8% | 33.15% | -1.86% | -47.27% | -35.76% | -31.45% | -16.77% | -44.64% | -13549.56% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.78 | -0.98 | -1.33 | -1.01 | -2.32 | -2.72 | -3.54 | -17.11 | -26.83 | -24.55 | -30.14 | -27.12 | -51.84 | -54.21 | -0.64 |
| EPS Growth % | 29.31% | 26.32% | -31.68% | 56.47% | 14.71% | 23.16% | 79.31% | 36.23% | -9.29% | 18.55% | -11.14% | 47.69% | 4.37% | -8370.31% | - |
| EPS (Basic) | - | -0.98 | -1.33 | -1.01 | -2.26 | -2.72 | -3.54 | -17.11 | -26.83 | -24.55 | -30.14 | -27.12 | -51.84 | -54.21 | -0.64 |
| Diluted Shares Outstanding | 104.04M | 76M | 51.47M | 51.19M | 19.49M | 7.67M | 5.75M | 1.78M | 1.11M | 825.93K | 495.46K | 419K | 187.69K | 124.09K | 77.35K |
| Basic Shares Outstanding | 104.04M | 76M | 51.47M | 51.19M | 18.2M | 7.67M | 5.75M | 1.78M | 1.11M | 825.93K | 495.46K | 419K | 187.69K | 124.09K | 77.35K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial enrollment bottlenecks
As reported in recent financial statements, Rezolute's R&D expenditures reached a peak of $20.9 million in 2025Q4, reflecting the high-intensity capital requirements of the SunRISE Phase 3 clinical trial for RZ358, which remains the primary driver of the company's ongoing operational losses and cash depletion.
The company's cost structure is almost entirely dominated by clinical development, with R&D spending consistently dwarfing SG&A expenses. This heavy reliance on trial-related investment suggests that the firm's financial health is tethered to the successful execution of its pipeline rather than operational efficiency.
Based on the provided income statement data, Rezolute continues to report negative operating income each quarter, with losses fluctuating between $15.2 million and $25.9 million, indicating that the firm has yet to achieve the scale necessary to offset its substantial fixed-cost base through commercial revenue.
The absence of revenue means that any increase in R&D or administrative activity directly expands the operating loss, leaving no room for operating leverage. Investors should monitor whether the company can transition toward a more efficient cost structure as it approaches potential regulatory milestones.
According to quarterly filings, Rezolute recorded stock-based compensation expenses reaching $3.4 million in 2026Q2, which represents a significant non-cash component of the firm's operating expenses and complicates the assessment of true cash-based operational burn rates for equity-focused investors.
The presence of recurring stock-based compensation suggests that management is utilizing equity to preserve cash, which may lead to ongoing shareholder dilution. This practice warrants further investigation into the long-term impact on EPS, especially given the lack of offsetting revenue growth.
Analysis of the company's financial trajectory suggests that the $94 million cash position may be insufficient to reach commercialization, as evidenced by the consistent quarterly losses and the historical reliance on equity financing to fund the development of RZ358 and RZ402.
Short-sellers might focus on the potential for significant future dilution if the company is forced to raise capital before achieving a major clinical data catalyst. The lack of debt financing options implies that shareholders bear the full brunt of the company's ongoing clinical development costs.
Quick answers to the most common questions about buying RZLT stock.
For fiscal year 2025, Rezolute, Inc. (RZLT) reported total revenue of $0.0M.
Rezolute, Inc. (RZLT) reported a net loss of $74.4M for the fiscal year ending 2025.