Rezolute, Inc. reported its financial results for the three months ended September 30, 2024, revealing a net loss of $15.4 million, an increase from a net loss of $14.5 million in the same period of 2023. Total operating expenses rose to $16.9 million, compared to $15.9 million in the prior year. The company did not generate any revenue during this period, consistent with the previous year.

As of September 30, 2024, Rezolute's cash and cash equivalents significantly decreased to $10.5 million from $70.4 million as of June 30, 2024. However, investments in marketable debt securities increased to $97.8 million, up from $56.5 million in the prior quarter. Total current assets declined to $110.2 million from $128.7 million, while total assets decreased to $123.4 million from $132.7 million.

The company’s accumulated deficit increased to $344.8 million from $329.4 million as of June 30, 2024. Total shareholders’ equity also fell to $113.4 million from $121.0 million in the previous quarter. The increase in accrued liabilities for compensation and benefits to $2.7 million from $1.8 million indicates rising operational costs.

Research and development (R&D) expenses for the quarter increased by $0.5 million, driven primarily by higher costs associated with the ersodetug program, which saw a $1.9 million increase due to drug manufacturing and clinical trial expenses. General and administrative expenses also rose by $0.5 million, attributed to increased consulting and workforce compensation costs.

In terms of financing activities, Rezolute raised $6.0 million from a private placement of 1.5 million shares of common stock during the quarter. The company has not generated meaningful revenues since its inception and anticipates continued operating losses while seeking additional capital to support its operations.

Strategically, Rezolute is focused on advancing its clinical assets, particularly ersodetug, which is being developed for treating hypoglycemia caused by hyperinsulinism. The FDA lifted partial clinical holds on ersodetug in September 2024, allowing the company to proceed with its Phase 3 studies. The company aims to complete enrollment for these studies in early 2025, with topline results expected in the second half of 2025.

Overall, Rezolute's financial performance reflects ongoing challenges, including increased losses and operational expenses, while it continues to pursue its clinical development goals and secure necessary funding.