Latest News by Industry
San Francisco, CA - June 30, 2023: Rezolute, Inc. [RZLT] (NASDAQ: RZLT), a clinical-stage biopharmaceutical company specializing in the development of innovative therapies for rare diseases, announced its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $51.8 million for the year, compared to a net loss of $41.1 million in the previous year. Rezolute did not generate any revenue during the fiscal year 2023.
The financial performance of Rezolute, Inc. showed a significant increase in net loss for the year. Operating expenses, which primarily consisted of research and development costs, increased to $55.9 million from $41.8 million in the previous year. The rise in expenses was mainly driven by higher investments in the company's pipeline of clinical-stage drug candidates. Despite the higher expenses, the company did not generate any revenue during the fiscal year.
Due to the nature of its business as a clinical-stage biopharmaceutical company, Rezolute, Inc. did not report any revenue for the fiscal year 2023. The company's revenue streams are primarily dependent on the successful development and commercialization of its drug candidates. As the company's drug candidates are still in the development stage, it is not expected to generate significant revenue until regulatory approvals are obtained and commercialization activities commence.
Rezolute, Inc. maintained a stable financial position during the fiscal year 2023. The company reported total assets of $123.7 million and total liabilities of $7.5 million as of June 30, 2023. Shareholders' equity stood at $116.2 million. The company's cash and cash equivalents decreased significantly from $150.4 million to $16.0 million, primarily due to cash used in operating activities.
The basic and diluted net loss per common share for the fiscal year 2023 was $1.01, compared to $2.26 and $2.32, respectively, in the previous year. The decrease in net loss per share can be attributed to the higher number of weighted average common shares outstanding in fiscal year 2023, which increased to 51.2 million shares from 18.2 million shares in the previous year. This increase was mainly due to the issuance of common stock through various financing activities.
Looking ahead, Rezolute, Inc. remains focused on advancing its pipeline of drug candidates for the treatment of rare diseases. The company recently completed enrollment in a phase 2b clinical trial for its lead candidate, RZ358, in patients with congenital hyperinsulinism (CHI). Rezolute is optimistic about the potential of RZ358 and other drug candidates in its portfolio, and expects to continue to incur research and development expenses in the near term.
Despite reporting a higher net loss for the fiscal year 2023, Rezolute, Inc. remains optimistic about the progress of its clinical-stage pipeline. The company's strong financial position and ongoing research and development efforts position it well for future growth. As the company continues to advance its drug candidates, investors will be closely watching for updates on clinical trial results and potential regulatory milestones.