Rezolute (RZLT) Q3 2026 earnings summary

Executive summary

• Focused on developing therapies for hyperinsulinism (HI), with lead asset ersodetug in late-stage clinical trials for congenital and tumor HI.

• SunRIZE Phase 3 trial for congenital HI did not meet primary or key secondary endpoints, but expanded data showed significant glycemic improvements over placebo across multiple endpoints in post-hoc analyses.

• FDA acknowledged challenges in HI trials, encouraged submission of comprehensive datasets for independent evaluation, and a regulatory update is expected in H2 2026.

• upLIFT Phase 3 trial for tumor HI is ongoing, with topline results expected in H2 2026; trial design streamlined per FDA guidance.

• Workforce reduced by 29 employees in December 2025 to conserve cash following sunRIZE results.

Financial highlights

• Net loss for Q3 FY2026 was $16.2 million, compared to $18.9 million in the prior year quarter.

• Net loss for the nine months ended March 31, 2026 was $57.1 million, up from $50.0 million year-over-year.

• Operating expenses for the quarter were $17.4 million, down 13% year-over-year, driven by lower R&D costs.

• Cash, cash equivalents, and investments totaled $120.3 million as of March 31, 2026, down from $167.9 million as of June 30, 2025.

• Working capital was $114.3 million as of March 31, 2026.

Outlook and guidance

• Sufficient capital resources to fund operations and planned activities for at least 12 months from March 31, 2026.

• Additional financing will be needed to meet long-term liquidity requirements and fund future development.

• Topline results from upLIFT Phase 3 trial and further program updates are expected in H2 2026.

• FDA review of congenital HI data is pending submission of comprehensive analysis datasets.