Rezolute FY2026 10-K: $77.6M Net Loss, $107.8M Cash, upLIFT 7/8 Responders
RZLT has more than doubled off its 52-week low of $1.07 on elevated volume (2.5× avg).
Summary
Rezolute filed its FY2026 10-K confirming a $77.6M net loss and $107.8M cash position, with upLIFT interim data showing 7 of 8 tumor HI responders while sunRIZE remains under FDA review.
Key Events · Earnings and Guidance · RZLT
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FY2026 Net Loss of $77.6M
Full-year net loss widened to $77.6M from $74.4M in FY2025, driven by a 59% increase in G&A expenses to $29.2M, partially offset by a 13% decline in R&D to $53.8M.
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Cash Runway of $107.8M
Cash and investments totaled $107.8M as of June 30, 2026, down from $167.9M a year earlier. Management states this funds planned activities for at least 12 months.
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upLIFT Interim Data: 7 of 8 Responders
In the Phase 3 upLIFT study for tumor HI, 7 of 8 enrolled participants met the primary endpoint responder criterion. The eighth withdrew for hospice care and is counted as a non-responder. Topline results expected before end of 2026.
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sunRIZE Still Under FDA Review
The Phase 3 sunRIZE study in congenital HI, which missed its primary endpoint in December 2025, remains under FDA review. The Agency is evaluating submitted datasets with no specific timeline for feedback.
Analysis · RZLT · Life Sciences
Rezolute's annual report confirms the FY2026 results already previewed in today's 8-K, but adds the full audited financials and critical operational details. The company burned $64.6M in operating cash during the year and ended with $107.8M in cash and investments — enough for at least 12 months of runway. The upLIFT Phase 3 trial in tumor HI shows 7 of 8 enrolled participants meeting the primary endpoint, a strong signal for a potential BLA submission in mid-2027. Meanwhile, sunRIZE in congenital HI remains under FDA review after missing its primary endpoint, leaving the regulatory path uncertain. The 10-K also reveals a 29-employee workforce reduction in December 2025 following the sunRIZE failure, and the termination of the Jefferies ATM program with no shares ever sold.
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At the time of this filing, RZLT was trading at $3.94 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $379.4M. The 52-week trading range was $1.07 to $11.46. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.