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Rezolute Inc. (RZLT-1.73%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $15.7 million, compared to a net loss of $13.9 million for the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $12.6 million from $12.0 million in the same quarter of the previous year. This increase is primarily due to manufacturing costs related to pre-commercial batch production and clinical trial costs.
General and administrative expenses rose to $4.5 million from $3.2 million, primarily due to increased consulting expenses related to business development and market planning activities.
The company reported cash and cash equivalents of $8.9 million and short-term investments in marketable debt securities of $87.6 million as of December 31, 2024.
Rezolute completed a private placement in July 2024, raising $6.0 million through the sale of 1.5 million shares of common stock.
The company is conducting two Phase 3 clinical trials for its drug candidate ersodetug, targeting congenital hyperinsulinism and tumor hyperinsulinism.
Rezolute's liquidity is supported by its cash and investments, which are expected to fund operations through February 2026.
The filing also details milestone payment obligations under licensing agreements with XOMA Corporation and ActiveSite Pharmaceuticals, with upcoming payments contingent on clinical trial progress.
Rezolute continues to focus on advancing its clinical trials and managing its financial resources to support ongoing research and development activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rezolute Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.