Rezolute (RZLT) investor relations material

Executive summary

• Focused on late-stage development of biologics for rare diseases, especially hyperinsulinism (HI).

• Phase 3 sunRIZE trial for congenital HI did not meet primary or key secondary endpoints, though some efficacy signals were observed; all 59 participants entered the open-label extension, with many continuing on ersodetug monotherapy.

• Phase 3 upLIFT trial for tumor HI is ongoing, with topline results expected in the second half of 2026.

• Reduction in workforce by 29 employees in December 2025 to conserve cash after sunRIZE results.

Financial highlights

• Net loss of $22.8 million for the quarter and $40.9 million for the six months ended December 31, 2025, compared to $15.7 million and $31.1 million in the prior year periods.

• Operating expenses increased to $24.2 million for the quarter and $44.0 million for the six months, driven by higher R&D and G&A costs, including $1.5 million in one-time severance.

• Cash, cash equivalents, and investments totaled $132.9 million as of December 31, 2025, down from $167.9 million as of June 30, 2025.

• Working capital was $125.6 million as of December 31, 2025.

Outlook and guidance

• Management believes current capital resources are sufficient to fund operations and planned activities for at least 12 months from the reporting date.

• Additional equity or debt financing will be needed to meet long-term obligations and fund future development.

• FDA meeting for congenital HI program expected by end of Q1 2026 under Breakthrough Therapy Designation; outcome may impact future plans and cash needs.