Episode Details

Rezolute, Inc. (RZLT) Q4 FY2026 — RZLT closed at $3.94 on September 24, down 1.5% for the reporting day. The midday release means this is not an isolated earnings reaction. Seven of the initial eight upLIFT tumor-study participants met the response threshold, but the trial remains incomplete. The congenital sunRIZE study failed its primary and key secondary endpoints, and FDA review has no stated completion timeline. We examine the clinical evidence, cash runway and dilution behind the price. THE CALL: SELL (2/5, LOW) — base-case value ~$2.50 vs ~$3.94 today. KEY METRICS: - Q4 net loss $20.491M versus $24.390M; FY net loss $77.586M versus $74.412M - June cash plus marketable securities $107.801M; FY operating cash use $64.635M - upLIFT: 7 responders among the initial 8 participants; enrollment ongoing - sunRIZE: primary and key secondary endpoints failed at Week 24; FDA review has no specific timeline - June common shares plus pre-funded warrants 104.580M; valuation uses 110M model shares - Conditional base $2.50; $0.25–$7.00 scenarios; weighted value $2.6125 What to watch: Completed tumor data with interpretable safety and durability, a defined and financeable congenital regulatory path, and an updated cash/share count. Topline before end 2026 is a management target; FDA has no specified review deadline. Full research packet: https://chargedalpha.com/research/rzlt-q4-fy2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.