Rezolute spent less on research and still lost about the same money.

For the twelve months ended June 30, the biotech’s operating loss widened to $83.0 million from $79.9 million. Net loss reached $77.6 million, versus $74.4 million a year earlier, even as research and development spending fell 13% to $53.8 million.

The per-share number looks friendlier only because the share count got much larger. Diluted shares rose 36.7% to 103.9 million, taking annual diluted EPS from negative $0.98 to negative $0.75. The arithmetic improved; the underlying loss did not.

Cash also fell for a company funding clinical work. Rezolute ended the year with $10.6 million, down from $94.1 million, while operating cash flow was negative $64.6 million compared with negative $69.1 million in the prior year. At the latest close, the stock was $4.00, down 0.9% for the day.

The cash-flow improvement was small and came from working-capital movements, not from a profitable operation. Management described the year this way:

"For the fiscal year ended June 30, 2026, net changes in operating assets and liabilities increased operating cash flow by $0.3 million, primarily driven by a decrease in prepaid expenses and other assets of $1.5 million associated with prepayments for clinical trials and manufacturing activities, partially offset by a decrease in accounts payable and other accrued liabilities of $1.2 million."

Rezolute, 10-K, September 24, 2026

In plain English, prepaid clinical and manufacturing costs came down, while unpaid bills and accrued liabilities also declined. That produced a $0.3 million lift against a $64.6 million annual operating cash burn.

The spending cut was concentrated in the company’s lead program. Rezolute said:

"The decrease in R&D expenses of $7.7 million for the fiscal year ended June 30, 2026 was primarily attributable to (i) a decrease of $7.6 million related to ersodetug clinical and manufacturing costs and (ii) a decrease of $4.1 million in other R&D costs."

Rezolute, 10-K, September 24, 2026

That is the filing’s central tradeoff: less money went into ersodetug and related work, but the annual loss remained roughly flat and cash fell by nearly nine-tenths. Stock compensation added another wrinkle, doubling to $14.5 million from $7.1 million. It is a non-cash expense, while the share count expanded and the per-share loss narrowed.

Rezolute’s filing describes the program’s clinical readout. The company said its meeting presentation included evidence that the sunRIZE primary endpoint was confounded by behavioral factors, alongside evidence of pharmacologic activity and improvements versus placebo in several glucose-monitoring measures. The filing reports those observations alongside the primary-endpoint issue.

The next reported period will make the cash balance of $10.6 million the number to compare, alongside whether operating cash flow remains near the annual negative $64.6 million level.