Ersodetug

Zevra’s MIPLYFFA™ (arimoclomol) received FDA approval and became the sixth commercial asset in XOMA Royalty’s portfolio XOMA Royalty acquired a 50 percent economic interest in TWIST Bioscience’s portfolio of 60-plus licensed early-stage assets across approximately 30 partners Cash receipts totaled $9.9 million in the third quarter, and $42.3 million for the first nine months of 2024 EMERYVILLE, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- XOMA Royalty Corporation (NASDAQ: XOMA), the biotech royalty aggregator, reported its third quarter 2024 financial results and highlighted recent activities. “We continue to take a balanced approach to building a portfolio of sustainable cashflow streams by selectively acquiring royalty economics across the lifecycle of drug development,” stated Owen Hughes, Chief Executive Officer of XOMA Royalty. “The September approval of MIPLYFFA™, the first therapy approved for patients living with Niemann-Pick disease Type C, adds to our growing commercial royalty portfolio, while the recent transaction with Twist Bioscience further expands our early-stage portfolio, a key focus for us as we look to distribute risk across a diversified portfolio.” Key Third Quarter Events PartnerEventZevra TherapeuticsThe U.S. Food and Drug Administration (FDA) approved Zevra’s MIPLYFFA™ (arimoclomol) capsules as an orally delivered treatment for Niemann-Pick disease type C (NPC). MIPLYFFA™ is indicated for use in combination with miglustat for the treatment of neurological manifestations of NPC in adult and pediatric patients 2 years of age and older.RezoluteAnnounced the sunRIZE Phase 3 clinical trial investigating ersodetug (RZ358) in patients with congenital hyperinsulinism (CHI) will begin enrolling patients in the U.S. in early 2025¹.Received FDA clearance to initiate Phase 3 registrational study for ersodetug for the treatment of hypoglycemia due to tumor hyperinsulinism².Johnson & JohnsonPresented neoadjuvant TAR-200 plus cetrelimab Phase 2 data in patients with muscle-invasive bladder cancer (MIBC) who are ineligible or refuse neoadjuvant platinum-based chemotherapy and are scheduled for radical cystectomy at the European Society of Medical Oncology 2024 Congress³. Subsequent Events PartnerEventTwist BioscienceXOMA Royalty completed a $15 million royalty monetization agreement with Twist, acquiring 50% of the future milestones and royalties and adding 60-plus partnered early-stage programs across 30 companies enabled by Twist Bioscience’s Biopharma Solutions business unit to the XOMA Royalty portfolio.Johnson & JohnsonAnnounced one of two Phase 3 clinical trials in difficult to treat muscle-invasive bladder cancer (MIBC) that included treatment with cetrelimab was being discontinued for not showing superiority to chemoradiation during a scheduled interim analysis⁴. Cetrelimab continues to be investigated in multiple other clinical trials. Anticipated 2024 Events of Note PartnerEventTakedaOn December 12, 2024, Takeda will be hosting an R&D Day: Focus on Late-State Pipeline and Market Opportunity and has commented publicly mezagitamab will be discussed during this investor event. Third Quarter 2024 Financial Results XOMA Royalty recorded total income and revenues of $7.2 million for the third quarter of 2024, which included $6.5 million in estimated income associated with two commercial products in our portfolio. In the third quarter of 2023, XOMA Royalty reported total income and revenue of $0.8 million. Research and development (R&D) expenses were $0.8 million in the third quarter of 2024, reflecting transitory clinical trial costs related to KIN-3248, an asset acquired in the Kinnate acquisition, which the Company currently is winding down. R&D expenses in the third quarter of 2023 were $25,000. General and administrative (“G&A”) expenses were $8.0 million for the third quarter of 2024 compared with $6.4 million in the third quarter of 2023. The increase of $1.6 million was primarily comprised of $1.4 million in total costs incurred after our acquisition of Kinnate, which included $1.1 million in legal and consulting costs, $0.1 million in information technology costs, and $0.1 million in insurance costs. The remainder of the increased G&A expense reflects an increase of $0.2 million for salaries and related costs. In the third quarter of 2024, as a result of communications with Agenus, XOMA Royalty evaluated the status of the partnered programs underlying the Agenus Royalty Purchase Agreement for potential impairment and recorded a one-time, non-cash impairment charge of $14.0 million and a reduction of royalty receivables of $14.0 million associated with Agenus. In the third quarters of 2024 and 2023, G&A expenses included $2.6 million and $2.7 million, respectively, in non-cash stock-based compensation expenses. Total interest expense in the third quarter of 2024 was $3.5 million, representing interest and costs related to the Blue Owl Loan established in December 2023. The Company reported total other income, net, of $1.9 million in the third quarter of 2024, as compared to total other income, net, of $0.3 million in the corresponding period of 2023. The $1.6 million increase reflects a $1.3 million increase in investment income due to higher balances on our investments and the change in the market price for XOMA Royalty’s shares of Rezolute common stock. Net loss for the third quarter of 2024 was $17.2 million, compared to a net loss of $5.5 million for the third quarter of 2023, primarily resulting from the $14.0 million non-cash impairment related to the Agenus Royalty Purchase Agreement. On September 30, 2024, XOMA Royalty had cash and cash equivalents of $146.8 million (including $4.8 million in restricted cash). On December 31, 2023, XOMA Royalty had cash and cash equivalents of $159.6 million (including $6.3 million in restricted cash). During the third quarter of 2024, XOMA Royalty received $9.9 million in cash from royalty and commercial payments. Net cash used in operating activities during the quarter was $8.6 million. On October 15, 2024, the Company paid a total of $1.4 million in cash dividends on the 8.625% Series A Cumulative Perpetual Preferred Stock (Nasdaq: XOMAP) and the 8.375% Series B Cumulative Perpetual Preferred Stock (Nasdaq: XOMAO). About XOMA Royalty Corporation XOMA Royalty is a biotechnology royalty aggregator playing a distinctive role in helping biotech companies achieve their goal of improving human health. XOMA Royalty acquires the potential future economics associated with pre-commercial and commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. When XOMA Royalty acquires the future economics, the seller receives non-dilutive, non-recourse funding they can use to advance their internal drug candidate(s) or for general corporate purposes. The Company has an extensive and growing portfolio of assets (asset defined as the right to receive potential future economics associated with the advancement of an underlying therapeutic candidate). For more information about the Company and its portfolio, please visit www.xoma.com or follow XOMA Royalty Corporation on LinkedIn. Forward-Looking Statements/Explanatory Notes Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the timing and amount of potential commercial payments to XOMA Royalty and other developments related to VABYSMO® (faricimab-svoa), OJEMDA™ (tovorafenib), MIPLYFFA™ (arimoclomol), XACIATO™ (clindamycin phosphate) vaginal gel 2%, IXINITY® [coagulation factor IX (recombinant)], and DSUVIA® (sufentanil sublingual tablet); the potential occurrences of the events listed under “Anticipated 2024 Events of Note”; the anticipated timings of regulatory filings and approvals related to assets in XOMA Royalty’s portfolio; and the potential of XOMA Royalty’s portfolio of partnered programs and licensed technologies generating substantial milestone and royalty proceeds over time. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project,” “expect,” “may,” “will”, “would,” “could” or “should,” the negative of these terms or similar expressions. These forward-looking statements are not a guarantee of XOMA Royalty’s performance, and you should not place undue reliance on such statements. These statements are based on assumptions that may not prove accurate, and actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry, including those related to the fact that our product candidates subject to out-license agreements are still being developed, and our licensees may require substantial funds to continue development which may not be available; we do not know whether there will be, or will continue to be, a viable market for the products in which we have an ownership or royalty interest; and if the therapeutic product candidates to which we have a royalty interest do not receive regulatory approval, our third-party licensees will not be able to market them. Other potential risks to XOMA Royalty meeting these expectations are described in more detail in XOMA Royalty's most recent filing on Form 10-Q and in other filings with the Securities and Exchange Commission. Consider such risks carefully when considering XOMA Royalty's prospects. Any forward-looking statement in this press release represents XOMA Royalty's beliefs and assumptions only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. XOMA Royalty disclaims any obligation to update any forward-looking statement, except as required by applicable law. EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development. Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development. As of the date of this press release, the commercial assets in XOMA Royalty’s milestone and royalty portfolio are VABYSMO® (faricimab-svoa), OJEMDA™ (tovorafenib), MIPLYFFA™ (arimoclomol), XACIATO™ (clindamycin phosphate) vaginal gel 2%, IXINITY® [coagulation factor IX (recombinant)], and DSUVIA® (sufentanil sublingual tablet). All other assets in the milestone and royalty portfolio are investigational compounds. Efficacy and safety have not been established. There is no guarantee that any of the investigational compounds will become commercially available. XOMA ROYALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)(in thousands, except per share amounts) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2024 2023 2024 2023 Income and revenues: Income from purchased receivables $6,463 $— $11,895 $— Revenue from contracts with customers 25 225 6,050 1,350 Revenue recognized under units-of-revenue method 709 605 1,828 1,575 Total income and revenues 7,197 830 19,773 2,925 Operating expenses: Research and development 817 25 2,011 118 General and administrative 8,020 6,368 27,485 18,341 Royalty purchase agreement asset impairment 14,000 — 23,000 1,575 Arbitration settlement costs — — — 4,132 Amortization of intangible assets — 224 — 673 Total operating expenses 22,837 6,617 52,496 24,839 Loss from operations (15,640) (5,787) (32,723) (21,914) Other income (expense): Gain on the acquisition of Kinnate — — 19,316 — Change in fair value of embedded derivative related to RPA — — 8,100 — Interest expense (3,493) — (10,446) — Other income (expense), net 1,890 278 5,900 1,192 Net loss $(17,243) $(5,509) $(9,853) $(20,722) Net loss attributable to common stockholders, basic $(18,611) $(6,877) $(13,957) $(24,826)Basic net loss per share attributable to common stockholders $(1.59) $(0.60) $(1.20) $(2.17)Weighted average shares used in computing basic net loss per share attributable to common stockholders 11,712 11,473 11,645 11,466 Net loss attributable to common stockholders, diluted $(18,611) $(6,877) $(13,957) $(24,826)Diluted net loss per share attributable to common stockholders $(1.59) $(0.60) $(1.20) $(2.17)Weighted average shares used in computing diluted net loss per share attributable to common stockholders 11,712 11,473 11,645 11,466 XOMA ROYALTY CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) September 30, December 31, 2024 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $142,050 $153,290 Short-term restricted cash 80 160 Short-term equity securities 785 161 Trade and other receivables, net 1,045 1,004 Short-term royalty and commercial payment receivables 12,682 14,215 Prepaid expenses and other current assets 2,379 483 Total current assets 159,021 169,313 Long-term restricted cash 4,686 6,100 Property and equipment, net 34 25 Operating lease right-of-use assets 335 378 Long-term royalty and commercial payment receivables 54,207 57,952 Exarafenib milestone asset 3,125 — Other assets - long term 1,932 533 Total assets $223,340 $234,301 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $1,131 $653 Accrued and other liabilities 2,451 2,768 Contingent consideration under RPAs, AAAs, and CPPAs 4,000 7,000 Operating lease liabilities 434 54 Unearned revenue recognized under units-of-revenue method 1,924 2,113 Preferred stock dividend accrual 1,368 1,368 Current portion of long-term debt 9,826 5,543 Total current liabilities 21,134 19,499 Unearned revenue recognized under units-of-revenue method – long-term 5,589 7,228 Exarafenib milestone contingent consideration 3,125 — Long-term operating lease liabilities 594 335 Long-term debt 108,089 118,518 Total liabilities 138,531 145,580 Stockholders’ equity: Preferred Stock, $0.05 par value, 1,000,000 shares authorized: 8.625% Series A cumulative, perpetual preferred stock, 984,000 shares issued and outstanding at September 30, 2024 and December 31, 2023 49 49 8.375% Series B cumulative, perpetual preferred stock, 1,600 shares issued and outstanding at September 30, 2024 and December 31, 2023 — — Convertible preferred stock, 5,003 issued and outstanding at September 30, 2024 and December 31, 2023 — — Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,755,223 and 11,495,492 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 88 86 Additional paid-in capital 1,317,657 1,311,809 Accumulated other comprehensive income 104 — Accumulated deficit (1,233,089) (1,223,223)Total stockholders’ equity 84,809 88,721 Total liabilities and stockholders’ equity $223,340 $234,301 XOMA ROYALTY CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)(in thousands) Nine Months EndedSeptember 30, 2024 2023 Cash flows from operating activities: Net loss $(9,853) $(20,722)Adjustments to reconcile net loss to net cash used in operating activities: Income from purchased receivables under effective interest rate method (9,985) — Stock-based compensation expense 8,136 6,450 Royalty purchase agreement asset impairment 23,000 1,575 Gain on the acquisition of Kinnate (19,316) — Change in fair value of contingent consideration under RPAs, AAAs, and CPPAs — (75)Common stock contribution to 401(k) 118 123 Amortization of intangible assets — 673 Depreciation 8 2 Accretion of long-term debt discount and debt issuance costs 996 — Non-cash lease expense 45 115 Change in fair value of equity securities (624) 121 Change in fair value of available-for-sale debt securities classified as cash equivalents 104 — Changes in assets and liabilities: Trade and other receivables, net (41) (42)Prepaid expenses and other assets (72) (202)Accounts payable and accrued liabilities (1,348) (554)Operating lease liabilities (185) (120)Unearned revenue recognized under units-of-revenue method (1,828) (1,575) Net cash used in operating activities (10,845) (14,231) Cash flows from investing activities: Net cash acquired in Kinnate acquisition 18,926 — Payments of consideration under RPAs, AAAs, and CPPAs (37,000) (14,650)Receipts under RPAs, AAAs, and CPPAs 26,263 8,428 Purchase of property and equipment (17) — Net cash provided by (used in) investing activities 8,172 (6,222) Cash flows from financing activities: Principal payments — debt (6,902) — Debt issuance costs and loan fees paid in connection with long-term debt (740) — Payment of preferred stock dividends (4,104) (4,104)Repurchases of common stock (13) — Proceeds from exercise of options and other share-based compensation 4,127 208 Taxes paid related to net share settlement of equity awards (2,429) (5) Net cash used in financing activities (10,061) (3,901) Net decrease in cash, cash equivalents, and restricted cash (12,734) (24,354)Cash, cash equivalents, and restricted cash as of the beginning of the period 159,550 57,826 Cash, cash equivalents, and restricted cash as of the end of the period $146,816 $33,472 Supplemental Cash Flow Information: Cash paid for interest $9,985 $— Right-of-use assets obtained in exchange for operating lease liabilities $— $85 Non-cash investing and financing activities: Estimated initial fair value of the Exarafenib milestone asset in Kinnate acquisition $2,922 $— Estimated initial fair value of the Exarafenib milestone contingent consideration in Kinnate acquisition $2,922 $— Right-of-use assets obtained in exchange for operating lease liabilities in Kinnate acquisition $824 $— Relative fair value basis reduction of right-of-use assets in Kinnate acquisition $(824) $— Accrual of contingent consideration under the Affitech CPPA $3,000 $3,000 Accrual of contingent consideration under the LadRx AAA $1,000 — Estimated fair value of contingent consideration under the LadRx Agreements $— $1,000 Preferred stock dividend accrual $1,368 $1,368 Investor contact:Media contact:Juliane SnowdenKathy VincentXOMA Royalty CorporationKV Consulting & Management+1-646-438-9754+1-310-403-8951juliane.snowden@xoma.comkathy@kathyvincent.com _____________________________________¹ https://ir.rezolutebio.com/news/detail/339/fda-lifts-partial-clinical-holds-on-rz358-for-the-treatment-of-congenital-hyperinsulinism-and-authorizes-u-s-inclusion-in-ongoing-phase-3-study² https://ir.rezolutebio.com/news/detail/337/rezolute-announces-fda-clearance-of-ind-application-for-phase-3-registrational-study-of-rz358-for-treatment-of-hypoglycemia-due-to-tumor-hyperinsulinism³ https://www.jnj.com/media-center/press-releases/neoadjuvant-tar-200-plus-cetrelimab-nearly-doubles-the-pathological-complete-response-rate-compared-to-cetrelimab-alone-in-patients-with-muscle-invasive-bladder-cancer⁴ https://www.jnj.com/media-center/press-releases/johnson-johnson-statement-on-the-sunrise-2-study

FDA lifts partial clinical holds on ersodetug for the treatment of congenital HI; Phase 3 sunRIZE study to proceed in the U.S. Phase 3 study for ersodetug for the treatment of tumor HI expected to commence in the first half of 2025 REDWOOD CITY, Calif., Sept. 19, 2024 (GLOBE NEWSWIRE) -- Rezolute, Inc. (Nasdaq: RZLT) (“Rezolute” or the “Company”), a late-stage biopharmaceutical company dedicated to developing transformative therapies for rare diseases with serious unmet needs, today reported financial results and provided a business update for the fourth quarter and full fiscal year ended June 30, 2024. “We are thrilled to close out the year with FDA alignment to advance ersodetug in two Phase 3 rare disease programs for the treatment of hypoglycemia resulting from congenital and acquired forms of hyperinsulinism,” said Nevan Elam, Chief Executive Officer and Founder of Rezolute. “The Phase 3 sunRIZE study remains on track for ex-U.S. participant enrollment and we expect U.S. enrollment to begin in the first part of 2025. We look forward to progressing both Phase 3 studies and remain excited at the prospect of ersodetug as a best-in-class treatment for hyperinsulinism based on the success we’ve seen to date.” Recent Pipeline Progress and Anticipated Milestones Congenital HI U.S. Food and Drug Administration (FDA) removal of partial clinical holds on ersodetug, a potential treatment for hypoglycemia caused by congenital HI, and authorization of U.S. inclusion in the ongoing Phase 3 sunRIZE study. Commencing study start-up activities in the U.S. with the goal of including U.S. participants in early 2025. Ex-U.S. patient enrollment in sunRIZE is on track. Topline results from sunRIZE expected in the second half of 2025. Tumor HI FDA clearance of Investigational New Drug (IND) application for Phase 3 registrational study for ersodetug for the treatment of hypoglycemia caused by tumor HI. Start-up activities are ongoing for the study, which will be primarily conducted in the U.S., with patient enrollment anticipated to begin in the first half of 2025. Topline results expected in the second half of 2026. Several insulinoma patients have been treated with ersodetug in the Expanded Access Program (EAP). Diabetic Macular Edema (DME) Announced positive topline results in May of 2024 from the Phase 2 proof-of-concept study of RZ402 in patients with DME. The study met primary endpoints, demonstrating good safety and tolerability, and a significant reduction in central subfield thickness (CST) in the Study Eye at all RZ402 dose levels compared to placebo (up to approximately 50 micron improvement). We are actively engaged in conversations with potential partners to take RZ402 into further development. Fourth Quarter and Full Year Fiscal 2024 Financial Results Cash, cash equivalents and investments in marketable securities were $127.1 million as of June 30, 2024, compared with $118.4 million as of June 30, 2023. Research and development (R&D) expenses were $19.1 million for the fourth quarter of fiscal 2024, compared with $10.9 million for the same period a year ago. Full fiscal year 2024 R&D expenses were $55.7 million, compared to $43.8 million in fiscal year 2023. The increase from fiscal year 2023 to fiscal year 2024 was primarily due to (i) increased expenditures in clinical trial activities, (ii) manufacturing costs for ersodetug, (iii) milestone payments due to license agreement partners, and (iv) higher employee-related expenses, which included employee compensation and stock-based compensation. General and administrative (G&A) expenses were $4.0 million for the fourth quarter of fiscal 2024, compared with $3.3 million for the same period a year ago. Full fiscal year 2023 G&A expenses were $14.7 million, compared to $12.2 million in fiscal year 2023. The increase was primarily attributable to employee-related expenses due to increased headcount and professional fees. Net loss was $23.0 million for the fourth quarter of fiscal 2024 compared with a net loss of $12.7 million for the same period a year ago. Full year fiscal 2024 net loss was $68.5 million compared to net loss of $51.8 million for the fiscal year 2023. About Ersodetug Ersodetug is a fully human monoclonal antibody that binds to a unique allosteric site on insulin receptors to counteract the effects of insulin receptor over-activation by insulin and related substances (such as IGF-2), thereby improving hypoglycemia in the setting of hyperinsulinism (HI). Because ersodetug acts downstream from the pancreas, it has the potential to be universally effective at treating hypoglycemia due to any form of HI. About sunRIZE The Phase 3 sunRIZE study is a multi-center, randomized, double-blind, placebo-controlled, parallel arm study designed to evaluate the efficacy and safety of ersodetug in patients with congenital HI who are experiencing poorly controlled hypoglycemia. Participants between the ages of 3 months to 45 years old are eligible to participate. The study is enrolling up to 56 participants in more than a dozen countries around the world. About Rezolute, Inc. Rezolute is a late-stage rare disease company focused on significantly improving outcomes for individuals with hypoglycemia caused by hyperinsulinism (HI). The Company’s antibody therapy, ersodetug, is designed to treat all forms of HI and has shown substantial benefit in clinical trials and real-world use for the treatment of congenital HI and tumor HI. For more information, visit . Forward-Looking Statements This release, like many written and oral communications presented by Rezolute and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of Rezolute, are generally identified by use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. These forward-looking statements include, but are not limited to statements regarding the fourth quarter and fiscal year financial results of Rezolute, the full year financial results of Rezolute, the ersodetug Expanded Access Program, ersodetug as a sunRIZE Phase 3 study, the ability of ersodetug to become an effective treatment for congenital hyperinsulinism, the effectiveness or future effectiveness of ersodetug for the treatment of congenital hyperinsulinism, statements regarding clinical trial timelines for ersodetug, the RZ402 study, the ability of RZ402 to become an effective treatment for diabetic macular edema, the effectiveness or future effectiveness of RZ402 to become an effective treatment for diabetic macular edema, and statements regarding clinical trial timelines for RZ402. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, Rezolute undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made. Important factors that may cause such a difference include any other factors discussed in our filings with the SEC, including the Risk Factors contained in the Rezolute’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at the SEC’s website at You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Contacts: Rezolute, Inc. Christen Baglaneas cbaglaneas@rezolutebio.com 508-272-6717 LHA Investor Relations Tirth T. Patel tpatel@lhai.com 212-201-6614 Rezolute, Inc. Condensed Consolidated Financial Statements Data (in thousands, except per share data) Three Months Ended Year Ended June 30, June 30, 2024 2023 2024 2023 Condensed Consolidated Statements of Operations Data: Operating expenses: Research and development $ 19,089 $ 10,933 $ 55,743 $ 43,813 General and administrative 4,013 3,305 14,680 12,177 Total operating expenses 23,102 14,238 70,423 55,990 Loss from operations (23,102 ) (14,238 ) (70,423 ) (55,990 ) Non-operating (expenses) income, net 126 1,510 1,964 4,203 Net loss $ (22,976 ) $ (12,728 ) $ (68,459 ) $ (51,787 ) Basic and diluted net loss per common share $ (0.44 ) $ (0.25 ) $ (1.33 ) $ (1.01 ) Shares used to compute basic and diluted net loss per common share 52,235 51,410 51,465 51,188 June 30, June 30, 2024 2023 Condensed Consolidated Balance Sheets Data: Cash and cash equivalents $ 70,396 $ 16,036 Investments in marketable debt securities 56,741 102,330 Working capital 119,047 99,710 Total assets 132,737 123,721 Accumulated deficit (329,444 ) (260,985 ) Total stockholders’ equity 121,003 116,172