Despite maintaining a conservative debt-to-equity ratio of 0.01, the company's total assets have contracted significantly from $175.5 million in 2025Q4 to $125.5 million by 2026Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 |
|---|
| Total Current Assets | 122.05M | 171.15M | 128.65M | 104.91M | 152.1M | 41.99M | 10.52M | 12.14M | 2.01M | 4.93M | 4.49M | 6.12M | 6.31M | 815.55K | 1.07M |
| Cash & Short-Term Investments | 120.27M | 167.86M | 126.87M | 101.9M | 150.41M | 41.05M | 9.96M | 11.57M | 1.65M | 4.49M | 4.06M | 5.28M | 5.93M | 527 | 25.88K |
| Cash Only | 11.24M | 94.11M | 70.4M | 16.04M | 150.41M | 41.05M | 9.96M | 11.57M | 1.65M | 4.49M | 4.06M | 5.28M | 5.93M | 527 | 25.88K |
| Short-Term Investments | 109.03M | 73.75M | 56.48M | 85.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 350.52K | 864K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 67.22K | 289.6K | 223K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | 4.2 | 44.13 | 17.86 | - |
| Other Current Assets | 1.18M | 3.29M | 1.78M | 0 | 0 | 0 | 0 | 571K | 361.92K | 442.01K | 430.09K | 770.46K | 83.42K | 241.51K | 178.68K |
| Total Non-Current Assets | 3.41M | 4.34M | 4.08M | 18.81M | 316K | 616K | 447K | 108K | 495.1K | 5.7M | 6.41M | 5.15M | 1.1M | 288.42K | 0 |
| Property, Plant & Equipment | 967K | 1.42M | 1.98M | 2.19M | 168K | 425K | 416K | 44K | 368.37K | 5.33M | 5.98M | 4.52M | 337.93K | 275.72K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29K | 37.03K | 44.32K | 51.61K | 58.91K | 9.16K | 12.71K | 0 |
| Long-Term Investments | 0 | 0 | 263K | 16.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.44M | 2.92M | 1.84M | 148K | 148K | 191K | 31K | 35K | 89.69K | 330.63K | 375K | 563K | 750K | 0 | 0 |
| Total Assets | 125.46M | 175.49M | 132.74M | 123.72M | 152.42M | 42.61M | 10.96M | 12.25M | 2.5M | 10.63M | 10.9M | 11.26M | 7.4M | 1.1M | 1.07M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 116.97% | 32.21% | 7.29% | -18.83% | 257.72% | 288.59% | -10.5% | 389.52% | -76.45% | -2.52% | -3.19% | 52.11% | 570.73% | 3.31% | - |
| Total Current Liabilities | 7.7M | 11.91M | 9.61M | 5.2M | 2.46M | 1.97M | 3.23M | 8.38M | 6.25M | 1.77M | 1.73M | 1.71M | 964.04K | 5.27M | 2.36M |
| Accounts Payable | 3.19M | 5.81M | 4.9M | 3.27M | 1.13M | 1.03M | 893K | 563K | 1.71M | 926.04K | 1.5M | 1.41M | 460.31K | 188.35K | 109.16K |
| Days Payables Outstanding | 63.66K | - | - | - | - | 29.06K | 18.11K | 4.28K | 584.34 | 26.89 | 66.26 | 87.92 | 70.14 | 15.08 | 8.23K |
| Short-Term Debt | 673K | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 3.44M | 10K | 83.13K | 153.85K | 60K | 3.73M | 2.14M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M | 108.06K | 15.08K | 13.08K | 408.13K | 1.19M | 0 |
| Other Current Liabilities | 2.8M | 2.27M | 1.81M | 883K | 0 | 77K | 120K | 6.53M | 335.88K | 131.08K | 108.52K | 36.6K | 432.65K | 157.76K | 0 |
| Current Ratio | 15.84x | 14.37x | 13.39x | 20.18x | 61.78x | 21.34x | 3.26x | 1.45x | 0.32x | 2.78x | 2.60x | 3.59x | 6.54x | 0.15x | 0.45x |
| Quick Ratio | 15.84x | 14.37x | 13.39x | 20.18x | 61.78x | 21.34x | 3.26x | 1.45x | 0.32x | 2.78x | 2.60x | 3.55x | 6.24x | 0.11x | 0.45x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 921K | 1.45M | 2.13M | 2.35M | 487K | 14.54M | 374K | 2.12M | 215.62K | 329.62K | 400.04K | 503.62K | 33.88K | 3.92M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 13.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.84M | 983K | 1.66M | 1.94M | 80K | 187K | 165K | 0 | 0 | 0 | 0 | 23.13K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 483K | 468K | 468K | 412K | 407K | 387K | 209K | 2.12M | 215.62K | 329.62K | 0 | 480.49K | 33.88K | 0 | 0 |
| Total Liabilities | 8.63M | 13.36M | 11.73M | 7.55M | 2.95M | 16.51M | 3.6M | 10.5M | 6.46M | 2.1M | 2.13M | 2.21M | 997.92K | 5.27M | 2.36M |
| Total Debt | 1.11M | 1.61M | 2.23M | 2.48M | 188K | 14.42M | 410K | 10K | 3.43M | 10K | 83.13K | 176.98K | 60K | 3.73M | 2.14M |
| Net Debt | -10.13M | -92.49M | -68.17M | -13.56M | -150.22M | -26.63M | -9.54M | -11.56M | 1.79M | -4.48M | -3.98M | -5.1M | -5.87M | 3.73M | 2.11M |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.02x | 0.00x | 0.55x | 0.06x | 0.01x | - | 0.00x | 0.01x | 0.02x | 0.01x | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.12x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -21.72x | -54.74x | - | -5.14x | -42.33x | -12711.94x | -2962.99x | -1687.57x | -1.30x | -10.83x | - |
| Total Equity | 116.83M | 162.13M | 121M | 116.17M | 149.47M | 26.1M | 7.37M | 1.75M | -3.96M | 8.53M | 8.77M | 9.05M | 6.41M | -4.16M | -1.29M |
| Equity Growth % | 133.74% | 33.99% | 4.16% | -22.28% | 472.71% | 254.37% | 320.38% | 144.23% | -146.44% | -2.79% | -3.1% | 41.32% | 253.93% | -222.92% | - |
| Book Value per Share | 1.12 | 2.13 | 2.35 | 2.27 | 7.67 | 3.40 | 1.28 | 0.99 | -3.56 | 10.33 | 17.71 | 21.61 | 34.13 | -33.54 | -16.66 |
| Total Shareholders' Equity | 116.83M | 162.13M | 121M | 116.17M | 149.47M | 26.1M | 7.37M | 1.75M | -3.96M | 8.53M | 8.77M | 9.05M | 6.41M | -4.16M | -1.29M |
| Common Stock | 96K | 87K | 53K | 37K | 34K | 8K | 6K | 4K | 62.17K | 49.23K | 35.11K | 24.34K | 18.09K | 40K | 35.28K |
| Retained Earnings | -460.95M | -403.86M | -329.44M | -260.99M | -209.2M | -168.14M | -147.24M | -126.9M | -94.18M | -64.32M | -44.04M | -29.11M | -17.75M | -8.02M | -1.29M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -115K | -7K | -79K | -351K | 0 | 0 | 0 | 0 | -517.79K | -1.99M | -879.25K | -136.63K | -7.76K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Equity dilution and burn
As reported in financial statements, Rezolute's total assets have contracted from $175.5 million in 2025Q4 to $125.5 million by 2026Q3, reflecting a consistent depletion of resources as the company funds its high-intensity clinical development programs without the benefit of offsetting commercial revenue streams.
The downward trend in total assets highlights the company's reliance on its existing cash reserves to sustain operations. Investors should monitor this trajectory closely, as the lack of revenue generation means the balance sheet will continue to weaken until a successful clinical milestone or partnership event occurs.
Based on Rezolute's reported figures, the cash position plummeted from $94.1 million in 2025Q4 to $11.2 million in 2026Q3, indicating that the company's liquidity buffer is rapidly diminishing as it navigates the final stages of its RZ358 clinical trials.
While the current ratio remains high due to low current liabilities, the absolute cash level is the more critical metric for a pre-revenue biotech. This rapid burn suggests that the company may face significant pressure to secure additional financing in the near term to avoid operational disruption.
According to recent SEC filings, Rezolute's accumulated deficit has deepened to $461.0 million as of 2026Q3, underscoring the substantial capital required to advance its pipeline and the persistent reliance on equity financing that continues to dilute existing shareholder interests over time.
The consistent growth in the accumulated deficit is a direct consequence of the company's pre-revenue status and high R&D spending. Given the minimal debt on the balance sheet, it appears highly probable that future capital needs will be met through further equity issuance, which warrants caution regarding long-term value per share.
Analysis of the balance sheet reveals that while the company maintains a negligible debt-to-equity ratio of 0.01, the headline figures may mask significant future milestone obligations to licensors that are not explicitly captured in the current liability totals reported in quarterly filings.
The clean debt profile is a positive feature, but it may be misleading if the company is contractually obligated to make large payments upon clinical success. Investors should consider these potential off-balance-sheet commitments as a meaningful risk to the company's future financial flexibility.
Quick answers to the most common questions about buying RZLT stock.
As of 2025, Rezolute, Inc. (RZLT) had total assets of $175.5M including $171.1M in current assets.
Rezolute, Inc. (RZLT) carries total debt of $1.6M, offset by $167.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rezolute, Inc. (RZLT) has total shareholders' equity (book value) of $162.1M ($2.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rezolute, Inc. (RZLT) reported a current ratio of 14.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.