Shares of Rezolute Inc (NASDAQ:RZLT) have been moving within a narrow range over the past few weeks.
Market Reaction
On Friday, RZLT stock gained 1.30% at $6.30 with more than 10K shares, compared to its average volume of 67k shares. The stock has moved within a range of $6.18 – 6.37 after opening trade at $6.32.
Earnings Recap
Clinical-stage biopharmaceutical company developing transformative therapies for metabolic diseases, Rezolute, Inc (NASDAQ:RZLT), on November 12, 2021 announced the financial results for quarter one of fiscal 2022 ending September 30, 2021.
Nevan Elam, Chief Executive Officer and Founder of Rezolute, said that the quarter has been productive with consistent clinical advancement of the lead pipeline candidates, RZ402 and RZ358, in Phase 1b and Phase 2b development.
Elam added that the company is looking on announcing topline data for both initiatives in quarter one of 2022. Furthermore, Elam added it is looking to a robust balance sheet following its recent offering, raising $55 million in gross proceeds. The company also said that RZ358, monoclonal antibody for the treatment of congenital hyperinsulinism (HI) –Enrollment is going on.
Rezolute said that the results from natural history study highlighted use of continuous glucose monitors and to calculate extent of hypoglycemia in congenital HI patients.
Rezolutein October 2021 finished underwritten public offering of 6,030,847 shares of common stock at public offering price of $6.50 per share. The Cash and cash equivalents totaled $37.3 million on September 30, 2021 and the Research and development expenses were $5.8 million for the quarter one of fiscal 2022. Rezolute added that the General and administrative expenses were $1.9 million for quarter one of fiscal 2022.
Key Quote
“This has been a productive quarter of execution for Rezolute, with steady clinical advancement of our lead pipeline candidates, RZ358 and RZ402, in Phase 2b and Phase 1b development, respectively,” said Nevan Elam, Chief Executive Officer and Founder of Rezolute. “We look forward to announcing topline data for both programs in Q1 of 2022. Additionally, with a strengthened balance sheet following our recent offering, raising $55 million in gross proceeds, we have extended our cash runway and are well-positioned to continue to execute on our key clinical milestones.”
Traders Review
RZLT stock is trading below the 20-Day and 50-Day Moving averages of $6.64 and $7.52 respectively. Moreover, the stock is trading below the 200-Day moving average of $9.35. The stock is down 43% over the past 3-month.
