MeritValue

Rezolute, Inc.

RZLTdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'pretaxIncome'

The thesis, from the filings

Rezolute, Inc. earns about -51% on equity, but has diluted owners by 891% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$20.9M1−$41.1M2−$51.8M3−$68.5M4−$74.4M4
Operating cash flow−$20.4M5−$39.6M6−$44.5M7−$57.4M8−$69.1M8
Capital expenditure——$153,0009——
Free cash flow (derived)——−$44.6M7——
Total debt$14M10————
Cash & equivalents$41M11$150.4M12$16M13$70.4M14$94.1M14
Diluted shares7.7M19.5M51.2M51.5M76.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$21.33
your share of equity
Profit it earned you last year
−$9.79
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $21.33 of net worth that earned you −$9.79 last year.

iii. Is this a good business?
Moat signal · return on equity
-51% avg · 5y
FY21 -80%FY22 -27%FY23 -45%FY24 -57%FY25 -46%

It earned an average -51% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+891% shares · 5y

Share count is up 891% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001558370-22-014432 (NetIncomeLoss)
  2. 10-K · period ending 2022-06-30 · accession 0001558370-23-015755 (NetIncomeLoss)
  3. 10-K · period ending 2023-06-30 · accession 0001558370-24-012901 (NetIncomeLoss)
  4. 10-K · period ending 2024-06-30 · accession 0001104659-25-090848 (NetIncomeLoss)
  5. 10-K · period ending 2021-06-30 · accession 0001558370-22-014432 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-06-30 · accession 0001558370-23-015755 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-06-30 · accession 0001558370-24-012901 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001104659-25-090848 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001558370-24-012901 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-06-30 · accession 0001558370-22-014432 (LongTermDebt)
  11. 10-K · period ending 2021-06-30 · accession 0001558370-22-014432 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-06-30 · accession 0001558370-23-015755 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-06-30 · accession 0001558370-24-012901 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-06-30 · accession 0001104659-25-090848 (CashAndCashEquivalentsAtCarryingValue)