Rezolute, Inc. Earnings Per Share Disclosure
NOTE 13 — NET LOSS PER SHARE
Basic net loss per share is computed by dividing net loss by the weighted average number of outstanding shares of common stock and PFWs during periods when the PFWs are accounted for as equity instruments. Common shares associated with PFWs that are accounted for as equity instruments are included in the computation of basic and diluted net loss per share since the exercise price is negligible and all of the PFWs are fully vested and exercisable. For the calculation of diluted net loss per share for the fiscal year ended June 30, 2024, during the period when the Exchange PFWs were accounted for as derivative liabilities, such PFWs were excluded from the calculation since the impact of the Exchange PFWs was antidilutive.
Calculation of the weighted average number of shares outstanding for purposes of diluted net loss per share is also required to include the dilutive effect, if any, of stock options, RSUs, Legacy Warrants, and other common stock equivalents computed using the treasury stock method. For the fiscal years ended June 30, 2025 and 2024, all of such common stock equivalents were antidilutive and excluded from the calculations. In addition, the impact of applying the two-class method related to the Participating Warrants, was antidilutive for the calculation of both basic and diluted net loss per share.
Presented below are the calculations of the numerators and the denominators for basic and diluted net loss per share for the fiscal years ended June 30, 2025 and 2024 (in thousands except share and per share amounts):
|
| 2025 |
| 2024 | |||
Calculation of Numerators: | |||||||
Net loss for calculation of basic and diluted net loss per share | $ | (74,412) | $ | (68,459) | |||
Calculation of Denominators: | |||||||
Weighted average number of common shares outstanding | 63,599,003 | 39,499,389 | |||||
Weighted average shares related to pre-funded warrants: | |||||||
2021 PFWs | 123,000 | 1,194,879 | |||||
2022 PFWs | 6,520,837 | 10,245,243 | |||||
Exchange PFWs | 719,967 | 393,442 | (1) | ||||
2024 PFWs | 3,750,000 | 133,197 | |||||
2025 PFWs | 1,286,483 | — | |||||
Weighted average shares for basic and diluted net loss per share | 75,999,290 | 51,466,150 | |||||
Net loss per share of common stock: | |||||||
Basic | $ | (0.98) | $ | (1.33) | |||
Diluted | $ | (0.98) | $ | (1.33) |
| (1) | Represents the weighted average number of shares related to the Exchange PFWs discussed in Note 7 for the period when they became equity-classified on May 13, 2024 through June 30, 2024. |
As of June 30, 2025 and 2024, the following potential common stock equivalents were excluded from the calculation of diluted net loss per share since the impact of inclusion was anti-dilutive:
2025 | 2024 | |||
Stock options | 13,027,994 | 10,890,540 | ||
RSUs | 1,056,500 | — | ||
Legacy Warrants | 850,442 | 860,562 | ||
Total | 14,934,936 | 11,751,102 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 17, 2025 | Showing above |
| 2024 | Sep 19, 2024 | |
| 2023 | Sep 14, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.