Rezolute amends executive contracts and ends at-the-market sale agreement

Rezolute, Inc. (NASDAQ:RZLT), a biotechnology company with a market capitalization of $816 million and strong financial health according to InvestingPro analysis, announced Monday that it has amended employment agreements with its Chief Executive Officer Nevan C. Elam, Chief Medical Officer Brian Roberts, Chief Financial Officer Daron Evans, and Chief Commercial Officer Sunil Karnawat. According to a statement in a Securities and Exchange Commission filing, the amendments entitle each executive to a full gross-up payment for any excise tax and other applicable taxes that may be imposed as a result of excess parachute payments in connection with a change of control event, as determined under Section 280G of the Internal Revenue Code. The company will determine the amount of any gross-up payment at its sole discretion. Other terms of the executives’ employment agreements remain unchanged, and the amendments are set to be filed with Rezolute’s next quarterly report.

The company also disclosed that it delivered written notice to Jefferies LLC on Friday to terminate the Open Market Sale Agreement between the two parties, effective October 24, 2025. The agreement, originally dated November 14, 2023, was related to an at-the-market program for the sale of Rezolute’s common stock. Rezolute stated that it did not conduct any sales under this program.

These disclosures are based on a press release statement contained in Rezolute’s SEC filing.

In other recent news, Rezolute has been the focus of several significant developments. The company reported its fiscal fourth-quarter 2025 financial results, prompting Citizens JMP to reiterate its Market Outperform rating with a $9.00 price target, emphasizing progress in Rezolute’s hyperinsulinism programs. H.C. Wainwright also maintained a Buy rating and a $14.00 price target following the FDA’s approval of a streamlined Phase 3 study for ersodetug, which will now involve fewer patients.

Jefferies raised its price target for Rezolute to $14.00 from $13.00, maintaining a Buy rating, citing a positive outlook for pivotal trials. Cantor Fitzgerald kept its Overweight rating on the stock, updating its financial model to reflect Rezolute’s earnings from the second and third quarters of fiscal year 2025 and a recent capital raise.

Additionally, Rezolute appointed Sunil Karnawat as Chief Commercial Officer, bringing over 25 years of experience in global commercialization of biopharmaceuticals. Karnawat previously held executive roles at Cytokinetics and Ultragenyx. These recent developments highlight ongoing strategic and operational progress at Rezolute.

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