Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Jun. 30, 2022


The Company is in the clinical stage and has not yet generated any revenues. For the fiscal year ended June 30, 2022, the Company incurred a net loss of $41.1 million and net cash used in operating activities amounted to $39.6 million. As of June 30, 2022, the Company had an accumulated deficit of $209.2 million, cash and cash equivalents of $150.4 million, and total current liabilities of $2.5 million.

As discussed in Note 4, the Company is subject to license agreements that provide for future contractual payments upon achievement of various milestone events. Pursuant to the ActiveSite License Agreement, a $3.0 million milestone payment will be due upon dosing of the first patient in a Phase 2 clinical trial for RZ402.

Additionally, pursuant to the XOMA License Agreement (as defined below), a $5.0 million milestone payment will be due upon dosing of the first patient in a Phase 3 clinical trial for RZ358.

After underwriting discounts of $7.1 million, the Company received proceeds of approximately $110.5 million upon closing of a registered direct offering on May 4, 2022. This amount consists of $39.1 million related to the issuance of 10.9 million Class B pre-funded warrants where exercise was subject to shareholder approval of an increase in the Company’s authorized shares, for which approval was received in June 2022, and the remainder of $71.4 million related to unrestricted issuances of equity securities.  

As discussed in Note 15, in July 2022 the Company received gross proceeds of approximately $12.3 million related to a private placement of approximately 3.2 million shares of common stock.

Management believes the Company’s cash and cash equivalents balance of $150.4 million as of June 30, 2022, and additional proceeds received in July 2022 from the private placement, will be adequate to carry out currently planned activities through September 2023, at a minimum.