Interim Phase 3 upLIFT Data Derisk Ersodetug's Strong Potential in Tumor HI Ahead of Topline Results in 2H26; Raising PT to $6 from $5.

Research evidence excerpt

Interim Phase 3 upLIFT Data Derisk Ersodetug's Strong Potential in Tumor HI Ahead of Topline Results in 2H26; Raising PT to $6 from $5.

June 2, 2026 Rezolute

(RZLT, Buy, $6 PT)

Julian Harrison

Interim Phase 3 upLIFT Data Derisk Ersodetug's Strong Potential in (617) 345-4055 jharrison@btig.com

Tumor HI Ahead of Topline Results in 2H26; Raising PT to $6 from $5. Andrew Kassin

(617) 345-4042 akassin@btig.com

WHAT YOU SHOULD KNOW: Interim Phase 3 upLIFT data shows 75% of ersodetug- Company DataBIOTECHNOLOGY treated tumor HI patients so far (6/8, insulinoma and non-islet cell tumor hypoglycemia Closing Price $3.30

patients) have met the primary endpoint of ≥50% reduction from baseline in IV glucose

Price Target $6.00 requirements (glucose infusion rate; GIR), largely mirroring results from the tumor HI

expanded access program (EAP); all responders completely discontinued IV glucose Market Cap (M) $317.76

Enterprise Value (M) $197.50EQUITY following ersodetug administration, showing the Tx's monotherapy potential. The 8th

participant was recently enrolled and is still in dosing, so we believe it is possible that Shares Out (M) 96.29

participant could see a response as well. Mgmt. has previously communicated ~9-10 of Avg Daily Vol-3 Months (M) 2.04

~16 patients in the open-label upLIFT trial need to achieve the primary endpoint, so 3 to

Revisions 4 additional primary endpoint responders are likely needed for the trial to be a success.

All participants that have completed the 8wk pivotal-treatment period are continuing Previous Current

Rating Buy BuyRESEARCH in the open-label extension (OLE), which could lead to a cumulative treatment duration

of up to 6mo. and highlights patients' desire to stay on ersodetug treatment. These Price Target $5.00 $6.00