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Renalytix reported financial results for Q1 FY2025. Revenue reached $0.52M, up from $0.46M in Q1 FY2024. Operating expenses decreased over 50% to $4.2M from $8.8M year-over-year. Net loss reduced to $4.7M from $10.1M in the prior year period. The company secured £11.8M (approximately $14.9M) in equity financing commitments and restructured liabilities. Revenue guidance was issued: $3.2M for FY25, $8.5M for FY26, and $17.5M for FY27. Cash burn is expected to reduce to approximately £560,000 ($725,000) monthly by FY2025 end.
Renalytix plc (LSE: RENX) (OTCQB: RNLXY), an AI-enabled in vitro diagnostics company focused on kidney disease management, has announced the commencement of trading of its American Depository Shares (ADSs) on the OTCQB Venture Market under the symbol 'RNLXY' effective October 8, 2024. This move follows the company's decision to downlist from Nasdaq to reduce costs and redirect capital towards commercialization efforts.
CEO James McCullough stated that recent steps to improve the balance sheet through financing and restructuring have positioned the company to pursue strategic goals towards improved profitability. The transition to OTCQB, along with continued listing on the London Stock Exchange, is expected to significantly decrease general and administrative costs, allowing Renalytix to focus on growing sales of kidneyintelX and delivering shareholder value.
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