Renalytix plc Reports Financial Results for First Quarter of Fiscal Year 2025
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 ha riportato i risultati finanziari per il primo trimestre dell'anno fiscale 2025. I ricavi hanno raggiunto 0,52 milioni di dollari, in aumento rispetto ai 0,46 milioni di dollari del primo trimestre dell'anno fiscale 2024. Le spese operative sono diminuite di oltre il 50%, passando da 8,8 milioni di dollari a 4,2 milioni di dollari su base annua. La perdita netta è stata ridotta a 4,7 milioni di dollari, rispetto ai 10,1 milioni di dollari dello stesso periodo dell'anno precedente. L'azienda ha garantito impegni di finanziamento azionario per 11,8 milioni di sterline (circa 14,9 milioni di dollari) e ha ristrutturato i debiti. È stata emessa una previsione sui ricavi: 3,2 milioni di dollari per l'anno fiscale 2025, 8,5 milioni di dollari per l'anno fiscale 2026 e 17,5 milioni di dollari per l'anno fiscale 2027. Si prevede che il consumo di liquidità si riduca a circa 560.000 sterline (725.000 dollari) mensili entro la fine dell'anno fiscale 2025.
Renalytix reportó los resultados financieros para el primer trimestre del año fiscal 2025. Los ingresos alcanzaron 0,52 millones de dólares, un aumento con respecto a los 0,46 millones de dólares en el primer trimestre del año fiscal 2024. Los gastos operativos disminuyeron más del 50%, bajando de 8,8 millones de dólares a 4,2 millones de dólares año tras año. La pérdida neta se redujo a 4,7 millones de dólares desde los 10,1 millones de dólares en el periodo del año anterior. La compañía aseguró compromisos de financiamiento de capital por 11,8 millones de libras (aproximadamente 14,9 millones de dólares) y reestructuró sus deudas. Se emitió una guía de ingresos: 3,2 millones de dólares para el año fiscal 2025, 8,5 millones de dólares para el año fiscal 2026 y 17,5 millones de dólares para el año fiscal 2027. Se espera que la quema de efectivo se reduzca a aproximadamente 560,000 libras (725,000 dólares) mensuales para finales del año fiscal 2025.
Renalytix는 2025 회계연도 1분기 재무 결과를 보고했습니다. 수익은 52만 달러에 도달했으며, 이는 2024 회계연도 1분기의 46만 달러에서 증가한 수치입니다. 운영 비용은 연간 기준으로 880만 달러에서 420만 달러로 50% 이상 감소했습니다. 순손실은 전년 동기 대비 1010만 달러에서 470만 달러로 줄었습니다. 회사는 1180만 파운드(약 1490만 달러)의 자본 금융 약정을 확보하고 부채를 재구성했습니다. 수익 가이던스도 발표되었습니다: 2025 회계연도 320만 달러, 2026 회계연도 850만 달러, 2027 회계연도 1750만 달러. 현금 소모는 2025 회계연도 말까지 월 약 56만 파운드(72만 5000달러)로 줄어들 것으로 예상됩니다.
Renalytix a annoncé les résultats financiers pour le premier trimestre de l'exercice 2025. Le chiffre d'affaires a atteint 0,52 million de dollars, en hausse par rapport à 0,46 million de dollars au premier trimestre de l'exercice 2024. Les dépenses d'exploitation ont diminué de plus de 50 %, passant de 8,8 millions de dollars à 4,2 millions de dollars d'une année sur l'autre. La perte nette a été réduite à 4,7 millions de dollars contre 10,1 millions de dollars l'année précédente. L'entreprise a sécurisé des engagements de financement par actions de 11,8 millions de livres (environ 14,9 millions de dollars) et a restructuré ses dettes. Un guide de revenus a été publié : 3,2 millions de dollars pour l'exercice 2025, 8,5 millions de dollars pour l'exercice 2026 et 17,5 millions de dollars pour l'exercice 2027. La consommation de trésorerie devrait diminuer à environ 560 000 livres (725 000 dollars) par mois d'ici la fin de l'exercice 2025.
Renalytix hat die finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht. Der Umsatz erreichte 520.000 US-Dollar und stieg damit von 460.000 US-Dollar im ersten Quartal des Geschäftsjahres 2024. Die Betriebskosten sanken um mehr als 50 % auf 4,2 Millionen US-Dollar von 8,8 Millionen US-Dollar im Jahresvergleich. Der Nettoverlust verringerte sich auf 4,7 Millionen US-Dollar von 10,1 Millionen US-Dollar im Vorjahreszeitraum. Das Unternehmen sicherte sich Kapitalfinanzierungszusagen in Höhe von 11,8 Millionen Pfund (etwa 14,9 Millionen US-Dollar) und restrukturierte Verbindlichkeiten. Eine Umsatzprognose wurde herausgegeben: 3,2 Millionen US-Dollar für das Geschäftsjahr 2025, 8,5 Millionen US-Dollar für das Geschäftsjahr 2026 und 17,5 Millionen US-Dollar für das Geschäftsjahr 2027. Es wird erwartet, dass der Mittelverbrauch bis zum Ende des Geschäftsjahres 2025 auf etwa 560.000 Pfund (725.000 US-Dollar) pro Monat sinken wird.
- Revenue increased 13% YoY to $0.52M
- Operating expenses reduced by over 50% to $4.2M
- Net loss decreased by over 50% to $4.7M
- Secured £11.8M ($14.9M) in equity financing
- Projected revenue growth from $3.2M in FY25 to $17.5M in FY27
- Low cash position of $0.9M as of September 30, 2024
- Monthly cash burn rate remains high at £560,000
- Operating at a significant net loss despite cost reductions
First Quarter Fiscal 2025 and recent highlights
- Continued test ordering momentum at a large
New York -based physician group practice, after test ordering and processing commenced in September 2024 - Cash burn to be reduced to an approximate run rate of
£560,000 (approximately$725,000 - Financing comprising
£11.8m (approximatelyUS after expenses) in commitments completed subsequent to the end of the quarter$14.9 million - Company believes that as of November 2024, it now has sufficient cash on the balance sheet to fund current operations
- Issued first guidance on multi-year revenue generation: c.
$3.2m $8.5m $17.5m - Accomplished life sciences industry veteran Julian Baines MBE appointed as Executive Chairman.
James McCullough, CEO of Renalytix commented: "We are pleased to have positioned Renalytix financially and commercially for what we believe will be an exciting fiscal year that represents a breakout from our development phase into a commercially focused business leveraging growth within the large and unaddressed market we serve. Following our fundraise, for which we appreciate our investors' support, we believe the wind is now behind our back and we are excited to propel the Company's growth while supporting better patient outcomes through adoption of our kidneyintelX.dkd test by physicians and hospital systems."
First Quarter 2025 Financial Results
During the three months ended September 30, 2024, the Company recognized
Total operating expenses for the three months ended September 30, 2024 were
Within operating expenses, research and development expenses were
General and administrative expenses were
Net loss was
Cash and cash equivalents totaled
Equity financing rounds, restructuring of liabilities and reduction in expenses allow sufficient cash for at least next twelve months
During October and November 2024 the Company secured additional rounds of equity financing comprising
For further information, please contact: | ||
Renalytix plc | ||
James McCullough, CEO | Via Walbrook PR | |
Stifel (Nominated Adviser and Joint Broker) | Tel: 020 7710 7600 | |
Nicholas Moore / Nick Harland / Ben Good | ||
Oberon Capital (Joint Broker) | Tel: 020 3179 5300 | |
Mike Seabrook / Nick Lovering | ||
Walbrook PR Limited | Tel: 020 7933 8780 or renalytix@walbrookpr.com | |
Paul McManus / Alice Woodings | Mob: 07980 541 893 / 07407 804 654 | |
CapComm Partners | ||
Peter DeNardo | Tel: 415-389-6400 or investors@renalytix.com | |
About Renalytix
Renalytix (LSE: RENX) (OTCQB: RNLXY) is an artificial intelligence enabled in-vitro diagnostics and laboratory services company that is the global founder and leader in the field of bioprognosis™ for kidney health. In late 2023, our kidneyintelX.dkd test was recognized as the first and only FDA-authorized prognostic test to enable early-stage CKD (stages 1-3b) risk assessment for progressive decline in kidney function in T2D patients. By understanding how disease will progress, patients and clinicians can take action earlier to improve outcomes and reduce overall health system costs. For more information, visit www.renalytix.com.
Forward-Looking Statements
This announcement (including any information incorporated by reference in this announcement) and other information published by the Company contain statements about the Company that are or may be deemed to be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof, may be forward looking statements.
These forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers should not rely on such forward-looking statements, which speak only as of the date of this announcement. The Company disclaims any obligation or responsibility to update publicly or review any forward-looking or other statements contained in this announcement, except as required by applicable law.
The distribution of this announcement in jurisdictions outside the
RENALYTIX PLC CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) | ||||||||
For the Three Months Ended | ||||||||
(in thousands, except share and per share data) | 2024 | 2023 | ||||||
Revenue | $ | 522 | $ | 459 | ||||
Cost of revenue | 422 | 502 | ||||||
Gross profit (loss) | 100 | (43) | ||||||
Operating expenses: | ||||||||
Research and development | 921 | 2,787 | ||||||
General and administrative | 3,271 | 6,059 | ||||||
Total operating expenses | 4,192 | 8,846 | ||||||
Loss from operations | (4,093) | (8,889) | ||||||
Foreign currency gain, net | 37 | 289 | ||||||
Fair value adjustment to VericiDx investment | 97 | (447) | ||||||
Fair value adjustment to convertible notes | (762) | (1,207) | ||||||
Other (expense) income, net | (5) | 100 | ||||||
Net loss before income taxes | (4,726) | (10,154) | ||||||
Income tax expense | (2) | — | ||||||
Net loss | (4,728) | (10,154) | ||||||
Net loss per ordinary share—basic | $ | (0.04) | $ | (0.11) | ||||
Net loss per ordinary share—diluted | $ | (0.04) | $ | (0.11) | ||||
Weighted average ordinary shares—basic | 105,697,401 | 94,767,841 | ||||||
Weighted average ordinary shares—diluted | 105,697,401 | 94,767,841 | ||||||
Other comprehensive income (loss): | ||||||||
Changes in the fair value of the convertible notes | (125) | 75 | ||||||
Foreign exchange translation adjustment | (461) | 42 | ||||||
Comprehensive loss | $ | (5,314) | $ | (10,037) | ||||
RENALYTIX PLC CONSOLIDATED BALANCE SHEETS (Unaudited)
| ||||||||||
(in thousands, except share and per share data) | September 30, | June 30, | ||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 909 | $ | 4,680 | ||||||
Accounts receivable, net | 902 | 722 | ||||||||
Prepaid expenses and other current assets | 1,068 | 716 | ||||||||
Total current assets | 2,879 | 6,118 | ||||||||
Property and equipment, net | 202 | 216 | ||||||||
Investment in VericiDx | 776 | 698 | ||||||||
Other assets, net | 937 | 940 | ||||||||
Total assets | $ | 4,794 | $ | 7,972 | ||||||
Liabilities and Shareholders' Deficit | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 3,188 | $ | 1,590 | ||||||
Accounts payable – related party | 2,408 | 1,018 | ||||||||
Accrued expenses and other current liabilities | 2,162 | 3,354 | ||||||||
Accrued expenses – related party | 102 | 1,329 | ||||||||
Current lease liability | 11 | 45 | ||||||||
Convertible notes-current | 4,142 | 4,159 | ||||||||
Total current liabilities | 12,013 | 11,495 | ||||||||
Convertible notes-noncurrent | 4,100 | 4,331 | ||||||||
Total liabilities | 16,113 | 15,826 | ||||||||
Commitments and contingencies | ||||||||||
Shareholders' deficit: | ||||||||||
Ordinary shares, | 515 | 478 | ||||||||
Additional paid-in capital | 206,705 | 204,893 | ||||||||
Accumulated other comprehensive loss | (2,029) | (1,443) | ||||||||
Accumulated deficit | (216,510) | (211,782) | ||||||||
Total shareholders' deficit | (11,319) | (7,854) | ||||||||
Total liabilities and shareholders' deficit | $ | 4,794 | $ | 7,972 | ||||||
RENALYTIX PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
For the Three Months Ended | ||||||||
(in thousands) | 2024 | 2023 | ||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (4,728) | $ | (10,154) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 60 | 127 | ||||||
Stock-based compensation | 254 | 523 | ||||||
Fair value adjustment to VericiDx investment | (97) | 447 | ||||||
Realized loss on sale of ordinary shares in VericiDx | 42 | — | ||||||
Realized foreign exchange gain | (18) | — | ||||||
Fair value adjustment to convertible debt, net interest paid | 762 | 945 | ||||||
Non cash lease expense | — | 28 | ||||||
Provision for credit losses | (25) | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (154) | (238) | ||||||
Prepaid expenses and other current assets | (327) | (153) | ||||||
Accounts payable | 1,550 | 250 | ||||||
Accounts payable – related party | 1,390 | 202 | ||||||
Accrued expenses and other current liabilities | (1,312) | (2,060) | ||||||
Accrued expenses – related party | (1,233) | 579 | ||||||
Net cash used in operating activities | (3,836) | (9,504) | ||||||
Cash flows from investing activities: | ||||||||
Sale of ordinary shares in VericiDx investment | 23 | — | ||||||
Net cash provided by investing activities | 23 | — | ||||||
Cash flows from financing activities: | ||||||||
Payment of convertible notes principal | — | (1,060) | ||||||
Payment of offering costs | — | (5) | ||||||
Net cash used by financing activities | — | (1,065) | ||||||
Effect of exchange rate changes on cash | 42 | (222) | ||||||
Net decrease in cash and cash equivalents | (3,771) | (10,791) | ||||||
Cash and cash equivalents, beginning of period | 4,680 | 24,682 | ||||||
Cash and cash equivalents, end of period | $ | 909 | $ | 13,891 | ||||
Supplemental noncash investing and financing activities: | ||||||||
Noncash lease liabilities arising from obtaining right-of-use assets | $ | — | $ | 4 | ||||
Cash paid for interest on convertible debt | $ | — | $ | 249 | ||||
Issuance of shares for debt repayment | $ | (1,588) | $ | (1,054) | ||||
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SOURCE Renalytix plc
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