Renalytix (RENX) Q4 2025 earnings summary

Executive summary

• Achieved 30% year-over-year revenue growth to $3.0 million, driven by a 37% increase in commercial testing volumes and a 200% rise in pharma service revenues.

• Secured Medicare reimbursement for kidneyintelX.dkd, expanded payer coverage, and integrated with major EMR systems, supporting national scale-up.

• Formed strategic partnerships with MVP Health Care and Tempus AI, expanding access to over 770,000 patients and accelerating national distribution.

• Completed two oversubscribed equity raises totaling over $20 million, and restructured debt, improving the balance sheet and reducing cash burn.

• Reduced administrative expenses by over 40% year-over-year, aided by headcount optimization and NASDAQ delisting.

Financial highlights

• Revenue increased to $3.0 million (FY24: $2.3 million), with testing revenue at $2.7 million and pharma services at $0.3 million.

• Gross margin improved to 40% (FY24: 9%) due to operational efficiencies and higher-margin service revenues.

• Administrative expenses fell to $18.4 million (FY24: $30.7 million), with significant reductions in employee, professional, and R&D costs.

• Net loss narrowed to $20.4 million (FY24: $45.5 million).

• Cash on hand at year-end was $3.6 million, with an additional $9 million raised post-year-end.

Outlook and guidance

• Focus on scaling EMR integrations, expanding into new states (Arizona added as fourth target market), and leveraging partnerships for national reach.

• Continued investment in operational efficiencies, margin optimization, and productivity to support path to profitability.

• Ongoing pursuit of permanent Medicare national coverage and international expansion, including CE mark efforts.

• Management acknowledges going concern uncertainty, with further funding potentially required if revenue growth targets are not met.