RenovoRx (RNXT) Q2 2025 earnings summary

Executive summary

• Achieved over $422,000 in Q2 2025 RenovoCath sales, marking strong early commercial traction and the second full quarter of activity, with repeat orders from high-volume cancer centers.

• Phase III TIGeR-PaC trial for locally advanced pancreatic cancer continues after a positive DMC review at the second interim analysis, with 95 patients randomized and 61 events as of August 12, 2025.

• Launched the PanTheR post-marketing registry study in July 2025 to collect real-world data on RenovoCath in solid tumors, with participating centers purchasing devices.

• Ended Q2 2025 with $12.3 million in cash and cash equivalents, supporting ongoing operations and clinical trial completion.

• Hired a Senior Director of Sales and Market Development to accelerate commercialization and market expansion.

Financial highlights

• Q2 2025 revenue reached $422,000, up from $0 in Q2 2024, driven by new and repeat commercial orders for RenovoCath.

• Net loss for Q2 2025 was $2.9 million, compared to $2.4 million in Q2 2024, mainly due to changes in warrant liability valuation.

• Gross profit for Q2 2025 was $270,000, with a gross margin of 64% on RenovoCath sales.

• R&D expenses were $1.4 million, down $0.1 million year-over-year, while SG&A expenses remained stable at $1.5 million.

• Ended Q2 with $12.3 million in cash and cash equivalents, with total assets of $13.6 million and stockholders' equity of $10.6 million.

Outlook and guidance

• Enrollment for the TIGeR-PaC trial is expected to complete by late 2025 or early 2026, with 95 of 114 patients randomized as of August 12, 2025.

• Anticipates continued revenue growth as more cancer centers adopt RenovoCath and as the sales team expands in H2 2025.

• Expects to drive towards profitability or cash flow break-even as commercialization ramps in 2026.

• Cash reserves are expected to fully fund commercial scale-up and clinical trial completion.

• Anticipates significant TAM expansion as RenovoCath is adopted for additional solid tumor indications.