RenovoRx (RNXT) Q3 2025 earnings summary

Executive summary

• RenovoCath is being adopted as a new therapeutic option for solid tumors, with commercial sales beginning in Q4 2024 and expansion from 5 to 14 approved cancer centers, including high-volume NCI-designated centers and community hospitals, with several repeat orders and additional centers requesting quotes.

• Year-to-date revenue reached approximately $900,000, reflecting early commercial traction and growing clinical adoption in targeted oncology therapies.

• Ongoing pivotal Phase III TIGER-PaC trial for IAG in locally advanced pancreatic cancer, with enrollment expected to complete in early 2026 and final data in 2027.

• The company has strengthened its commercial team with key hires, including a Senior Director of Sales and two regional managers, and expanded its Scientific Advisory Board with leading experts in oncology.

• Focus remains on U.S. commercialization due to favorable reimbursement and market size, with international expansion considered for the future.

Financial highlights

• Q3 2025 revenue was $266,000, with year-to-date revenue of $900,000; cash and cash equivalents totaled $10 million as of September 30, 2025.

• Net loss for Q3 2025 was $2.9 million, with a net loss of $8.2 million for the first nine months of 2025; accumulated deficit as of September 30, 2025, was $58.4 million.

• Gross margin for Q3 2025 was approximately 80%, with gross profit of $213,000 on $266,000 in revenue.

• Research and development expenses for Q3 2025 were $1.7 million; selling, general, and administrative expenses were $1.7 million.

• 36.6 million common shares outstanding at quarter end.

Outlook and guidance

• Revenue is expected to accelerate in 2026 and beyond as the commercial team expands and more centers adopt RenovoCath, with a peak U.S. market opportunity estimated at $400 million annually and multi-billion dollar long-term potential.

• Cash on hand is projected to fund operations, commercial scale-up, and clinical trials into mid-2026, but additional capital will be required to continue operations and complete clinical development.

• Final enrollment for the Phase III TIGER-PaC trial is expected in early 2026, with final data anticipated in 2027.

• Multiple financing options, including refreshed shelf registration, out-of-the-market offering, and potential equity, debt, or partnership opportunities, are being prepared.