Nov 5, 2026, 4:16 PM ETHealthcare

RenovoRx — Third Quarter 2026 Earnings Summary

RNXTRENOVORX INC

Financial Performance

Revenue for the three months ended September 30, 2026, was $1.07 million, a nearly 300% year-over-year increase compared to $266,000 in the same period in 2025, and a 17% sequential increase from the second quarter of 2026.
Gross profit was $878,000, representing a gross margin of approximately 82%, compared to approximately 80% in the third quarter of 2025.
Research and development expenses were approximately $1.2 million for the quarter, down from approximately $1.7 million in the third quarter of 2025.
Selling, general, and administrative expenses were approximately $2.9 million for the quarter, up from approximately $1.7 million in the third quarter of 2025.
Loss from operations was approximately $3.2 million for the quarter, consistent with the $3.2 million loss reported in the third quarter of 2025.
Net loss per share was $0.08 for the three months ended September 30, 2026, compared to $0.08 in the same period in 2025.
Cash and cash equivalents totaled approximately $10.4 million as of September 30, 2026, an increase from approximately $9.5 million as of June 30, 2026.
The increase in cash was driven by $3.5 million received from the exercise of outstanding common stock warrants, which offset cash used in operations.
Shares outstanding totaled 48,190,073 as of September 30, 2026.

The Company maintains full-year 2026 revenue guidance of $3.75 million to $4.25 million.
This guidance implies year-over-year revenue growth of approximately 241% to 286% compared to full-year 2025 revenue of $1.1 million.
Management expects full-year 2026 revenue to more than triple 2025 revenue at the midpoint.
The Company targets reaching 36 active commercial cancer centers by the end of 2026.
Cash resources are believed to be sufficient to fund operations into the second half of 2027.
Initial top-line data from the Phase III TIGeR-PaC trial is anticipated in the second half of 2027.

Active commercial cancer center customers increased to 26 at the end of the third quarter of 2026, up from 21 at the end of the second quarter of 2026.
The total commercial funnel has grown to more than 65 centers.
RenovoRx observed strong repeat ordering from the majority of existing customers, signaling physician satisfaction and clinical utility.
The Trans-Arterial Micro-Perfusion (TAMP) platform enabled by RenovoCath is expanding beyond locally advanced pancreatic cancer.
In August 2026, TAMP was deployed in the first commercial clinical use for a solid tumor beyond pancreatic cancer (sarcoma) at an existing commercial customer.
In October 2026, the first patient was treated in the PRISM-TAMP Investigator Initiated Trial (IIT) led by the University of Vermont, evaluating gemcitabine delivery in the neoadjuvant setting for planned surgical resection.
The Company supports IITs in borderline resectable and metastatic pancreatic cancer and cholangiocarcinoma to broaden the evidence base.
RenovoCath received Orphan Drug Designation (ODD) for pancreatic cancer and bile duct cancer, and oxaliplatin received ODD for pancreatic cancer.

The fully staffed sales team, consisting of a Vice President of Sales and Market Development and five Regional Market Development Managers, is strategically deployed to cover major U.S. cancer centers.
The sales team is sized to effectively penetrate cancer centers treating solid tumors, such as pancreatic cancer.
The Company views physician-driven expansion of the TAMP platform as an encouraging indicator of potential for broader adoption within FDA-cleared fields of use.
The TAMP platform allows for the delivery of established drugs locally and sequentially or concurrently with novel therapies, creating potential for improved patient outcomes.

Forward-looking statements regarding clinical trials, commercialization, and financial results are subject to risks and uncertainties that could cause actual results to differ materially.
Risks include the possibility that commercial efforts may not achieve revenue forecasts or the expected number of active cancer center customers.
Risks include the timing and results of clinical trials, including the Phase III TIGeR-PaC trial, and the potential that interim results may not predict final outcomes.
Risks include the possibility that regulatory authorities may disagree with data interpretations or that product candidates may not demonstrate sufficient safety and efficacy for approval.
Risks include the ability to secure additional financing, maintain Nasdaq listing, and retain key personnel.
Risks include the scope of intellectual property protection and the ability to manufacture and supply products.

CEO Shaun Bagai stated the Company generated record results in the third quarter, exceeding the million-dollar revenue threshold.
Management highlighted three core priorities: four-fold year-over-year revenue growth, growth in active commercial customers to 26, and physician-driven expansion of the TAMP platform.
Management expressed confidence in meeting the year-end 2026 target of 36 active commercial centers.
Management noted that the sales team is gaining traction and accelerating customer engagement and adoption of TAMP.
Management views the conversion of devices from the TIGeR-PaC trial to commercial centers as a driver of growth, noting that such conversions occur at no gross margin in accordance with GAAP.

The Company received a Notice of Allowance from the U.S. Patent and Trademark Office for a new patent covering the RenovoCath dual-occlusion catheter system in August 2026.
The Company's intellectual property portfolio now includes 10 issued or allowed U.S. patents, 10 issued OUS patents, 6 pending U.S. cases, 7 pending OUS cases, and 2 pending PCT applications.
Two peer-reviewed publications were added to the evidence base in the third quarter: PK-PD data from the TIGeR-PaC sub-study published in Cancer Chemotherapy and Pharmacology and a case series from Hackensack Meridian Health published in Case Reports in Oncology.
The Phase III TIGeR-PaC trial achieved full enrollment in August 2026, evaluating intra-arterial gemcitabine (IAG) for locally advanced pancreatic cancer with overall survival as the primary endpoint.
The Company completed enrollment in the Phase III TIGeR-PaC trial and anticipates the data readout to potentially expand clinical adoption by providing evidence on tolerability and reduced side effects.
The Company is building the evidence base for TAMP through a multi-center post-marketing registry study and capital-efficient IITs.