RenovoRx (RNXT) Q4 2025 earnings summary

Executive summary

• 2025 was the first full year of RenovoCath commercialization, generating $1.1 million in revenue and reflecting strong initial physician adoption and demand at cancer centers.

• Q4 2025 revenue was $238,000, indicating early adoption and a growing commercial footprint.

• The company exited 2025 with nine active commercial centers, three of which became active in the last two weeks, and expects to triple active sites to 36 by the end of 2026.

• Leadership changes included Dr. Ramtin Agah transitioning to Executive Chairman, hiring Mark Voll as CFO, and establishing a Medical Advisory Board.

• Expanded commercial infrastructure and sales team in Q4 2025 to drive growth in 2026 and beyond.

Financial highlights

• Full year 2025 revenue reached $1.1 million, up from $43,000 in 2024, with gross profit of $210,000 and an 88% gross margin.

• Net loss for 2025 was $11.2 million, compared to $8.8 million in 2024.

• Research and development expenses were $6.3 million for the year, mainly due to continued investment in the Phase III TIGER-PAC trial.

• Selling, general, and administrative expenses were $7 million for the year, reflecting commercial buildout.

• Cash and cash equivalents stood at $7 million at year-end 2025, with an additional $10 million raised in an oversubscribed private placement in March 2026, bringing total cash to $13 million.

Outlook and guidance

• Q1 2026 is expected to be the strongest revenue quarter yet, with potential for multiple expansion over Q4.

• 2026 revenue is projected to range between $3 million and $4 million, driven by site expansion and increased utilization.

• The company targets 36 active commercial sites by year-end 2026, supported by a robust pipeline of centers in various stages of activation.

• TIGER-PAC Phase III trial is on track for full enrollment by mid-2026, with final data expected in 2027.

• Plans to transition TIGER-PAC trial centers to commercial customers in the second half of 2026.