Tue, Nov 19, 9:41 PM (242 days ago)
Renalytix plc (NASDAQ: RNLX) reported a net loss of $4.73 million for the quarter ending September 30, 2024, a significant reduction from a $10.15 million loss in the same period last year, reflecting improved operational efficiency. Revenue increased to $522,000, up 14% year-over-year, primarily driven by the deployment of its FDA-approved kidneyintelX.dkd testing service, which is now covered by Medicare at $950 per test. Cost of revenue decreased by 16%, contributing to a gross profit of $100,000, compared to a loss last year. Operating expenses fell 53% to $4.19 million, with research and development costs dropping 67% due to reduced external project expenditures. General and administrative expenses also decreased by 46%, attributed to cost-cutting measures. Cash and cash equivalents dwindled to $909,000 from $4.68 million, raising liquidity concerns. The company has accumulated a deficit of $216.5 million as of September 30, 2024. However, subsequent to the quarter, Renalytix raised approximately $14.9 million in equity financing, which, along with a recent debt restructuring, aims to enhance liquidity and operational sustainability. The company continues to face uncertainties regarding future capital needs and market conditions that may impact its growth trajectory.