RNXT · RenovoRx, Inc.

RenovoRx’s 2025 full year results mark its first full commercial year for RenovoCath, with $1.12M in revenue representing a material jump from $43,000 in 2024, driven by initial physician adoption at U.S. cancer centers. SG&A expenses rose year-over-year from $5.0M in 2024 to $7.0M in 2025, reflecting the company’s buildout of its commercial sales and marketing infrastructure in the fourth quarter of 2025, positioning it for scaled commercial growth in 2026. R&D expenses rose slightly year-over-year from $6.0M in 2024 to $6.3M in 2025, primarily from continued investment in the Phase III TIGeR-PaC trial for locally advanced pancreatic cancer, which has randomized 104 patients as of March 24, 2026, and remains on track for mid-2026 enrollment completion with final data expected in 2027. The recent $10M oversubscribed private placement, which generated $9.2M in net proceeds, brings the company’s total cash on hand to ~$13M, which management states is sufficient to fund operations through key 2026 and 2027 milestones including breakeven operations and TIGeR-PaC trial data readout. Commercial traction for RenovoCath continues to build, with 12 active U.S. cancer center clients as of February 2026 and 33 total centers in the near-term pipeline, a tripling from Q1 2025. Management plans to transition the 17 trial sites using RenovoCath in the TIGeR-PaC trial to commercial customers in the second half of 2026 following enrollment completion, which would further expand revenue potential.