RNXT · RenovoRx, Inc.

RenovoRx delivered its strongest quarterly performance in Q1 2026, with revenue surging to $563,000, a 136% increase from Q4 2025's $197,000 and more than half of 2025's full-year total, driven by expansion to 16 active commercial cancer centers from 5 at the start of 2025 and rising procedural utilization. CEO Shaun Bagai highlighted growing physician confidence evidenced by repeat orders and a pipeline of 32 additional centers plus up to 15 TIGeR-PaC sites transitioning post-enrollment. Despite revenue growth, net loss widened to $3.5 million from $2.4 million year-over-year, reflecting higher SG&A expenses of $2.7 million (up from $1.6 million) tied to commercial infrastructure buildout, partially offset by lower R&D at $1.2 million due to trial receipts. Balance sheet strengthened via $10 million gross proceeds from an oversubscribed March private placement, ending with $12.4 million cash to fund into H2 2027. The company targets 36 active centers by year-end 2026 and reiterated $3-4 million full-year revenue guidance. Clinically, TIGeR-PaC advanced to 106/114 patients randomized (93% enrolled) with closure expected early June, final data mid-to-late 2027, and supportive pharmacokinetic data presented at ASCO GI 2026 showing reduced systemic gemcitabine exposure. This dual-track strategy underscores commercial independence from trial outcomes while building recurring revenue potential in a $400 million initial TAM for RenovoCath.