NASDAQ:RNXT RenovoRx Q2 2025 Earnings Report $0.96 +0.01 (+1.31%) Closing price 08/29/2025 04:00 PM EasternExtended Trading$0.98 +0.02 (+2.08%) As of 08/29/2025 07:59 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. ProfileEarnings HistoryForecast RenovoRx EPS ResultsActual EPS-$0.08Consensus EPS -$0.08Beat/MissMet ExpectationsOne Year Ago EPSN/ARenovoRx Revenue ResultsActual Revenue$0.42 millionExpected Revenue$0.25 millionBeat/MissBeat by +$175.00 thousandYoY Revenue GrowthN/ARenovoRx Announcement DetailsQuarterQ2 2025Date8/14/2025TimeAfter Market ClosesConference Call DateThursday, August 14, 2025Conference Call Time4:30PM ETUpcoming EarningsRenovoRx's Q3 2025 earnings is scheduled for Wednesday, November 12, 2025, with a conference call scheduled on Thursday, November 13, 2025 at 8:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by RenovoRx Q2 2025 Earnings Call TranscriptProvided by QuartrAugust 14, 2025 ShareLink copied to clipboard.Key Takeaways Positive Sentiment: RenovaRx reported Q2 2025 revenue of $422,000 from commercial sales of the RenovaCATH device achieved without a dedicated sales team, highlighting strong early market demand. Positive Sentiment: The independent data monitoring committee (DMC) reviewed the second interim analysis of the Phase III TIGER PACT trial and recommended the study continue, signaling confidence in the trial’s potential outcome. Neutral Sentiment: As of August 12, 2025, 95 patients have been randomized and 61 events have occurred in TIGER PACT, keeping enrollment on schedule to reach 114 randomized patients by late 2025 or early 2026. Positive Sentiment: RenovaRx launched the PANTHER multicenter post-marketing registry to collect real-world safety and effectiveness data for the RenovaCATH device across various solid tumors, further supporting future commercialization and research efforts. Neutral Sentiment: The company ended Q2 with $12.3 million in cash and cash equivalents, which management expects will fully fund RenovaCATH commercialization and completion of the Phase III TIGER PACT trial. AI Generated. May Contain Errors.Conference Call Audio Live Call not available Earnings Conference CallRenovoRx Q2 202500:00 / 00:00Speed:1x1.25x1.5x2xTranscript SectionsPresentationParticipantsPresentationSkip to Participants Operator00:00:00Good afternoon. I'll be your conference call operator today. Please note that today's call is being recorded and all participants other than management are in a listen only mode. There will be a Q and A session following management's presentation. I will now turn the call over to Walter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead. Valter PintoManaging Director at KCSA Strategic Communications00:00:23Thank you, operator, and good afternoon. Welcome everyone to the RenovaRx second quarter twenty twenty five conference call. I'm joined today by RenovaRx's leadership team, including Doctor. Ramta Nagar, Chairman, Founder and Chief Medical Officer John Bagay, Chief Executive Officer Lisa Gentry, Chief Clinical Officer and Renal Kozak, VP Controller and Principal Accounting Officer. Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 and applicable federal securities laws, and that actual results may differ materially and adversely from what is contemplated by such forward looking statements due to a variety of risks, uncertainties and other factors. The company's forward looking statements are based on management's current plans and assumptions and are subject to the risks and uncertainties more fully described in the company's filings with the SEC. These statements reflect management's view of current and future market conditions, including but not limited to statements regarding the company's clinical trials and other research studies, timing for potential additional interim data readouts in full patient enrollment for RenovaRx's ongoing Phase three tiger plaque clinical trial studying intra arterial gemcitabine, also known as IAG, in locally advanced pancreatic cancer, the potential of the Renovocast device as a standalone commercial product, or the Transarterial Microperfusion Therapy Platform, also known as TAMP, as a mechanism of action, the anticipated timing for and levels of revenue generation from Renovocast sales, the company's commercialization plans in general, the potential for IAG to treat or provide clinically meaningful outcomes for certain medical conditions or diseases, and RenovRx's efforts to explore commercialization strategies utilizing the TAM therapy platform. Valter PintoManaging Director at KCSA Strategic Communications00:02:15For a detailed discussion of material risks and uncertainties facing RenovaRx, refer you to the company's annual report on Form 10 ks for the year ended 12/31/2024, as well as the company's investor presentation and other reports filed periodically with the SEC, including the Form 10 Q for the 2025, which we just filed with the SEC. Except as required by law, Renovo Rx disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. With that, it's my pleasure to turn the call over to Doctor. Rampton Aga, Chairman, Founder and Chief Medical Officer of RenovaRx. Rampton, please go ahead. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:02:56Thank you, Walter, and good afternoon, everyone. 2025 thus far has marked the most transformational period in our company history. As everyone knows, late last year we launched the commercialization of Renova Cat device. As a standalone product within its FDA cleared indications for use while we continue to make progress with our Phase three target vaccine. Our clinical and commercial team have executed well and I could not be more excited about our future. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:03:25Our proprietary transarterial microperfusion therapy platform or TAMP is designed for targeted therapeutic delivery across the arterial wall near the tumor site to bait the target tumor. By localizing and targeting delivery of therapeutic agents via the peripheral vascular system, CAMP is designed to optimize drug concentration precisely where it is needed. This targeted approach can minimize systemic exposure and toxicities related to chemotherapy and addresses the longstanding challenge in cancer care of poor blood supply to tumor sites. We believe that TAMP, by using the body's existing microvascular care pathway called the vasa vesera for drug delivery, represents a significant advancement in the way cancer treatment can be approached. We began commercializing Renova CAAT in the 2024 and with other sales and marketing team we face, we are proud to have achieved over $400,000 in sales in the second quarter, a significant accomplishment in a short period of time. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:04:30These initial sales prior to installing the sales and marketing infrastructure highlights the strong clinical market demand for our patented Renova Cap device as a standalone targeted drug delivery product among both new and existing customers. Equally important is our Phase three HIGHAPACT trial. The fifty second event in our trial occurred in Q2, triggering the preplanned second interim analysis and reviewed by the independent data monitoring committee known as the DMC, which happened recently. As a reminder, the DMC reviews the trial data and makes recommendation to our company mainly whether the data was compelling enough from their third party point of view to move forward with the trial or not. We're excited to report that the DMC recently completed the review of our second time interim analysis and has recommended that we continue the study. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:05:25This is great news as we believe DMC's recommendation is an expression of confidence in the potential for positive outcome in the trial overall. With a view towards preserving the integrity of target pack trial for FDA purposes and following our review of general FDA guidance, discussions with the DMC and consultation with regulatory advisors, we have decided to defer publishing our second interim data. Outside of myself, who has been speaking directly with the DMC, our entire team will remain blinded to the interim data. We will revisit publishing the actual second interim data most likely upon completion of this study as is common for pivotal Phase III trials. Meanwhile, the target pack trial is continuing at pace. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:06:10As of 08/12/2025, ninety five patients have been randomized and sixty one events have occurred, putting us on target to complete enrollment later this year or early next year. At Lenovo Rx, our mission remains clear, transform patient outcomes through safer, more effective targeted therapy, especially for those battling difficult to treat cancers like locally advanced pancreatic cancer. Thank you all for your continued support. With that, I will turn the call over to our CEO, Sean Baghai. Shaun BagaiCEO & Director at RenovoRx00:06:44Thank you Rampton. As Rampton mentioned, 2025 has been a breakthrough year for our company and during the second quarter we made meaningful progress commercially and in the clinic. The second quarter showcased the early impact of our commercial strategy and we're pleased to report second quarter twenty twenty five revenue of over $400,000 We are proud of the initial organic revenue growth over the first two full quarters since launch of GrenovoCAF commercial sales, especially since this was achieved without a dedicated sales and marketing team. With the recent hiring of Phil Stockton as our Senior Director of Sales and Market Development, our goal is to stay lean while also continuing to build commercialization momentum. We will continue to gather important data about our market such as sales cycles, activation times, individual customer preferences, and other commercial matters as we seek to grow our customer base, fulfill repeat Renovacath orders and position ourselves for commercial growth over the long term. Ronald B. KocakVP - Controller & Principal Accounting Officer at RenovoRx00:07:43We believe Renovacath is positioned to address a significant unmet need in oncology supported by a compelling market opportunity as an innovative approach to drug delivery. Our commercial vision and internal market analysis continue to support an initial U. S. Total addressable market for Renovocath as a standalone device has an estimated initial $400,000,000 peak annual U. S. Sales opportunity. Beyond historical Renovacath usage Shaun BagaiCEO & Director at RenovoRx00:08:10we are already beginning to see interest in the adoption of our technology for the treatment of other solid tumors through our commercial efforts. This broad interest serves as the basis for our belief in the potential for a several billion dollar total addressable market for the Renovocap device alone as we expand into additional cancer applications. On the clinical front as Ronton mentioned we received a positive independent DMC recommendation to continue our Phase three TIGER PACT trial based on interim data review. We are very excited about this development and what it means for the future prospects of our Phase three trial. I would now like to turn the call over to Lisa Gentry, our Chief Clinical Officer who will elaborate our clinical programs. Lisa? Operator00:08:58Thank you, Sean. To reiterate, the DMC has recommended that Renovo Rx continue the TIGER PACT trial following their review of the preplanned second interim analysis, which was triggered at the fifty second event. As Rampton mentioned, as of 08/12/2025, we have randomized ninety five patients and sixty one events have occurred, keeping us on track to complete enrollment later this year or early next year. The trial design calls for one hundred and fourteen patients to be randomized and the final TIGER PACK analysis will be triggered upon the 80 event. We are also advancing our research pipeline. Operator00:09:39Last week we announced the launch of our multicenter post marketing registry study called PANTHER to follow patients undergoing cancer treatment delivered by Renovocast to solid tumors. The PANTHER study is an important initiative aimed at evaluating the safety and effectiveness of Renovacast in real world clinical settings. This study is designed to assess long term safety and survival outcomes in patients with solid tumors who receive targeted drug delivery via Renovocast. By collecting real world data on the use of Renovocast across a broader range of tumor types, the PANTHER study aims to provide valuable insights into patient outcomes and support the generation of additional safety data. PANTHER marks a significant step forward in our commitment to better understand and demonstrate the long term safety and therapeutic potential of our Renovocast device. And now I will turn it back to Sean. Shaun BagaiCEO & Director at RenovoRx00:10:40Thanks Lisa. You and your team have done a wonderful job with our Phase three trial. We are excited about the continued validation of our platform, progress of our commercial strategy and strong execution by our team. Additionally, each cancer center participating in the registry study will purchase Renovacat devices from Redoval Rx for use in the study. With that I'll turn the call over to Ron Kozak, our VP Controller and Principal Accounting Officer to review the financials before Q and A. Ron? Ronald B. KocakVP - Controller & Principal Accounting Officer at RenovoRx00:11:10Thank you Sean. For the 2025 ending June 30, Renovo reported revenues of approximately $422,000 from commercial sales of Renovo calf driven by new customer purchase orders and early repeat orders from our initial sites. Research and development expenses were $1,400,000 for the second quarter, reflecting a $100,000 decrease from the same quarter year over year. The decrease is primarily due to other clinical and regulatory expenses including an allocation of selling, general and administrative expenses of $200,000 This decrease was offset by an increase in non recurring engineering costs on our Renova CATH device of 100,000.0 Selling, general and administrative expenses were approximately $1,500,000 remaining unchanged from the same quarter last year. We ended the quarter with $12,300,000 in cash and cash equivalents on hand. Ronald B. KocakVP - Controller & Principal Accounting Officer at RenovoRx00:12:26We anticipate revenues from Renova CAB sales orders to reduce our burn rate over time. We believe that cash as of 06/30/2025 will fully fund both ongoing Renova calf commercial scale up efforts and additional progress towards the completion in the Phase three TIGER PACT trial. Common shares outstanding as of 08/11/2025 totaled 36,645,884. With that, I will turn the call back to the operator for Q and A. Operator, please open the line for questions. Operator00:13:11Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star one, star 2 if you would like to remove your question from the queue. Operator00:13:29For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Scott Henry with AGP. Please proceed with your question. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:13:48Thank you. Good afternoon. Certainly a lot to talk about. I guess just for clarification, the decision was to maintain the trial at the same number of patients. I know sometimes they can add patients. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:14:03It sounds like they did not, but just want clarify that. Shaun BagaiCEO & Director at RenovoRx00:14:08Yes. Thanks for the hey, Scott, thanks for the question. Yes, that's a good thing to point out is that the DMC feedback we got seem very positive and maintaining the same number sample size, the same number of patients. So we did not add patients to the trial. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:14:22Okay, great. And I know after the first analysis, did comment on a lot of the data, but not the second analysis. Is that because it's closer to the end? Is there any kind of reason why kind of was okay the first time, but not the second time? I certainly understand that's the way a lot of these things work, but I just wanted to hear your thoughts. Shaun BagaiCEO & Director at RenovoRx00:14:46Yes, Scott, you nailed it. As a reminder, we had very significant or positive results from our phase onetwo trial showing a potential for increasing the lifespan of pancreatic cancer patients, and really reducing the side effects and toxicities. This allowed us and gave us the confidence to jump straight into a phase three randomized, which should be a pivotal trial. And the FDA agreed that based on our preliminary data from the phase one, two trials, we could jump to a phase three. In most circumstances, you do a prospective phase two trial to help inform the design with that confidence. Shaun BagaiCEO & Director at RenovoRx00:15:21We went to the phase three, not having done the phase two, taking a very early look, I. 30% of the data would give us confidence that we are on the right track almost in lieu of a phase two trial. And being that early in the study, we didn't feel like it would bias or jeopardize the study in any way. And you nailed it now that we're getting nearing the end of the trial. And already there's enthusiasm for the potential positivity. We didn't want to introduce any bias at this late stage in the game. How close you are to the finish line and the DMC's confidence to move forward to completion and then potential preparation of an NDA filing and to protect the integrity of the trial, made sense to keep this with the highest chance of success with the FDA at the end. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:16:05Okay, makes sense. Certainly. And then, looks like you need to enroll 19 more patients. The pace of the past few months would seem to indicate that that could reach till kind of mid-twenty twenty six, but it sounds like you think it could be a little bit earlier. Are you expecting kind of a ramp up? Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:16:31Is it kind of the fall? Maybe it's slow in the summer. But it seems like the enrollment pace is expected to increase near term. Shaun BagaiCEO & Director at RenovoRx00:16:39Yes, Scott, thanks for the question. A couple of things to keep in mind is in terms of enrollment, we do enroll patients treatment naive. We then go through an induction phase to weed out patients that might have micrometastasis and then randomized truly locally advanced pancreatic cancer patients. So, there is kind of a fallout in that middle phase. So, we've randomized 95 to date, need to randomize 114 to stop the study, or to complete enrollment randomization. Shaun BagaiCEO & Director at RenovoRx00:17:07So, enrollment completion is what we're aiming for. And that we anticipate to be towards the end of the year or first quarter next year. As far as a ramp goes, you're 100% correct. We've added some larger volume, more well known cancer centers in the last several months, including University of Nebraska, Northwell, Johns Hopkins. As we anticipate that with these larger cancer centers, we should start to see a ramp we're coming out of the summer. Shaun BagaiCEO & Director at RenovoRx00:17:33So, it's a combination of getting enrollment done to be able to randomize that one hundred and fourteen patient and these new centers coming on board in the recent past to help accelerate enrollment towards the end the year, if not the beginning of next year. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:17:47Okay, great. Just a final question, then I'll jump into the queue. On the PANTHER trial, when should we see data coming out of that? Shaun BagaiCEO & Director at RenovoRx00:17:59It's interesting. It's a broad based post market device registry. And so there's not as pre specified endpoint with data. As investigators and the company sees interesting findings. We can publish and present on podiums data along the way. Shaun BagaiCEO & Director at RenovoRx00:18:15One of the exciting aspects of the Panther study, it is a solid tumor registry. And while our experience to date has not fully, but been primarily in pancreatic cancer, it does allow us to collect capture and then present on data outside of pancreatic cancer. So, as we start to see either trends in usage or trends and results, we start can to publish and present data along the way. So not a great answer in terms of timing, but it is imminent. And we look forward to being able to explore the use of the Renovacast technology beyond where we've seen it to date. Shaun BagaiCEO & Director at RenovoRx00:18:48And another interesting aspect about the PANTHER trial is that these centers will be purchasing devices to be able to use to explore further uses of the Renovacast, which could help with revenue as well. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:19:02Okay, great. Thank you for taking the questions and congratulations on a lot of progress in the past few months. Shaun BagaiCEO & Director at RenovoRx00:19:10Thank you, Scott. Operator00:19:15Our next question comes from Edward Wu with Ascendiant Capital Markets. Please proceed with your question. Edward WooDirector of Research & Senior Analyst at Ascendiant Capital00:19:22Hi, it's Raffafer. Edward Wu, Ascendiant Capital Markets. Can you give an update on you previously mentioned partnering with the top 200 cancer centers? Shaun BagaiCEO & Director at RenovoRx00:19:32Yes, thanks for the question. Great to talk to you. Thanks for calling in. So as I've kind of outlined in terms of market potential, there are about 200 cancer centers across The US that treat the majority of non metastatic GI solid tumors. So, it's a good example market for us for pancreatic cancer. Shaun BagaiCEO & Director at RenovoRx00:19:50And the way I've characterized these 200 centers is it wouldn't take a large sales force to attack them. And as we operate in this commercial environment, very leanly without hiring a large expensive sales force, we're able to have deep penetration in the broader market by focusing on some of these top centers. We've already made announcements that we're in 13 hospitals with back approvals, which means that the hospitals are approved to purchase the device or already issued purchase orders for Novocath with our early commercial efforts. Those 13 centers are some of the top 200 large volume cancer centers across The US, four of which have started using the device, treating patients and having reorders as well. As far as using their names publicly, we did mention a couple of centers, including Hackensack Medical Center in New Jersey. Shaun BagaiCEO & Director at RenovoRx00:20:44And as we get permission to use names, we'll start publishing more on exactly which centers we're partnering with. We are also on the verge of launching a Renovocath website, where patients can go to define which centers are offering the technology. So in the not too distant future, you'll be able to see which centers are involved as well, once we get permission to use your name to help drive patients towards centers to be able to receive treatment. Edward WooDirector of Research & Senior Analyst at Ascendiant Capital00:21:06Okay, great. Can you also discuss any plans for the Renovo cath for international markets? Shaun BagaiCEO & Director at RenovoRx00:21:12Yes, it's an interesting topic. The reimbursement tailwinds and the cost of doing business here in The US and the large market and unmet need here, we're hyper focused on The US market first. We do anticipate down the road once we establish The US market to explore internationally. There is a large volume of cancer patients without great technologies or therapies across Europe and different Asian countries as well. We've begun to have dialogues with investigators there over the years and also potential partners. Shaun BagaiCEO & Director at RenovoRx00:21:46So as we start to really get traction in The U. S, we'll further explore outside The U. S. Markets either with a partner or on our own. Edward WooDirector of Research & Senior Analyst at Ascendiant Capital00:21:55Great. Thank you very much. Shaun BagaiCEO & Director at RenovoRx00:21:59Thanks for the questions, Ed. Operator00:22:01Our next question comes from Swayampakula with H. C. Wainwright. Please proceed with your question. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:22:15Thank you. This is RK from H. C. Wainwright. Good afternoon, Sean. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:22:20So, you know, looking at your revenues of 422,000, I'm just trying to figure out is any of it, any of the revenues coming from purchasing for the clinical studies itself or is all of it really commercial dollars? Shaun BagaiCEO & Director at RenovoRx00:22:40Okay, this is a great question. I really appreciate you asking them because it's a great delineation. This is all non tiger packs phase three revenue. So, these are all brand new customers who were outside of the clinical trial or outside usage of the trial. Any revenues and we do charge for the catheter and it is reimbursed within the phase three TIGER PACT trial. Shaun BagaiCEO & Director at RenovoRx00:23:01But any revenues from those are not recognized as revenue, but considered an R and D offset, which you can see from our filings. So it is important to note that the revenue stream is all external to TIGER PACK. As mentioned earlier in Scott's question, we do aim to complete enrollment towards the end of this year, beginning of next year. After that, those 18 centers that are in the TIGER PACK trial can and most likely will convert to commercial paying customers, where they can start treating patients with various elements or tumors using the device. And those purchases will be revenue towards a company in terms of revenue recognition. Shaun BagaiCEO & Director at RenovoRx00:23:38So, the tiger pack sites using catheters does help our bottom line, but the $422,000 just announced does not include any of that revenue recognition on the flip side, because the Panther study is a post market device registry revenue obtained for the Panther sites will count towards a revenue recognition. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:24:00Okay, and then so on Panther study, since it's a registry study, so do you really have a specific number of centers or anything like that? Or it obviously depends upon which center wants to run this, utilize the device and be part of the registry. How does that work? Shaun BagaiCEO & Director at RenovoRx00:24:28It's relatively open. So we don't have a specific small limited number of patients or centers. As we're discussing with centers, there's academic interest in collecting data around certain patient populations, we'll partner with them. So it's not limited. We are also looking at investigator initiated trials. Shaun BagaiCEO & Director at RenovoRx00:24:46There are some very interesting research ideas outside of where we've seen usage so far that would most likely fall under the registry or an IIT. And those don't have to be mutually exclusive. We could also perform investigator initiated studies within the registry and use those research ideas. That gives us a lot of leeway and optionality in terms of what patients might be studied. And then subsequently, what data might be published or presented to show where the Renovacast can really help patients and really push the science behind this, and also help us capture additional hospitals with academic interests in these areas. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:25:23And then for the PANTHER study, I know you're not really started bringing in patients, but in general, when you started talking with your advisors and whatnot, what sort of solid tumors were they thinking could be a good possibility for the utility of the Renovacap? Shaun BagaiCEO & Director at RenovoRx00:25:49I really appreciate this question because given the success we've seen in pancreatic cancer, there is a vast interest beyond what we studied primarily specifically locally advanced pancreatic cancer. The biggest few interests have been one in locally advanced pancreatic cancer following Fulphurinox treatment. As most are aware, the phase three trial design has a gemcitabine plus Abraxane induction phase. Many patients opt for Fulphurinox, the younger, healthier patients. And so coupling local treatment with the Fulphurinox induction is of interest. Shaun BagaiCEO & Director at RenovoRx00:26:28Also exploring the use of the technology beyond locally advanced pancreatic cancer, for example, in resectable in the neoadjuvant setting or borderline resectable pancreatic cancer patients. There's also an interest in setting or using the device in metastatic pancreatic cancer patients. Physicians are saying that patients with a single metastases or multiple metastases local control could be important, or could even have effects on the immune system with different agents as they try different agents through device as well. So, those have been some of the top research and ideas and interests beyond pancreatic cancer. The most common requests or discussion is around cholangiocarcinoma or bile duct cancer. Shaun BagaiCEO & Director at RenovoRx00:27:09Given the similar nature of these tumors being hypovascular, having less blood supply, and also using the same drugs like gemcitabine for example, to treat. And there's also been an interest in studying bile duct cancers. Beyond that, there's been interest in certain subsets of non small cell lung cancer, sarcomas, head and neck tumors. It's great to see this level of interest across different specialties based on our early success in pancreatic cancer. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:27:36So at one point we were talking about how outside of the chemotherapy additional drugs or drug categories could be also be part of the Renault cap. Do you envisage that sort of data in between this Panther study or is it going to be purely the typical chemotherapy that you're currently using within the TIGER PAX study? Shaun BagaiCEO & Director at RenovoRx00:28:13I do beyond other tumor types. That's exactly what will be studied is other agents as well. So there's been interest from physicians to move beyond or in addition to gemcitabine either with multiple therapies or other drugs that might be more caustic or toxic to the body. For example, platinum based drugs are big interest and one of the biggest limitations of systemic fulphurinox. Beyond that, are several class of immunotherapeutics that have been tried, tested and failed in pancreatic cancer and other tumors. Shaun BagaiCEO & Director at RenovoRx00:28:42One of the reasons is because of this desmoplastic barrier, high pressure and really tumor resistance and lack of blood vessels feeding the tumor. And we overcome that with our CAMP system and with the Renovo cath. So, being able to deliver different agents that might have an immunotherapeutic effect to turn on the body's immune system to attack metastatic disease can really open up a large potential for patients. So, the registry both in and of itself, and then also the IITs that we're discussing and negotiating with physicians, both give us an avenue to look into these areas and collect data and present data in these areas beyond just gemcitabine and beyond just locally advanced pancreatic cancer. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:29:22Okay, so the last question I know I've taken a lot of your time, but the last question from me is bringing on board Phil Stockton. So, what should we expect now that you have a carrier sales senior executive? Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:29:45Should we expect say three or six months down the line, the trajectory of revenue to be much better or is is his responsibility more to get ready when you get through the tiger pack and get through any additional FDA approvals? Shaun BagaiCEO & Director at RenovoRx00:30:06I appreciate the question RK, it's the former. Given the early traction we saw, and we posted, I believe two good quarters so far but primarily grassroots efforts on the behalf of me and some of my team members without having a sales and marketing team in place. Given that we can see the upside in market penetration and potential to drive revenues to a level that would support the company at some point in time, bringing on fill to bring on a small team to really start ramping for commercialization efforts now makes sense. And that's for the pure Renovocath not needing to wait for the drug device combination and Tiger Pak. The goal is to have the team fully in place and positioned by the end of the year. Shaun BagaiCEO & Director at RenovoRx00:30:47So I anticipate continuing revenue over the year, but really gearing up for success in 2026 to start driving towards profitability at some point in time or cash flow breakeven as that team gets in place and we drive market penetration. I see 2025 with fill at the helm, really learning the sales cycle, the activation timelines, collecting other sales metrics on how we can optimize that and then really plan for more of a full penetration and launch in 2026 into some of those 200 accounts as alluded to. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:31:24Okay. Thank you. Thanks for taking all my questions, Sean. Shaun BagaiCEO & Director at RenovoRx00:31:28Thanks, RK. I appreciate the questions. Operator00:31:31Our next question comes from Jason McCarthy with Maxim Group. Please proceed with your question. Chad YahnSenior Equity Research Associate Biotech at Maxim Group00:31:37Hi, guys. This is Chad on for Jason. Thanks for taking the questions. We were wondering, have you guys engaged or plan to engage with FDA regarding a potential accelerated approval pathway? Shaun BagaiCEO & Director at RenovoRx00:31:53Thanks for the question, Chad. So from the DMC readout, the goal is to complete the study as an overall survival study. The plan would be as we prepare for an NDA to engage at that time with the FDA to see if there's an accelerated approval, given the unmet need and failed treatments in pancreatic cancer, getting this from trial completion to potential approval as fast as possible makes sense. So short answer to your question is yes, as we start narrowing final data, we will engage with the FDA to see if acceleration is a possibility. Chad YahnSenior Equity Research Associate Biotech at Maxim Group00:32:24Okay, got it. Thanks. And then, how does the sixteen month median OS from the first interim compared to outcomes from other trials in the setting that also used induction chemo and SBRT? Shaun BagaiCEO & Director at RenovoRx00:32:40Chad, I appreciate the question because it's important to see that we're aligning what we expect this patient population to do. Previous large randomized studies have shown that locally advanced pancreatic cancer should yield an overall survival from time of diagnosis to and the report outspend anywhere between twelve to eighteen months, or fourteen to eighteen months, maybe more contemporary trials. So the fifteen point five months estimated fifteen point five months we saw admin control arm in our first interim analysis fits right in the middle of that. Further validation can be seen with the previously completed Panova three noble cure trial in their trial. I believe they showed fourteen point two months in their gemcitabine plus Abraxane control arm and about sixteen point two months in their tumor treating fields plus gemcitabine plus Abraxane. Shaun BagaiCEO & Director at RenovoRx00:33:30So we're right smack in the middle of what's expected in local advanced pancreatic cancer. Now, what's interesting with the NovoCure study is that they were able to achieve local control and a two month survival benefit, which added about a billion dollars of market cap to their company with those types of results. And it really shows both on the finance side and also the physician interest side that the bar is very low for this patient population to have that much success with a two month benefit. We can imagine what we can accomplish achieving much more than that down the road. Chad YahnSenior Equity Research Associate Biotech at Maxim Group00:34:04Okay, great. Thanks for taking the questions again, and congrats on all the progress. Shaun BagaiCEO & Director at RenovoRx00:34:09Thanks, Chad. Operator00:34:13Our next question comes from Scott Henry with AGP. Please proceed with your question. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:34:18Thank you for the follow-up question. Sean, I just wanted to ask a couple of questions about the catheter business. Gross margins, I believe they're 64% in the quarter, which is a pretty high number for this level of revenues. Is that a sustainable number? And where could gross margins get to on the catheter sales? Thank you. Shaun BagaiCEO & Director at RenovoRx00:34:47Yes. Scott, I appreciate the question. And that's one of the benefits and the reasons why we're deciding to commercialize because this looks like it could be extremely profitable for the organization. As far as the direct margins in terms of the cost of the actual materials building the catheter, generally new medical devices as they start to achieve success, start reaching that 70% to 90% range. And we're actually in there. Shaun BagaiCEO & Director at RenovoRx00:35:10So there was additional expenses, I believe reported in the queue, but we believe we'll keep pushing that higher towards that 70% to 90% range in the not too distant future. So I see the gross margins increasing over time as we scale. Again, this is with the reimbursement in place. This is part of the decision to go ahead and commercialize at this stage in the company's development process, given the high potential margins of the technology with the current reimbursement landscape. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:35:35It would seem with these numbers and just looking at the spending, how it compares to prior quarters, that it's already significant maybe not significantly, but it's already cash flow positive. And by the time you add these up this team, it it should probably still be accretive at that point. Would would you agree with that statement? Shaun BagaiCEO & Director at RenovoRx00:35:57I I do. It's, looking at the device manufacturing itself, it is accretive. And and as as mentioned, it doesn't take a big expensive sales force. And I think that's really one of the big advantages we have as an emerging commercial medical device organization outside of the phase three trial is that usually the burn is very high and the margins are low. We've been able to, as you know, achieve a lot of momentum and success and value creation with very little money. Shaun BagaiCEO & Director at RenovoRx00:36:24And with this type of a niche market, very focused market, we could achieve high revenues a handful of sales reps. It's also important to note that with the reimbursement in place, each patient receives multiple treatments. So, once the patient's identified at a given hospital, they end up receiving between five and ten treatments. And so the numbers add up pretty quickly in terms of revenue. So without the need for large sales force, our burn can stay low, but our revenues will continue to ramp through the end of this year and then into the next year as well. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:36:55Okay, great. And I would be remiss not to give you an opportunity to talk about your thoughts for the rest of the year, the catheter revenue. I'm not trying to get guidance out of you, but would you expect sequential gains in Q3 and Q4? I know sometimes there's a lot of upfront bolus sales and then you have to wait for reorders, but it seems like reorders are moving. Do you look for would you expect sequential gains in the coming quarters? Shaun BagaiCEO & Director at RenovoRx00:37:28So, of course, as you can imagine, with such a new effort, we can't give guidance currently as I really look at 2025 as a learning year. And I wouldn't measure success on a quarterly basis, because there will be ups and downs and fluctuations this early in the process, especially since there's multiple procedures per patient, a couple of patients can really change the needle going from zero, pretty much forty three thousand or pretty much zero, just over six months ago to where we've achieved so far with four hundred and twenty thousand plus this quarter is fantastic. I do see us driving hard learning and penetrating deeply, bringing more of those 13 centers across the finish line to start ordering catheters and treating patients. We do have a pipeline another 20 or 30 hospitals behind them. So, I do see growth over the next half of the year, but I really see that that ramp start to take place with these few new sales hires as we work on infrastructure right now, more in 2026. Shaun BagaiCEO & Director at RenovoRx00:38:23So anticipate success throughout the year and then really ramping next year. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:38:29Okay, great. Thank you for taking the questions. Shaun BagaiCEO & Director at RenovoRx00:38:33Thanks, Scott. I appreciate it. Operator00:38:42Our next question comes from Steven Reed with KIT Investments. Please proceed with your question. Stephen ReadFounder & Manager at HIT Investments00:38:51Hey, guys. Great progress. A couple questions. On the full four knots, are you gonna be moved to studying that in pigs first or what's kind of your next steps? Shaun BagaiCEO & Director at RenovoRx00:39:08Thanks for the question, Steve. Always great to catch up with you. So as we look to gemcitabine, one of the reasons we chose gemcitabine initially in the phase three trial is it's so well characterized and we did have a lot of early experience with it. As we look to other drugs, we will perform animal experience to ensure we're not causing any major detrimental vascular damage. And then as we discussed IITs and even registry patients with physicians, as we look to other agents, we will make sure we perform preclinical studies in conjunction with those physicians or on our own to ensure as we move into humans, that we don't have issues. Shaun BagaiCEO & Director at RenovoRx00:39:44So, short answer to your question, yes. And we have begun exploring what other drugs do to the vessel wall and like gemcitabine so far, it looks like we don't have any issues. Stephen ReadFounder & Manager at HIT Investments00:39:58Okay. So do you think a few of those studies you'll be sharing with us in the next quarters on which preclinical studies those might be, where you have the most interest? Shaun BagaiCEO & Director at RenovoRx00:40:08Yeah, we haven't disclosed publicly where we are in the process of preclinical studies and which drugs. But for sure, as we move into patients being treated, especially under the guise of launching the registry, either during that time or events of that, if we have publishable data, we'll do so. Stephen ReadFounder & Manager at HIT Investments00:40:29Okay. It's great to see your in house sales team coming together. I was curious if you could give us an update if you're simultaneously still working on some partnerships, distributors. I saw in March and June that you might have issued some restricted stock in consideration for commercial contracts. Really, any color around that would be helpful as well. Shaun BagaiCEO & Director at RenovoRx00:40:53Yeah. Thanks for the question, Steven. So to clarify, we issued some stock options or research stock to our contract manufacturer, Medical Murray, in conjunction with a ramping production to get us to where we are today and then take us to the next level in terms of providing enough catheters for sales to treat patients. So that's on the partnership side, on the manufacturing side, that's complete and underway. As far as the distribution side, we've been talking to several potential strategic distribution partners. Shaun BagaiCEO & Director at RenovoRx00:41:23And what I've said publicly previously is we'll do the math around what's makes most economic sense. Given what we've achieved so far without any sales or marketing in house team, besides myself and a couple of my team members for the most part, it's been prudent financially to make sure we capture all the revenue versus revenue share for this initial market entry. We've done the math on it, keeping our burn relatively the same with the addition of Phil Stockton, and he's pulling in a handful of sales reps over the next several months or quarters. We'll make a decision down the road as we want to scale or need to scale based on usage in which tumor types and how far we can scale. If we should grow the sales force even further down the road next year, or actually strike a partnership and leverage the distribution channel of a large medical device company. Shaun BagaiCEO & Director at RenovoRx00:42:14Those discussions, I said publicly are ongoing, But for the short term, in the meantime, we do plan on driving with our in house team to capture the best value for our shareholders. Stephen ReadFounder & Manager at HIT Investments00:42:26Thanks, John. That's all I have. Shaun BagaiCEO & Director at RenovoRx00:42:30Thanks for the question, Steven. Operator00:42:57It appears that there are no further questions today. I would now like to pass the floor over to Sean Bugay for closing comments. Shaun BagaiCEO & Director at RenovoRx00:43:07Thank you for the opportunity and for those dialing in and listening in. Thank you. And I appreciate the questions from those who called in as well. I'm very happy and thrilled with the results we've had for our second quarter of this year, both in terms of the commercial success to date without in house sales and marketing team, and then the progress we're making with the additional hire Phil Stockton as he built out his team. Also timing was excellent and a great happenstance to have the DMC have the ability to review the second interim analysis. Shaun BagaiCEO & Director at RenovoRx00:43:38And we're proud and happy to see the continuation, which gives us confidence that we should be hopefully moving towards a successful clinical trial in a phase three manner and locally advanced pancreatic cancer. I'm also happy with the prudent decision here to protect the integrity of the trial. That's we have the best chance of success with a potential NDA application down the road. Thank you again for everyone chiming in and look forward to following up with individuals down the road. Operator00:44:07This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.Read moreParticipantsExecutivesRamtin AgahChairman, Chief Medical Officer & FounderShaun BagaiCEO & DirectorRonald B. KocakVP - Controller & Principal Accounting OfficerAnalystsValter PintoManaging Director at KCSA Strategic CommunicationsScott HenryMD & Senior Research Analyst at Alliance Global PartnersEdward WooDirector of Research & Senior Analyst at Ascendiant CapitalSwayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.Chad YahnSenior Equity Research Associate Biotech at Maxim GroupStephen ReadFounder & Manager at HIT InvestmentsPowered by Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) RenovoRx Earnings HeadlinesRenovoRx (NASDAQ:RNXT) Upgraded by Wall Street Zen to Hold RatingAugust 23, 2025 | americanbankingnews.comDiscovering the Next Wave of Biotech Innovation (MDCX, RNXT, JSPR, LSB)August 22, 2025 | theglobeandmail.comBuffett, Gates and Bezos Quietly Dumping Stocks—Here's WhyImagine a bull market so powerful, every single investor became a millionaire. Not by finding the next NVIDIA or Bitcoin, but by owning a simple index fund. It sounds impossible. Yet it happened – just a short time ago. Now a legendary figure says: "Brace yourselves. It's about to happen here, in America. But fair warning – it could be the worst thing that ever happens to you." This story has received little coverage in the press. But if history repeats, it could bump tens of millions of Americans into a 7-figure net worth practically overnight. | Banyan Hill Publishing (Ad)FY2025 EPS Estimates for RenovoRx Increased by HC WainwrightAugust 22, 2025 | americanbankingnews.comFY2027 EPS Estimates for RenovoRx Cut by HC WainwrightAugust 21, 2025 | americanbankingnews.comRenovoRx CEO Shaun Bagai to Present at H.C. Wainwright’s 27th Annual Global Investment Conference in New York City, September 8-10, 2025August 20, 2025 | finance.yahoo.comSee More RenovoRx Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like RenovoRx? Sign up for Earnings360's daily newsletter to receive timely earnings updates on RenovoRx and other key companies, straight to your email. Email Address About RenovoRxRenovoRx (NASDAQ:RNXT), a clinical-stage biopharmaceutical company, focuses on developing proprietary targeted combination therapies to improve therapeutic outcomes for cancer patients undergoing treatment. Its lead product candidate is RenovoGem, an oncology drug-device combination product, consisting of intra-arterial gemcitabine and RenovoCath that is in Phase III clinical trials for the locally advanced pancreatic cancer. The company has a research collaboration with Imugene Limited to deliver oncolytic virus therapy for the treatment of difficult-to-access tumors. 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PresentationSkip to Participants Operator00:00:00Good afternoon. I'll be your conference call operator today. Please note that today's call is being recorded and all participants other than management are in a listen only mode. There will be a Q and A session following management's presentation. I will now turn the call over to Walter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead. Valter PintoManaging Director at KCSA Strategic Communications00:00:23Thank you, operator, and good afternoon. Welcome everyone to the RenovaRx second quarter twenty twenty five conference call. I'm joined today by RenovaRx's leadership team, including Doctor. Ramta Nagar, Chairman, Founder and Chief Medical Officer John Bagay, Chief Executive Officer Lisa Gentry, Chief Clinical Officer and Renal Kozak, VP Controller and Principal Accounting Officer. Before we begin, I'd like to remind everyone that statements made during today's conference call may be deemed forward looking statements within the meaning of the Safe Harbor of the Private Securities Litigation Reform Act of 1995 and applicable federal securities laws, and that actual results may differ materially and adversely from what is contemplated by such forward looking statements due to a variety of risks, uncertainties and other factors. The company's forward looking statements are based on management's current plans and assumptions and are subject to the risks and uncertainties more fully described in the company's filings with the SEC. These statements reflect management's view of current and future market conditions, including but not limited to statements regarding the company's clinical trials and other research studies, timing for potential additional interim data readouts in full patient enrollment for RenovaRx's ongoing Phase three tiger plaque clinical trial studying intra arterial gemcitabine, also known as IAG, in locally advanced pancreatic cancer, the potential of the Renovocast device as a standalone commercial product, or the Transarterial Microperfusion Therapy Platform, also known as TAMP, as a mechanism of action, the anticipated timing for and levels of revenue generation from Renovocast sales, the company's commercialization plans in general, the potential for IAG to treat or provide clinically meaningful outcomes for certain medical conditions or diseases, and RenovRx's efforts to explore commercialization strategies utilizing the TAM therapy platform. Valter PintoManaging Director at KCSA Strategic Communications00:02:15For a detailed discussion of material risks and uncertainties facing RenovaRx, refer you to the company's annual report on Form 10 ks for the year ended 12/31/2024, as well as the company's investor presentation and other reports filed periodically with the SEC, including the Form 10 Q for the 2025, which we just filed with the SEC. Except as required by law, Renovo Rx disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. With that, it's my pleasure to turn the call over to Doctor. Rampton Aga, Chairman, Founder and Chief Medical Officer of RenovaRx. Rampton, please go ahead. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:02:56Thank you, Walter, and good afternoon, everyone. 2025 thus far has marked the most transformational period in our company history. As everyone knows, late last year we launched the commercialization of Renova Cat device. As a standalone product within its FDA cleared indications for use while we continue to make progress with our Phase three target vaccine. Our clinical and commercial team have executed well and I could not be more excited about our future. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:03:25Our proprietary transarterial microperfusion therapy platform or TAMP is designed for targeted therapeutic delivery across the arterial wall near the tumor site to bait the target tumor. By localizing and targeting delivery of therapeutic agents via the peripheral vascular system, CAMP is designed to optimize drug concentration precisely where it is needed. This targeted approach can minimize systemic exposure and toxicities related to chemotherapy and addresses the longstanding challenge in cancer care of poor blood supply to tumor sites. We believe that TAMP, by using the body's existing microvascular care pathway called the vasa vesera for drug delivery, represents a significant advancement in the way cancer treatment can be approached. We began commercializing Renova CAAT in the 2024 and with other sales and marketing team we face, we are proud to have achieved over $400,000 in sales in the second quarter, a significant accomplishment in a short period of time. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:04:30These initial sales prior to installing the sales and marketing infrastructure highlights the strong clinical market demand for our patented Renova Cap device as a standalone targeted drug delivery product among both new and existing customers. Equally important is our Phase three HIGHAPACT trial. The fifty second event in our trial occurred in Q2, triggering the preplanned second interim analysis and reviewed by the independent data monitoring committee known as the DMC, which happened recently. As a reminder, the DMC reviews the trial data and makes recommendation to our company mainly whether the data was compelling enough from their third party point of view to move forward with the trial or not. We're excited to report that the DMC recently completed the review of our second time interim analysis and has recommended that we continue the study. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:05:25This is great news as we believe DMC's recommendation is an expression of confidence in the potential for positive outcome in the trial overall. With a view towards preserving the integrity of target pack trial for FDA purposes and following our review of general FDA guidance, discussions with the DMC and consultation with regulatory advisors, we have decided to defer publishing our second interim data. Outside of myself, who has been speaking directly with the DMC, our entire team will remain blinded to the interim data. We will revisit publishing the actual second interim data most likely upon completion of this study as is common for pivotal Phase III trials. Meanwhile, the target pack trial is continuing at pace. Ramtin AgahChairman, Chief Medical Officer & Founder at RenovoRx00:06:10As of 08/12/2025, ninety five patients have been randomized and sixty one events have occurred, putting us on target to complete enrollment later this year or early next year. At Lenovo Rx, our mission remains clear, transform patient outcomes through safer, more effective targeted therapy, especially for those battling difficult to treat cancers like locally advanced pancreatic cancer. Thank you all for your continued support. With that, I will turn the call over to our CEO, Sean Baghai. Shaun BagaiCEO & Director at RenovoRx00:06:44Thank you Rampton. As Rampton mentioned, 2025 has been a breakthrough year for our company and during the second quarter we made meaningful progress commercially and in the clinic. The second quarter showcased the early impact of our commercial strategy and we're pleased to report second quarter twenty twenty five revenue of over $400,000 We are proud of the initial organic revenue growth over the first two full quarters since launch of GrenovoCAF commercial sales, especially since this was achieved without a dedicated sales and marketing team. With the recent hiring of Phil Stockton as our Senior Director of Sales and Market Development, our goal is to stay lean while also continuing to build commercialization momentum. We will continue to gather important data about our market such as sales cycles, activation times, individual customer preferences, and other commercial matters as we seek to grow our customer base, fulfill repeat Renovacath orders and position ourselves for commercial growth over the long term. Ronald B. KocakVP - Controller & Principal Accounting Officer at RenovoRx00:07:43We believe Renovacath is positioned to address a significant unmet need in oncology supported by a compelling market opportunity as an innovative approach to drug delivery. Our commercial vision and internal market analysis continue to support an initial U. S. Total addressable market for Renovocath as a standalone device has an estimated initial $400,000,000 peak annual U. S. Sales opportunity. Beyond historical Renovacath usage Shaun BagaiCEO & Director at RenovoRx00:08:10we are already beginning to see interest in the adoption of our technology for the treatment of other solid tumors through our commercial efforts. This broad interest serves as the basis for our belief in the potential for a several billion dollar total addressable market for the Renovocap device alone as we expand into additional cancer applications. On the clinical front as Ronton mentioned we received a positive independent DMC recommendation to continue our Phase three TIGER PACT trial based on interim data review. We are very excited about this development and what it means for the future prospects of our Phase three trial. I would now like to turn the call over to Lisa Gentry, our Chief Clinical Officer who will elaborate our clinical programs. Lisa? Operator00:08:58Thank you, Sean. To reiterate, the DMC has recommended that Renovo Rx continue the TIGER PACT trial following their review of the preplanned second interim analysis, which was triggered at the fifty second event. As Rampton mentioned, as of 08/12/2025, we have randomized ninety five patients and sixty one events have occurred, keeping us on track to complete enrollment later this year or early next year. The trial design calls for one hundred and fourteen patients to be randomized and the final TIGER PACK analysis will be triggered upon the 80 event. We are also advancing our research pipeline. Operator00:09:39Last week we announced the launch of our multicenter post marketing registry study called PANTHER to follow patients undergoing cancer treatment delivered by Renovocast to solid tumors. The PANTHER study is an important initiative aimed at evaluating the safety and effectiveness of Renovacast in real world clinical settings. This study is designed to assess long term safety and survival outcomes in patients with solid tumors who receive targeted drug delivery via Renovocast. By collecting real world data on the use of Renovocast across a broader range of tumor types, the PANTHER study aims to provide valuable insights into patient outcomes and support the generation of additional safety data. PANTHER marks a significant step forward in our commitment to better understand and demonstrate the long term safety and therapeutic potential of our Renovocast device. And now I will turn it back to Sean. Shaun BagaiCEO & Director at RenovoRx00:10:40Thanks Lisa. You and your team have done a wonderful job with our Phase three trial. We are excited about the continued validation of our platform, progress of our commercial strategy and strong execution by our team. Additionally, each cancer center participating in the registry study will purchase Renovacat devices from Redoval Rx for use in the study. With that I'll turn the call over to Ron Kozak, our VP Controller and Principal Accounting Officer to review the financials before Q and A. Ron? Ronald B. KocakVP - Controller & Principal Accounting Officer at RenovoRx00:11:10Thank you Sean. For the 2025 ending June 30, Renovo reported revenues of approximately $422,000 from commercial sales of Renovo calf driven by new customer purchase orders and early repeat orders from our initial sites. Research and development expenses were $1,400,000 for the second quarter, reflecting a $100,000 decrease from the same quarter year over year. The decrease is primarily due to other clinical and regulatory expenses including an allocation of selling, general and administrative expenses of $200,000 This decrease was offset by an increase in non recurring engineering costs on our Renova CATH device of 100,000.0 Selling, general and administrative expenses were approximately $1,500,000 remaining unchanged from the same quarter last year. We ended the quarter with $12,300,000 in cash and cash equivalents on hand. Ronald B. KocakVP - Controller & Principal Accounting Officer at RenovoRx00:12:26We anticipate revenues from Renova CAB sales orders to reduce our burn rate over time. We believe that cash as of 06/30/2025 will fully fund both ongoing Renova calf commercial scale up efforts and additional progress towards the completion in the Phase three TIGER PACT trial. Common shares outstanding as of 08/11/2025 totaled 36,645,884. With that, I will turn the call back to the operator for Q and A. Operator, please open the line for questions. Operator00:13:11Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star one, star 2 if you would like to remove your question from the queue. Operator00:13:29For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from Scott Henry with AGP. Please proceed with your question. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:13:48Thank you. Good afternoon. Certainly a lot to talk about. I guess just for clarification, the decision was to maintain the trial at the same number of patients. I know sometimes they can add patients. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:14:03It sounds like they did not, but just want clarify that. Shaun BagaiCEO & Director at RenovoRx00:14:08Yes. Thanks for the hey, Scott, thanks for the question. Yes, that's a good thing to point out is that the DMC feedback we got seem very positive and maintaining the same number sample size, the same number of patients. So we did not add patients to the trial. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:14:22Okay, great. And I know after the first analysis, did comment on a lot of the data, but not the second analysis. Is that because it's closer to the end? Is there any kind of reason why kind of was okay the first time, but not the second time? I certainly understand that's the way a lot of these things work, but I just wanted to hear your thoughts. Shaun BagaiCEO & Director at RenovoRx00:14:46Yes, Scott, you nailed it. As a reminder, we had very significant or positive results from our phase onetwo trial showing a potential for increasing the lifespan of pancreatic cancer patients, and really reducing the side effects and toxicities. This allowed us and gave us the confidence to jump straight into a phase three randomized, which should be a pivotal trial. And the FDA agreed that based on our preliminary data from the phase one, two trials, we could jump to a phase three. In most circumstances, you do a prospective phase two trial to help inform the design with that confidence. Shaun BagaiCEO & Director at RenovoRx00:15:21We went to the phase three, not having done the phase two, taking a very early look, I. 30% of the data would give us confidence that we are on the right track almost in lieu of a phase two trial. And being that early in the study, we didn't feel like it would bias or jeopardize the study in any way. And you nailed it now that we're getting nearing the end of the trial. And already there's enthusiasm for the potential positivity. We didn't want to introduce any bias at this late stage in the game. How close you are to the finish line and the DMC's confidence to move forward to completion and then potential preparation of an NDA filing and to protect the integrity of the trial, made sense to keep this with the highest chance of success with the FDA at the end. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:16:05Okay, makes sense. Certainly. And then, looks like you need to enroll 19 more patients. The pace of the past few months would seem to indicate that that could reach till kind of mid-twenty twenty six, but it sounds like you think it could be a little bit earlier. Are you expecting kind of a ramp up? Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:16:31Is it kind of the fall? Maybe it's slow in the summer. But it seems like the enrollment pace is expected to increase near term. Shaun BagaiCEO & Director at RenovoRx00:16:39Yes, Scott, thanks for the question. A couple of things to keep in mind is in terms of enrollment, we do enroll patients treatment naive. We then go through an induction phase to weed out patients that might have micrometastasis and then randomized truly locally advanced pancreatic cancer patients. So, there is kind of a fallout in that middle phase. So, we've randomized 95 to date, need to randomize 114 to stop the study, or to complete enrollment randomization. Shaun BagaiCEO & Director at RenovoRx00:17:07So, enrollment completion is what we're aiming for. And that we anticipate to be towards the end of the year or first quarter next year. As far as a ramp goes, you're 100% correct. We've added some larger volume, more well known cancer centers in the last several months, including University of Nebraska, Northwell, Johns Hopkins. As we anticipate that with these larger cancer centers, we should start to see a ramp we're coming out of the summer. Shaun BagaiCEO & Director at RenovoRx00:17:33So, it's a combination of getting enrollment done to be able to randomize that one hundred and fourteen patient and these new centers coming on board in the recent past to help accelerate enrollment towards the end the year, if not the beginning of next year. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:17:47Okay, great. Just a final question, then I'll jump into the queue. On the PANTHER trial, when should we see data coming out of that? Shaun BagaiCEO & Director at RenovoRx00:17:59It's interesting. It's a broad based post market device registry. And so there's not as pre specified endpoint with data. As investigators and the company sees interesting findings. We can publish and present on podiums data along the way. Shaun BagaiCEO & Director at RenovoRx00:18:15One of the exciting aspects of the Panther study, it is a solid tumor registry. And while our experience to date has not fully, but been primarily in pancreatic cancer, it does allow us to collect capture and then present on data outside of pancreatic cancer. So, as we start to see either trends in usage or trends and results, we start can to publish and present data along the way. So not a great answer in terms of timing, but it is imminent. And we look forward to being able to explore the use of the Renovacast technology beyond where we've seen it to date. Shaun BagaiCEO & Director at RenovoRx00:18:48And another interesting aspect about the PANTHER trial is that these centers will be purchasing devices to be able to use to explore further uses of the Renovacast, which could help with revenue as well. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:19:02Okay, great. Thank you for taking the questions and congratulations on a lot of progress in the past few months. Shaun BagaiCEO & Director at RenovoRx00:19:10Thank you, Scott. Operator00:19:15Our next question comes from Edward Wu with Ascendiant Capital Markets. Please proceed with your question. Edward WooDirector of Research & Senior Analyst at Ascendiant Capital00:19:22Hi, it's Raffafer. Edward Wu, Ascendiant Capital Markets. Can you give an update on you previously mentioned partnering with the top 200 cancer centers? Shaun BagaiCEO & Director at RenovoRx00:19:32Yes, thanks for the question. Great to talk to you. Thanks for calling in. So as I've kind of outlined in terms of market potential, there are about 200 cancer centers across The US that treat the majority of non metastatic GI solid tumors. So, it's a good example market for us for pancreatic cancer. Shaun BagaiCEO & Director at RenovoRx00:19:50And the way I've characterized these 200 centers is it wouldn't take a large sales force to attack them. And as we operate in this commercial environment, very leanly without hiring a large expensive sales force, we're able to have deep penetration in the broader market by focusing on some of these top centers. We've already made announcements that we're in 13 hospitals with back approvals, which means that the hospitals are approved to purchase the device or already issued purchase orders for Novocath with our early commercial efforts. Those 13 centers are some of the top 200 large volume cancer centers across The US, four of which have started using the device, treating patients and having reorders as well. As far as using their names publicly, we did mention a couple of centers, including Hackensack Medical Center in New Jersey. Shaun BagaiCEO & Director at RenovoRx00:20:44And as we get permission to use names, we'll start publishing more on exactly which centers we're partnering with. We are also on the verge of launching a Renovocath website, where patients can go to define which centers are offering the technology. So in the not too distant future, you'll be able to see which centers are involved as well, once we get permission to use your name to help drive patients towards centers to be able to receive treatment. Edward WooDirector of Research & Senior Analyst at Ascendiant Capital00:21:06Okay, great. Can you also discuss any plans for the Renovo cath for international markets? Shaun BagaiCEO & Director at RenovoRx00:21:12Yes, it's an interesting topic. The reimbursement tailwinds and the cost of doing business here in The US and the large market and unmet need here, we're hyper focused on The US market first. We do anticipate down the road once we establish The US market to explore internationally. There is a large volume of cancer patients without great technologies or therapies across Europe and different Asian countries as well. We've begun to have dialogues with investigators there over the years and also potential partners. Shaun BagaiCEO & Director at RenovoRx00:21:46So as we start to really get traction in The U. S, we'll further explore outside The U. S. Markets either with a partner or on our own. Edward WooDirector of Research & Senior Analyst at Ascendiant Capital00:21:55Great. Thank you very much. Shaun BagaiCEO & Director at RenovoRx00:21:59Thanks for the questions, Ed. Operator00:22:01Our next question comes from Swayampakula with H. C. Wainwright. Please proceed with your question. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:22:15Thank you. This is RK from H. C. Wainwright. Good afternoon, Sean. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:22:20So, you know, looking at your revenues of 422,000, I'm just trying to figure out is any of it, any of the revenues coming from purchasing for the clinical studies itself or is all of it really commercial dollars? Shaun BagaiCEO & Director at RenovoRx00:22:40Okay, this is a great question. I really appreciate you asking them because it's a great delineation. This is all non tiger packs phase three revenue. So, these are all brand new customers who were outside of the clinical trial or outside usage of the trial. Any revenues and we do charge for the catheter and it is reimbursed within the phase three TIGER PACT trial. Shaun BagaiCEO & Director at RenovoRx00:23:01But any revenues from those are not recognized as revenue, but considered an R and D offset, which you can see from our filings. So it is important to note that the revenue stream is all external to TIGER PACK. As mentioned earlier in Scott's question, we do aim to complete enrollment towards the end of this year, beginning of next year. After that, those 18 centers that are in the TIGER PACK trial can and most likely will convert to commercial paying customers, where they can start treating patients with various elements or tumors using the device. And those purchases will be revenue towards a company in terms of revenue recognition. Shaun BagaiCEO & Director at RenovoRx00:23:38So, the tiger pack sites using catheters does help our bottom line, but the $422,000 just announced does not include any of that revenue recognition on the flip side, because the Panther study is a post market device registry revenue obtained for the Panther sites will count towards a revenue recognition. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:24:00Okay, and then so on Panther study, since it's a registry study, so do you really have a specific number of centers or anything like that? Or it obviously depends upon which center wants to run this, utilize the device and be part of the registry. How does that work? Shaun BagaiCEO & Director at RenovoRx00:24:28It's relatively open. So we don't have a specific small limited number of patients or centers. As we're discussing with centers, there's academic interest in collecting data around certain patient populations, we'll partner with them. So it's not limited. We are also looking at investigator initiated trials. Shaun BagaiCEO & Director at RenovoRx00:24:46There are some very interesting research ideas outside of where we've seen usage so far that would most likely fall under the registry or an IIT. And those don't have to be mutually exclusive. We could also perform investigator initiated studies within the registry and use those research ideas. That gives us a lot of leeway and optionality in terms of what patients might be studied. And then subsequently, what data might be published or presented to show where the Renovacast can really help patients and really push the science behind this, and also help us capture additional hospitals with academic interests in these areas. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:25:23And then for the PANTHER study, I know you're not really started bringing in patients, but in general, when you started talking with your advisors and whatnot, what sort of solid tumors were they thinking could be a good possibility for the utility of the Renovacap? Shaun BagaiCEO & Director at RenovoRx00:25:49I really appreciate this question because given the success we've seen in pancreatic cancer, there is a vast interest beyond what we studied primarily specifically locally advanced pancreatic cancer. The biggest few interests have been one in locally advanced pancreatic cancer following Fulphurinox treatment. As most are aware, the phase three trial design has a gemcitabine plus Abraxane induction phase. Many patients opt for Fulphurinox, the younger, healthier patients. And so coupling local treatment with the Fulphurinox induction is of interest. Shaun BagaiCEO & Director at RenovoRx00:26:28Also exploring the use of the technology beyond locally advanced pancreatic cancer, for example, in resectable in the neoadjuvant setting or borderline resectable pancreatic cancer patients. There's also an interest in setting or using the device in metastatic pancreatic cancer patients. Physicians are saying that patients with a single metastases or multiple metastases local control could be important, or could even have effects on the immune system with different agents as they try different agents through device as well. So, those have been some of the top research and ideas and interests beyond pancreatic cancer. The most common requests or discussion is around cholangiocarcinoma or bile duct cancer. Shaun BagaiCEO & Director at RenovoRx00:27:09Given the similar nature of these tumors being hypovascular, having less blood supply, and also using the same drugs like gemcitabine for example, to treat. And there's also been an interest in studying bile duct cancers. Beyond that, there's been interest in certain subsets of non small cell lung cancer, sarcomas, head and neck tumors. It's great to see this level of interest across different specialties based on our early success in pancreatic cancer. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:27:36So at one point we were talking about how outside of the chemotherapy additional drugs or drug categories could be also be part of the Renault cap. Do you envisage that sort of data in between this Panther study or is it going to be purely the typical chemotherapy that you're currently using within the TIGER PAX study? Shaun BagaiCEO & Director at RenovoRx00:28:13I do beyond other tumor types. That's exactly what will be studied is other agents as well. So there's been interest from physicians to move beyond or in addition to gemcitabine either with multiple therapies or other drugs that might be more caustic or toxic to the body. For example, platinum based drugs are big interest and one of the biggest limitations of systemic fulphurinox. Beyond that, are several class of immunotherapeutics that have been tried, tested and failed in pancreatic cancer and other tumors. Shaun BagaiCEO & Director at RenovoRx00:28:42One of the reasons is because of this desmoplastic barrier, high pressure and really tumor resistance and lack of blood vessels feeding the tumor. And we overcome that with our CAMP system and with the Renovo cath. So, being able to deliver different agents that might have an immunotherapeutic effect to turn on the body's immune system to attack metastatic disease can really open up a large potential for patients. So, the registry both in and of itself, and then also the IITs that we're discussing and negotiating with physicians, both give us an avenue to look into these areas and collect data and present data in these areas beyond just gemcitabine and beyond just locally advanced pancreatic cancer. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:29:22Okay, so the last question I know I've taken a lot of your time, but the last question from me is bringing on board Phil Stockton. So, what should we expect now that you have a carrier sales senior executive? Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:29:45Should we expect say three or six months down the line, the trajectory of revenue to be much better or is is his responsibility more to get ready when you get through the tiger pack and get through any additional FDA approvals? Shaun BagaiCEO & Director at RenovoRx00:30:06I appreciate the question RK, it's the former. Given the early traction we saw, and we posted, I believe two good quarters so far but primarily grassroots efforts on the behalf of me and some of my team members without having a sales and marketing team in place. Given that we can see the upside in market penetration and potential to drive revenues to a level that would support the company at some point in time, bringing on fill to bring on a small team to really start ramping for commercialization efforts now makes sense. And that's for the pure Renovocath not needing to wait for the drug device combination and Tiger Pak. The goal is to have the team fully in place and positioned by the end of the year. Shaun BagaiCEO & Director at RenovoRx00:30:47So I anticipate continuing revenue over the year, but really gearing up for success in 2026 to start driving towards profitability at some point in time or cash flow breakeven as that team gets in place and we drive market penetration. I see 2025 with fill at the helm, really learning the sales cycle, the activation timelines, collecting other sales metrics on how we can optimize that and then really plan for more of a full penetration and launch in 2026 into some of those 200 accounts as alluded to. Swayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.00:31:24Okay. Thank you. Thanks for taking all my questions, Sean. Shaun BagaiCEO & Director at RenovoRx00:31:28Thanks, RK. I appreciate the questions. Operator00:31:31Our next question comes from Jason McCarthy with Maxim Group. Please proceed with your question. Chad YahnSenior Equity Research Associate Biotech at Maxim Group00:31:37Hi, guys. This is Chad on for Jason. Thanks for taking the questions. We were wondering, have you guys engaged or plan to engage with FDA regarding a potential accelerated approval pathway? Shaun BagaiCEO & Director at RenovoRx00:31:53Thanks for the question, Chad. So from the DMC readout, the goal is to complete the study as an overall survival study. The plan would be as we prepare for an NDA to engage at that time with the FDA to see if there's an accelerated approval, given the unmet need and failed treatments in pancreatic cancer, getting this from trial completion to potential approval as fast as possible makes sense. So short answer to your question is yes, as we start narrowing final data, we will engage with the FDA to see if acceleration is a possibility. Chad YahnSenior Equity Research Associate Biotech at Maxim Group00:32:24Okay, got it. Thanks. And then, how does the sixteen month median OS from the first interim compared to outcomes from other trials in the setting that also used induction chemo and SBRT? Shaun BagaiCEO & Director at RenovoRx00:32:40Chad, I appreciate the question because it's important to see that we're aligning what we expect this patient population to do. Previous large randomized studies have shown that locally advanced pancreatic cancer should yield an overall survival from time of diagnosis to and the report outspend anywhere between twelve to eighteen months, or fourteen to eighteen months, maybe more contemporary trials. So the fifteen point five months estimated fifteen point five months we saw admin control arm in our first interim analysis fits right in the middle of that. Further validation can be seen with the previously completed Panova three noble cure trial in their trial. I believe they showed fourteen point two months in their gemcitabine plus Abraxane control arm and about sixteen point two months in their tumor treating fields plus gemcitabine plus Abraxane. Shaun BagaiCEO & Director at RenovoRx00:33:30So we're right smack in the middle of what's expected in local advanced pancreatic cancer. Now, what's interesting with the NovoCure study is that they were able to achieve local control and a two month survival benefit, which added about a billion dollars of market cap to their company with those types of results. And it really shows both on the finance side and also the physician interest side that the bar is very low for this patient population to have that much success with a two month benefit. We can imagine what we can accomplish achieving much more than that down the road. Chad YahnSenior Equity Research Associate Biotech at Maxim Group00:34:04Okay, great. Thanks for taking the questions again, and congrats on all the progress. Shaun BagaiCEO & Director at RenovoRx00:34:09Thanks, Chad. Operator00:34:13Our next question comes from Scott Henry with AGP. Please proceed with your question. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:34:18Thank you for the follow-up question. Sean, I just wanted to ask a couple of questions about the catheter business. Gross margins, I believe they're 64% in the quarter, which is a pretty high number for this level of revenues. Is that a sustainable number? And where could gross margins get to on the catheter sales? Thank you. Shaun BagaiCEO & Director at RenovoRx00:34:47Yes. Scott, I appreciate the question. And that's one of the benefits and the reasons why we're deciding to commercialize because this looks like it could be extremely profitable for the organization. As far as the direct margins in terms of the cost of the actual materials building the catheter, generally new medical devices as they start to achieve success, start reaching that 70% to 90% range. And we're actually in there. Shaun BagaiCEO & Director at RenovoRx00:35:10So there was additional expenses, I believe reported in the queue, but we believe we'll keep pushing that higher towards that 70% to 90% range in the not too distant future. So I see the gross margins increasing over time as we scale. Again, this is with the reimbursement in place. This is part of the decision to go ahead and commercialize at this stage in the company's development process, given the high potential margins of the technology with the current reimbursement landscape. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:35:35It would seem with these numbers and just looking at the spending, how it compares to prior quarters, that it's already significant maybe not significantly, but it's already cash flow positive. And by the time you add these up this team, it it should probably still be accretive at that point. Would would you agree with that statement? Shaun BagaiCEO & Director at RenovoRx00:35:57I I do. It's, looking at the device manufacturing itself, it is accretive. And and as as mentioned, it doesn't take a big expensive sales force. And I think that's really one of the big advantages we have as an emerging commercial medical device organization outside of the phase three trial is that usually the burn is very high and the margins are low. We've been able to, as you know, achieve a lot of momentum and success and value creation with very little money. Shaun BagaiCEO & Director at RenovoRx00:36:24And with this type of a niche market, very focused market, we could achieve high revenues a handful of sales reps. It's also important to note that with the reimbursement in place, each patient receives multiple treatments. So, once the patient's identified at a given hospital, they end up receiving between five and ten treatments. And so the numbers add up pretty quickly in terms of revenue. So without the need for large sales force, our burn can stay low, but our revenues will continue to ramp through the end of this year and then into the next year as well. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:36:55Okay, great. And I would be remiss not to give you an opportunity to talk about your thoughts for the rest of the year, the catheter revenue. I'm not trying to get guidance out of you, but would you expect sequential gains in Q3 and Q4? I know sometimes there's a lot of upfront bolus sales and then you have to wait for reorders, but it seems like reorders are moving. Do you look for would you expect sequential gains in the coming quarters? Shaun BagaiCEO & Director at RenovoRx00:37:28So, of course, as you can imagine, with such a new effort, we can't give guidance currently as I really look at 2025 as a learning year. And I wouldn't measure success on a quarterly basis, because there will be ups and downs and fluctuations this early in the process, especially since there's multiple procedures per patient, a couple of patients can really change the needle going from zero, pretty much forty three thousand or pretty much zero, just over six months ago to where we've achieved so far with four hundred and twenty thousand plus this quarter is fantastic. I do see us driving hard learning and penetrating deeply, bringing more of those 13 centers across the finish line to start ordering catheters and treating patients. We do have a pipeline another 20 or 30 hospitals behind them. So, I do see growth over the next half of the year, but I really see that that ramp start to take place with these few new sales hires as we work on infrastructure right now, more in 2026. Shaun BagaiCEO & Director at RenovoRx00:38:23So anticipate success throughout the year and then really ramping next year. Scott HenryMD & Senior Research Analyst at Alliance Global Partners00:38:29Okay, great. Thank you for taking the questions. Shaun BagaiCEO & Director at RenovoRx00:38:33Thanks, Scott. I appreciate it. Operator00:38:42Our next question comes from Steven Reed with KIT Investments. Please proceed with your question. Stephen ReadFounder & Manager at HIT Investments00:38:51Hey, guys. Great progress. A couple questions. On the full four knots, are you gonna be moved to studying that in pigs first or what's kind of your next steps? Shaun BagaiCEO & Director at RenovoRx00:39:08Thanks for the question, Steve. Always great to catch up with you. So as we look to gemcitabine, one of the reasons we chose gemcitabine initially in the phase three trial is it's so well characterized and we did have a lot of early experience with it. As we look to other drugs, we will perform animal experience to ensure we're not causing any major detrimental vascular damage. And then as we discussed IITs and even registry patients with physicians, as we look to other agents, we will make sure we perform preclinical studies in conjunction with those physicians or on our own to ensure as we move into humans, that we don't have issues. Shaun BagaiCEO & Director at RenovoRx00:39:44So, short answer to your question, yes. And we have begun exploring what other drugs do to the vessel wall and like gemcitabine so far, it looks like we don't have any issues. Stephen ReadFounder & Manager at HIT Investments00:39:58Okay. So do you think a few of those studies you'll be sharing with us in the next quarters on which preclinical studies those might be, where you have the most interest? Shaun BagaiCEO & Director at RenovoRx00:40:08Yeah, we haven't disclosed publicly where we are in the process of preclinical studies and which drugs. But for sure, as we move into patients being treated, especially under the guise of launching the registry, either during that time or events of that, if we have publishable data, we'll do so. Stephen ReadFounder & Manager at HIT Investments00:40:29Okay. It's great to see your in house sales team coming together. I was curious if you could give us an update if you're simultaneously still working on some partnerships, distributors. I saw in March and June that you might have issued some restricted stock in consideration for commercial contracts. Really, any color around that would be helpful as well. Shaun BagaiCEO & Director at RenovoRx00:40:53Yeah. Thanks for the question, Steven. So to clarify, we issued some stock options or research stock to our contract manufacturer, Medical Murray, in conjunction with a ramping production to get us to where we are today and then take us to the next level in terms of providing enough catheters for sales to treat patients. So that's on the partnership side, on the manufacturing side, that's complete and underway. As far as the distribution side, we've been talking to several potential strategic distribution partners. Shaun BagaiCEO & Director at RenovoRx00:41:23And what I've said publicly previously is we'll do the math around what's makes most economic sense. Given what we've achieved so far without any sales or marketing in house team, besides myself and a couple of my team members for the most part, it's been prudent financially to make sure we capture all the revenue versus revenue share for this initial market entry. We've done the math on it, keeping our burn relatively the same with the addition of Phil Stockton, and he's pulling in a handful of sales reps over the next several months or quarters. We'll make a decision down the road as we want to scale or need to scale based on usage in which tumor types and how far we can scale. If we should grow the sales force even further down the road next year, or actually strike a partnership and leverage the distribution channel of a large medical device company. Shaun BagaiCEO & Director at RenovoRx00:42:14Those discussions, I said publicly are ongoing, But for the short term, in the meantime, we do plan on driving with our in house team to capture the best value for our shareholders. Stephen ReadFounder & Manager at HIT Investments00:42:26Thanks, John. That's all I have. Shaun BagaiCEO & Director at RenovoRx00:42:30Thanks for the question, Steven. Operator00:42:57It appears that there are no further questions today. I would now like to pass the floor over to Sean Bugay for closing comments. Shaun BagaiCEO & Director at RenovoRx00:43:07Thank you for the opportunity and for those dialing in and listening in. Thank you. And I appreciate the questions from those who called in as well. I'm very happy and thrilled with the results we've had for our second quarter of this year, both in terms of the commercial success to date without in house sales and marketing team, and then the progress we're making with the additional hire Phil Stockton as he built out his team. Also timing was excellent and a great happenstance to have the DMC have the ability to review the second interim analysis. Shaun BagaiCEO & Director at RenovoRx00:43:38And we're proud and happy to see the continuation, which gives us confidence that we should be hopefully moving towards a successful clinical trial in a phase three manner and locally advanced pancreatic cancer. I'm also happy with the prudent decision here to protect the integrity of the trial. That's we have the best chance of success with a potential NDA application down the road. Thank you again for everyone chiming in and look forward to following up with individuals down the road. Operator00:44:07This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.Read moreParticipantsExecutivesRamtin AgahChairman, Chief Medical Officer & FounderShaun BagaiCEO & DirectorRonald B. KocakVP - Controller & Principal Accounting OfficerAnalystsValter PintoManaging Director at KCSA Strategic CommunicationsScott HenryMD & Senior Research Analyst at Alliance Global PartnersEdward WooDirector of Research & Senior Analyst at Ascendiant CapitalSwayampakula RamakanthManaging Director & Senior Equity Analyst at H.C. Wainwright & Co.Chad YahnSenior Equity Research Associate Biotech at Maxim GroupStephen ReadFounder & Manager at HIT InvestmentsPowered by