RenovoRx NASDAQ: RNXT reported record second-quarter revenue as it expanded its commercial cancer-center network and advanced its clinical program for locally advanced pancreatic cancer.
For the quarter ended June 30, 2026, the company generated revenue of $909,000, up approximately 61% from $563,000 in the first quarter and 115% from $422,000 a year earlier. Chief Executive Officer Shaun Bagai said second-quarter revenue represented roughly 83% of the company’s full-year 2025 revenue of $1.1 million.
Bagai attributed the growth to a rising number of active commercial cancer centers, procedures and repeat orders for RenovoCath, the company’s catheter device used with its Trans-Arterial Micro-Perfusion, or TAMP, drug-delivery technology.
Commercial network expands
RenovoRx ended the second quarter with 21 active commercial cancer centers, compared with 16 as of its May 14 earnings call. The company defines active centers as sites that have purchased a catheter and treated a patient, Bagai said during the question-and-answer session.
The company is targeting at least 36 active commercial cancer centers by the end of 2026. In addition to its active customers, RenovoRx said 42 centers were in various stages of evaluation, approval and activation, bringing its total commercial funnel to 63 centers, up from 48 centers reported in the first quarter.
Bagai said 15 sites participating in the company’s Phase III TIGeR-PaC clinical trial are positioned to transition to commercial RenovoCath use, with several already doing so. Some trial sites waited until enrollment was complete before beginning commercial activity, he said.
Management said repeat ordering from existing centers remains a key commercial indicator. Bagai said the company’s third-quarter revenue was tracking to exceed the second-quarter level, though the company did not provide a specific quarterly forecast.
Chief Financial Officer Mark Voll said the company has used its initial commercial rollout to understand factors affecting site activation, including approvals, physician referrals and coordination among specialties. The company has maintained a small sales force rather than rapidly building a larger one, he said, with field representatives focused on communication and on-site engagement.
Financial results and updated outlook
Gross profit was $766,000 in the second quarter, producing a gross margin of approximately 84%, compared with roughly 85% in the first quarter. Research and development expense was about $1.2 million, while selling, general and administrative expense was approximately $2.9 million.
Loss from operations totaled about $3.4 million, compared with an operating loss of $3.5 million in the prior quarter. Voll said that, excluding non-cash stock-based compensation, the operating loss improved by approximately $370,000 sequentially. Net loss per share was $0.06, versus $0.08 in the second quarter of 2025 and $0.09 in the first quarter of 2026.
RenovoRx had approximately $9.5 million in cash and cash equivalents as of June 30, down from $12.4 million at March 31. Voll said management believes the company has sufficient cash runway into the second half of 2027, assuming revenue and active-site growth progress as anticipated.
The company raised and narrowed its full-year 2026 revenue guidance to a range of $3.75 million to $4.25 million, from a prior range of $3 million to $4 million. The revised range implies year-over-year revenue growth of 241% to 286%, based on 2025 revenue of $1.1 million.
Management said it believes a quarterly revenue run rate of approximately $5 million would position the company for cash-flow break-even. Based on its internal plan, RenovoRx expects to reach break-even operations in the fourth quarter of 2027.
Clinical trial enrollment completed
Chief Medical Officer, Executive Chair and Founder Dr. Ramtin Agah said RenovoRx has completed enrollment in its Phase III TIGeR-PaC trial evaluating intra-arterial gemcitabine delivered through the TAMP platform for locally advanced pancreatic cancer.
The trial’s primary endpoint is overall survival. It is designed to compare the company’s targeted delivery approach with standard-of-care systemic intravenous gemcitabine plus ABRAXANE.
Investigators were notified on Aug. 7 that enrollment was closing. As of Aug. 11, the study had recorded 78 events, and trial completion is expected in the first half of 2027 after 86 events have occurred. Initial top-line data is expected in the second half of 2027.
During the Q&A session, Bagai said randomization was still being finalized and that the company was close to completing it, with a handful of patients remaining. He said the company had not publicly disclosed the exact number of patients randomized.
Expansion beyond pancreatic cancer
RenovoRx also reported the first commercial clinical use of RenovoCath for sarcoma, representing the device’s use in a solid tumor outside of locally advanced pancreatic cancer. Agah said the case was initiated by a physician who had experience treating pancreatic cancer patients with RenovoCath and identified a difficult-to-reach sarcoma case where the device could be used to isolate blood flow and improve tumor penetration of the drug.
Agah also highlighted several scientific updates during the quarter, including a peer-reviewed Moffitt Cancer Center case study published in Radiology Case Reports, as well as forthcoming publications related to the TIGeR-PaC pharmacokinetic sub-study and a case series from Hackensack Meridian Health Jersey Shore University Medical Center.
The company additionally began supporting an investigator-initiated study in cholangiocarcinoma, or bile duct cancer, which is expected to begin soon.
About RenovoRx (NASDAQ:RNXT)
RenovoRx, Inc is a clinical-stage medical technology company focused on the development of proprietary drug-device combination therapies for the treatment of solid tumor malignancies. The company's lead product candidate, RenovoCath™, is an intra-arterial catheter system designed to deliver high concentrations of chemotherapeutic agents directly to tumor sites while minimizing systemic exposure. RenovoRx seeks to improve clinical outcomes and reduce adverse effects by enhancing drug delivery precision in hard-to-treat cancers.
RenovoCath™ is being evaluated in multiple clinical trials targeting advanced pancreatic cancer and metastatic colorectal cancer, among other solid tumors.
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