RenovoRx Q3 Earnings Call Highlights

Key Points

• Record Q3 revenue reached $1.07 million, up about 17% from Q2 and more than fourfold year over year, as RenovoCath adoption and repeat orders grew. RenovoRx maintained its full-year revenue guidance of $3.75 million to $4.25 million and its target of 36 active commercial cancer centers by year-end.
• The company completed enrollment in its Phase 3 TIGeR-PaC pancreatic cancer trial, with initial top-line results expected in the second half of 2027. RenovoRx is also exploring other uses for its TAMP platform, including its first commercial use beyond pancreatic cancer.
• RenovoRx reported a $3.6 million Q3 net loss and had $10.4 million in cash and equivalents at quarter-end. Management expects its cash to fund operations into the second half of 2027.

RenovoRx NASDAQ: RNXT reported record third-quarter 2026 revenue of $1.07 million, exceeding $1 million in quarterly sales for the first time as more cancer centers adopted its RenovoCath drug-delivery device.

Revenue rose approximately 17% from the second quarter and was more than four times the $266,000 reported a year earlier, Chief Financial Officer Mark Voll said on the company’s earnings call. Revenue for the first nine months of 2026 was approximately $2.5 million, compared with $1.1 million for all of 2025.

The company maintained its full-year revenue guidance of $3.75 million to $4.25 million. It also reiterated its goal of reaching 36 active commercial cancer center customers by year-end, up from 26 at the close of the third quarter.

Commercial Centers and Repeat Orders Drive Growth

RenovoRx ended the third quarter with 26 active commercial cancer center customers, compared with 21 at the end of the second quarter. More than 40 additional centers were in stages of evaluation, approval or activation, Chief Executive Officer Shaun Bagai said.

Bagai described new account activations as a leading indicator for future RenovoCath revenue. He said a majority of existing customers continued to place repeat orders, which management views as a sign of physician confidence in the device.

RenovoCath enables the company’s Trans-Arterial Micro-Perfusion, or TAMP, platform, which is designed to deliver therapeutic agents through the arterial wall near a tumor. Bagai said physicians most often use TAMP in patients whose tumors cannot be surgically removed and whose disease has not responded sufficiently to systemic chemotherapy to permit surgery.

The company has completed its sales team, which consists of a vice president of sales and market development and five regional market development managers. Voll said management considers five field representatives sufficient for the current market, although it could add staff if needed.

Pancreatic Cancer Trial and Expansion Efforts

RenovoRx completed enrollment at the end of August in its Phase 3 TIGeR-PaC trial for locally advanced pancreatic cancer, said Dr. Ramtin Agah, chief medical officer, executive chair and founder. The trial is evaluating targeted delivery of gemcitabine against standard intravenous gemcitabine plus Abraxane, with initial top-line data expected in the second half of 2027.

Agah said a published pharmacokinetic and pharmacodynamic sub-study showed drug uptake near the tumor site and reduced systemic drug levels. He also cited an October peer-reviewed case series in which physicians described their experience using TAMP in patients with locally advanced pancreatic cancer whose tumors could not be removed surgically.

The company is also exploring uses beyond its lead indication. Bagai said a physician used RenovoCath to deliver chemotherapy to a patient with sarcoma, marking the device’s first commercial use beyond locally advanced pancreatic cancer.

In October, the University of Vermont treated its first patient in a physician-led trial evaluating TAMP before planned surgery. Bagai said patients in that study receive systemic chemotherapy, followed by radiation and TAMP, with the goal of reaching potential surgical resection faster.

Loss and Cash Position

Third-quarter gross profit was $878,000, representing an 82% gross margin. Voll said the margin reflected the conversion of three devices from a Phase 3 trial site to a commercial customer at no gross margin. Excluding that transaction, the company reported an underlying gross margin of 85%.

Research and development expenses fell to approximately $1.2 million from $1.7 million a year earlier, while selling, general and administrative expenses rose to approximately $2.9 million from $1.7 million as the company built its commercial infrastructure.

RenovoRx reported an operating loss of approximately $3.2 million, compared with a $3.4 million loss in the prior quarter. Its net loss was $3.6 million, or $0.08 per share.

Cash and cash equivalents stood at approximately $10.4 million at September 30, up from $9.5 million at June 30. Voll said $3.5 million from warrant exercises offset the cash impact of the quarterly operating loss. Management expects the cash balance to fund operations into the second half of 2027.

About RenovoRx (NASDAQ:RNXT)

RenovoRx, Inc is a clinical-stage biopharmaceutical company developing targeted treatments for solid tumors. The company's approach is based on its Trans-Arterial Micro-Perfusion (TAMP) platform, which is designed to deliver chemotherapy directly into tumor tissue through the arterial system while limiting exposure to surrounding healthy tissue.

RenovoRx's lead investigational product, RenovoCath, is a localized drug-delivery system intended to support the administration of anticancer therapies to tumors.

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