Renalytix (RENX) Investor update summary

Strategic partnership and national distribution

• Entered a national distribution agreement with Quest Diagnostics, providing access to 50% of U.S. physicians and 3,000 hospitals, with patient blood draws at over 2,000 service centers and 6,000 in-office phlebotomists nationwide.

• Quest's infrastructure solves logistics, patient identification, and sample acquisition challenges, streamlining integration into physician workflows and reducing the need for a direct sales force.

• The collaboration is a major inflection point, enabling national reach, significant operating cost savings, and substantial margin improvement, with a focus on correct rollout execution.

• The partnership removes critical barriers to market and anticipates reduced capital needs due to Quest's established logistics and distribution.

Product performance and clinical impact

• KidneyIntelX/kidneyintelX.dkd is FDA-approved, Medicare-reimbursed, and recommended by international guidelines for adults with type 2 diabetes and CKD stages 1–3b.

• The test stratifies patients into low, moderate, or high risk for kidney disease progression; high-risk patients are 18 times more likely to experience significant decline, while 0% of low-risk patients progressed to kidney failure in five years.

• Real-world use and studies show improvements in blood sugar, blood pressure, urine protein, and kidney function, with 29% of patients moving to a lower risk level and the test being highly actionable for physicians.

Financial position and operational readiness

• Completed a £10.5 million equity raise at a 44.6% premium, with strong institutional and director participation, and eliminated £3.5 million in long-term institutional debt by converting it fully to equity.

• Monthly cash burn is now £600,000–£700,000, with cost controls in place and no immediate need for further fundraising.

• Financial discipline is emphasized, with resources focused on supporting the Quest opportunity.