RenovoRx (RNXT) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $563,000, up 136% sequentially and representing over half of total 2025 revenue, driven by expansion to 16 active cancer centers and increased procedural utilization.

• Commercial momentum supported by a pipeline of 32 additional centers in evaluation and strong repeat ordering from existing customers.

• Phase III TIGER-PaC trial for intra-arterial gemcitabine in pancreatic cancer nearing full enrollment, with 93% of patients randomized as of May 2026 and final data expected mid to late 2027.

• Completed an oversubscribed $10 million private placement in March 2026, strengthening liquidity and supporting ongoing operations.

• Recognized by Fast Company as one of the world's most innovative companies in medical devices for 2026.

Financial highlights

• Q1 2026 revenue: $563,000, up from $238,000 in Q4 2025 and $197,000 in Q1 2025 (186% year-over-year increase).

• Gross profit for Q1 2026 was $479,000, with a gross margin of 85.1%, up from 52.3% in Q1 2025.

• Net loss for Q1 2026 was $3.5 million, compared to $2.4 million in Q1 2025; non-GAAP net loss was $3.2 million.

• Research and development expenses were $1.2 million, with $141,000 offset from clinical study receipts.

• Cash and cash equivalents as of March 31, 2026: $12.4 million.

Outlook and guidance

• Reiterated full-year 2026 revenue guidance of $3–$4 million, with Q2 2026 revenue expected to exceed Q1.

• Targeting 36 active commercial cancer centers by year-end 2026, supported by current pipeline.

• Cash position expected to fund operations into at least the second half of 2027.

• Anticipate final TIGER-PaC trial data in mid to late 2027.

• Expect increased R&D and SG&A expenses as commercialization and clinical activities expand.