RenovoRx (RNXT) Q3 2025 earnings summary

Executive summary

• Year-to-date revenue reached approximately $900,000, reflecting early commercial traction for the RenovoCath device and growing clinical adoption in targeted oncology therapies, with expansion to 14 approved cancer centers and several repeat orders.

• Commercial and clinical stage life sciences company focused on targeted drug delivery for difficult-to-treat cancers, with RenovoCath as its lead device and IAG as its lead drug-device candidate in Phase III trials.

• Ongoing pivotal Phase III TIGER-PaC trial for IAG in locally advanced pancreatic cancer, with enrollment expected to complete in early 2026 and final data in 2027.

• Strengthened commercial team with key hires, including a Senior Director of Sales & Market Development and two regional sales managers.

• Launched RR5 post-marketing registry study in July 2025 to gather real-world data on RenovoCath in solid tumors, with multiple leading cancer centers participating.

Financial highlights

• Q3 2025 revenue was $266,000, with year-to-date revenue at $900,000; gross margin for Q3 2025 was approximately 80%.

• Net loss for Q3 2025 was $2.9 million, and for the nine months ended September 30, 2025, $8.2 million.

• Cash and cash equivalents as of September 30, 2025, were $10 million.

• R&D and SG&A expenses for Q3 2025 were each $1.7 million.

• Accumulated deficit as of September 30, 2025, was $58.4 million.

Outlook and guidance

• Revenue is expected to accelerate in 2026 and beyond as commercial efforts scale, with a peak U.S. market opportunity estimated at $400 million annually.

• Cash on hand is projected to fund operations and clinical trials into mid-2026, but additional capital will be required to continue operations and complete clinical development.

• Final enrollment for the Phase III TIGeR-PaC trial expected in early 2026, with final data in 2027.