Verici Dx (VRCI) H2 2025 earnings summary

Executive summary

• Three RNA-based blood tests for kidney transplant patients: pre-transplant, post-surgery (Tutivia), and long-term fibrosis monitoring (Protega), with a urine-based proteomics program and clinical trial support services in development.

• Tutivia, the flagship product, targets post-surgery rejection detection and offers earlier, more precise biomarkers than competitors, with strong adoption across 29 ordering centers representing 20% of US kidney transplants.

• Major licensing deal with Thermo Fisher for pre-transplant risk assessment test (Clarava), with milestone and royalty potential.

• U.S. launch focused on a $900 million addressable market, with a third considered unaddressed and high-potential for rapid adoption.

• Achieved 32% quarter-over-quarter revenue growth in Q1 2025, with 29 ordering centers now representing 20% of U.S. transplants.

Financial highlights

• 2025 revenues reached $3.7 million: $2.9 million from Tutivia, $0.8 million from Thermo Fisher milestone payments.

• Adjusted EBITDA loss was $6.2 million; cash outflow from operations was $8.2 million.

• Cash balance at year-end was $3.3 million, with $1.5 million in accounts receivable.

• July 2025 equity raise netted $7.9 million; additional GBP 2.6 million raised recently, extending cash runway through end of 2026.

• Administrative expenses totaled $9.0 million, with payroll as the largest component at $4.8 million.

Outlook and guidance

• Protega launch planned by year-end, initially targeting the research market.

• Two products fully validated and commercially available, with clinical, regulatory, and reimbursement infrastructure in place.

• Clear path to profitability with breakeven estimated at GBP 60 million in annual sales.

• Growth strategy is organic, prioritizing profitability before expanding the sales force nationally.

• Additional products in advanced pipeline, including urine-based tests, expected to drive future growth.