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Highlights:
Continued test ordering growth at a prominent New York-based physician group practice.
Cash burn reduced to an approximate monthly rate by the end of fiscal year 2025.
Financing commitments completed, providing a strengthened cash position for ongoing operations.
Renalytix plc, (LSE:RENX) a leader in artificial intelligence-driven in vitro diagnostics for kidney disease, has released its financial results for the first quarter of fiscal year 2025, ending September 30, 2024. The company is focused on advancing clinical management of kidney disease to improve patient outcomes and support value-based care.
During the quarter, Renalytix reported a modest increase in revenue, recognizing $0.52 million, compared to $0.46 million in the same period last year. The cost of revenue slightly decreased to $0.42 million from $0.50 million, reflecting efficient operational management.
Operating expenses for the quarter totaled $4.2 million, marking a more than 50% reduction from the previous year's $8.8 million. A significant portion of this reduction was attributed to a decline in research and development expenses, which fell to $0.9 million from $2.8 million. The decrease in R&D spending was driven by fewer external projects, lower compensation costs, and cost-saving initiatives. Additionally, general and administrative expenses were reduced to $3.3 million from $6.1 million due to strategic cost-cutting measures.
Renalytix posted a net loss of $4.7 million for the quarter, representing a significant decrease from the previous year’s loss of $10.1 million. As of September 30, 2024, the company held $0.9 million in cash and cash equivalents.
In October and November 2024, Renalytix secured additional financing of £11.8 million through equity commitments and restructured several liabilities on its balance sheet. These actions, coupled with reductions in expenses, have improved the company’s financial position. Renalytix believes that it has sufficient cash to fund its operations for at least the next twelve months, with no immediate need for additional capital.
Renalytix continues to position itself for future growth, leveraging its AI-driven kidneyIntelX.dkd test to improve healthcare outcomes and expand its market presence.
