In This Story
Renalytix Plc (RTNXF0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenue of $522,000, an increase from $459,000 in the same quarter the previous year. The revenue is primarily from the sales of KidneyIntelX.
Cost of revenue for the quarter was $422,000, compared to $502,000 in the same quarter of the previous year. This decrease reflects a reduction in costs associated with KidneyIntelX testing.
The company reported a gross profit of $100,000 for the quarter, compared to a gross loss of $43,000 in the previous year.
Research and development expenses decreased to $921,000 from $2,787,000, primarily due to reduced external R&D projects and studies.
General and administrative expenses decreased to $3,271,000 from $6,059,000, driven by cost-cutting measures including reduced headcount and consulting fees.
The company reported a net loss of $4,728,000 for the quarter, compared to $10,154,000 in the previous year.
Net cash used in operating activities was $3,836,000, compared to $9,504,000 in the previous year, reflecting improved cash management.
Renalytix raised approximately $14.9 million in equity financing post-period, which is expected to support operations as the company aims for profitability.
The filing also details a restructuring of convertible bonds, converting part of the debt to equity and extending the maturity of the remaining balance.
Renalytix continues to focus on expanding the adoption of KidneyIntelX, leveraging partnerships with healthcare systems and insurance payors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Renalytix Plc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.