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RenovoRx Inc. (RNXT+10.10%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details RenovoRx's operations as a life sciences company focused on its FDA-cleared RenovoCath device for targeted drug delivery, particularly for difficult-to-treat cancers.
RenovoRx is both a clinical stage and commercial stage company, with its lead product candidate, IAG, undergoing a Phase III clinical study for locally advanced pancreatic cancer (LAPC).
In 2024, the company launched a commercial effort to sell RenovoCath as a standalone device, generating initial revenues of approximately $43,000 in Q4 2024.
RenovoRx plans to increase revenue from RenovoCath sales, targeting a $400 million peak annual U.S. sales opportunity, with expansion potential across other indications.
The company reported a net loss of $8.8 million for the year ended December 31, 2024, compared to a net loss of $10.2 million in 2023, reflecting ongoing investment in research and development.
Research and development expenses increased to $6.0 million in 2024, driven by manufacturing and development costs for the RenovoCath device.
Selling, general, and administrative expenses decreased to $5.0 million in 2024 due to lower professional fees and insurance costs.
RenovoRx raised $15.1 million in net proceeds from two private placements in 2024, with additional funds raised in early 2025 through a public offering.
The company's financial statements have been prepared on a going concern basis, with sufficient cash resources expected to fund operations through the first half of 2026.
RenovoRx's ongoing Phase III TIGeR-PaC clinical trial is critical to its future, with the company planning to complete enrollment in 2025 and conduct a second interim analysis.
The filing also discusses risks related to regulatory approvals, competition, and the need for additional capital to support ongoing operations and clinical trials.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RenovoRx Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.