RenovoRx Reports First Revenue of $197,000 from RenovoCath in Q1 2025

RenovoRx, Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $197,000, marking the company's first revenue generation from its RenovoCath device, which was launched for commercial sales in late 2024. This represents a significant milestone for the company, which had no revenue in the same period last year. The gross profit for the quarter stood at $103,000, with a cost of revenue of $94,000. However, the company continues to face challenges, reporting a net loss of $2.4 million for the quarter, compared to a net loss of $1.1 million in the first quarter of 2024.

Operating expenses increased to $3.2 million, up from $2.5 million in the prior year, driven primarily by higher research and development costs, which rose by 31% to $1.6 million, and selling, general, and administrative expenses, which increased by 29% to $1.6 million. The increase in expenses reflects the company's ongoing efforts to scale its operations and support its commercialization strategy for RenovoCath, as well as the costs associated with its ongoing Phase III clinical trial for its lead product candidate, IAG.

In terms of operational developments, RenovoRx has expanded its relationship with its third-party manufacturer, Medical Murray, to meet the growing demand for RenovoCath. The company has received purchase orders from over ten medical institutions and anticipates further orders from National Cancer Institute-designated centers. As of March 31, 2025, RenovoRx had cash and cash equivalents of $14.6 million, a significant increase from $7.2 million at the end of 2024, primarily due to successful financing activities, including a public offering that raised approximately $12.1 million in February 2025.

Looking ahead, RenovoRx aims to continue increasing its revenue from RenovoCath sales throughout 2025, with expectations of sequential quarter-over-quarter growth. The company is also focused on completing enrollment in its TIGeR-PaC clinical trial, which is crucial for the development of IAG. Despite the positive trajectory in revenue generation, RenovoRx acknowledges the need for additional capital to support its ongoing operations and commercialization efforts, as it does not expect to achieve positive cash flows until significant revenue is generated from RenovoCath sales. The company remains committed to exploring various financing options to ensure it can sustain its growth and operational objectives.