RenovoRx (RNXT) Q1 2026 Earnings Transcript

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DATE

Thursday, May 14, 2026, at 4:30 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Shaun R. Bagai
• Chief Medical Officer and Executive Chair — Ramtin Agah, M.D.
• Chief Financial Officer — Mark Voll

TAKEAWAYS

• Revenue -- $563 thousand, up approximately 136% sequentially from $238 thousand in Q4 2025, representing an all-time quarterly high.
• Share of Prior Full-Year Revenue -- Q1 accounted for about 51% of total 2025 revenue of $1.1 million, highlighting accelerated quarter-over-quarter growth.
• Active Commercial Cancer Centers -- Increased to 16 as of May 2026, doubling from 8 at end of 2025, with plans to reach 36 by year-end.
• Commercial Pipeline -- 32 additional centers in various stages toward activation, totaling 48 centers in the near-term pipeline.
• Revenue Guidance -- Management reiterated 2026 revenue target of $3 million to $4 million, expressing confidence in exceeding Q1 revenue in Q2.
• Gross Profit -- $479 thousand for the quarter, with a gross margin of 85.1%.
• R&D Expense -- $1.2 million, covering TIGER-PACT Phase III and registry study activities, net of $141 thousand in clinical study receipts.
• Selling, General, & Administrative Expense -- Approximately $2.7 million, described as generally in line with forecasts and reflecting minor timing-related variances.
• Cash Position -- $12.4 million in cash and cash equivalents as of March 31, 2026, following a $10 million private placement successfully closed in March.
• Clinical Trial Enrollment -- TIGER-PACT Phase III randomized 106 out of 114 planned patients (93% completion), with enrollment closure targeted for June 2026.
• Commercial Adoption Dynamics -- Physician-to-physician advocacy and multiple repeat orders from existing customers noted as key drivers of recurring adoption.
• TIGER-PACT Site Transition -- Up to 15 Phase III trial sites are expected to convert from research to commercial status and contribute to revenue in the second half of 2026.

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RISKS

• Chief Financial Officer Mark Voll stated, we do not see any real increase in operating expenses as we move forward. but also disclosed that Q1 selling, general, and administrative expense was above projections due to timing issues, indicating potential for variable expense patterns in future quarters.

SUMMARY

RenovoRx (NASDAQ:RNXT) reported its highest quarterly revenue to date, underpinned by rapid expansion of its commercial cancer center footprint and high gross margins. Management confirmed that strong pipeline development and active site conversions from clinical trial participation position the company to meet its increased annual revenue targets. Operating discipline, a robust cash balance following new capital raises, and near-term completion of a pivotal Phase III trial all set the stage for continued commercial traction and potential profitability as the year progresses.

• Management expects ongoing operating expense levels to support further revenue scalability without significant increases in cost structure.
• Commercial progress is decoupled from clinical trial timelines, as Q1 results demonstrate substantial recurring revenue growth even before TIGER-PACT readout.
• The recently presented TIGER-PACT pharmacokinetic study showed the TAMP approach may reduce systemic toxicity versus IV gemcitabine, fueling physician confidence and adoption.

INDUSTRY GLOSSARY

• TAMP (Trans-Arterial Micro-Perfusion): A targeted intra-arterial chemotherapy delivery method designed to treat tumors locally while minimizing systemic exposure and toxicity.
• RenovoCath: A single-use device developed by RenovoRx for the delivery of chemotherapeutic agents during TAMP procedures.
• TIGER-PACT: RenovoRx's Phase III clinical trial evaluating intra-arterial gemcitabine delivered via RenovoCath in locally advanced pancreatic cancer.
• IAG (Intra-Arterial Gemcitabine): Administration of gemcitabine directly into the artery supplying the tumor, as opposed to standard intravenous infusion.
• VAC (Value Analysis Committee): A hospital or health system committee that evaluates new medical technologies and procedures for clinical and economic value prior to adoption.
• IIT (Investigator-Initiated Trials): Research studies designed and managed by independent investigators rather than by the sponsoring company.

Full Conference Call Transcript

Valter Pinto: Thank you, Operator. Good afternoon, everyone, and welcome to the RenovoRx first quarter 2026 earnings conference call. I'm joined today by members of our leadership team, including Dr. Ramtin Agah, Chief Medical Officer and Executive Chair, Shaun Bagai, Chief Executive Officer, and Mark Ball, Chief Financial Officer.

Before we begin, I'd like to remind everyone that statements made during today's conference call contain or may contain forward-looking statements covered by the State Farm provisions of of the Private Security Litigation Reform Act of 1995 and applicable federal securities laws. These statements include statements regarding RenovoRx's Rx's clinical and commercial plans, strategies, and estimates or expectations of financial results, including revenue and operational performance are based on management's current plans and assumptions and actual results may differ materially. Please refer to our filings with the SEC, including our Form 10-Q for the quarter end of March 31st, 2026 for a detailed discussion of the risks and uncertainties facing RenovoRx.

With that, I'd like to turn the call over to our Chief Executive Officer, Shaun Bagai.

Shaun R. Bagai: Thank you, Valter, and good afternoon, everyone. When we spoke with you in late March, we told you that Q1 26 would be our strongest revenue quarter yet. Today, I am pleased to confirm that we delivered on that commitment. Our first quarter results mark an important inflection point for RenovoRx. We are no longer outlining a strategy, We are now executing it. For the first quarter ended March 31, 2026, we generated revenue of $563 thousand our highest quarterly revenue to date. This represents approximately 136% growth quarter over quarter compared to Q4 25 revenue of $238 thousand. More than doubling our revenue in just a single quarter.

Just as important, Q1 26 alone accounts for more than half or approximately 51% of our total 2025 revenue of $1.1 million. This is not a coincidence. It is a direct result of deliberate commercial execution driven by the continued expansion of active cancer centers using our RenovoCath device. Exactly as we previously outlined. Based on the momentum we are seeing across our commercial footprint, we expect second quarter 26 revenue to exceed our first quarter revenue. Keeping us nicely on track for our expected 2026 revenue target in the $3 million to $4 million range. The growth we have built is real, measurable, and growing with each additional active commercial center.

Let me walk you through what is driving this commercial momentum and growth. Our commercial model is straightforward and highly scalable. As more centers approve purchase of the device and become active customers, momentum increases with additional transarterial micro-perfusion microperfusion or TAMP procedures using RenovoCath. This rise in TAMP procedures leads to greater revenue growth Keeping in mind, RenovoCath is a single use device, and each patient undergoes several TAMP procedures. The expansion of our active cancer centers and procedures is the clearest indicator of that trajectory.

One of the key lessons we learned in 2025 was the time it takes for a center to approve the use of RenovoCath and then for a center to order devices and schedule procedures. We are now beginning to apply these lessons with positive effect. We began 2025 with 5 active commercial cancer centers And by the year end, we had grown to 8. As of May 2026, we had 16 active commercial centers. We define an active center as a center actively treating patients. Currently, we have 32 additional centers in various stages of evaluation of approval, or activation. In total, these 48 centers represent a quadrupling of our near term pipeline, compared to the 2025 level.

As you may recall from our last conference call, our objective is to have 36 centers online and ordering by the end of this year. And our pipeline provides us with the capacity to meet this goal. So that is revenue and customer growth, but I also want to speak to the quality of this growth. We are seeing strong repeat ordering behavior from existing customers which we view as a clear reflection of physician satisfaction, and utility for TAMP and RenovoCath in the interventional oncology market. That is a kind of recurring organic physician driven adoption is critical. And reflects real world validation that we are building durable long term commercial growth.

Our pipeline of prospective cancer centers remains robust. With active value analysis committee or VAC submissions underway across a number of leading institutions. Importantly, we see up to 15 active TIGER PACK phase 3 trial sites that have used Renovacast in the trial and are already transitioning to commercial clinical use. We expect these conversions to serve as a meaningful revenue driver in the second half of 2026. Separately, I am pleased to share that RenovoRx was recently recognized by Fast Company as 1 of its world's most innovative companies of 2026 in the medical devices category. This acknowledgment reflects broader recognition of our team and dedication to innovation.

Turning to our commercial infrastructure, this is where innovation translates into execution. Our relatively small capital efficient, but agile and motivated commercial team is in place and delivering. Their focus is clear, and the plan is working. I will not spend time on team composition today as results speak for themselves. What I will highlight is the growing level of physician to physician advocacy which has been the most powerful driver of adoption in interventional oncology. Since receiving an initial FDA 510(k) clearance in 2014, Renovacath has been used in more than 750 successful procedures. We are building this commercial franchise in a disciplined, systematic way, and our Q1 results demonstrate that the model is validated and scaling.

With that, I will turn the call over to our chief medical officer, executive chair, Dr. Ramtin Agah.

Ramtin Agah: Thank you, Sean, and good afternoon, everyone. Let me briefly remind everyone what is the scientific core of what we are building and why it matters. Our patented TAMP therapy platform is designed to deliver targeted chemotherapy through the arterial wall near the tumor site. Designed to bathe the target tumor at a local level while potentially minimizing its therapy toxicity versus systemic intravenous therapy. This approach concentrates drug delivery at the tumor while potentially reducing exposure and the significant toxicities that often accompany conventional intravenous chemotherapy. For patients diagnosed with difficult to treat cancers, or also managing the debilitating side effects of treatment, TAM can represent a critical and differentiated potential treatment option.

Our phase 3 TIGER PACT trial continues to advance on schedule. Based on current projections, we expect to send notifications of closure of enrollment in the trial in June. Completing a milestone of finishing trial enrollment by June 2026. As of 05/14/2026, we have randomized 106 patients in the trial. Representing approximately 93% of our required 114 patients. And currently, there are 12 enrolled patient induction that allow us to close enrollment by June. 70-4 events have already been observed, after required 86 events for data analysis in the trial. This progress is an important milestone that reflects strong investigator and patient confidence in the program.

We continue to anticipate final data in mid to late 2027, and the trial is designed to evaluate the safety and effectiveness of intra arterial GEM, known as IAG, delivered via RenovoCath. Locally advanced pancreatic cancer versus systemic IV chemotherapy. The current standard of care. I want to underscore something important. The completion of TIGER-PACT enrollment directly supports our commercial expansion story and is not separate from it. As trial sites complete enrollment and transition from a research to a commercial footing, they join our growing network of active commercial centers. This is an anticipated and meaningful contributor to our second half of 2026 revenue growth.

In parallel, we have also continued to advance broader clinical programs by generating new data to our continuing support of investigator initiated trials. In borderline resectable and metastatic pancreatic cancer. Use of other agents beyond gemcitabine along with use of TAMP in other solid tumors. Registry and IIT studies are capital efficient studies providing meaningful data that may further broaden the application for TAM therapy platform is enabled by RenovoCath. In terms of scientific data, in January 2026, the pharmacokinetic substudy of TIGER-PACT was presented at ASCO GI meeting by a TIGER-PACT investigator from the University of Pittsburgh Medical Center. The abstract offers insight that supports the potential effectiveness of our TAMP therapy platform in LAPC.

Abstract concludes that TAMP and IAG resulted in reduced systemic levels of gemcitabine and increased levels of its inactive metabolite compared with IV gemcitabine. The full paper is submitted for publication later this year. Clinical data builds physician confidence. Physician confidence drives adoption, and adoption drives revenue. RenovoRx commercial progress has become the main focus of our story. While the phase 3 clinical trial remains a vital long term value contributor offering the potential to further accelerate clinical adoption and expand the broader reimbursement landscape our current operations are not tied to this timeline. RenovoRx commercial achievements stand independently and we believe our Q1 26 results clearly reflect this strength.

I am excited about where this company stands today and our progress. We are building a company with both near-term execution and long term upside, and I believe we are still in the early stages of that growth trajectory. Thank you for your interest in RenovoRx. With that, I will turn the call over to our chief financial officer, Mark Voll.

Mark Voll: Thank you, Ramtin, and good afternoon, everyone. Q1 2026 was RenovoRx strongest quarter for revenue to date and the financial results reflect meaningful progress in implementing our commercial plan. Let me walk you through the financial results for the quarter. For the first quarter ended March 31, 2026, RenovoRx reported revenue of $563 thousand our strongest quarter to date, representing an approximately 136% growth versus 2025 revenue of $238 thousand. The $323 thousand of sequential increase from Q4 to Q1 is a direct result of active commercial cancer center expansion and the commercial infrastructure we have built. On a year over year basis, this compares to revenue of $197 thousand in 2025.

Revenue growth was driven by the addition of 5 new active commercial cancer centers during the quarter. Combined with continued repeat ordering from our existing customer base, precisely the dynamics our model is designed to generate. Gross profit for Q1 2026 was $479 thousand representing gross margin of 85.1%. Research and development expenses for Q1 2026 were $1.2 million, reflecting our continued investment in Phase III TIGER-PACT trial and our post marketing registry study. Our first quarter research and development was positively impacted by receipts of $141 thousand from our TIGER-PACT clinical study. Selling, general, and administrative expenses for Q1 2026 were approximately $2.7 million, reflecting disciplined cost management as our commercial infrastructure executes against the plan.

Our operating expenses for the quarter were generally in line with our forecast, Research and development spending came in below expectations while and general and administrative expenses were slightly above projections. In both cases, we believe the variances reflect timing differences in when costs were incurred rather than changes in underlying spending pattern. During the first quarter, we successfully closed an oversubscribed private placement. Generating approximately $10 million in gross proceeds an outcome that reflects strong investor demand and confidence in our story. The financing was led by high quality group of new and existing institutional investors with additional participation from members of our board of directors and senior management.

Further underscoring our alignment with shareholders and conviction in RenovoRx long term opportunity. As of 03/31/2026, RenovoRx had approximately $12.4 million in cash and cash equivalents. This reflects the net proceeds from our $10 million private placement that closed in March. Our cash position provides sufficient runway to fund operations into 2027. As we work towards cash-flow-positive operations. Our focus now is on revenue generation as we move towards conclusion of our pivotal phase 3 trial. As revenue scales and our active commercial cancer center count grows, cash burn continues to decline. The path towards key milestones TIGER-PACT readout, and commercial breakeven is well funded.

We will be opportunistic if capital markets conditions are favorable but fine-grained fundraising is not our focus today. We are reiterating our full year 2026 revenue guidance of $3 million to $4 million and we remain on track to meet this target. Consistent with what I have said before, we are transitioning to a growth company. I spent my career working with high growth companies specifically companies that have had proven their product works and are now focused on building a commercial engine to scale. This is exactly where RenovoRx is today. There is meaningful difference between a company still searching for a marketable product or a market fit and 1 that has. RenovoRx has it, and we are executing.

As Sean had stated earlier, our second quarter revenue is tracking well which gives us confidence in stating we believe it will surpass our first quarter revenue. With 16 active commercial cancer centers as of today, and a robust pipeline of centers preparing to come online, the directional trend is clear. As TIGER-PACT clinical sites continue transitioning to commercial centers, we expect that activity to contribute meaningfully to our revenue growth. Our primary commercial KPI remains active commercial cancer center count. We are at 16 active centers today targeting 36 by year end, and the revenue contribution at that level of utilization supports our confidence in our guidance range.

In closing, our first quarter is the first in which we clearly demonstrated we are executing on our commercial growth plan we laid out. I look forward to providing further updates as the year progresses. Thank you. I will turn the call back to the operator for Q&A.

Operator: Thank you. We will now begin the question and answer session. Please note, for participants making use of speaker equipment, it may be necessary to pick up your handset. Before pressing the star keys. If you would like to ask a question, please key in star and then 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may key in star and then 2 to leave the question queue. Our first question comes from Scott Henry of Alliance Global. Please go ahead.

Analyst (Scott Henry): Thank you and good afternoon. Some really positive sales momentum Congratulations for that. Just a couple questions. First, when we think about the profitability of the catheter revenue, it looks like costs went up a little bit in G&A or in Q1. I assume the selling is within the G&A. My question is, is there any noise in there that made it go to $2.7 million? And more importantly, do you think that what you are spending now will be, pretty stable such that as revenues grow even higher, the profitability of the product should really come through.

Mark Voll: Thank you. So we see that our operating expenses will we do not see any real increase in operating expenses as we move forward. As we as I had stated during the call, we had some timing differences. So more expenses that we had in Q1 for the SG&A and G&A and less in R&D. That was kind of abnormal. But we do not see any real increase in operating expenses. We believe that we are well suited in operating expense levels as we ramp revenue, so we should start to see our cash burn decrease. As we go throughout the year. So with our model, there is a lot of leverage.

As we grow top line, we should see bottom line at least when it comes to losses, decrease and eventually become profitable and that expand from there.

Analyst (Scott Henry): Okay. that is great. I appreciate that color. And when we are looking at the revenue numbers, it is early but are you starting to reach a state where the numbers are large enough that the trends will show out as opposed to, you know, some chunkiness a good quarter, and then timing of orders. But are we starting to see more of a steady state where the trend be apparent?

Mark Voll: Yeah, we are starting to see that. And the biggest predictor and driver of that is seeing how many centers we are bringing on board. As a future predictor of revenue. Going from 8 to 16 from the end of the year to now, you know, really in 4.5 months, really showing that we should start to see some leveling out of the chunkiness and start to see a substantial growth this year. it is going to be different percentages every quarter probably, but we do see an upwards momentum of revenue in general and not so much, chunkiness in that regard.

Analyst (Scott Henry): Okay. Great and then, final question. When we think about the second half, when those clinical sites shift over from clinical to commercial, do you find that their behavior or do you expect that their behavior will be pretty predictable? You know a lot of these sites already. But based on your feedback, do you feel pretty confident that they will flip the switch and to being commercial payers right out of the gate.

Ramtin Agah: Yeah. Thanks for asking that question, Scott. Absolutely. We have had dialogues with almost all of them so far. Actually, all of them, and there is a lot of interest and enthusiasm to continue to treat patients given that they have seen how potentially effective and how much better the toxicity profile is for their own patients. So there is definitely interest to continue usage As far as predictability goes, because it is a pancreatic cancer population and locally advanced is where the driver of the initial uses are, and there are other uses We cannot tell you the exact numbers, but given our projections, as Mark had characterized, exiting the year with at least 36 active centers.

Operator: The next question comes from Justin Walsh of Jones Trading. Please go ahead.

Justin Walsh: Hi. Thanks for taking the questions. As physicians have gained experience with RenovoCath, I'm wondering if you've received feedback on what aspects of the technology have resonated the most. And it would be also great to hear if there are use cases for RenovoCath outside of LAPC that have generated the most interest from investigators?

Shaun Bagai: Thanks for the question, Justin. So the physicians really are looking at the side effect profile as the largest driver. They've seen, after treating patients for decades with current standard of care therapies, and even looking to potential future technologies or therapies that are coming out, they've seen these patients get beat up with systemic therapy, and they simply can't tolerate something beyond a few months or several months. And so they're looking forward to the characteristic of the toxicity profile being number one. Number two, the confidence that it's not gonna reduce their lifespans. And number three, the hope that it'll actually increase their lifespans based on early data. So there's several drivers to why they believe that this could be a great choice for their patients. From a use case perspective, the primary experience we've had to date in trials has been Locally Advanced Pancreatic Cancer. And again, that's for the purpose of the clinical trial. But it doesn't stop there. There's a strong level of interest. In fact, there are two IITs right now that we've greenlighted that are in the process of getting launched at Moffitt Cancer Center, University of Vermont, looking at metastatic pancreatic cancer patients and even earlier stage cancer, looking at resectable or borderline resectable patients at Moffitt and Vermont, respectively. Beyond that, other tumors where they have issues trying to get drug to the tissue because they don't have a large blood supply is a big area of interest. Namely, biliary tumors or cholangiocarcinoma is an area of interest next. Beyond that, non-small cell lung cancer, some pelvic tumors, and even sarcomas given the vascularity nature of those types of tumors. So there are several tumor types so there's interest in using the technology either commercially and with investigators in the trials.

Justin Walsh: Great, thanks for taking the questions. Thank you, Justin.

Operator: The next question comes from Ed Hu of Ascendiant Capital Markets. Please go ahead.

Ed Hu: Yeah, congratulations on all the progress that you guys are doing on both fronts. My question is on RenovoCath. Do you have to spend much R&D to develop it or is it an ongoing process where you need to continue to make upgrades to it going forward?

Shaun Bagai: Well, thanks for the question, Ed. You know, it's interesting. My whole career is spent in innovative medical technologies. It's rare when you get to launch a technology with something that's really close to the same design as you started off with. And what's amazing is the technology seems to be working quite well and is user friendly enough that it's relatively similar design. So it has not taken, will not take large R&D efforts. Having said that, there are optimizations that we've been working on that we will bring out in the next year or two. That involve really streamlining the manufacturing process for full market scalability beyond even initial penetration. And which will really reduce the cogs of the catheter even further. And which is amazing because we already have very high margins. Beyond that, we'll continue to explore if there are other minor aspects that could add to the technology of the device to help make the procedure more predictable or easier to use, but not large R&D efforts. And we don't need any of these changes really to penetrate the full market. These are just more optimizations.

Ed Hu: Well, that's great to hear. Thanks for answering my question and I wish you guys good luck.

Shaun Bagai: Thank you. Thank you, Ed.

Operator: Well, ladies and gentlemen, we have reached the end of the question and answer session. This concludes today's conference call. Thank you for your participation and you may now disconnect your lines.

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