RenovoRx Q2 Earnings Call Highlights

RenovoRx NASDAQ: RNXT reported record second-quarter revenue as it expanded its commercial cancer-center network and advanced its clinical program for locally advanced pancreatic cancer. For the quarter ended June 30, 2026, the company generated revenue of $909,000, up approximately 61% from $563,000 in the first quarter and 115% from $422,000 a year earlier. Chief Executive Officer Shaun Bagai said second-quarter revenue represented roughly 83% of the company’s full-year 2025 revenue of $1.1 million. Bagai attributed the growth to a rising number of active commercial cancer centers, procedures and repeat orders for RenovoCath, the company’s catheter device used with its Trans-Arterial Micro-Perfusion, or TAMP, drug-delivery technology.

Commercial network expands RenovoRx ended the second quarter with 21 active commercial cancer centers, compared with 16 as of its May 14 earnings call. The company defines active centers as sites that have purchased a catheter and treated a patient, Bagai said during the question-and-answer session. The company is targeting at least 36 active commercial cancer centers by the end of 2026. In addition to its active customers, RenovoRx said 42 centers were in various stages of evaluation, approval and activation, bringing its total commercial funnel to 63 centers, up from 48 centers reported in the first quarter. Bagai said 15 sites participating in the company’s Phase III TIGeR-PaC clinical trial are positioned to transition to commercial RenovoCath use, with several already doing so. Some trial sites waited until enrollment was complete before beginning commercial activity, he said. Management said repeat ordering from existing centers remains a key commercial indicator. Bagai said the company’s third-quarter revenue was tracking to exceed the second-quarter level, though the company did not provide a specific quarterly forecast. Chief Financial Officer Mark Voll said the company has used its initial commercial rollout to understand factors affecting site activation, including approvals, physician referrals and coordination among specialties. The company has maintained a small sales force rather than rapidly building a larger one, he said, with field representatives focused on communication and on-site engagement.

Financial results and updated outlook Gross profit was $766,000 in the second quarter, producing a gross margin of approximately 84%, compared with roughly 85% in the first quarter. Research and development expense was about $1.2 million, while selling, general and administrative expense was approximately $2.9 million. Loss from operations totaled about $3.4 million, compared with an operating loss of $3.5 million in the prior quarter. Voll said that, excluding non-cash stock-based compensation, the operating loss improved by approximately $370,000 sequentially. Net loss per share was $0.06, versus $0.08 in the second quarter of 2025 and $0.09 in the first quarter of 2026. RenovoRx had...