RenovoRx, Inc.

What they do

RenovoRx sells RenovoCath, an FDA-cleared local drug-delivery device, on a standalone basis through a growing base of active commercial cancer centers. The device is used with the company's Trans-Arterial Micro-Perfusion (TAMP) platform to deliver therapeutic agents to tumors via the arterial wall. Its lead drug-device candidate, IAG, is under investigation in the Phase III TIGeR-PaC study for locally advanced pancreatic cancer and has not been approved for commercial sale.

Revenue drivers

• RenovoCath standalone device sales — RenovoCath is the company's only commercial product, generating revenue from device purchases by active cancer centers; 2025 full-year revenue was approximately $1.1 million, and second quarter 2026 revenue of $909,000 represented about 83% of all 2025 revenue.
• Active commercial cancer center expansion — Revenue growth is driven by activating new centers and increasing procedural utilization; active centers grew from 16 at the time of the first quarter 2026 earnings call to 21 at the end of the second quarter 2026.
• Repeat ordering and procedural volume — Management attributes growth to more patients treated with RenovoCath and repeat ordering across the existing customer base, with a total commercial funnel of 63 centers including 42 in evaluation, approval, or activation.

Recent performance

Second quarter 2026 revenue was $909,000, up approximately 61% sequentially from the first quarter 2026 and approximately 115% compared to the second quarter of 2025. First half 2026 revenue totaled approximately $1.5 million. Annual revenue rose from $43,000 in 2024 to approximately $1.1 million in 2025. Net loss was $11.2 million in 2025, and operating cash flow was negative $11.0 million for 2025. As of June 30, 2026, the company reported $9.5 million in cash and equivalents, $11.5 million in total assets, and $9.0 million in shareholder equity.

Strategy

RenovoRx is focused on expanding active commercial cancer centers, targeting 36 or more by year-end 2026, up from 21 at the end of the second quarter. The company is advancing its 42-center evaluation pipeline toward activation and expanding RenovoCath beyond locally advanced pancreatic cancer, with a first treatment delivered in a sarcoma patient. The Phase III TIGeR-PaC trial reached full enrollment, with trial completion expected in the first half of 2027 and topline data in the second half of 2027. Management expects trial sites to transition to commercial use in the second half of 2026. IAG holds Orphan Drug Designation for pancreatic and bile duct cancer, and an additional ODD for oxaliplatin in pancreatic cancer was granted in the second quarter of 2026.

Risks

• No approved drug/device combination — The company has no drug/device combination products approved for commercial sale and limited experience commercializing standalone medical devices, making future success difficult to predict.
• Recurring net losses — RenovoRx has incurred significant net losses since inception, including $11.2 million in 2025, and expects to continue incurring losses until IAG approval or sufficient RenovoCath revenue.
• Early-stage commercial strategy — Selling RenovoCath standalone is a relatively new activity for the company and carries inherent execution, adoption, and reimbursement risks.
• Delisting notice — An 8-K filed July 2, 2026 reported a delisting notice or listing-rule failure, indicating potential Nasdaq listing compliance issues.

Outlook

Management raised 2026 full-year revenue guidance to a range of $3.75 million to $4.25 million and expects third quarter revenue to surpass the record second quarter. The company targets 36 or more active commercial cancer centers by year-end 2026 and internal plans anticipate achieving break-even operations in the fourth quarter of 2027, which management links to a quarterly revenue run-rate of approximately $5 million. Phase III TIGeR-PaC trial completion is expected in the first half of 2027 with topline data in the second half of 2027.