RNXT earnings analysis
What we found in RNXT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
RenovoRx delivered a strong Q2 2026 operating trend, with revenue of $909,000 rising 115.4% year over year and 61.5% sequentially, while non-GAAP EPS of $(0.05) exceeded the $(0.08) consensus estimate. Gross margin remained approximately 84%, commercial centers reached 21, and full-year revenue guidance was raised to $3.75 million-$4.25 million. However, the company remains loss-making, targets break-even only in Q4 2027, and faces material Nasdaq listing, funding, clinical, and regulatory risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth accelerated
- Q2 2026 revenue was $909,000, up 115.4% from $422,000 in Q2 2025 and 61.5% from $563,000 in Q1 2026.
- EPS beat and improved
- Non-GAAP EPS was $(0.05), improving from $(0.08) in Q2 2025 and $(0.09) in Q1 2026, and beating the $(0.08) consensus estimate.
- Gross margin remained strong
- Gross margin was approximately 84%, versus 64.0% in Q2 2025 and 85.1% in Q1 2026, remaining near the prior-quarter level.
- Commercial adoption expanded
- Active commercial cancer centers increased to 21, supporting the expansion of RenovoCath standalone commercialization.
- Revenue outlook raised
- Full-year 2026 revenue guidance increased to $3.75 million-$4.25 million from $3.0 million-$4.0 million previously.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Nasdaq minimum bid-price risk
- Nasdaq granted a second 180-calendar-day compliance period through December 28, 2026 after the company failed to regain the $1.00 minimum bid price requirement following 32 consecutive trading days of noncompliance. Failure to regain compliance could result in delisting and may require a reverse stock split.
- Extended losses and cash burn
- The company states that it has incurred significant net losses in each period since inception and expects losses to continue until FDA approval or RenovoCath revenue is sufficient; management targets cash-flow break-even only in Q4 2027 at an approximately $5 million quarterly revenue run-rate.
- Clinical and regulatory uncertainty
- The company has no drug/device combination products approved for commercial sale, while its ongoing Phase III TIGeR-PaC study remains central to development and regulatory progress. Negative results or failure to obtain approval could materially harm the business.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Gross margin
- 84%
What they said about what is next.
Full-year 2026 revenue guidance was raised to $3.75 million-$4.25 million from $3.0 million-$4.0 million previously. Management expects Q3 2026 revenue to exceed $909,000 and targets cash-flow break-even in Q4 2027 at an approximately $5 million quarterly revenue run-rate.
The filing reads better than the one before it.
What came before.
- 10-K · May 15, 2026
- RenovoRx's 10-K filing for the year ending December 31, 2025, indicates ongoing financial struggles, with revenues of $238,000 down 44.8% year-over-year and notable net losses. Despite these challenges, the company is…
- 10-Q · May 14, 2026
- RenovoRx's Q4 2025 results reveal a significant decline in revenue, which totaled $238,000, down 10.5% from the previous quarter and 44.8% year-over-year. The company reported an unchanged diluted EPS of -$0.08,…
- 10-K · March 30, 2026
- RenovoRx is transitioning from a clinical-stage company to a commercial-stage company: the 10-K reports $1.1 million in RenovoCath sales for the year ended December 31, 2025 and expanding commercial traction (12 U.S.…
- 10-Q · November 13, 2025
- RenovoRx reported Q3 2025 revenue of $266,000 and GAAP net loss per share of $(0.08). Gross profit was $213,000 (80.1% gross margin) but operating loss remained large at $(3,200,000). Cash increased to $10.044 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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