Q3 FY2026
Filed Nov 5, 2026RenovoRx reports Q3 2026 revenue of $1,066 thousand, up from $266 thousand a year earlier, with 26 active commercial cancer center customers and full-year 2026 revenue guidance of $3.75 million to $4.25 million maintained
Revenue growth, gross margin expansion and the rise in active customers are strong, while operating expenses rose sharply, the net loss widened on a nine-month basis, and cash of $10,404 thousand depends partly on $3.5 million from warrant exercises with a runway stated only into the second half of 2027.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, three months ended September 30, 2026GAAP | $1.07M | 17% | nearly 300% |
| Cost of revenues, three months ended September 30, 2026GAAP | $188K | – | – |
| Gross profit, three months ended September 30, 2026GAAP | $878K | – | – |
| Gross margin, three months ended September 30, 2026GAAP | 82.4% | – | – |
| Research and development expense, three months ended September 30, 2026GAAP | $1.24M | – | – |
| Selling, general and administrative expense, three months ended September 30, 2026GAAP | $2.87M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $4.11M | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | −$3.24M | – | – |
| Interest income, net, three months ended September 30, 2026GAAP | $76K | – | – |
| Change in fair value of common warrant liability, three months ended September 30, 2026GAAP | −$487K | – | – |
| Total other income (expense), net, three months ended September 30, 2026GAAP | −$411K | – | – |
| Net loss, three months ended September 30, 2026GAAP | −$3.65M | – | – |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $(0.08) | – | – |
| Non-GAAP net loss, three months ended September 30, 2026non-GAAP | −$3.18M | – | – |
| Non-GAAP basic earnings per share, three months ended September 30, 2026non-GAAP | $(0.07) | – | – |
| Revenues, nine months ended September 30, 2026GAAP | $2.54M | – | – |
| Cost of revenues, nine months ended September 30, 2026GAAP | $415K | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $2.12M | – | – |
| Gross margin, nine months ended September 30, 2026GAAP | 83.6% | – | – |
| Research and development expense, nine months ended September 30, 2026GAAP | $3.67M | – | – |
| Selling, general and administrative expense, nine months ended September 30, 2026GAAP | $8.51M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $12.18M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$10.05M | – | – |
| Interest income, net, nine months ended September 30, 2026GAAP | $210K | – | – |
| Change in fair value of common warrant liability, nine months ended September 30, 2026GAAP | −$233K | – | – |
| Total other income (expense), net, nine months ended September 30, 2026GAAP | −$25K | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$10.08M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $(0.23) | – | – |
| Non-GAAP net loss, nine months ended September 30, 2026non-GAAP | −$8.72M | – | – |
| Non-GAAP basic earnings per share, nine months ended September 30, 2026non-GAAP | $(0.20) | – | – |
| Active commercial cancer center customers, end of Q3 2026other | 26 | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | approximately $10.4 million | – | – |
FY2026 (full year 2026 RenovoCath revenue) outlook
- Revenue$3.75 million to $4.25 million
- NoteMaintained, per the filing, from the full-year 2026 revenue guidance range
- NoteImplied year-over-year revenue growth of approximately 241% to 286% compared to full-year 2025 revenue of $1.1 million, as printed
- NoteYear-end 2026 target of 36 active commercial cancer centers; the company says it remains confident in meeting this target
Capital returns
- No share repurchases or dividends are reported in the filing.
- The filing reports common shares outstanding of 48,190,073 as of September 30, 2026. Weighted-average basic and diluted shares were 48,194,604 for the three months ended September 30, 2026, compared to 36,646,278 a year earlier.
- The company states that cash rose during the quarter because of $3.5 million received from the exercise of outstanding common stock warrants.
What drove it
- The company attributes the revenue increase of nearly 300% year-over-year and 17% sequentially to the continued commercialization of RenovoCath and expanding adoption across U.S. cancer centers.
- The company states that gross margin in Q3 2026 reflected the conversion of three devices from one clinical site in the TIGeR-PaC trial to a commercial cancer center customer at no gross margin, in accordance with generally accepted accounting principles.
- The company states that SG&A expenses reflected the investment made to build and support its commercial infrastructure.
- The company states that the sales team, comprised of a Vice President of Sales and Market Development and five Regional Market Development Managers, is driving much of its growth.
- The company states that repeat ordering from the majority of existing customers signals physician satisfaction and clinical utility.
- The company states that the net loss increase in other income reflects a change in fair value of the common warrant liability of $(487) thousand for the quarter.
Concerns
- Operating expenses rose to $4,114 thousand from $3,413 thousand a year earlier, with SG&A up to $2,873 thousand from $1,728 thousand, while revenue was $1,066 thousand.
- Nine-month loss from operations was $(10,054) thousand compared to $(8,988) thousand, and the nine-month net loss was $(10,079) thousand compared to $(8,227) thousand.
- Total other income (expense), net for the quarter was $(411) thousand, compared to $288 thousand a year earlier, driven by the warrant liability change of $(487) thousand.
- The company's cash runway is stated only into the second half of 2027, and the Q3 2026 cash increase depended on $3.5 million from warrant exercises.
- Full-year 2026 guidance requires substantial revenue in Q4 2026 compared with the $2,538 thousand reported for the first nine months, and the filing does not give a quarterly split of the guidance.
- The company has pointed to a Phase III TIGeR-PaC top-line data readout only in the second half of 2027.
What to watch
- Whether active commercial cancer center customers reach the year-end 2026 target of 36, from 26 at the end of Q3 2026.
- Whether revenue reaches the $3.75 million to $4.25 million full-year 2026 guidance, which implies a substantial step-up from the nine-month revenue of $2,538 thousand.
- Gross margin trajectory after the Q3 2026 device conversion, which the company says was recorded at no gross margin.
- Operating expense trend, given SG&A of $2,873 thousand in Q3 2026 versus $1,728 thousand a year earlier.
- Cash position and any further warrant exercises or financing, given the company's runway into the second half of 2027.
- Timing of the Phase III TIGeR-PaC top-line data, which the company anticipates in the second half of 2027.
- Progress of the PRISM-TAMP investigator-initiated trial at the University of Vermont, where approximately 10 patients are planned.
Balance sheet and cash flow
- Cash and cash equivalents were $10,404 thousand at September 30, 2026, compared to $7,024 thousand at December 31, 2025, and approximately $9.5 million at June 30, 2026 as stated in the text.
- The company states the increase in cash was driven by $3.5 million received from the exercise of outstanding common stock warrants, which offset cash used in operations.
- Total assets were $12,437 thousand at September 30, 2026, compared to $8,095 thousand at December 31, 2025.
- Total liabilities were $3,153 thousand at September 30, 2026, compared to $2,673 thousand at December 31, 2025. The common stock warrant liability was $837 thousand compared to $604 thousand.
- Total stockholders' equity was $9,284 thousand at September 30, 2026, compared to $5,422 thousand at December 31, 2025.
- Accounts receivable, net was $609 thousand compared to $139 thousand at December 31, 2025. Inventory was $341 thousand compared to $189 thousand.
- The company believes its current cash resources are sufficient to fund operations into the second half of 2027.
- The filing does not report operating cash flow, free cash flow or capital expenditures for the period.
Analysis
RenovoRx reported Q3 2026 revenue of $1,066 thousand, against $266 thousand in Q3 2025, a figure the company describes as a nearly 300% year-over-year increase and a 17% sequential increase. Nine-month revenue was $2,538 thousand against $885 thousand. Active commercial cancer center customers rose to 26 at the end of Q3 2026 from 21 at the end of Q2 2026, and the company reiterated a year-end 2026 target of 36. The filing describes repeat ordering from most existing customers, but it does not disclose order volumes, procedure counts or pricing, so the revenue per customer cannot be assessed from the document.
Gross profit was $878 thousand, a gross margin of 82.4% against 80.1% a year earlier, and the nine-month gross margin was 83.6% against 66.2%. The company states that the Q3 margin reflected the conversion of three devices from one TIGeR-PaC clinical site to a commercial customer at no gross margin, in accordance with generally accepted accounting principles. The filing does not state the margin effect of that conversion on the quarter.
Cost lines rose across the board. R&D fell to $1,241 thousand from $1,685 thousand, while SG&A rose to $2,873 thousand from $1,728 thousand, which the company attributes to building its commercial infrastructure. Total operating expenses were $4,114 thousand against $3,413 thousand, and the loss from operations was $(3,236) thousand, essentially unchanged from $(3,200) thousand. The net loss was $(3,647) thousand, or $(0.08) per share, against $(2,912) thousand and $(0.08). The larger quarterly net loss relative to operating loss reflects a $(487) thousand change in fair value of the common warrant liability, which the filing reports as a non-operating line. On a non-GAAP basis, the net loss was $(3,178) thousand, or $(0.07) per share, against $(2,563) thousand and $(0.07).
On the balance sheet, cash and cash equivalents were $10,404 thousand at September 30, 2026, up from approximately $9.5 million at June 30, 2026 and $7,024 thousand at December 31, 2025. The company attributes the quarterly increase to $3.5 million from warrant exercises, which offset cash used in operations. Operating and free cash flow are not reported in the filing. The company states that cash resources are sufficient to fund operations into the second half of 2027. Total stockholders' equity rose to $9,284 thousand from $5,422 thousand at year-end 2025.
Full-year 2026 revenue guidance of $3.75 million to $4.25 million was maintained, which the company says implies growth of approximately 241% to 286% over full-year 2025 revenue of $1.1 million. The filing does not provide a quarterly phasing of that range, and the nine-month revenue of $2,538 thousand is the base the company must build on in Q4 2026. The company also highlighted two peer-reviewed publications, a Notice of Allowance for a dual-occlusion catheter patent, first patient dosing in the PRISM-TAMP investigator-initiated trial, and full enrollment in the Phase III TIGeR-PaC trial, with top-line data anticipated in the second half of 2027.
Management, verbatim
we generated record results in the third quarter as revenue exceeded the million-dollar threshold and we continued to deliver on all three of our core priorities
Shaun Bagai, Chief Executive Officer, RenovoRx
we continue to expect full-year 2026 revenue for RenovoCath in the range of $3.75 million to $4.25 million, which would more than triple 2025 revenue at the midpoint.
Shaun Bagai, Chief Executive Officer, RenovoRx
Not in the filing
stated, not guessed- Prior-year year-over-year percentage changes for cost of revenues, gross profit, R&D, SG&A, total operating expenses, loss from operations, other income lines and net loss were not printed.
- Prior-quarter (Q2 2026) values for revenue, cost of revenues, gross profit, operating expenses, net loss and EPS were not printed; only the 17% sequential revenue change and the June 30, 2026 cash figure are given.
- Gross margin change in basis points was not printed.
- Prior-guidance comparison: the previous outlook was not provided, so vs_prior_guidance is empty.
- Operating cash flow, investing cash flow, free cash flow and capital expenditures were not reported.
- Revenue breakdown by product line, geography or customer type was not reported; the filing presents a single revenue line.
- Gross margin, operating expense and tax rate guidance were not provided.
- Quarterly phasing of the full-year 2026 revenue guidance was not provided.
- Share-price reaction, consensus estimates and analyst expectations were not provided and are not included.
- Cash balance at September 30, 2025 was not printed.
- Income tax line was not presented in the statements of operations.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.