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MOUNTAIN VIEW, Calif. - RenovoRx, Inc. (NASDAQ: RNXT), a developer of targeted oncology therapies with a current market capitalization of $35.2 million, reported a promising outlook for 2025, expecting sequential revenue growth from its RenovoCath device due to new customer purchase orders and reorders. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value calculation, while analysts have set price targets ranging from $3 to $9 per share, suggesting significant upside potential. The company also announced the completion of its TIGeR-PaC clinical trial enrollment on target for 2025 and shared its 2024 financial results, including a $7.2 million cash position as of December 31, 2024, with an additional $12.1 million raised in February 2025. InvestingPro data reveals two key insights: the company holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations with a strong current ratio of 5.66. Subscribers can access 4 additional ProTips and over 30 financial metrics.
RenovoRx generated its first revenue from the RenovoCath device in the fourth quarter of 2024, amounting to approximately $43,000. The company anticipates revenue to rise to the low six-figure range in the first quarter of 2025, with further increases expected throughout the year. While InvestingPro analysis indicates analysts don’t expect profitability this year, the company maintains a "Fair" overall financial health score, suggesting stable fundamentals despite being in early commercialization stages. CEO Shaun Bagai expressed confidence in the company’s commercial strategy and its ability to scale RenovoCath revenues without significant capital expenditure increases.
The company’s internal analysis suggests RenovoCath’s initial total addressable market (TAM) could be around $400 million in peak annual U.S. sales, with potential expansion across other indications potentially creating a multi-billion-dollar TAM. RenovoRx has received purchase orders from more than ten medical institutions, including high-volume National Cancer Institute-designated centers, and has seen repeat orders from initial customers.
RenovoRx is also progressing with its Phase III TIGeR-PaC clinical trial, with full enrollment expected during 2025. As of March 28, 2025, 90 patients have been randomized, with 50 events having occurred. The second interim analysis will be triggered by the 52nd event, with the Data Monitoring Committee’s key recommendation expected in the second half of 2025.
Financially, RenovoRx ended 2024 with a cash and cash equivalents balance of $7.2 million and raised an additional $12.1 million in gross proceeds from a public offering in February 2025. Research and development expenses increased slightly to $6.0 million, while selling, general, and administrative expenses decreased to $5.0 million. The net loss for the year was $8.8 million, an improvement from the previous year’s $10.2 million.
The company will host a fireside chat on Thursday, April 3rd at 12 p.m. ET, featuring CEO Shaun Bagai and Dr. Gregory Tiesi, who will discuss RenovoCath’s commercialization and the TIGeR-PaC clinical trial progress.
RenovoRx is focused on commercializing RenovoCath, a novel FDA-cleared drug-delivery device, and advancing its TAMP therapy platform. The company’s efforts are based on a press release statement.
In other recent news, RenovoRx has been recognized for its research in targeted drug delivery, specifically its Trans-Arterial Micro-Perfusion (TAMP) therapy platform. This innovative approach, which significantly increases drug concentration in targeted tissues, will be presented at the Society of Interventional Radiology 2025 Annual Scientific Meeting. The company is also advancing its TAMP platform through the Phase III TIGeR-PaC clinical trial, focusing on treating locally advanced pancreatic cancer. Additionally, RenovoRx has launched a public stock offering, with proceeds intended to support its ongoing clinical study and commercial activities for its FDA-cleared RenovoCath device. Titan Partners Group is managing the offering, which is conducted under a shelf registration statement filed with the SEC. The company reported its first commercial purchase orders for RenovoCath devices, indicating progress in its commercialization strategy. RenovoRx continues to expand its relationships with oncology centers to enhance the delivery of its therapeutic agents.
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