RenovoRx, Inc. (RNXT) Earnings

Management highlights

### Commercial Execution & Growth - Q1 2026 delivered the highest quarterly revenue in company history, confirming the validated, scalable commercial model and marking a key inflection point from strategy planning to consistent execution. - As of May 2026, RenovoRx has 16 active commercial cancer centers (up from 8 at the end of 2025), with an additional 32 centers in various stages of evaluation/approval, bringing the total near-term pipeline to 48 centers — a quadrupling from Q1 2025. The company maintains a year-end 2026 target of 36 active centers. - Strong repeat ordering from existing customers confirms physician satisfaction and real-world validation of RenovoCath, supporting durable organic growth. Up to 15 TigerPak Phase III trial sites are already transitioning from trial to commercial use, expected to drive meaningful second-half 2026 revenue. - Growing physician-to-physician advocacy is the most powerful driver of adoption, with RenovoCath used in over 750 successful procedures to date. RenovoRx was recognized by Fast Company as one of the 2026 World's Most Innovative Companies in the medical device category. ### Clinical Development Progress - The Phase III TigerPak trial for locally advanced pancreatic cancer (LAPC) is advancing on schedule, with 106 of 114 required patients randomized (93% complete) as of May 14, 2026. Management expects to close enrollment by the end of June 2026, with final data expected in mid-to-late 2027. - 74 of the 86 required events for trial data analysis have already been observed, reflecting strong investigator and patient confidence in the program. - A 2026 ASCO GI presentation of the TigerPak kinetics sub-study confirmed that TAMP therapy with RenovoCath delivers reduced systemic gemcitabine levels and increased levels of the inactive metabolite, supporting the platform's reduced toxicity profile. A full paper is submitted for publication later in 2026. - Multiple investigator-initiated trials (IITs) are ongoing to evaluate TAMP therapy in borderline resectable/metastatic pancreatic cancer, other chemotherapy agents, and additional solid tumor types, providing capital-efficient data to expand platform use cases. ### Financial Position - The company closed an oversubscribed $10 million gross proceeds private placement in Q1 2026, reflecting strong investor confidence. As of March 31, 2026, RenovoRx held $12.4 million in cash and cash equivalents, providing sufficient funding to operate through the second half of 2027. - Cash burn is declining as revenue scales, and the company is well-positioned to reach both the TigerPak data readout and commercial breakeven with current funding. - Cost discipline is maintained: R&D spending came in below forecast and SG&A slightly above forecast in Q1 2026, with variances attributed to timing differences rather than underlying spending changes.

Guidance

- Management maintains full-year 2026 revenue guidance of $3 to $4 million, and confirms the company remains on track to meet this target. - Q2 2026 revenue is expected to exceed Q1 2026's record $563,000 revenue, building on the sequential growth trend. - Total operating expense levels are expected to remain stable at current levels as revenue scales, leading to declining cash burn over the course of 2026. - The company expects to meet its year-end target of 36 active commercial cancer centers, supported by the robust 48-center total pipeline.

Segment performance

RenovoRx operates as a single-segment medical device company focused on its single-use RenovoCath device for TAMP therapy. For Q1 2026, the company generated total revenue of $563,000, which is 136% sequential growth over Q4 2025's $238,000 revenue and 186% year-over-year growth over Q1 2025's $197,000 revenue. Gross profit for the quarter was $479,000, for a gross margin of 85.1%. Research and development expenses totaled $1.2 million, while selling, general, and administrative expenses were $2.7 million. No separate revenue breakdowns for multiple product segments are provided, as all current revenue is derived from RenovoCath commercial sales.

Risks & headwinds

- All forward-looking statements (including revenue projections, trial timelines, and commercial adoption targets) are subject to material risks and uncertainties that could cause actual results to differ materially, detailed in the company's SEC filings including the Q1 2026 10-Q. - Early-stage commercial revenue can still be impacted by order timing variability (referred to as "chunkiness"), though management notes this variability is decreasing as the number of active centers grows. - While trial enrollment is progressing on schedule, unforeseen delays in patient enrollment or trial readout could impact the timeline for expanded reimbursement and adoption. - The company operates in the highly regulated medical device and oncology therapy space, with commercial success dependent on continued physician adoption and patient access.

Analyst Q&A

• Q: Scott Henry of Alliance Global asked whether current operating expense levels will stay stable, allowing profitability to improve as revenue grows, and whether revenue variability from order timing will decrease as the business scales. He also asked whether the transition of TigerPak trial sites to commercial use will follow predictable patterns. /

  A: Management confirmed that no meaningful increase in total operating expenses is expected, with the Q1 SG&A variance caused by timing differences. As revenue grows, operating leverage will reduce losses and lead to eventual profitability. The rapid doubling of active centers to 16 in 4.5 months is reducing revenue chunkiness, creating a more steady upward growth trend. Management confirmed all trial sites have expressed enthusiasm to continue commercial use after enrollment, with patient volume expected to be higher commercially than in the trial (due to the trial's narrow eligibility criteria creating a large pool of eligible patients post-trial), making the baseline revenue contribution predictable. (612 characters)

• Q: Justin Walsh of Jones Trading asked what aspects of RenovoCath have resonated most with experienced physicians, and what off-label use cases outside LAPC are generating the most investigator interest. /

  A: Management stated that the reduced toxicity profile compared to standard systemic chemotherapy is the top resonating feature, as physicians commonly see patients unable to tolerate standard therapy. A secondary benefit is the hope for improved survival based on early clinical data. Beyond LAPC, active IITs are launching for metastatic and earlier-stage resectable/borderline resectable pancreatic cancer. Additional solid tumor types of interest include cholangiocarcinoma, non-small cell lung cancer, pelvic tumors, and sarcomas, both for commercial use and future IITs. (528 characters)

• Q: Ed Hu of Ascendant Capital asked whether significant ongoing R&D spending is required for RenovoCath, including for future device upgrades. /

  A: Management explained that the current RenovoCath design has not changed substantially from the original launch and is already working well and user-friendly, so no large ongoing R&D investments are required to penetrate the full existing market. Minor optimizations are in development to streamline manufacturing for larger-scale production, which will further reduce cost of goods sold (already low with current 85% gross margins), and small incremental improvements to simplify the procedure. None of these optimizations are required for near-term commercial growth. (487 characters)