RNXT

• Commercial Execution & Growth Milestones

  • Delivered on all three stated 2026 quarterly milestones: record revenue, faster-than-targeted new cancer center activation, and first off-label commercial use beyond locally advanced pancreatic cancer (LAPC)
  • Grew active commercial cancer centers from 16 at the start of the quarter to 21 by quarter end, a 30%+ increase, remaining on track to hit the 2026 year-end target of 36 or more active centers
  • Total commercial funnel grew 31% to 63 total centers (21 active + 42 in varying stages of evaluation/approval/activation), with 15 additional Phase 3 TIGERPAC trial sites positioned to transition to commercial use, several of which have already converted
  • Repeat ordering from existing customers remains strong, indicating high physician satisfaction and clinical utility, with over 900 successful procedures completed to date
  • Grew revenue sequentially for the quarter, with Q3 2026 revenue already tracking to exceed Q2 2026's record

• Clinical Development Milestones

  • Achieved full enrollment in the Phase 3 TIGERPAC trial for LAPC, with final trial completion expected in H1 2027 and top-line data expected in H2 2027; 78 of 86 required primary endpoint events have occurred as of August 11, 2026
  • Multiple peer-reviewed publications supporting TAMP (trans-arterial microperfusion) technology were accepted or published in Q2 2026, including a Moffitt Cancer Center case study, a TIGERPAC PK sub-study, and a Hackensack Meridian case series, building clinical evidence for the platform
  • Supported a new investigator-initiated trial (IIT) for cholangiocarcinoma, expanding the evidence base for the platform beyond LAPC
  • The post-marketing registry study for solid tumors continues to generate real-world safety and efficacy data

• Strategic & Market Context

  • Recent industry breakthroughs in pancreatic cancer therapies are complementary tailwinds for RenovoCath, as the device can deliver established or novel therapies locally to improve outcomes
  • Expansion into additional solid tumor indications is physician-driven, with the first commercial sarcoma case representing an endorsement of the platform's broader utility
  • The company maintains a capital-efficient growth model with a lean sales team, deploying March 2026 capital raise proceeds prudently; operating losses have declined, and the company targets cash flow break-even at a $5 million quarterly revenue run rate, expected to be achieved in Q4 2027

• Full-year 2026 revenue guidance was upward revised and tightened to a range of $3.75 to $4.25 million, from the prior range of $3 million to $4 million. This revised guidance implies 241% to 286% year-over-year revenue growth compared to 2025 full-year revenue of $1.1 million.
• The company reaffirmed its target of 36 or more active commercial cancer centers by the end of 2026, and expects to exceed this target based on the robust current pipeline of prospective centers.
• Transition of TIGERPAC trial sites to commercial use is expected to contribute meaningfully to revenue in the second half of 2026.
• The company maintains its long-term guidance of achieving cash flow break-even operations in Q4 2027, and confirms its current $9.5 million cash position provides sufficient runway to fund operations into the second half of 2027.

RenovoRx operates as a single-segment commercial medical device business focused on its RenovoCath targeted drug delivery platform. For Q2 2026, the company generated total record revenue of $909,000, representing 61% sequential growth from Q1 2026's $563,000 and 115% year-over-year growth from Q2 2025's $422,000. Gross profit for the quarter was $766,000, with a gross margin of 84% (consistent with the prior quarter's ~85% margin). Research and development expenses totaled $1.2 million, and selling, general, and administrative expenses were $2.9 million, resulting in an operating loss of $3.4 million. Operating loss per share improved to $0.06, down from $0.08 in Q2 2025 and $0.09 in Q1 2026. As of June 30, 2026, the company held $9.5 million in cash and cash equivalents.

• All forward-looking statements regarding revenue growth, clinical trial outcomes, site activation timelines, and cash flow break-even are subject to material risks and uncertainties, which are detailed in the company's SEC filings including the Q2 2026 Form 10-Q. Actual results may differ materially from management's current expectations.
• There is no guarantee that all prospective centers in the commercial funnel will complete activation and begin ordering product, or that transition of TIGERPAC sites will occur on the expected timeline.
• The company will require additional capital to continue operations if it fails to achieve break-even on the expected timeline or if revenue scales more slowly than anticipated; while capital raising will be opportunistic if market conditions are favorable, it is not currently a core priority.
• Positive clinical trial results for the Phase 3 TIGERPAC trial are not guaranteed, and a negative or inconclusive readout could negatively impact physician adoption and reimbursement.

Q: What prompted the treating physician to use RenovoCath for a sarcoma patient, the first commercial use outside of pancreatic cancer?

A: The physician had already gained experience and comfort using RenovoCath to treat LAPC patients. When presented with a challenging, hard-to-reach sarcoma case, he determined RenovoCath's ability to isolate blood flow and achieve strong drug penetration into the tumor made it a good option for this patient. This matches management's expectation that once physicians are comfortable with the device, they will identify opportunities to use it for other solid tumor types.

Q: What gives management confidence it can reach 36 active centers by year-end, and how many of those new activations will come from TIGERPAC trial sites?

A: Management already had 21 active centers at the end of Q2, and has activated additional centers since quarter end that will be reported later. There are 42 additional centers in the commercial pipeline, plus 15 TIGERPAC sites that have not yet transitioned to commercial use. Most TIGERPAC sites waited for enrollment completion to avoid conflicting priorities, and will begin activating over the next two quarters, meaning the pipeline already has enough prospective centers to exceed the 36 center target.

Q: Will gross and operating margins improve as RenovoCath production volume scales?

A: Management expects gross margins will increase when the next generation RenovoCath product is launched sometime in 2027, from the current ~84% level.

Q: Is there a difference in revenue potential between the first 21 activated centers and the additional centers in the current pipeline?

A: The initial 21 active centers represent the full spectrum of center sizes, from small community hospitals to large high-volume cancer centers. The LAPC treatment market is concentrated, with the top 10 large centers accounting for roughly 25% of total market volume, and many of these large high-volume centers have not yet been activated, meaning there is significant remaining upside revenue potential from upcoming center activations.