Renalytix Reports Financial Results for Third Quarter of Fiscal Year 2024

Core Insights - Renalytix plc reported financial results for the fiscal third quarter ended March 31, 2024, highlighting progress in commercial adoption and significant expense reductions [1][2]. Financial Performance - Revenue for the third quarter of 2024 was $0.5 million, a decrease from $0.7 million in the same period of 2023 [4]. - Cost of revenue remained stable at $0.6 million for both the third quarters of 2024 and 2023 [4]. - Operating expenses decreased to $6.5 million in Q3 2024 from $11.0 million in Q3 2023, with a notable reduction in operating cash burn to $4.9 million, nearly 40% lower than the previous quarter and a 50% reduction year-over-year [5]. - Research and development expenses were $2.2 million, down from $3.9 million in the prior year, primarily due to reduced external R&D project costs [6]. - General and administrative expenses fell to $3.9 million from $7.1 million, driven by cost-cutting measures [7]. - The net loss for the third quarter was $7.7 million, compared to $12.1 million in the same period last year [9]. Strategic Developments - KidneyIntelX was included in updated international clinical practice guidelines and received a Medicare coverage draft, indicating progress in regulatory acceptance [8]. - The FDA-authorized kidneyintelX.dkd was formally launched in April 2024, with improvements in customer experience and a new primary care sales force achieving a 33% increase in test order volume [8]. - The company initiated a strategic sale process with multiple potential acquirers in discussions [8]. - Renalytix completed equity financing raising gross proceeds of $13.5 million, contributing to a 50% year-over-year reduction in headcount and approximately 40% lower total operating costs [8]. Operational Metrics - A total of 806 tests were performed during the quarter, with 82% being billable [8]. - Cash and cash equivalents stood at $4.7 million as of March 31, 2024, down from $24.7 million at the end of the previous fiscal year [9][17].