$RNLXY
Renalytix plc

2024 Q4 Form 10-Q Financial Statement

#000095017024128687 Filed on November 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $522.0K $459.0K
YoY Change 13.73% -52.63%
Cost Of Revenue $422.0K $502.0K
YoY Change -15.94% -27.87%
Gross Profit $100.0K -$43.00K
YoY Change -332.56% -115.75%
Gross Profit Margin 19.16% -9.37%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $921.0K $2.787M
YoY Change -66.95% -25.82%
% of Gross Profit 921.0%
Depreciation & Amortization $60.00K $127.0K
YoY Change -52.76% -2.31%
% of Gross Profit 60.0%
Operating Expenses $4.192M $8.846M
YoY Change -52.61% -26.25%
Operating Profit -$4.093M -$8.889M
YoY Change -53.95% -24.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$5.000K $100.0K
YoY Change -105.0%
Pretax Income -$4.726M -$10.15M
YoY Change -53.46% -15.06%
Income Tax $2.000K $0.00
% Of Pretax Income
Net Earnings -$4.728M -$10.15M
YoY Change -53.44% -15.05%
Net Earnings / Revenue -905.75% -2212.2%
Basic Earnings Per Share -$0.04 -$0.11
Diluted Earnings Per Share -$0.04 -$0.11
COMMON SHARES
Basic Shares Outstanding 331.2M 165.9M 95.02M
Diluted Shares Outstanding 105.7M 94.77M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $900.0K $13.90M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $902.0K $1.014M
Other Receivables
Total Short-Term Assets $2.879M $16.47M
YoY Change -82.52%
LONG-TERM ASSETS
Property, Plant & Equipment $202.0K $944.0K
YoY Change -78.6%
Goodwill
YoY Change
Intangibles $869.0K $974.0K
YoY Change -10.78%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.915M $3.069M
YoY Change -37.6%
TOTAL ASSETS
Total Short-Term Assets $2.879M $16.47M
Total Long-Term Assets $1.915M $3.069M
Total Assets $4.794M $19.54M
YoY Change -75.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $2.162M $4.566M
YoY Change -52.65%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.01M $15.17M
YoY Change -20.83%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.01M $15.17M
Total Long-Term Liabilities
Total Liabilities $16.11M $21.03M
YoY Change -23.38%
SHAREHOLDERS EQUITY
Retained Earnings -$216.5M -$188.5M
YoY Change 14.85%
Common Stock $207.2M $188.3M
YoY Change 10.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.32M -$1.491M
YoY Change
Total Liabilities & Shareholders Equity $4.794M $19.54M
YoY Change -75.47%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$4.728M -$10.15M
YoY Change -53.44% -15.05%
Depreciation, Depletion And Amortization $60.00K $127.0K
YoY Change -52.76% -2.31%
Cash From Operating Activities -$3.836M -$9.504M
YoY Change -59.64% 33.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $23.00K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -1.065M
YoY Change -100.0% 12.82%
NET CHANGE
Cash From Operating Activities -3.836M -9.504M
Cash From Investing Activities 23.00K 0.000
Cash From Financing Activities 0.000 -1.065M
Net Change In Cash -3.771M -10.79M
YoY Change -65.05% 4.84%
FREE CASH FLOW
Cash From Operating Activities -$3.836M -$9.504M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q3 us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Business and risks</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Renalytix plc and its wholly-owned subsidiaries, the “Company” or "Renalytix," is an artificial intelligence-enabled </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">in vitro </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and significantly lower healthcare costs. KidneyIntelX, the Company’s first-in-class diagnostic technology platform, employs a proprietary artificial intelligence-enabled algorithm that combines diverse data inputs, including validated blood-based biomarkers, inherited genetics and personalized patient data from EHR systems, to generate a unique patient risk score. kidneyintelX.dkd is the Company’s FDA approved, Medicare reimbursed prognostic testing service currently implemented with large physician group practices, health care systems in the United States.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is also collaborating with pharmaceutical companies which generates ‘Pharmaceutical Services Revenue’ using KidneyIntelX platform technology for understanding patient response to novel and widely used drug therapies including SLGT2 inhibitors and GLP1s</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since inception in March 2018, the Company has focused primarily on organizing and staffing the Company, raising capital, developing the KidneyIntelX technology platform, conducting clinical validation studies, clinical utility studies, health economics studies, establishing and protecting its intellectual property portfolio and commercial laboratory operations, pursuing state and federal regulatory approvals and securing insurance pricing, coverage and payment for its prognostic services. The Company has funded its operations primarily through equity and debt financings. In 2024, following FDA approval, Medicare insurance coverage and guidelines inclusion for kidneyintelX.dkd, the Company largely completed reorganization from development activities to commercial sales activities. This reorganization has resulted in a substantially lower cost of operations and a growing doctor prescription rate of kidneyintelX.dkd.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks and uncertainties common to early-stage companies in the diagnostics industry, including, but not limited to, ability to secure additional capital to fund operations, compliance with governmental regulations, development by competitors of new technological innovations, dependence on key personnel and protection of proprietary technology. To achieve widespread usage, kidneyintelX.dkd will require significant investment in sales and marketing. Additional diagnostic services currently under development, if they are pursued at a future date by the Company, will likely require extensive clinical testing and validation prior to regulatory approval and commercialization, and will require various levels of investment capital.</span></p>
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-216500000
CY2024Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
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14900000
CY2024Q3 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimate include the assumptions used in determining the fair value of share-based awards, determining the fair value of the bonds, recording the prepaid/accrual and associated expense for research and development activities performed for the Company by third parties and determining useful lives of property and equipment and capitalized software.</span></p>
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448000
CY2024Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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PropertyPlantAndEquipmentNet
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CY2024Q3 us-gaap Depreciation
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CY2023Q3 us-gaap Depreciation
Depreciation
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CY2023Q3 rnlx Amount Of Cash Amortization Interest Payment
AmountOfCashAmortizationInterestPayment
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CY2023Q3 rnlx Accelerated Repayment Of Amortization Through Issuance Of Shares
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CY2023Q4 rnlx Amount Of Amortization Payment Through Issuance Of Shares
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AmortizationInterestPaymentThroughIssuanceOfShares
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AmortizationInterestPaymentThroughIssuanceOfShares
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CY2023Q4 rnlx Amortization Payment In Cash
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CY2024Q2 rnlx Amount Of Amortization Payment Through Issuance Of Shares
AmountOfAmortizationPaymentThroughIssuanceOfShares
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AmortizationInterestPaymentThroughIssuanceOfShares
200000
CY2024Q3 rnlx Amount Of Amortization Payment Through Issuance Of Shares
AmountOfAmortizationPaymentThroughIssuanceOfShares
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AmortizationInterestPaymentThroughIssuanceOfShares
200000
CY2024Q3 rnlx Principal Amount Outstanding Of Amortization
PrincipalAmountOutstandingOfAmortization
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CY2024Q3 us-gaap Operating Lease Liability
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CY2024Q3 us-gaap Common Stock Shares Authorized
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CY2024Q3 us-gaap Dividends Cash
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CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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254000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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524000
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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