RenovoRx, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in cash and cash equivalents, rising to $9.6 million from $1.2 million at the end of 2023. Total assets also saw a notable increase, reaching $10.0 million compared to $1.5 million at the end of the previous fiscal year. The company’s additional paid-in capital grew to $54.4 million, up from $38.4 million, while total stockholders’ equity improved to $7.1 million, reversing a deficit of $3.0 million as of December 31, 2023.

For the three months ended September 30, 2024, RenovoRx reported total operating expenses of $2.8 million, a decrease from $3.0 million in the same period of 2023. The loss from operations for this quarter was $2.8 million, slightly better than the $2.98 million loss reported in Q3 2023. However, the net loss for the quarter increased to $2.5 million from $1.4 million year-over-year, with net loss per share improving to $(0.10) from $(0.13).

For the nine months ended September 30, 2024, total operating expenses decreased to $8.3 million from $9.6 million in the prior year, with a net loss of $5.9 million compared to $7.0 million in 2023. The net loss per share for this period also improved to $(0.28) from $(0.69).

The company raised $17.2 million through private placements in early 2024, contributing to a total of $59.2 million raised since inception. Cash flows from financing activities for the nine months ended September 30, 2024, were $15.1 million, significantly higher than $5.0 million in the same period of 2023. Despite these positive financing activities, RenovoRx has not generated any revenue from product sales and anticipates continued net losses.

RenovoRx is actively engaged in the Phase III TIGeR-PaC clinical trial for its lead product candidate, RenovoGem™, aimed at treating locally advanced pancreatic cancer. The company is also exploring commercialization strategies for its RenovoCath delivery system, which has received FDA clearance for various applications.

The company identified material weaknesses in its internal control over financial reporting, citing inadequate accounting policies and insufficient staffing. Management is implementing measures to address these weaknesses, including hiring additional personnel and developing an accounting policy manual.