RenovoRx, Inc. has reported its financial performance for the fiscal year ending December 31, 2024, revealing a modest revenue generation of approximately $43,000 from the sale of its RenovoCath device, which was launched for standalone use in late 2024. This marks the company's first revenue since its inception, as it had previously focused on clinical development. The company incurred a net loss of $8.8 million for the year, a slight improvement from the $10.2 million loss reported in 2023. As of December 31, 2024, RenovoRx had an accumulated deficit of $50.2 million, reflecting its ongoing investment in research and development.
The company has made significant strides in its operational strategy, particularly with the commercialization of RenovoCath. Following the initial launch, RenovoRx received purchase orders from over ten medical institutions, including several National Cancer Institute-designated centers. The company anticipates revenue growth in the low six-figure range for the first quarter of 2025, with expectations for sequential increases throughout the year. RenovoRx estimates its initial U.S. addressable market for RenovoCath to be approximately $400 million, based on internal assumptions regarding pricing and patient volume.
In terms of research and development, RenovoRx's expenses increased to $6.0 million in 2024, up from $5.7 million in 2023. This rise is attributed to higher manufacturing costs associated with scaling production for the RenovoCath device. The company is concurrently advancing its lead product candidate, IAG, which is undergoing a pivotal Phase III clinical trial (TIGeR-PaC) for the treatment of locally advanced pancreatic cancer. The trial has received Orphan Drug Designation, providing seven years of market exclusivity upon FDA approval.
RenovoRx's workforce remains small, with ten employees as of the report date, and the company is focused on expanding its team to support its commercialization efforts. The company has also engaged a contract manufacturer, Medical Murray, to ensure adequate supply of RenovoCath devices. Despite the challenges of transitioning to a commercial stage, RenovoRx believes it can achieve its goals without a significant increase in capital expenditures.
Looking ahead, RenovoRx is optimistic about its growth trajectory, with plans to continue expanding its market presence and advancing its clinical trials. However, the company acknowledges the inherent risks associated with drug development and commercialization, including the need for additional capital to support its operations. RenovoRx's ability to generate significant revenue will depend on the successful execution of its commercialization strategy and the outcomes of its ongoing clinical trials.
About RenovoRx, Inc.
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