Renalytix plc
("Renalytix" or the "Company")
Audited US GAAP financial results for the fiscal year ended 30 June 2024
LONDON and NEW YORK, 1 October, 2024 - Renalytix plc (NASDAQ: RNLX) (LSE: RENX), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and advance value-based care, confirms that it has published its audited US GAAP financial results for the fiscal year ended 30 June 2024 as disclosed in its Form 10-K filed with the Securities and Exchange Commission.
The consolidated balance sheet of as of June 30, 2024, and the related consolidated statements of operations and comprehensive loss, shareholders' equity (deficit), and cash flows for the year ended June 30, 2024, are provided further below.
The full announcement is available to view on the Company website:
https://investors.renalytix.com/financials-and-filings/sec-filings
Audited Full Year Fiscal 2024 Results under IFRS will be issued in due course.
For further information, please contact:
| Renalytix plc | ||
| James McCullough, CEO | Via Walbrook PR | |
| |
| |
| Stifel (Nominated Adviser and Joint Broker) | Tel: 020 7710 7600 | |
| Nicholas Moore / Nick Harland / Ben Good |
| |
| |
| |
| Oberon Capital (Joint Broker) | Tel: 020 3179 5300 | |
| Mike Seabrook / Nick Lovering |
| |
| | | |
| Walbrook PR Limited | Tel: 020 7933 8780 or renalytix@walbrookpr.com | |
| Paul McManus / Alice Woodings / Charlotte Edgar | Mob: 07980 541 893 / 07407 804 654 / 07884 664 686 | |
| | | |
| CapComm Partners | | |
| Peter DeNardo
| Tel: 415-389-6400 or investors@renalytix.com | |
About Renalytix
Renalytix (NASDAQ: RNLX) (LSE: RENX) is an artificial intelligence enabled in-vitro diagnostics and laboratory services company that is the global founder and leader in the field of bioprognosis™ for kidney health. In late 2023, our kidneyintelX.dkd test was recognized as the first and only FDA-authorized prognostic test to enable early-stage CKD (stages 1-3b) risk assessment for progressive decline in kidney function in T2D patients. By understanding how disease will progress, patients and clinicians can take action earlier to improve outcomes and reduce overall health system costs. For more information, visit www.renalytix.com.
Important Notices
Stifel Nicolaus Europe Limited and Oberon Investments Limited are authorised and regulated in the United Kingdom by the Financial Conduct Authority ("FCA") and are acting exclusively for the Company and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Renalytix for providing the protections afforded to its clients nor for providing advice in relation to the subject matter of this announcement.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.
This announcement (including any information incorporated by reference in this announcement) and other information published by the Company contain statements about the Company that are or may be deemed to be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof, may be forward looking statements.
These forward-looking statements are not guarantees of future performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to such uncertainties and risks, readers should not rely on such forward-looking statements, which speak only as of the date of this announcement. The Company disclaims any obligation or responsibility to update publicly or review any forward-looking or other statements contained in this announcement, except as required by applicable law.
The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
RENALYTIX PLC
CONSOLIDATED BALANCE SHEETS
| (in thousands, except share and per share data) |
|
|
| June 30, 2024 |
|
| June 30, 2023 | ||
| Assets |
|
|
|
|
|
|
| ||
| Current assets: |
|
|
|
|
|
|
| ||
| Cash and cash equivalents |
|
|
| $ | 4,680 |
|
| $ | 24,682 |
| Accounts receivable |
|
|
|
| 722 |
|
|
| 776 |
| Prepaid expenses and other current assets |
|
|
|
| 716 |
|
|
| 1,424 |
| Total current assets |
|
|
|
| 6,118 |
|
|
| 26,882 |
| Property and equipment, net |
|
|
|
| 216 |
|
|
| 1,027 |
| Right-of-use asset |
|
|
|
| - |
|
|
| 159 |
| Investment in VericiDx |
|
|
|
| 698 |
|
|
| 1,460 |
| Other Assets |
|
|
|
| 940 |
|
|
| 1,101 |
| Total assets |
|
|
| $ | 7,972 |
|
| $ | 30,629 |
|
|
|
|
|
|
|
|
| ||
| Liabilities and Shareholders' Equity (Deficit) |
|
|
|
|
|
|
| ||
| Current liabilities: |
|
|
|
|
|
|
| ||
| Accounts payable |
|
|
| $ | 1,590 |
|
| $ | 1,485 |
| Accounts payable - related party |
|
|
|
| 1,018 |
|
|
| 1,451 |
| Accrued expenses and other current liabilities |
|
|
|
| 3,354 |
|
|
| 6,644 |
| Accrued expenses - related party |
|
|
|
| 1,329 |
|
|
| 1,963 |
| Current lease liability |
|
|
|
| 45 |
|
|
| 130 |
| Convertible notes-current |
|
|
|
| 4,159 |
|
|
| 4,463 |
| Total current liabilities |
|
|
|
| 11,495 |
|
|
| 16,136 |
| Convertible notes-noncurrent |
|
|
|
| 4,331 |
|
|
| 7,485 |
| Noncurrent lease liability |
|
|
|
| - |
|
|
| 41 |
| Total liabilities |
|
|
|
| 15,826 |
|
|
| 23,662 |
|
|
|
|
|
|
|
|
| ||
| Commitments and contingencies (Note 10) |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
| Shareholders' equity (deficit): |
|
|
|
|
|
|
| ||
| Ordinary shares, £0.0025 par value per share: 161,842,057 shares |
|
|
|
| 478 |
|
|
| 286 |
| Additional paid-in capital |
|
|
|
| 204,893 |
|
|
| 186,456 |
| Accumulated other comprehensive loss |
|
|
|
| (1,443) |
|
|
| (1,450) |
| Accumulated deficit |
|
|
|
| (211,782) |
|
|
| (178,325) |
| Total shareholders' equity (deficit) |
|
|
|
| (7,854) |
|
|
| 6,967 |
| Total liabilities and shareholders' equity (deficit) |
|
|
| $ | 7,972 |
|
| $ | 30,629 |
RENALYTIX PLC
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
|
| Twelve Months Ended |
| Twelve Months Ended | ||
| (in thousands, except share and per share data) |
| June 30, 2024 |
| June 30, 2023 | ||
| Revenue |
| $ | 2,289 |
| $ | 3,403 |
| Cost of revenue |
|
| 2,133 |
|
| 2,683 |
| Gross profit |
|
| 156 |
|
| 720 |
| Operating expenses: |
|
|
|
| ||
| Research and development |
|
| 9,290 |
|
| 14,298 |
| General and administrative |
|
| 19,751 |
|
| 28,662 |
| Impairment loss on property, equipment and other long-lived assets |
|
| 723 |
|
| - |
| Performance of contract liability to affiliate |
|
| - |
|
| (19) |
| Total operating expenses |
|
| 29,764 |
|
| 42,941 |
| Loss from operations |
|
| (29,608) |
|
| (42,221 |
|
|
|
|
|
| ||
| Equity in net losses of affiliate |
|
| - |
|
| (9) |
| Foreign currency gain, net |
|
| 163 |
|
| 358 |
| Fair value adjustment to VericiDx investment |
|
| (505) |
|
| (1,282) |
| Fair value adjustment to convertible notes |
|
| (3,751 |
|
| (3,107) |
| Other income, net |
|
| 249 |
|
| 656 |
| Net loss before income taxes |
|
| (33,452) |
|
| (45,605) |
| Income tax expense |
|
| (4) |
|
| (2) |
| Net loss |
|
| (33,456) |
|
| (45,607 |
|
|
|
|
|
| ||
| Net loss per ordinary share-basic |
| $ | (0.31 |
| $ | (0.55) |
| Net loss per ordinary share-diluted |
| $ | (0.31 |
| $ | (0.55) |
| Weighted average ordinary shares-basic |
|
| 108,179,366 |
|
| 82,210,050 |
| Weighted average ordinary shares-diluted |
|
| 108,179,366 |
|
| 82,210,050 |
|
|
|
|
|
| ||
| Other comprehensive income (loss): |
|
|
|
| ||
| Changes in the fair value of the convertible notes |
|
| 305 |
|
| (337) |
| Foreign exchange translation adjustment |
|
| (298) |
|
| (198) |
| Comprehensive loss |
| $ | (33,449) |
| $ | (46,142) |
RENALYTIX PLC
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT)
|
|
| Ordinary shares |
|
| Additional |
|
| Accumulated |
|
| Accumulated |
|
| Total | |||||||||
| (in thousands, except share data) |
| Shares |
|
| Amount |
|
| capital |
|
| loss |
|
| deficit |
|
| equity (deficit) | ||||||
| Balance at June 30, 2022 |
|
| 74,760,432 |
|
| $ | 228 |
|
| $ | 164,012 |
|
| $ | (915) |
|
| $ | (132,718) |
|
| $ | 30,607 |
| Shares issued under the Securities Purchase Agreement |
|
| 18,722,960 |
|
|
| 57 |
|
|
| 19,248 |
|
|
| - |
|
|
| - |
|
|
| 19,305 |
| Shares issued under the employee share purchase plan |
|
| 298,086 |
|
|
| 1 |
|
|
| 260 |
|
|
| - |
|
|
| - |
|
|
| 261 |
| Stock-based compensation expense |
|
| - |
|
|
| - |
|
|
| 2,936 |
|
|
| - |
|
|
| - |
|
|
| 2,936 |
| Changes in the fair value of the convertible notes |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (337) |
|
|
| - |
|
|
| (337 |
| Currency translation adjustments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (198) |
|
|
| - |
|
|
| (198 |
| Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
| (45,607) |
|
|
| (45,607 | |
| Balance at June 30, 2023 |
|
| 93,781,478 |
|
|
| 286 |
|
|
| 186,456 |
|
|
| (1,450) |
|
|
| (178,325) |
|
|
| 6,967 |
| Shares issued under the Securities Purchase Agreement, net of offering costs |
|
| 50,801,873 |
|
|
| 161 |
|
|
| 11,656 |
|
|
| - |
|
|
| - |
|
|
| 11,817 |
| Shares issued for repayment of convertible bond |
|
| 9,523,972 |
|
|
| 30 |
|
|
| 4,978 |
|
|
| - |
|
|
| - |
|
|
| 5,008 |
| Vesting of RSUs |
|
| 185,540 |
|
|
| 1 |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1 |
| Shares issued under the employee share purchase plan |
|
| 75,328 |
|
|
| - |
|
|
| 93 |
|
|
| - |
|
|
| - |
|
|
| 93 |
| Stock-based compensation expense |
|
| - |
|
|
| - |
|
|
| 1,710 |
|
|
| - |
|
|
| - |
|
|
| 1,710 |
| Changes in the fair value of the convertible notes |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 305 |
|
|
| - |
|
|
| 305 |
| Currency translation adjustments |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (298) |
|
|
| - |
|
|
| (298 |
| Net loss |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| (33,456) |
|
|
| (33,456 |
| Balance at June 30, 2024 |
|
| 154,368,191 |
|
| $ | 478 |
|
| $ | 204,893 |
|
| $ | (1,443) |
|
| $ | (211,782) |
|
| $ | (7,854) |
RENALYTIX PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (in thousands) |
| Year Ended |
|
| Year Ended |
| ||
| Cash flows from operating activities: |
|
|
|
|
|
| ||
| Net loss |
| $ | (33,456 | ) |
| $ | (45,607 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
| ||
| Depreciation and amortization |
|
| 364 |
|
|
| 508 |
|
| Impairment loss on property, equipment and other long-lived assets |
|
| 723 |
|
|
| - |
|
| Stock-based compensation |
|
| 1,710 |
|
|
| 2,932 |
|
| Equity in losses of affiliate |
|
| - |
|
|
| 9 |
|
| Reduction of Kantaro liability |
|
| - |
|
|
| (55 | ) |
| Fair value adjustment to VericiDx investment |
|
| 505 |
|
|
| 1,282 |
|
| Unrealized foreign exchange gain |
|
| - |
|
|
| (1,008 | ) |
| Realized loss on sale of ordinary shares in VericiDx |
|
| 135 |
|
|
| - |
|
| Realized foreign exchange gain |
|
| (132 | ) |
|
| - |
|
| Fair value adjustment to convertible debt, net interest paid |
|
| 3,502 |
|
|
| 1,999 |
|
| Non cash lease expense |
|
| 67 |
|
|
| 106 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
| ||
| Accounts receivable |
|
| 54 |
|
|
| 125 |
|
| Prepaid expenses and other current assets |
|
| 798 |
|
|
| 1,299 |
|
| Receivable from affiliates |
|
| - |
|
|
| 75 |
|
| Accounts payable |
|
| 106 |
|
|
| 80 |
|
| Accounts payable - related party |
|
| (433 | ) |
|
| 368 |
|
| Accrued expenses and other current liabilities |
|
| (3,419 | ) |
|
| 3,397 |
|
| Accrued expenses - related party |
|
| (635 | ) |
|
| 451 |
|
| Deferred revenue |
|
| - |
|
|
| (46 | ) |
| Net cash used in operating activities |
|
| (30,111 | ) |
|
| (34,085 | ) |
|
|
|
|
|
|
|
| ||
| Cash flows from investing activities: |
|
|
|
|
|
| ||
| Purchase of equipment |
|
| (4 | ) |
|
| - |
|
| Net cash used in investing activities |
|
| (4 | ) |
|
| - |
|
|
|
|
|
|
|
|
| ||
| Cash flows from financing activities: |
|
|
|
|
|
| ||
| Payment of convertible notes principal |
|
| (1,660 | ) |
|
| (3,180 | ) |
| Proceeds from issuance of ordinary shares in Private Placement |
|
| 13,533 |
|
|
| 20,296 |
|
| Payment of offering costs |
|
| (1,716 | ) |
|
| (991 | ) |
| Proceeds from the issuance of ordinary shares under employee share |
|
| 93 |
|
|
| 261 |
|
| Net cash provided by financing activities |
|
| 10,250 |
|
|
| 16,386 |
|
| Effect of exchange rate changes on cash |
|
| (137 | ) |
|
| 1,048 |
|
| Net decrease in cash and cash equivalents |
|
| (20,002 | ) |
|
| (16,651 | ) |
| Cash and cash equivalents, beginning of year |
|
| 24,682 |
|
|
| 41,333 |
|
| Cash and cash equivalents, end of year |
| $ | 4,680 |
|
| $ | 24,682 |
|
| Supplemental noncash investing and financing activities: |
|
|
|
|
|
| ||
| Noncash lease liabilities arising from obtaining right-of-use assets |
| $ | - |
|
| $ | 265 |
|
| Cash paid for interest on convertible debt |
| $ | 249 |
|
| $ | - |
|
| Issuance of shares for debt repayment |
| $ | (5,008 | ) |
| $ | - |
|
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