Revenue: As of FY2025, the actual value is USD 1.123 M, missing the estimate of USD 1.305 M.EBIT: As of FY2025, the actual value is USD -12.94 M.RenovoRx, Inc. operates as a single reportable and operating segment .<h4>Segment Revenue</h4><ul><li>Revenue from RenovoCath sales was $1.1 million for the year ended December 31, 2025, compared to $43,000 for the same period in 2024, marking the first full year of revenue generation from RenovoCath sales .</li></ul><h4>Operational Metrics</h4><ul><li>Gross Profit: Gross profit was $796,000 for the year ended December 31, 2025, an increase from $43,000 for the year ended December 31, 2024 .</li><li>Operating Expenses:<ul><li>Research and Development (R&amp;D): R&amp;D expenses totaled $6.3 million for the year ended December 31, 2025, an increase of $0.3 million (4%) from $6.0 million in 2024 . This increase was primarily due to $0.5 million in non-recurring engineering costs and $0.1 million for animal studies, partially offset by a decrease in allocated selling, general, and administrative expenses . Clinical site payments offset R&amp;D expenses by - $344,000 in 2025 and - $118,000 in 2024 .</li><li>Selling, General and Administrative (SG&amp;A): SG&amp;A expenses totaled $7.0 million for the year ended December 31, 2025, an increase of $2.1 million (41%) from $5.0 million in 2024 . This increase was mainly due to $1.3 million in professional services and other costs, $0.6 million due to increased employee headcount, and $0.2 million in legal fees .</li></ul></li><li>Loss from Operations: Loss from operations was - $12.510 million for the year ended December 31, 2025, compared to - $10.970 million for the year ended December 31, 2024 .</li><li>Net Loss: Net loss was - $11.2 million for the year ended December 31, 2025, compared to - $8.8 million for the year ended December 31, 2024 .</li><li>Accumulated Deficit: The accumulated deficit was $61.4 million as of December 31, 2025 .</li><li>Other Income, Net:<ul><li>Change in Fair Value of Common Stock Warrant Liability: This resulted in $915,000 for the year ended December 31, 2025, a decrease from $1,772,000 in 2024 .</li><li>Interest Income, Net: Interest income, net was $427,000 for the year ended December 31, 2025, compared to $384,000 in 2024 .</li></ul></li><li>RenovoCath Commercialization: First commercial purchase orders for RenovoCath devices were received in December 2024 . As of February 2026, 12 U.S. cancer centers were utilizing RenovoCath commercially, with an additional 21 centers evaluating or preparing for activation, bringing the total to 33 centers that have requested access . Over 700 successful procedures have been performed using RenovoCath since its FDA 510(k) clearance, and the sales and marketing team was launched in late 2025 . The initial target market for RenovoCath is estimated at approximately $400 million in peak annual U.S. sales .</li><li>TIGeR-PaC Clinical Trial (IAG): As of March 24, 2026, 104 patients have been randomized, and 72 events (deaths) have occurred . The first interim analysis (March 2023) showed a 6-month median overall survival benefit and over 65% reduction in adverse events for IAG compared to the control arm .</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Net cash used in operating activities was - $11.0 million for the year ended December 31, 2025, compared to - $9.1 million for the year ended December 31, 2024 .</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was - $2,000 for the year ended December 31, 2025, compared to - $12,000 for the year ended December 31, 2024 .</li><li>Net Cash Provided by Financing Activities: Net cash provided by financing activities was $10.8 million for the year ended December 31, 2025, compared to $15.1 million for the year ended December 31, 2024 .</li><li>Cash and Cash Equivalents: Cash and cash equivalents were $7.0 million as of December 31, 2025, compared to $7.2 million as of December 31, 2024 . As of March 23, 2026, following a private placement, cash and cash equivalents were approximately $13.0 million .</li></ul><h4>Unique Metrics</h4><ul><li>Intellectual Property: The TAMP therapy platform and RenovoCath device are covered by 19 issued and 12 pending patents .</li><li>Orphan Drug Designation: IAG has received Orphan Drug Designation for pancreatic cancer and bile duct cancer, offering 7 years of market exclusivity upon NDA approval .</li><li>Supply Agreement: An initial three-year supply agreement with Medical Murray, Inc. for RenovoCath manufacturing was effective June 5, 2025, with approximately $0.7 million in outstanding non-cancellable purchase commitments as of December 31, 2025 .</li></ul><h4>Outlook / Guidance</h4>RenovoRx, Inc. anticipates completing enrollment for the TIGeR-PaC trial by mid-2026, with final data expected in 2027 . The company projects that current cash and cash equivalents will fund operations for at least the next 12 months, but additional capital will likely be required longer term to complete IAG development and expand RenovoCath commercialization . RenovoRx, Inc. expects R&amp;D and SG&amp;A expenses to increase in the coming year .

RenovoRx | 10-K: FY2025 Revenue Misses Estimate at USD 1.123 M