RenovoRx (NASDAQ:RNXT) executives used the company’s fourth-quarter and full-year 2025 earnings call to highlight early commercial traction for its RenovoCath device, outline plans to expand its network of active cancer centers in 2026, and provide an update on its ongoing Phase 3 TIGeR-PaC trial in locally advanced pancreatic cancer.
Leadership changes and commercial focus
Chief Executive Officer Shaun Bagai opened the call by noting two leadership developments: founder Dr. Ramtin Agah has moved into the role of Executive Chairman, and Mark Voll has joined as Chief Financial Officer.
2025 results: first full year of RenovoCath commercialization
Bagai characterized 2025 as RenovoRx’s first full year of RenovoCath commercialization, following an initial launch with “no dedicated sales team and limited approved commercial cancer centers.” For the year, RenovoRx generated “over $1 million in revenue,” with fourth-quarter revenue of $238,000, which Bagai said tracked closely to third-quarter levels.
He attributed quarterly variability to the early stage of the rollout and a limited number of active sites. “When each patient receives multiple treatments over time, the timing of a single patient’s first treatment can move our quarterly revenue this early in a product launch,” Bagai said, adding that Q4 revenue “is not a reflection of physician demand, product satisfaction, or the long-term commercial opportunity.”
Voll provided additional details on the quarter and year:
- Fourth-quarter 2025 revenue: $238,000; full-year 2025 revenue: $1.1 million
- Fourth-quarter gross profit: $210,000, for an 88% gross margin
- R&D expense: $1.5 million in Q4 and $6.3 million for the year, reflecting investment in TIGeR-PaC and other studies
- SG&A expense: $2.2 million in Q4 and $7.0 million for the year, which Voll said reflected “disciplined cost management” while building commercial capabilities
- Cash and cash equivalents as of Dec. 31, 2025: approximately $7 million
Asked whether the Q4 SG&A run rate is indicative going forward, Voll said he expects it to remain “about that going forward,” with a slight increase as the company adds sales and marketing personnel.
Commercial expansion: active sites and pipeline
A central theme of the call was growth in the company’s network of commercial cancer centers. Bagai said RenovoRx exited Q4 with nine active commercial centers, including three that became active in the final two weeks of 2025. He later clarified the company’s metrics, stating that as of Feb. 27, 2026, “12 U.S. cancer centers are utilizing RenovoCath,” with “21 additional centers” evaluating the device, having completed evaluation, or preparing for activation.
Bagai described “active” as centers that have begun treating patients. He also described a broader funnel that includes sites going through internal approval processes—what he referred to as VAC approval—followed by the search for an initial appropriate patient.
For 2026, both Bagai and Voll emphasized an objective of expanding to about 36 active commercial sites by year-end, tripling the current footprint. Bagai said the plan is supported by a pipeline of centers “that have already completed evaluations, are in contracting, or are preparing for activation,” adding, “This is not aspirational growth. It is grounded in measurable commercial activity.”
RenovoCath adoption is also supported, Bagai said, by the build-out of a dedicated commercial organization. He noted the company hired a Senior Director of Sales and Market Development in the third quarter of 2025, followed by two regional sales managers and a marketing director in late 2025, with plans to add additional sales managers. In response to a question about whether a small team can reach the 36-site target, Bagai said three salespeople “can do it on their own right now,” with additional hires intended to improve geographic coverage and push beyond the initial goal.
TIGeR-PaC trial update and center conversions
Agah reviewed RenovoRx’s clinical strategy and reiterated the company’s view that its patented Trans-Arterial Micro-Perfusion (TAMP) platform enables targeted therapy delivery near tumor sites, potentially increasing local drug concentration while reducing systemic exposure versus conventional IV chemotherapy.
On the Phase 3 TIGeR-PaC trial, Agah said the company recently reached its 100th randomized patient milestone and remains on track to complete enrollment by the end of the first half of 2026, with final data anticipated in 2027. He added that as of March 24, 2026, RenovoRx had randomized 104 patients—about 91% of the required 114—while observing 72 events out of the 86 needed to trigger final analysis.
During Q&A, Bagai addressed the cadence of enrollment and randomization, explaining that patients are enrolled and undergo an induction phase, after which they are randomized if they still meet criteria. He said there is a “20%-30% or 30%-35% dropout rate during induction,” and clarified that figures such as 95 and 104 refer to randomized patients. Bagai said the company expects to randomize the 114th patient in 2026 and anticipates the 86th event would occur next year.
Executives also discussed converting TIGeR-PaC centers into commercial accounts. Bagai said the transition is “a lot easier and a lot simpler and a lot faster” because these centers already have trained physicians, familiarity with internal approval pathways, and established referral patterns. He added that conversion steps include updating pricing agreements for purchases outside the trial protocol and ensuring centers can purchase commercially without disrupting trial enrollment. Bagai told analysts that many TIGeR-PaC centers want to complete trial enrollment before increasing commercial use, to avoid competition for eligible patients.
Financing and 2026 outlook
Voll said RenovoRx is managing capital “with discipline” and noted that on March 23, 2026, the company closed an “oversubscribed private placement” raising gross proceeds of approximately $10 million. He said the financing included new and existing institutional investors—Transcend Partners, AIGH Capital Management, Bleichroeder, and Pathfinder Asset Management—and included participation from board members and senior management, including himself. Voll said proceeds are intended to accelerate sales efforts and support milestones in 2026 and 2027.
Looking ahead, Voll said that based on activity in the first two months of 2026—site activity, orders, and physician engagement—management expects the first quarter to be “the strongest revenue quarter yet,” with “the potential for multiple revenue expansion from Q4,” while emphasizing the company is not providing specific quarterly guidance.
For the full year 2026, Voll said RenovoRx expects revenue to range between $3 million and $4 million if it executes on its plan, driven primarily by active site expansion and increased utilization at existing centers. Bagai added that in the early stage of launch, quarterly performance can be influenced by the timing of a small number of patients, stating that each patient can represent “between $50,000-$80,000 of revenue.”
About RenovoRx (NASDAQ:RNXT)
RenovoRx, Inc is a clinical-stage medical technology company focused on the development of proprietary drug-device combination therapies for the treatment of solid tumor malignancies. The company’s lead product candidate, RenovoCath™, is an intra-arterial catheter system designed to deliver high concentrations of chemotherapeutic agents directly to tumor sites while minimizing systemic exposure. RenovoRx seeks to improve clinical outcomes and reduce adverse effects by enhancing drug delivery precision in hard-to-treat cancers.
RenovoCath™ is being evaluated in multiple clinical trials targeting advanced pancreatic cancer and metastatic colorectal cancer, among other solid tumors.
