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
|
www.renalytix.com
|
|
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
authorized; 154,368,191 and 93,781,478 shares issued
and
outstanding at June 30, 2024 and June 30, 2023,
respectively
|
|
|
|
|
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
paid-in
|
|
|
Accumulated
other
comprehensive
|
|
|
Accumulated
|
|
|
Total
shareholders'
|
|
(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
June 30, 2024
|
|
|
Year Ended
June 30, 2023
|
|
|
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
purchase plan
|
|
|
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
|
)
|
|
$
|
-
|
|
