Renalytix Reports Financial Results for First Quarter of Fiscal Year 2022

December 7, 2021

Renalytix reported financial results for the quarter ended September 30, 2021.

Recent Highlights

• KidneyIntelX market access expansion continues with:
  • Increasing sales force deployment across VA Health system
  • Increasing medical science liaison (MSL) personnel nationwide
  • Clinical testing at Wake Forest / Atrium initiated in November
  • Clinical testing with Capital District Physicians Health Plan (CDPHP) initiated in November
  • Mount Sinai physician ordering base increased, with target testing run rate of 300 patients per week
• Partnered with St. Joseph’s Health, based in Syracuse, NY, part of the Trinity Health System, for KidneyIntelX deployment and to advance value-based care
• Multiple private insurance coverage determinations, including Blue Cross Blue Shield coverage in two states
• Expanded peer-reviewed publication of key analytical and clinical validation studies including presentation of therapeutic response data
• Continued advancing KidneyIntelX regulatory strategy for diabetic kidney disease
• Implemented efforts to accelerate VA Health system launch program at a national level
• Continued hiring of key commercial personnel including Southeast regional sales, market access and health systems partnership directors to support expansion with Wake Forest and additional regional healthcare providers and payers
• JP Morgan Healthcare Conference presentation confirmed for January 12, 2022

First Quarter 2022 Financial Results
During the three months ended September 30, 2021, the Company recognized $0.5 million of revenue (Q1 2021: nil). Cost of revenue for the three months ended September 30, 2021 was $0.2 million.

Operating expense for the three months ended September 30, 2021 was $12.1 million compared to $5.4 million during the prior year period.

Within operating expenses, research and development expenses were $4.0 million for the three months ended September 30, 2021, an increase of $2.3 million from $1.7 million for the three months ended September 30, 2020. The increase in R&D expense was primarily due to professional fees as the Company continued utility studies at Mount Sinai and began utility studies at Wake Forest as well as the University of Utah.

General and administrative expenses were $8.1 million for the three months ended September 30, 2021, increasing $4.0 million from $4.1 million for the three months ended September 30, 2020. The increase was primarily due to an increase in compensation and related benefits, including share-based payments, due to increased headcount, as well as an increase in consulting and professional fees as the Company continues to grow.

Net loss attributable to ordinary shareholders was $10.1 million for the three months ended September 30, 2021 compared to $7.2 million for the prior year period.

Cash and cash equivalents totaled $54.3 million as of September 30, 2021.

The Company will host a corresponding conference call and live webcast to discuss the financial results and key topics including business strategy, partnerships and regulatory and reimbursement processes, today at 8:30 a.m. (EST) / 1:30 p.m. (GMT).

Read the full report here »