Detailed financial statements for RenovoRx, Inc. (RNXT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
RenovoRx, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing therapies for solid tumor malignancies. The company's primary investigational therapy, RenovoGem, is an innovative drug and device combination. It integrates intra-arterial gemcitabine with the RenovoCath system, currently progressing through pivotal Phase III clinical trials for the treatment of locally advanced pancreatic cancer. Established in 2009, RenovoRx, Inc.
Analysis Summary
Trailing-twelve-month margins: gross margin 84.4%, operating margin -6.8%, net margin -6.2%.
At the current price of $1.55, RNXT has negative trailing earnings (P/E not meaningful) and an ROE of -145.63%. Market capitalisation stands at $70M.
Balance sheet quality for RNXT: current ratio of 4.0, net cash position of $6.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $43000 | $1.1M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $327000 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | $43000 | $796000 |
| Research & Development | $3.0M | $2.4M | $3.0M | $4.3M | $5.7M | $6.0M | $6.3M |
| Selling, General & Admin | $899000 | $818000 | $2.6M | $5.6M | $5.7M | $5.0M | $7.0M |
| Operating Expenses | $3.9M | $3.2M | $5.7M | $9.9M | $11.4M | $11.0M | $13.3M |
| Operating Income | -$3.9M | -$3.2M | -$5.7M | -$9.9M | -$11.4M | -$11.0M | -$12.5M |
| EBITDA | -$3.8M | 0 | -$5.5M | -$9.8M | -$10.1M | -$8.8M | -$11.2M |
| Interest Expense | 0 | $590000 | $904000 | $57000 | $108000 | 0 | 0 |
| Pre-tax Income | -$3.8M | -$3.8M | -$6.3M | -$9.9M | -$10.2M | -$8.8M | -$11.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$3.8M | -$3.8M | -$6.3M | -$9.9M | -$10.2M | -$8.8M | -$11.2M |
| EPS | $-0.22 | $-0.25 | $-0.40 | $-0.54 | $-0.50 | $-0.37 | $-0.32 |
| EPS (Diluted) | $-0.22 | $-0.25 | $-0.40 | $-0.54 | $-0.50 | $-0.37 | $-0.32 |
| Shares Outstanding (Diluted) | $17.3M | $17.3M | $17.9M | $18.1M | $20.6M | $23.6M | $35.3M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.1M | $1.8M | $15.2M | $4.4M | $1.2M | $7.2M | $7.0M |
| Short-term Investments | 0 | 0 | 0 | $2.0M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | $43000 | $139000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | $189000 |
| Total Current Assets | $2.3M | $1.9M | $16.3M | $7.3M | $1.5M | $7.8M | $7.9M |
| Property, Plant & Equipment | 0 | 0 | $6000 | 0 | 0 | $290000 | $202000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.3M | $1.9M | $16.3M | $7.3M | $1.5M | $8.1M | $8.1M |
| Accounts Payable | $538000 | $162000 | $525000 | $534000 | $561000 | $586000 | $799000 |
| Short-term Debt | 0 | $2.8M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $805000 | $4.1M | $938000 | $1.1M | $1.2M | $1.9M | $2.0M |
| Long-term Debt | 0 | $23000 | 0 | 0 | 0 | 0 | $107000 |
| Total Liabilities | $805000 | $16.6M | $938000 | $1.1M | $4.5M | $3.6M | $2.7M |
| Retained Earnings | -$11.2M | -$15.0M | -$21.3M | -$31.2M | -$41.4M | -$50.2M | -$61.4M |
| Total Equity | $1.5M | -$14.7M | $15.3M | $6.2M | -$3.0M | $4.5M | $5.4M |
| Total Debt | 0 | $2.8M | 0 | 0 | 0 | $278000 | $212000 |
| Net Debt | -$2.1M | $995000 | -$15.2M | -$6.4M | -$1.2M | -$6.9M | -$6.8M |
| Working Capital | $1.5M | -$2.2M | $15.3M | $6.2M | $291000 | $5.9M | $5.9M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$3.8M | -$3.8M | -$6.3M | -$9.9M | -$10.2M | -$8.8M | -$11.2M |
| Depreciation & Amortization | 0 | 0 | $9000 | $6000 | 0 | 0 | $2000 |
| Stock-based Compensation | $38000 | $50000 | $147000 | $644000 | $1.1M | $1.2M | $1.3M |
| Change in Working Capital | $443000 | -$269000 | -$265000 | $428000 | $605000 | $280000 | -$247000 |
| Operating Cash Flow | -$3.4M | -$3.5M | -$5.9M | -$8.8M | -$10.3M | -$9.1M | -$11.0M |
| Capital Expenditure | 0 | 0 | -$15000 | 0 | 0 | -$12000 | -$2000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.4M | -$3.5M | -$5.9M | -$8.8M | -$10.3M | -$9.1M | -$11.0M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2511.6% | ||||||
| Net Income Growth (YoY) | +1.1% | -66.5% | -56.4% | -3.5% | +13.9% | -26.7% | |
| EPS Growth (YoY) | -13.6% | -60.0% | -35.0% | +7.4% | +26.0% | +13.5% | |
| Shares Change (YoY) | +0.0% | +3.1% | +1.3% | +13.7% | +14.7% | +49.7% | |
| FCF Growth (YoY) | -5.3% | -68.1% | -48.6% | -16.4% | +10.9% | -20.1% | |
| Gross Margin | 100.0% | 70.9% | |||||
| Operating Margin | -25511.6% | -1114.0% | |||||
| EBITDA Margin | -20497.7% | -994.3% | |||||
| Net Margin | -20497.7% | -994.5% | |||||
| FCF Margin | -21248.8% | -977.3% | |||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.19 | $-0.20 | $-0.33 | $-0.49 | $-0.50 | $-0.39 | $-0.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $17.3M | $17.3M | $17.9M | $18.1M | $20.6M | $23.6M | $35.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -145.63% |
| Return on Invested Capital | -139.74% |
| Return on Assets | -107.09% |
| Gross Margin | 84.41% |
| Operating Margin | -678.04% |
| Net Margin | -621.71% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 5.74 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -8.04 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -33.00 | -29.04 | -12.10 | -4.35 | -4.58 | -3.49 | -2.63 |
| P/B | 85.85 | -8.58 | 5.63 | 6.90 | -15.71 | 6.80 | 5.47 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 708.18 | 26.43 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 70.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -25511.6% | -1114.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -20497.7% | -994.5% |
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Explore sector: Healthcare · Biotechnology
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