Audited US GAAP financial results
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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:
Audited Full Year Fiscal 2024 Results under IFRS will be issued in due course.
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:
| (in thousands, except share and per share data) | June 30, 2024 | June 30, 2023 | |||
|---|---|---|---|---|---|
| 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 | ) | $ | - |
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