Audited US GAAP financial results

RNS Number : 4130G

Renalytix PLC

01 October 2024

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 [email protected]
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 [email protected]

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	)	$	-

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END

FR KZMGGDMKGDZG

TIDM	RENX
Share Price	4.15p-75.90%
Market Cap	£13.85m

Date	1 Oct 2024
Time	07:00:10
Category	Results
ID	4130G

TIDM	RENX
Share Price	4.15p-75.90%
Market Cap	£13.85m

Date	1 Oct 2024
Time	07:00:10
Category	Results
ID	4130G

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Audited US GAAP financial results