REG - Renalytix PLC - Audited US GAAP financial results
01/10/2024 07:00
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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
(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 (http://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
(mailto: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 (mailto: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
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.globenewswire.com_Tracker-3Fdata-3Dg2rinqbAgg-2Dq5Zua64QfEh-5FImbC7cxpKB9fMEOz3nEgvr6IRtzAZxj77HJRk18dPdtyNTnCS5wIJ1D5jW3xgasJVSc2vtdKOkE7HOw0-2DTGX3cjSHd3i-5FCzFCyLZWUcSKJ8HLs45taXYF90tcW2H5jvJQ66-2Dptubg5SflXxITasXe8SzRw4G-2DCC8UkUEiwPPxyMy0tKineVUS68YuLWDU-2DxoRT-5FxA0mQEJiSlXcxjS4LOlrRcqdgIF2u9l4n8MGLypRT141E4e4yN-2D23wvBu55Q-3D-3D&d=DwMFAw&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=fSst1AtlXyuqcs3cHJXcCRilbI1Qm1WfjNYkVgQfiLE&m=x5AOF5f6YP3tVZ9mKlaIkDkd0lIL7rPPjgjD_AtJ3r5QFzDl5BYrag-ph5zsTQMe&s=1brUk7TUUdW3DplDx8C44VC2kkAYTrWlTciydIqpjoo&e=)
.
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 478 286
authorized; 154,368,191 and 93,781,478 shares issued and
outstanding at June 30, 2024 and June 30, 2023, respectively
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 Accumulated Accumulated Total
paid-in
other
shareholders'
comprehensive
(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 Year Ended
June 30, 2024
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 93 261
purchase plan
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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