RenovoRx, Inc.

RenovoRx reported second-quarter 2026 revenue of $909 thousand, up approximately 61% sequentially from $563 thousand in Q1 and approximately 115% year over year from $422 thousand in Q2 2025. Gross profit was $706 thousand, implying a gross margin of approximately 84%, versus roughly 85% in Q1. Operating loss was approximately $3.4 million, and net loss per share improved to $0.06 from $0.08 a year ago and $0.09 in the prior quarter. Cash and cash equivalents were approximately $9.5 million at 6/30/2026, versus approximately $12.4 million at 3/31/2026. Management raised full-year 2026 revenue guidance to $3.75 million-$4.25 million from $3 million-$4 million, implying 241% to 286% year-over-year growth versus 2025 revenue of $1.1 million. The company said it believes a quarterly revenue run rate of approximately $5 million would represent cash flow breakeven, and it expects to achieve breakeven operations in Q4 2027 under its internal plan.

Shaun Bagai framed the quarter as proof that RenovoRx has moved from concept to execution, saying the company hit all three milestones it set: revenue growth, commercial momentum, and expansion beyond pancreatic cancer. He emphasized that new account activations are the leading indicator to watch, and said active commercial centers rose to 21 with a customer funnel of 63 centers total. His tone was optimistic but focused on execution, repeating that the company is building a scaling commercial business with repeat orders, physician advocacy, and selective spending.

Mark Voll highlighted the quarter’s financial progress, noting $909 thousand in revenue, $706 thousand in gross profit, and an approximately 84% gross margin. He said R&D was approximately $200 thousand, SG&A approximately $2.9 million, and operating loss approximately $3.4 million, with the company still reducing operating loss as revenue grows. He ended with updated capital and guidance details: $9.5 million in cash, runway into the second half of 27, a $5 million quarterly revenue run rate as the breakeven threshold, and full-year 2026 revenue guidance raised to $3.75 million-$4.25 million.

Analysts focused on how the company is converting commercial sites, especially trial sites, into active revenue-generating customers. Management said the 21 active centers are already purchasing and using customers, that 42 more centers are in the funnel, and that several TIGeR-PaC sites have already started transitioning or should do so over the next quarter or two. Questions also probed site economics and margins; management said the current center mix includes both high-volume and smaller hospitals, and that gross margins could improve with a next-generation product expected sometime next year.