Audited US GAAP financial results

October 1, 2024
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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

 

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 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

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

 

 

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