Renalytix plc
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 14, 2024
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Contents
Item 1. Consolidated Financial Statements
CONSOLIDATED BALANCE SHEETS (Unaudited)
| (in thousands, except share and per share data) | December 31, 2023 | June 30, 2023 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $5,619 | $24,682 |
| Accounts receivable | 1,370 | 776 |
| Prepaid expenses and other current assets | 1,261 | 1,424 |
| Total current assets | 8,250 | 26,882 |
| Property and equipment, net | 576 | 1,027 |
| Right of Use Asset | 102 | 159 |
| Investment in VericiDx | 1,220 | 1,460 |
| Other Assets | 1,128 | 1,101 |
| Total assets | $11,276 | $30,629 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $2,109 | $1,485 |
| Accounts payable – related party | 707 | 1,451 |
| Accrued expenses and other current liabilities | 4,259 | 6,644 |
| Accrued expenses – related party | 3,673 | 1,963 |
| Current lease liability | 111 | 130 |
| Convertible notes-current | 3,063 | 4,463 |
| Total current liabilities | 13,922 | 16,136 |
| Convertible notes-noncurrent | 5,310 | 7,485 |
| Noncurrent lease liability | — | 41 |
| Total liabilities | 19,232 | 23,662 |
| Commitments and contingencies (Note 10) | ||
| Shareholders’ equity: | ||
| Ordinary shares, £0.0025 par value per share: 107,189,897 shares authorized; 99,930,156 and 93,781,478 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively | 305 | 286 |
| Additional paid-in capital | 190,437 | 186,456 |
| Accumulated other comprehensive loss | (1,734) | (1,450) |
| Accumulated deficit | (196,964) | (178,325) |
| Total shareholders’ (deficit) equity | (7,956) | 6,967 |
| Total liabilities and shareholders’ (deficit) equity | $11,276 | $30,629 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
| For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||
|---|---|---|---|---|
| (in thousands, except share data) | 2023 | 2022 | 2023 | 2022 |
| Revenue | $709 | $1,192 | $1,168 | $2,161 |
| Cost of revenue | 480 | 711 | 982 | 1,407 |
| Gross profit | 229 | 481 | 186 | 754 |
| Operating expenses: | ||||
| Research and development | 3,225 | 3,326 | 6,012 | 7,083 |
| General and administrative | 5,339 | 6,810 | 11,398 | 15,060 |
| Impairment loss on property and equipment | 306 | — | 306 | — |
| Performance of contract liability to affiliate | — | (7) | — | (19) |
| Total operating expenses | 8,870 | 10,129 | 17,716 | 22,124 |
| Loss from operations | (8,641) | (9,648) | (17,530) | (21,370) |
| Equity in net losses of affiliate | — | — | — | (9) |
| Foreign currency (loss) gain, net | (89) | (108) | 200 | 699 |
| Fair value adjustment to VericiDx investment | 202 | (345) | (245) | (1,199) |
| Fair value adjustment to convertible notes | (114) | (440) | (1,321) | (730) |
| Other income, net | 161 | 97 | 261 | 211 |
| Net loss before income taxes | (8,481) | (10,444) | (18,635) | (22,398) |
| Income tax (expense) benefit | (4) | — | (4) | 1 |
| Net loss | (8,485) | (10,444) | (18,639) | (22,397) |
| Net loss per ordinary share—basic | $(0.09) | $(0.14) | $(0.19) | $(0.30) |
| Net loss per ordinary share—diluted | $(0.09) | $(0.14) | $(0.19) | $(0.30) |
| Weighted average ordinary shares—basic | 97,268,051 | 74,891,844 | 96,017,946 | 74,848,278 |
| Weighted average ordinary shares—diluted | 97,268,051 | 74,891,844 | 96,017,946 | 74,848,278 |
| Other comprehensive income (loss): | ||||
| Changes in the fair value of the convertible notes | — | (920) | 75 | (523) |
| Foreign exchange translation adjustment | (401) | 588 | (359) | (499) |
| Comprehensive loss | (8,886) | (10,776) | (18,923) | (23,419) |
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