Renalytix plc
For the period ended Mar 31, 2024. Filed May 15, 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.
Mar 31, 2024 · Filed May 15, 2024
RENXFStored price and day change unavailable
Contents
Item 1. Consolidated Financial Statements (unaudited)
CONSOLIDATED BALANCE SHEETS (Unaudited)
| (in thousands, except share and per share data) | March 31, 2024 | June 30, 2023 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $4,704 | $24,682 |
| Accounts receivable | 554 | 776 |
| Prepaid expenses and other current assets | 1,082 | 1,424 |
| Total current assets | 6,340 | 26,882 |
| Property and equipment, net | 230 | 1,027 |
| Right of Use Asset | — | 159 |
| Investment in VericiDx | 1,060 | 1,460 |
| Other Assets | 1,139 | 1,101 |
| Total assets | $8,769 | $30,629 |
| Liabilities and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $2,101 | $1,485 |
| Accounts payable – related party | 3,027 | 1,451 |
| Accrued expenses and other current liabilities | 4,273 | 6,644 |
| Accrued expenses – related party | 1,060 | 1,963 |
| Current lease liability | 78 | 130 |
| Convertible notes-current | 4,449 | 4,463 |
| Total current liabilities | 14,988 | 16,136 |
| Convertible notes-noncurrent | 4,892 | 7,485 |
| Noncurrent lease liability | — | 41 |
| Total liabilities | 19,880 | 23,662 |
| Commitments and contingencies (Note 10) | ||
| Shareholders’ equity: | ||
| Ordinary shares, £0.0025 par value per share: 128,042,743 shares authorized; 119,916,187 and 93,781,478 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively | 368 | 286 |
| Additional paid-in capital | 194,786 | 186,456 |
| Accumulated other comprehensive loss | (1,558) | (1,450) |
| Accumulated deficit | (204,707) | (178,325) |
| Total shareholders’ (deficit) equity | (11,111) | 6,967 |
| Total liabilities and shareholders’ (deficit) equity | $8,769 | $30,629 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
| For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||
|---|---|---|---|---|
| (in thousands, except share data) | 2024 | 2023 | 2024 | 2023 |
| Revenue | $535 | $724 | $1,703 | $2,885 |
| Cost of revenue | 601 | 603 | 1,583 | 2,010 |
| Gross profit (loss) | (66) | 121 | 120 | 875 |
| Operating expenses: | ||||
| Research and development | 2,216 | 3,943 | 8,228 | 11,026 |
| General and administrative | 3,854 | 7,095 | 15,252 | 22,155 |
| Impairment loss on property, equipment and other long-lived assets | 417 | — | 723 | — |
| Performance of contract liability to affiliate | — | — | — | (19) |
| Total operating expenses | 6,487 | 11,038 | 24,203 | 33,162 |
| Loss from operations | (6,553) | (10,917) | (24,083) | (32,287) |
| Equity in net losses of affiliate | — | — | — | (9) |
| Foreign currency gain (loss), net | 15 | (461) | 215 | 238 |
| Fair value adjustment to VericiDx investment | 40 | 129 | (205) | (1,070) |
| Fair value adjustment to convertible notes | (1,196) | (1,168) | (2,517) | (1,898) |
| Other (expense) income, net | (49) | 310 | 212 | 521 |
| Net loss before income taxes | (7,743) | (12,107) | (26,378) | (34,505) |
| Income tax (expense) benefit | — | 1 | (4) | 2 |
| Net loss | $(7,743) | $(12,106) | $(26,382) | $(34,503) |
| Net loss per ordinary share—basic | $(0.08) | $(0.14) | $(0.27) | $(0.44) |
| Net loss per ordinary share—diluted | $(0.08) | $(0.14) | $(0.27) | $(0.44) |
| Weighted average ordinary shares—basic | 97,654,961 | 85,560,783 | 98,184,650 | 78,366,984 |
| Weighted average ordinary shares—diluted | 97,654,961 | 85,560,783 | 98,184,650 | 78,366,984 |
| Other comprehensive income (loss): | ||||
| Changes in the fair value of the convertible notes | $155 | $593 | $230 | $70 |
| Foreign exchange translation adjustment | 21 | 505 | (338) | 6 |
| Comprehensive loss | $(7,567) | $(11,008) | $(26,490) | $(34,427) |
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