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Renalytix plc Reports Financial Results for First Quarter of Fiscal Year 2025

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LONDON and NEW YORK, Nov. 20, 2024 /PRNewswire/ — Renalytix plc (LSE: RENX) (OTCQB: RNLXY), 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, reports its financial results for the fiscal quarter of 2025 ended September 30, 2024.  

First Quarter Fiscal 2025 and recent highlights

Continued test ordering momentum at a large New York-based physician group practice, after test ordering and processing commenced in September 2024Cash burn to be reduced to an approximate run rate of £560,000 (approximately $725,000) or less per month by the end of fiscal year 2025Financing comprising £11.8m (approximately US$14.9 million after expenses) in commitments completed subsequent to the end of the quarterCompany believes that as of November 2024, it now has sufficient cash on the balance sheet to fund current operationsIssued first guidance on multi-year revenue generation: c. $3.2m in FY25, $8.5m in FY26 and $17.5m in FY27Accomplished life sciences industry veteran Julian Baines MBE appointed as Executive Chairman.

James McCullough, CEO of Renalytix commented: “We are pleased to have positioned Renalytix financially and commercially for what we believe will be an exciting fiscal year that represents a breakout from our development phase into a commercially focused business leveraging growth within the large and unaddressed market we serve. Following our fundraise, for which we appreciate our investors’ support, we believe the wind is now behind our back and we are excited to propel the Company’s growth while supporting better patient outcomes through adoption of our kidneyintelX.dkd test by physicians and hospital systems.”

First Quarter 2025 Financial Results

During the three months ended September 30, 2024, the Company recognized $0.52 million of revenue, compared to $0.46 million for the three months ended September 30, 2023. Cost of revenue for the three months ended September 30, 2024 and 2023, was $0.42 million and $0.50 million, respectively.

Total operating expenses for the three months ended September 30, 2024 were $4.2 million, and down over 50% from $8.8 million during the prior year period.

Within operating expenses, research and development expenses were $0.9 million for the three months ended September 30, 2024, decreasing by $1.9 million from $2.8 million for the three months ended September 30, 2023. The decrease was attributable to a decrease in external R&D projects and studies, lower compensation and related benefits and a reduction in operating expenses.

General and administrative expenses were $3.3 million for the three months ended September 30, 2024, decreasing by $2.8 million from $6.1 million for the prior year period with the decrease driven by significant cost cutting measures.

Net loss was $4.7 million for the three months ended September 30, 2024, down over 50% from a net loss of $10.1 million for the prior year period.

Cash and cash equivalents totaled $0.9 million as of September 30, 2024.

Equity financing rounds, restructuring of liabilities and reduction in expenses allow sufficient cash for at least next twelve months

During October and November 2024 the Company secured additional rounds of equity financing comprising £11.8m (approximately US$14.9 million) in commitments and concurrently restructured a number of liabilities on the balance sheet. This additional equity funding, the reduction of cash expenses related to the Company’s liabilities, and an overall reduction in General and Administrative Expenses have significantly changed the Company’s financial position relative to cash needs.  As a result, the Company believes that as of November 2024, it now has sufficient cash on the Balance Sheet to fund current operations. While the possibility exists that the Company may seek additional capital, it is not required to sustain current operations for the next twelve months.

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

Mob: 07980 541 893 / 07407 804 654

CapComm Partners

Peter DeNardo

Tel: 415-389-6400 or investors@renalytix.com

About Renalytix
Renalytix (LSE: RENX) (OTCQB: RNLXY) 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.

Forward-Looking Statements

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 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)

For the Three Months Ended
September 30,

(in thousands, except share and per share data)

2024

2023

Revenue

$

522

$

459

Cost of revenue

422

502

Gross profit (loss)

100

(43)

Operating expenses:

Research and development

921

2,787

General and administrative

3,271

6,059

Total operating expenses

4,192

8,846

Loss from operations

(4,093)

(8,889)

Foreign currency gain, net

37

289

Fair value adjustment to VericiDx investment

97

(447)

Fair value adjustment to convertible notes

(762)

(1,207)

Other (expense) income, net

(5)

100

Net loss before income taxes

(4,726)

(10,154)

Income tax expense

(2)

Net loss

(4,728)

(10,154)

Net loss per ordinary share—basic

$

(0.04)

$

(0.11)

Net loss per ordinary share—diluted

$

(0.04)

$

(0.11)

Weighted average ordinary shares—basic

105,697,401

94,767,841

Weighted average ordinary shares—diluted

105,697,401

94,767,841

Other comprehensive income (loss):

Changes in the fair value of the convertible notes

(125)

75

Foreign exchange translation adjustment

(461)

42

Comprehensive loss

$

(5,314)

$

(10,037)

 

RENALYTIX PLC

CONSOLIDATED BALANCE SHEETS (Unaudited)

 

(in thousands, except share and per share data)

September 30,
2024

June 30,
2024

Assets

Current assets:

Cash and cash equivalents

$

909

$

4,680

Accounts receivable, net

902

722

Prepaid expenses and other current assets

1,068

716

Total current assets

2,879

6,118

Property and equipment, net

202

216

Investment in VericiDx

776

698

Other assets, net

937

940

Total assets

$

4,794

$

7,972

Liabilities and Shareholders’ Deficit

Current liabilities:

Accounts payable

$

3,188

$

1,590

Accounts payable – related party

2,408

1,018

Accrued expenses and other current liabilities

2,162

3,354

Accrued expenses – related party

102

1,329

Current lease liability

11

45

Convertible notes-current

4,142

4,159

Total current liabilities

12,013

11,495

Convertible notes-noncurrent

4,100

4,331

Total liabilities

16,113

15,826

Commitments and contingencies

Shareholders’ deficit:

Ordinary shares, £0.0025 par value per share: 173,841,695 shares
   authorized; 165,925,513 and 154,368,191 shares issued and
   outstanding at September 30, 2024 and June 30, 2024, respectively

515

478

Additional paid-in capital

206,705

204,893

Accumulated other comprehensive loss

(2,029)

(1,443)

Accumulated deficit

(216,510)

(211,782)

Total shareholders’ deficit

(11,319)

(7,854)

Total liabilities and shareholders’ deficit

$

4,794

$

7,972

 

RENALYTIX PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

For the Three Months Ended
September 30,

(in thousands)

2024

2023

Cash flows from operating activities:

Net loss

$

(4,728)

$

(10,154)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

60

127

Stock-based compensation

254

523

Fair value adjustment to VericiDx investment

(97)

447

Realized loss on sale of ordinary shares in VericiDx

42

Realized foreign exchange gain

(18)

Fair value adjustment to convertible debt, net interest paid

762

945

Non cash lease expense

28

Provision for credit losses

(25)

Changes in operating assets and liabilities:

Accounts receivable

(154)

(238)

Prepaid expenses and other current assets

(327)

(153)

Accounts payable

1,550

250

Accounts payable – related party

1,390

202

Accrued expenses and other current liabilities

(1,312)

(2,060)

Accrued expenses – related party

(1,233)

579

Net cash used in operating activities

(3,836)

(9,504)

Cash flows from investing activities:

Sale of ordinary shares in VericiDx investment

23

Net cash provided by investing activities

23

Cash flows from financing activities:

Payment of convertible notes principal

(1,060)

Payment of offering costs

(5)

Net cash used by financing activities

(1,065)

Effect of exchange rate changes on cash

42

(222)

Net decrease in cash and cash equivalents

(3,771)

(10,791)

Cash and cash equivalents, beginning of period

4,680

24,682

Cash and cash equivalents, end of period

$

909

$

13,891

Supplemental noncash investing and financing activities:

Noncash lease liabilities arising from obtaining right-of-use assets

$

$

4

Cash paid for interest on convertible debt

$

$

249

Issuance of shares for debt repayment

$

(1,588)

$

(1,054)

 

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SOURCE Renalytix plc

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Hilco Global Engaged by Stan Lee Holdings to Sell Rare & Valuable Intellectual Property Portfolio

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NEW YORK, July 24, 2026 /PRNewswire/ — Hilco Global, a diversified financial services company that delivers expert professional services and capital solutions to help clients maximize value and drive performance across the business lifecycle, is pleased to announce that its IP Services practice has been engaged by Stan Lee Holdings, Ltd. (“SLH”) to sell a legendary portfolio of intellectual property developed by Stan Lee, the iconic “father of the super hero.” Known as the Omniverse Collection created by Stan Lee, the portfolio represents a treasure trove of original characters and source material developed by Stan when he was leading Marvel Comics and when he built Stan Lee Entertainment – the first super hero animation studio created for the Internet age. This rare and valuable collection of Intellectual Property encompasses dozens of compelling super heroes and stories conceived by Stan from 1999 to 2001 as well as a franchise comprising over 50 well-known characters – the only franchise of Marvel-created characters not owned by Marvel. Full details of the collection, including the individual characters, franchises, and story properties it comprises, will be released in the coming weeks.

Through this collaboration, Hilco Global will work alongside SLH and former EVP of Marvel Entertainment Shirrel Rhoades to find a new home for a body of largely underleveraged super hero and other characters, as well as world-building intellectual property. Numerous supporting  scripts, episodes, and development materials spanning Stan Lee’s career are also part of the offering.

“The Omniverse Collection created by Stan Lee is one of the most significant super hero IP offerings of the decade,” said Eric Hurwitz, Senior Director of the Hilco Global IP Services practice. “This large, diverse portfolio presents the opportunity to capitalize on untapped material with an unmatched pedigree. A buyer essentially has a blank slate to bring these characters to fans worldwide and expand on Stan Lee’s legacy. Hilco Global is thrilled to bring these assets to market, leveraging deep experience across intellectual property and media valuation, licensing, and transaction execution.”

Among the intellectual property being offered is a hidden gem; a connected entertainment universe of Stan Lee’s own creation. “This one-of-a-kind IP collection illustrates just how far ahead Stan was in understanding the future of entertainment,” observed Shirrel Rhoades, who was handpicked by Stan Lee to succeed him as publisher of Marvel. “What we’re bringing to market isn’t a collection of isolated ideas. It’s pieces of one larger vision, a living digital universe in which characters can be created, experienced, and expanded across every form of media.”

Parties can reach out to Ehurwitz@hilcoglobal.com to register interest. More information about the offering, the individual properties within the collection, and the sale process will become available soon.

About Hilco Global:  Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, and intellectual property sectors. Hilco Global provides a range of customized solutions to healthy, stressed, and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to transact. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com

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SOURCE Hilco Trading, LLC

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GR0 to Acquire Ultimate AI’s Deployment Division and Launch GR0 AI, Turning Brands’ Existing Customer Data Into Revenue

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The new company pairs GR0’s performance marketing distribution with Ultimate Deployment’s AI agents and customer intelligence to build AI revenue systems for DTC and ecommerce brands; in one early deployment, AI-led customer conversations were associated with more than $350,000 in sales.

LOS ANGELES, July 24, 2026 /PRNewswire/ — GR0, the Los Angeles-based digital marketing agency, today announced plans to acquire Ultimate Deployment and launch GR0 AI, a new company that builds and deploys AI revenue systems for direct-to-consumer (DTC) and ecommerce brands. GR0 AI combines GR0’s performance marketing expertise, client relationships and sales infrastructure with Ultimate Deployment’s technology and experience deploying AI agents inside operating businesses.

“AI is creating an entirely new performance channel for brands,” said Jon Zacharias, co-founder and president of GR0. “Most companies already have the traffic, customer data and demand. What they’re missing is an intelligent system that knows who to contact, what to say and when to say it. GR0 AI turns the customer signals brands already own into personalized conversations and measurable revenue.”

The approach is already producing results. In one early deployment, AI-led customer conversations were associated with more than $350,000 in sales during a period in which the brand generated approximately $1 million in total revenue. GR0 AI deployments include attribution and incrementality reporting so brands can measure both assisted and directly generated revenue.

GR0 AI deploys inside a brand’s existing commerce, CRM, email, SMS, phone and customer-data infrastructure. Its systems:

Identify and prioritize high-intent customers and prospects Personalize outreach and follow-up based on customer behavior and company data Conduct two-way conversations across messaging channels, recovering revenue from abandoned carts, dormant customers and unconverted leads Escalate complex or high-value opportunities to human sales and support teams Measure the revenue associated with AI-driven interactions

“Most brands do not have a demand problem.  They already have thousands of customers and prospects sitting inside their systems,” said Ben Ganz, founder of Ultimate Deployment. “We build the company brain, unify the data and deploy AI employees that act on that intelligence. The opportunity falls into two buckets: recover the demand a brand has already earned, and make sure no new opportunity slips through the cracks. GR0 gives us the distribution, market access and operating experience to bring this to hundreds of brands.”

Ganz has spent his career at the intersection of entertainment and technology. He began as a producer on American Idol before moving into digital leadership at Fox, then founded VEGO Pictures, a digital production and technology company that worked with major entertainment and consumer brands and served as in-house production partner to Kevin Hart’s Laugh Out Loud Network. He also co-founded a virtual events company that produced digital graduation experiences for hundreds of thousands of students during the COVID-19 pandemic.

From there, Ganz and his team moved to the frontier of consumer AI, creating what FOX News called Hollywood’s first AI interactive voice experience. They powered AI personalities for creators with a combined audience of 100 million followers and engineered the world’s first AI assembly line for replicating personalities at scale, work the Hollywood Reporter recognized as the “Real-life Her.”  Ultimate Deployment then turned that conversational AI expertise toward the enterprise, building systems that connect company knowledge, customer data, and operational software with AI agents capable of performing real, meaningful business work.

“Ben and his team have built something with the potential to become a major new revenue channel for ecommerce companies,” Zacharias said. “We have seen very few offerings create this level of excitement among sophisticated performance marketers.”

Every GR0 AI engagement begins with an intensive discovery and implementation process: the team interviews key employees, maps the company’s systems and builds a centralized intelligence layer around the business. Lead scoring and prioritization are connected to the brand’s CRM before customer-facing AI agents go live.

“The technical opportunity is clear, and our job is to make it just as clear commercially,” said Kevin Miller, founder and CEO of GR0. “A brand that works with GR0 AI will know exactly what is being installed, how quickly it goes live and what revenue it is producing.”

The acquisition is expected to close this quarter, subject to completion of definitive agreements. Financial terms were not disclosed.

Brands interested in early GR0 AI deployments can learn more at www.gr0.com.

About GR0

GR0 is a full-service digital marketing agency that helps DTC and ecommerce brands accelerate growth through data-driven performance marketing, creative strategy and emerging technology. Co-founded by Kevin Miller and Jon Zacharias, GR0 provides services across SEO, Generative Engine Optimization, paid media, email, SMS, creative, affiliate and marketplace growth, and was among the first agencies to build a dedicated GEO practice, which is recognized by VentureBeat as one of America’s premier Generative Engine Optimization agencies. GR0 is headquartered in Los Angeles. Learn more at GR0.com.

About Ultimate Deployment

Ultimate Deployment builds AI employees for growing companies. Founded by Ben Ganz, the company captures how a business operates, organizes its institutional knowledge, connects its systems and deploys AI agents that perform real operational work across sales, customer experience, marketing, finance and internal teams.

Before its enterprise focus, Ultimate Deployment’s team built consumer AI at entertainment scale, creating Hollywood’s first interactive voice experience, powering AI personalities for creators with a combined audience of 100 million followers and engineering the world’s first AI assembly line for replicating personalities’ work featured by Fox News and recognized by The Hollywood Reporter as the real-life Her.

About Ultimate AI

Ultimate AI, founded by Ben Ganz, is a holding company building AI across consumer and enterprise. It launched during the first wave of consumer generative AI as an early AI super app, bringing more than 100 AI tools and assistants into a single consumer platform that peaked within the top 10 of its Apple App Store category, according to company data. The company then expanded into creator AI, developing technology that lets public figures build interactive AI experiences around their personality, voice, knowledge and content. In 2024, Ultimate AI created Pookie Tools (widely known as the Hawk Tuah AI app), whose launch generated more than 400 million organic social media views and more than 10,000 downloads in its first seven days with no paid marketing, according to company data. It went on to develop real-time voice and personality products, including an experience Fox News described as Hollywood’s first real-time AI experience.

Ultimate Deployment, the enterprise arm that GR0 is acquiring, formed in March 2026 following the release of frontier agentic models from Anthropic and OpenAI, and applies that technology inside operating companies. It builds AI employees that capture how a business operates, unify its data and systems, and perform real operational work across sales, customer experience, marketing, finance and internal teams.

Company: GR0
Media Contact Name: GR0 Agency
Media Contact Email: press@gr0.com
Phone: +1 (310) 439-1887
Address: Los Angeles, CA, USA
Website: https://gr0.com/

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SOURCE GR0.com LLC

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Tech Mahindra and Cisco Partner to Bring AI-Driven Security Service Edge to Global Enterprises

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PUNE, India, July 24, 2026 /PRNewswire/ — Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries, announced a partnership with Cisco to deliver an AI-driven Security Service Edge (SSE) offering for global enterprises. The joint offering will help enterprises reduce security complexity, improve visibility and control, deliver seamless user access, and strengthen resilience as they scale cloud, hybrid work, and AI adoption.

The partnership combines Tech Mahindra’s global managed services, integration, and delivery expertise with Cisco’s industry-leading Security Service Edge (SSE) platform (Cisco Secure Access) to provide unified, cloud-native security and seamless zero-trust access across users, devices, networks, and locations. For Tech Mahindra, the partnership strengthens its cybersecurity portfolio with differentiated, high-value managed security services, expands its addressable market, and accelerates pipeline growth in cloud security.

Saket Singh, SVP & Business Head – Digital Core Services (Cloud, Infrastructure, Network and Cyber Security Services), Tech Mahindra, said, “As enterprises increasingly operate in hybrid and distributed environments, security must evolve from siloed controls to unified, cloud-native platforms. Fragmented tools, inconsistent user experiences, and rising threats are creating visibility and control gaps as applications are accessed from anywhere. Through our partnership with Cisco, we are combining advanced SSE capabilities with Tech Mahindra’s managed services expertise to simplify operations, strengthen zero-trust enforcement, and deliver consistent, AI-powered protection at scale.”

By integrating a secure web gateway, cloud access security broker (CASB), zero trust network access (ZTNA), firewall-as-a-service, data loss prevention (DLP), and much more into a single platform, the offering simplifies security operations and delivers AI-powered protection. Enterprises benefit from end-to-end visibility, faster deployment, and a streamlined path to modernizing their security architecture while accelerating secure cloud adoption and cyber resilience. Additionally, as enterprises inevitably step into the agentic era, this solution provides robust and rapidly expanding protections for the use of generative AI and AI agents.

Raj Chopra, SVP & Chief Product Officer, Cisco Security Business Group, said, “Enterprises don’t need another tool to stitch into an already complex security stack. They need a simpler way to secure how work actually happens across users, devices, applications, clouds, and increasingly AI agents. Cisco Secure Access brings zero trust, identity context, and AI-powered protection into one cloud-delivered platform, helping teams enforce policy consistently while giving users seamless access from anywhere. Together with Tech Mahindra’s global managed services and integration expertise, we can help organizations modernize security operations, accelerate secure cloud and AI adoption, and move with confidence in the agentic era.”

The integrated SSE solution reinforces Tech Mahindra and Cisco’s leadership in unified cloud-security, helping enterprises simplify secure access, strengthen resilience and accelerate digital transformation in an increasingly distributed and AI-driven world.

 

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SOURCE Tech Mahindra

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