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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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GAC Wins 8 Awards, Including 4 First Prizes, Showcasing Technological Innovation Strength

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October 31, 2026

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SUZHOU, China, Oct. 31, 2026 /PRNewswire/ — On October 28, GAC won 8 awards at the 2026 China-SAE Science and Technology Award ceremony in Suzhou, Jiangsu. In the fields of automotive chips, electric drive, vehicle safety, intelligent driving governance and body design, four first prizes were awarded to two GAC-led projects and two GAC-participated projects, and one GAC-led project won second prize.

In chips, GAC’s led project built a full-chain path from vehicle definition to scale application, working with 105 partners to apply nearly 400 chip models and over 1,000 domestic chips. The HYPTEC GT Special Edition, China’s first ICV with 100% domestically designed chips, has been launched.

In electric drive, GAC pioneered mass production of amorphous alloy stators and carbon-fiber high-speed rotors, becoming the world’s only company to mass-produce amorphous alloy automotive motors. Its amorphous ribbon is just 0.025 mm thick. The motor reaches 99.03% peak efficiency, 17.29 kW/kg power density (@1000V)—nearly three times the industry mainstream—and 30,000 rpm maximum speed; system CLTC efficiency reaches 94.184%. For users, energy consumption drops 4%, and range rises 30-50 km with the same battery capacity. It has been applied to HYPTEC, AION and AISTALAND models and promoted to other automakers. The related precision manufacturing technology won the Gold Medal with Congratulations of the Jury at the 51st International Exhibition of Inventions of Geneva.

In safety, the GAC-led project with Tsinghua University won second prize. It developed China’s first ASIL-D fully domestic safety controller, real-time risk quantification, active-suspension side-impact mitigation, a rear-window airbag and an “automaker-traffic police-hospital” integrated rescue model. It has been applied to 20 models with cumulative sales of 1.446 million units.

In addition, GAC’s participated L2-L4 safety governance project helped establish a full-lifecycle system covering pre-admission, in-process supervision and post-event traceability. Its participated BIW project features an AI-based body design system that generates concept schemes within 5 hours, with over 95% stiffness prediction accuracy and over 30% higher design efficiency; it has been applied to the second-generation GAC GS8, GAC ES9 and GAC All-new S7.

Looking ahead, GAC will uphold innovation-driven development, advance core technology breakthroughs and commercialization, and support high-quality development of China’s auto industry.

For further information about GAC, please visit: https://www.gacgroup.com/en or follow us on social.

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SOURCE GAC

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ScienceOra Demonstrates AI-Assisted Hydrogen-Production Catalyst Design Workflow at Tencent Global Digital Ecosystem Summit

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October 31, 2026

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The workflow spans literature analysis, candidate design, experimental planning and industrial decision support, extending AI4S into materials research

SHENZHEN, China, Oct. 30, 2026 /PRNewswire/ — Wenge AI demonstrated an AI-assisted hydrogen-production catalyst design workflow supported by ScienceOra at the 2026 Tencent Global Digital Ecosystem Summit. The demonstration showed how AI for Science (AI4S) can connect literature analysis, catalyst candidate design, experimental planning and industrial decision support, helping materials researchers translate scientific evidence into actionable research plans.

ScienceOra is Wenge AI’s intelligent research decision platform, built on the ScienceOne Scientific Foundation Model. For specialist research tasks such as materials development, the platform brings together scientific models, professional literature, research data and tools to support information access, research-plan development and scientific decision-making.

From literature analysis to catalyst candidate design

The demonstration focused on the design of a high-entropy alloy catalyst for the alkaline hydrogen evolution reaction. To address the need for high activity and durability, ScienceOra searched professional literature and drew on published research methods and elemental properties to support the development of candidate designs. It also cross-checked optimization proposals against relevant literature, providing researchers with references that could be reviewed and verified.

Rather than simply generating material formulations, the workflow connects documentary evidence, materials knowledge and specific design objectives to support more targeted analysis of candidate solutions. Researchers remain responsible for assessing scientific validity and determining subsequent research directions.

From experimental planning to industrial decision support

For experimental planning, ScienceOra can assist in developing research protocols around candidate designs, helping researchers organize experimental variables and producing testing standard operating procedures (SOPs) and related reference information for subsequent validation.

For industrial applications, the platform can also support comparative analysis across dimensions such as the feasibility of scaled hydrogen production, performance at industrially relevant current densities, durability, raw-material availability and compatibility with mass-production synthesis processes. It can then assist in establishing decision priorities, screening criteria and process-improvement recommendations.

Candidate designs, experimental plans, process recommendations and references can be consolidated into a structured research report, helping R&D teams assess scientific evidence alongside engineering constraints. AI provides analytical and decision support, while experimental testing and scientific validation remain essential parts of materials research.

Previously disclosed collaboration reports design efficiency and activity improvements

In a previously disclosed industry–research collaboration on hydrogen-production catalyst design, ScienceOra supported literature analysis and research-plan development. The collaboration reported a 38% improvement in catalyst activity and reduced the design stage from several months to 30 minutes. The case illustrates the potential of domain-specific AI to connect scientific literature, research design and engineering requirements.

ScienceOra was recently made available on Tencent WorkBuddy, with an initial offering of more than 30 research expert agents and skills covering literature analysis, research hypotheses, plan design, modeling and simulation, validation analysis and research communication. The conference demonstration further illustrated how ScienceOra can be applied to specialist materials research, as AI4S moves beyond general information processing toward support for research workflows and industrial R&D decision-making.

For more information, visit https://www.scienceone.ai/portal/.

About Wenge AI

Wenge AI (1956.HK) is a provider of artificial intelligence technology and service platform products for enterprises. With self-developed large models as its core, the company helps enterprises build practical intelligent platforms and applications. Founded by a team of AI scientists from the Chinese Academy of Sciences, Wenge AI has deep technological expertise in large models, cognitive intelligence and complex-system modeling, and is committed to advancing AI from technological capabilities to enterprise-level applications.

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Cake Digital Bank Wins Gold at Qorus-Infosys Finacle Banking Innovation Awards 2026

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October 31, 2026

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ROME, Oct. 31, 2026 /PRNewswire/ — Cake Digital Bank, a digital-only bank from Vietnam, has won Gold at the Qorus-Infosys Finacle Banking Innovation Awards 2026 for its initiative, “Reinventing Financial Experiences Through an AI-First Banking Model.” Cake was the only financial institution from Vietnam recognized at this year’s awards.

The winners were celebrated in Rome, Italy, during Infosys Finacle Conclave 2026. The 13th edition of the awards attracted 538 submissions from 206 financial institutions across 68 countries, with 37 institutions recognized across ten award categories. The selection process combined voting by industry peers with evaluation by an expert jury of 81 senior banking executives.

The award-winning institutions included leading international banking names such as Santander, Commonwealth Bank, DBS, Maybank, and CaixaBank, reflecting the global scope and competitive landscape of the awards.

John Berry, Chairman of Qorus, observed that the banking industry is entering a new era in which AI is becoming integral to innovation, transforming initiatives and expanding the possibilities of financial services.

Building an AI-First Banking Model from the Ground Up

As artificial intelligence becomes increasingly central to banking innovation, financial institutions face a growing challenge: translating technological capabilities into better customer experiences, greater operational efficiency, and sustainable business performance.

Cake’s AI-first approach reflects this industry shift while taking a different starting point. Rather than integrating AI into established banking processes, Cake was built as a digital-only bank from the outset, embedding AI, data, and automation into its technology architecture, operating model, and customer journeys.

This greenfield foundation has enabled Cake to develop an integrated AI-first banking model, where technology supports how the bank makes decisions, manages operations, and delivers financial services at scale.

Supported by its independently developed core banking and card management systems, Cake applies AI across the banking value chain, from customer onboarding, credit assessment, and fraud prevention to risk management, customer service, and personalized financial recommendations.

Beyond operational efficiency, Cake has also invested in localized AI capabilities designed specifically for Vietnamese users, enabling more accessible, responsive, and personalized financial experiences.

Scaling Growth with Efficiency and Sustainable Business Performance

Nearly six years since its launch, Cake has grown to serve more than 8 million customers, demonstrating the scalability of its branchless digital banking model.

Cake achieved positive EBITDA in Q3 2024, just 3.5 years after launch, marking a significant milestone in demonstrating the viability of its digital-only banking model. The bank subsequently recorded 173% year-on-year revenue growth in 2025, followed by a further 121% growth in 2026, reflecting sustained business momentum as it continues to scale. Meanwhile, average revenue per user (ARPU) increased from USD 12 in 2024 to USD 44 in 2026, highlighting Cake’s ability to generate greater value from its growing customer base.

Beyond customer acquisition, Cake’s growth strategy increasingly focuses on deepening customer relationships and expanding the range of financial needs served through its platform and partner ecosystems. This approach reflects the bank’s evolution toward a mature digital banking model, where scale is complemented by stronger customer engagement, operational efficiency, and long-term business sustainability.

Nguyen Huu Quang, CEO of Cake Digital Bank, said:

“Winning Gold at the Qorus-Infosys Finacle Banking Innovation Awards is a meaningful international recognition of Cake’s AI-first banking model. From the beginning, our ambition has been to build a digital bank that combines technological innovation with sustainable business performance, while making financial services simpler, more accessible, and more relevant to customers. This recognition reinforces our commitment to delivering world-class banking experiences for Vietnamese users and continuing to advance our AI-first capabilities.”

The Gold Award marks another milestone in Cake’s development as a next-generation AI-first digital bank. It also demonstrates how a banking model developed and scaled in an emerging market can deliver meaningful customer and business outcomes, contributing practical perspectives to the global conversation on the future of digital banking.

In September 2026, Cake was also named “Vietnam’s Best Digital Bank” by Euromoney under its Group Level Banking Awards, further recognizing the bank’s progress in strategy, technology, and business performance.

About the Qorus-Infosys Finacle Banking Innovation Awards

The Qorus-Infosys Finacle Banking Innovation Awards are jointly organized by Qorus, a global association for retail financial institutions, and Infosys Finacle, a digital banking solutions provider. Now in their 13th edition, the awards recognize innovative initiatives and banking models that deliver meaningful impact across the global financial services industry.

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