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Renalytix Fiscal Q3 Revenues Up 31 Percent

NEW YORK – Renalytix on Thursday said its fiscal third quarter revenues rose 31 percent year over year.

For the three months ending March 31, the London-based company reported revenues of $812,000 compared to $619,000 in Q3 2021. The growth was driven by an increase in revenue related to its machine learning-based KidneyIntelX test.

During the quarter, the firm received coverage for KidneyIntelX by the largest private payor in Illinois with 8.1 million members and from the largest independent provider network in North Carolina, South Carolina, and Virginia, it said in a statement.

Renalytix's net loss in fiscal Q3 rose to $14.7 million, or $.20 per share, from a net loss of $8.8 million, or $.12 per share, a year earlier.

Its Q3 R&D spending jumped 26 percent year over year to $3.9 million from $3.1 million. The increase was driven by employee-related expenses, lab supplies, and professional fees associated with the company's utility studies at Mount Sinai, Wake Forest Baptist Health, and the University of Utah.

General and administrative spending in the recently completed quarter nearly doubled year over year to $10.8 million from $5.5 million. The jump was largely the result of a $4.3 million increase in compensation, reimbursable expenses, and related benefits due to increased headcount. Renalytix also saw an increase in consulting and professional fees, as well as in computers, software, and IT costs, it said.

At the end of Q3, Renalytix had cash and cash equivalents totaling $32.4 million.

The firm said it intends to file a shelf registration statement with the US Securities and Exchange Commission to offer and sell up to $300 million of its ordinary shares, including the intention to enter into an at-the-market agreement with a sales agent to sell up to $50 million of American Depositary Shares.

For full fiscal year 2022, Renalytix expects revenues to be approximately $2.9 million, up from $1.5 million in 2021.

Shares of Renalytix were down 39 percent to $2.41 in early morning trading on Thursday on the Nasdaq.