NEW YORK – RenalytixAI on Tuesday reported $400,000 in pharmaceutical service revenue for Q2 2021, compared to none a year ago.
RenalytixAI reported a net loss of $9.1 million, or $0.12 per share, for the recently completed quarter compared to a net loss of $4.7 million, or $0.08 per share a year ago.
The firm's Q2 R&D expenses soared 127 percent to $2.5 million from $1.1 million a year ago. The rise was due to increased headcount as well as expenses related to two product development studies focused on long-term effects of COVID-19 on kidney health, said the UK-based firm, which went public in July.
Meanwhile, the firm's general and administrative expenses jumped 313 percent to $6.6 million from $1.6 million, primarily due to increased expenses related to public listing compliance, headcount, and consulting and professional fees.
At the end of the quarter, RenalytixAI had $74.5 in cash and cash equivalents.
RenalytixAI's KidneyIntelX assay, which was launched in September, uses machine learning algorithms to assess blood-based biomarkers and electronic health records (EHR) to provide risk assessment of progressive kidney function or kidney disease failure in patients with early-stage diabetic kidney disease.
In January, RenalytixAI proposed a new risk-sharing agreement with dialysis service firm DaVita to convince healthcare providers to cover a model that they believe will slow the progression of chronic kidney disease in at-risk patients.
In February, RenalytixAI signed a deal with the University of Utah Health to roll out the KidneyIntelX assay at the university's academic medical center.
RenalytixAI noted that it has issued its first test reports to primary care and specialist physicians in the Mount Sinai network, completing the first instance of fully integrated EHR ordering and score reporting. The firm expects increased physician participation to increase with revenue recognition to begin in the fiscal third quarter of 2021.
"We expect to announce additional partnerships in 2021 that will further set the foundation for direct access to KidneyIntelX in advance of Medicare coverage by large groups of primary care and specialist clinicians treating early-stage kidney disease patients," James McCullough, CEO of RenalytixAI, said in a statement.
In addition, RenalytixAI said it plans to continue development work on expanding the indicated use population for the assay to include kidney disease patients of African and Hispanic ancestry as early as 2022.