RenovoRx (NASDAQ:RNXT) reported its strongest quarterly revenue to date in the first quarter of 2026, as executives said the company’s commercial rollout of its RenovoCath device is gaining momentum across cancer centers.
Chief Executive Officer Shaun Bagai said on the company’s earnings call that RenovoRx generated $563,000 in revenue for the quarter ended March 31, 2026, up about 136% from $238,000 in the fourth quarter of 2025. He said the first-quarter total was also more than half of the company’s total 2025 revenue of $1.1 million.
The company reiterated its full-year 2026 revenue target of $3 million to $4 million and said it expects second-quarter revenue to exceed first-quarter revenue.
Commercial Center Expansion Drives Growth
Bagai said revenue growth is being driven by the expansion of cancer centers using RenovoCath, a single-use device used in transarterial microperfusion, or TAMP, procedures. Each patient undergoes several TAMP procedures, he said, creating a model in which additional active centers and procedure volume can drive recurring device revenue.
RenovoRx began 2025 with five active commercial cancer centers and ended the year with eight. As of May 2026, the company had 16 active commercial centers, which Bagai defined as centers actively treating patients. He said another 32 centers are in various stages of evaluation, approval or activation.
“In total, these 48 centers represent a quadrupling of our near-term pipeline compared to the first quarter of 2025,” Bagai said. The company’s goal is to have 36 centers online and ordering by the end of 2026.
Bagai also pointed to repeat ordering from existing customers as a sign of physician satisfaction and adoption in interventional oncology. He said up to 15 active sites from the company’s Phase 3 TIGeR-PaC trial that have used RenovoCath in the trial are expected to transition to commercial clinical use, with those conversions anticipated to support revenue growth in the second half of 2026.
Since receiving initial FDA 510(k) clearance in 2014, RenovoCath has been used in more than 750 successful procedures, Bagai said. He also noted that Fast Company recently recognized RenovoRx as one of its “world’s most innovative companies” of 2026 in the medical devices category.
TIGeR-PaC Enrollment Nears Completion
Dr. Ramtin Agah, RenovoRx’s Chief Medical Officer and Executive Chair, said the company’s patented TAMP therapy platform is designed to deliver targeted chemotherapy through the arterial wall near the tumor site, with the goal of concentrating drug delivery at the tumor while potentially reducing systemic exposure and toxicity versus intravenous chemotherapy.
Agah said the Phase 3 TIGeR-PaC trial remains on schedule. As of May 14, 2026, the trial had randomized 106 patients, representing about 93% of the required 114 patients, with 12 patients enrolled in induction. The company expects to send notifications of closure of enrollment in early June and complete enrollment by the end of June 2026.
The trial has observed 74 of the required 86 events needed for data analysis. RenovoRx continues to expect final data in mid to late 2027. The trial is evaluating intra-arterial gemcitabine delivered via RenovoCath for locally advanced pancreatic cancer compared with systemic intravenous chemotherapy, the current standard of care.
Agah said completion of trial enrollment supports the commercial strategy because trial sites can transition from research use to commercial use. He said RenovoRx is also supporting investigator-initiated trials and registry studies in borderline resectable and metastatic pancreatic cancer, use of other agents beyond gemcitabine, and use of TAMP in other solid tumors.
Agah also cited a pharmacokinetic substudy of the TIGeR-PaC trial presented in January 2026 at the ASCO GI meeting. He said the abstract concluded that TAMP and intra-arterial gemcitabine resulted in reduced systemic levels of gemcitabine and increased levels of its active metabolite compared with intravenous gemcitabine. A full paper has been submitted for publication later this year.
Margins, Expenses and Cash Position
Chief Financial Officer Mark Voll said RenovoRx’s first-quarter revenue grew from $197,000 in the prior-year period and reflected the addition of five new active commercial cancer centers during the quarter, along with repeat ordering from existing customers.
Gross profit in the first quarter was $479,000, representing a gross margin of 85.1%. Research and development expenses were $1.2 million, reflecting continued investment in the TIGeR-PaC trial and a post-marketing registry study. Voll said R&D expense was positively affected by $141,000 in receipts from the TIGeR-PaC clinical study.
Selling, general and administrative expenses were approximately $2.7 million. Voll said operating expenses were generally in line with forecast, with R&D below expectations and general and administrative expenses slightly above projections due to timing differences.
RenovoRx closed an oversubscribed private placement during the quarter, generating approximately $10 million in gross proceeds. Voll said the financing included new and existing institutional investors, as well as participation from members of the board and senior management. As of March 31, 2026, the company had approximately $12.4 million in cash and cash equivalents.
Voll said the company’s cash position provides runway to fund operations into the second half of 2027 as RenovoRx works toward cash flow positive operations. He added that fundraising is not the company’s current focus, though it may be opportunistic if market conditions are favorable.
Analyst Questions Focus on Spending and Adoption
During the question-and-answer session, Scott Henry of Alliance Global Partners asked whether current spending levels would remain stable as revenue grows. Voll said the company does not expect a meaningful increase in operating expenses and believes its current expense levels are sufficient as it ramps revenue. He said RenovoRx should see cash burn decline as revenue increases.
Henry also asked whether revenue trends are becoming less “chunky” as the business scales. Bagai said the increase from eight active centers at year-end to 16 in about four and a half months should help smooth quarterly variability, though growth percentages may differ by quarter.
Asked whether clinical sites will convert quickly to commercial use after the trial, Bagai said the company has had discussions with the sites and sees interest in continued treatment. He said commercial use may benefit from a broader patient population than the trial, which was limited to treatment-naive patients under a narrow enrollment scope.
Justin Walsh of JonesTrading asked what aspects of RenovoCath are resonating with physicians. Bagai said the side effect profile is the largest driver, followed by confidence that the treatment will not reduce patient lifespans and the hope, based on early data, that it may increase lifespans. He said areas of interest beyond locally advanced pancreatic cancer include metastatic pancreatic cancer, resectable or borderline resectable pancreatic cancer, biliary tumors or cholangiocarcinoma, non-small cell lung cancer, pelvic tumors and sarcomas.
Ed Woo of Ascendiant Capital asked whether RenovoCath will require significant R&D investment. Bagai said the device does not require large R&D efforts, though the company is working on optimizations that could streamline manufacturing and reduce catheter cost of goods over the next year or two.
About RenovoRx (NASDAQ:RNXT)
RenovoRx, Inc is a clinical-stage medical technology company focused on the development of proprietary drug-device combination therapies for the treatment of solid tumor malignancies. The company’s lead product candidate, RenovoCath™, is an intra-arterial catheter system designed to deliver high concentrations of chemotherapeutic agents directly to tumor sites while minimizing systemic exposure. RenovoRx seeks to improve clinical outcomes and reduce adverse effects by enhancing drug delivery precision in hard-to-treat cancers.
RenovoCath™ is being evaluated in multiple clinical trials targeting advanced pancreatic cancer and metastatic colorectal cancer, among other solid tumors.
