**Summary of Renalytix PLCs Audited Full Year Fiscal 2025 Results**
Renalytix PLC, a precision medicine diagnostics company, announced its audited financial results for the fiscal year ended 30 June 2025, highlighting significant growth and strategic advancements in its kidney disease prognostic testing business.
**Financial Highlights**
**Revenue Growth** Total revenues increased by 30% to $3.0 million, driven by growth across all revenue streams, including a 52% quarter-on-quarter increase in direct-to-doctor channel revenue in Q4FY25.
**Margin Improvement** Gross margin rose to 40% from 9% in FY24, attributed to lab processing efficiencies, reduced depreciation, and higher-margin service revenues.
**Cost Reduction** Administrative expenses decreased by 40% to $18.4 million, primarily due to lower employee costs, professional fees, and R&D expenses, as well as savings from delisting from NASDAQ and regaining Foreign Private Issuer status.
**EBITDA Loss Reduction** Underlying EBITDA loss decreased by 54%, reflecting operational efficiencies and cost management.
**Fundraising** Successfully raised £6.7 million in an oversubscribed institutional equity capital fundraise in September 2025, following a £11.8 million raise in October 2024.
**R&D Tax Credits** Received over $1 million in R&D cash tax credits for FY24 and FY23, with $0.4 million received post-year-end.
**Commercial and Operational Highlights**
**Medicare Reimbursement** First full year with Medicare reimbursement for kidneyintelX.dkd, improving accounts receivable turnover and average unit testing price.
**EMR Integration** Completed full integration with a New York-based primary care physician network, validating the business model for reaching large primary care doctor bases. Additional healthcare provider networks are slated for EMR integration in 2025.
**Strategic Partnerships**
Announced collaboration with Tempus AI to expand national availability of kidneyintelX.dkd in the U.S.
Partnered with MVP Health Care to offer testing to 770,000 eligible members in New York and Vermont.
Expanded into Arizona, the fourth target market, focusing on its high Medicare population.
**Clinical Validation** Published data in prestigious journals like JASN and presented at key conferences (e.g., National Kidney Foundation, ERA 2025) supporting the clinical utility of kidneyintelX.dkd in risk stratification and therapy allocation.
**Operational Efficiency** Achieved a 50% reduction in laboratory test turnaround time, enhancing service delivery.
**CEO Statement Key Points**
**Strategic Focus** Emphasis on integrating kidneyintelX.dkd into electronic medical record (EMR) systems to scale growth without increasing salesforce overhead.
**Partnerships** Collaborations with Tempus AI and MVP Health Care are expected to significantly expand patient and clinician access to testing.
**Financial Resilience** Improved balance sheet through debt restructuring, fundraising, and R&D tax credits, positioning the company for accelerated growth.
**Pharma Collaborations** Growing service revenue from partnerships with leading pharmaceutical companies, establishing kidneyintelX.dkd as a standard for drug therapy utility.
**Outlook** Plans to announce additional strategic agreements in FY26 and host a capital markets day in Q3-FY26 to outline growth strategy.
**Financial Review**
**Revenue Breakdown** Testing revenue grew to $2.7 million, and pharmaceutical revenues increased by 200% to $0.3 million.
**Administrative Costs** Reduced significantly due to operational optimizations and cost-cutting measures.
**Balance Sheet** Improved through debt conversions and fundraising, with cash on hand of $3.6 million at year-end.
**Going Concern** Despite substantial doubt due to historical losses, management is confident in the company’s ability to continue as a going concern through strategic initiatives and financial improvements.
**Subsequent Events**
Signed a collaboration agreement with Tempus AI to expand testing availability within its U.S. healthcare network.
Raised £7.05 million through a significantly oversubscribed fundraise, including a WRAP Retail Offer.
Converted $4 million of convertible bonds into equity, improving the balance sheet and reducing interest expenses.
Renalytix PLC is well-positioned to capitalize on its strategic advancements, partnerships, and financial resilience to drive growth and improve patient outcomes in chronic kidney disease management.
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Total Revenues ($M) | 2.3 | 3.0 | +30% |
| Testing Revenue ($M) | 2.2 | 2.7 | +23% |
| Pharmaceutical Revenue ($M) | 0.1 | 0.3 | +200% |
| Gross Margin (%) | 9% | 40% | +31% |
| Administrative Expenses ($M) | 30.7 | 18.4 | -40% |
| Underlying EBITDA Loss ($M) | Not specified | 54% decrease | Not applicable |
| R&D Tax Credits Received ($M) | Not specified | 1.4 (FY23-FY25) | Not applicable |
| Equity Fundraise ($M) | 11.8 (Oct 2024) | 6.7 (Sep 2025) | Not applicable |
| Long-Term Debt ($M) | 4.3 (Jun 2024) | 3.1 (Oct 2025) | -28% |
| Cash on Hand ($M) | 4.7 | 3.6 | -23% |
| Loss for the Period ($M) | 45.5 | 20.4 | -55% |