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Renalytix PLC said on Wednesday its quarterly loss narrowed as revenue doubled and it continued to take action to reduce expenditure.
The London-based artificial intelligence-enabled in vitro diagnostics company said its loss from operations in the three months that ended September 30 narrowed to $11.7 million from $11.8 million a year prior, while revenue doubled to $969,000 from $482,000.
As it had set out in August, Renalytix is looking to reduce annual expenditures by more than $12 million through program, vendor and employee reductions, while additional opportunities to cut costs are currently under review.
Research and development expenses were cut by 5% to $3.8 million during the first quarter of its financial 2023 from $4.0 million a year earlier, largely due to a $200,000 decrease in employee-related expenses.
General and administrative expenses increased by 1.2% to $8.2 million from $8.1 million, primarily due to a £600,000 increase in employee-related expenses, including £300,000 severance expenses offset by a £500,000 decrease in insurance expenses.
Renalytix said cash and cash equivalents were $31.0 million on September 30, down 43% from $54.3 million a year earlier.
The company highlighted new commercial coverage for its KidneyIntelX laboratory test product, with 30 private insurance and network provider contracts executed to date. This includes the largest private payer in the US state of Illinois with 8.1 million members, as well as the largest independent network in the tristate North Carolina, South Carolina and Virginia of over 100,000 health care providers.
A record 1,200 KidneyIntelX tests were performed in the first quarter of its financial 2023, of which over 80% were billable, raising around $1.0 million in revenue.
Shares in Renalytix were up 2.1% to 74.00 pence in London on Wednesday afternoon.
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