RenovoRx, Inc.

Good afternoon. I will be your conference call operator today. Please note that today's call is being recorded and all participants, other than management, are in a listen-only mode. There will be a Q&A session following management's presentation. I will now turn the call over to Walter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead.

Thank you, Operator. Good afternoon, everyone, and welcome to the Renovo REC's first quarter 2026 earnings conference call. I'm joined today by members of our leadership team, including Dr. Ramtan Agha, Chief Medical Officer and Executive Chair, Sean Begay, Chief Executive Officer, and Mark Voll, Chief Financial Officer. Before we begin, I'd like to remind everyone that statements made during today's conference call contain or may contain forward-looking statements covered by the safe harbor provisions of the Private Security Litigation Reform Act of 1995 and applicable federal securities laws. These statements, including statements regarding Renovo Rx's clinical and commercial plans, strategies, and estimates or expectations of financial results, including revenue and operational performance, are based on management's current plans and assumptions, and actual results may differ materially. Please refer to our filings with the SEC, including our form 10Q, for the quarter ended March 31st, 2026, for a detailed discussion of the risks and uncertainties facing Renovo RX. With that, I'd like to turn the call over to our Chief Executive Officer, Sean Begay.

Thank you, Walter, and good afternoon, everyone. When we spoke with you in late March, we told you that Q1 2026 would be our strongest revenue quarter yet. Today, I am pleased to confirm that we delivered on that commitment. Our first quarter results mark an important inflection point for Renovo RX. We are no longer outlining a strategy. We are now executing it. For the first quarter ended March 31, 2026, we generated revenue of $563,000, our highest quarterly revenue to date. This represents approximately 136% growth quarter over quarter compared to Q4 2025 revenue of $238,000. more than doubling our revenue in just a single quarter. Just as important, Q1 2026 alone accounts for more than half or approximately 51% of our total 2025 revenue of $1.1 million. This is not a coincidence. It is a direct result of deliberate commercial execution driven by the continued expansion of active cancer centers using our RenovoCat device, exactly as we previously outlined. Based on the momentum we are seeing across our commercial footprint, we expect second quarter 2026 revenue to exceed our first quarter revenue, keeping us nicely on track for our expected 2026 revenue target in the $3 to $4 million range. The growth we have built is real, measurable, and growing with each additional active commercial center. Let me walk you through what's driving this commercial momentum and growth. Our commercial model is straightforward and highly scalable. As more centers approve purchase of the device and become active customers, momentum increases with additional trans-arterial microperfusion or TAMP procedures using RENOVOCATH. This rise in TAMP procedures leads to greater revenue growth, keeping in mind RENOVOCATH is a single-use device and each patient undergoes several TAMP procedures. The expansion of our active cancer centers and procedures is the clearest indicator of that trajectory. One of the key lessons we learned in 2025 was the time it takes for a center to approve the use of RenovoCav and then for a center to order devices and schedule procedures. We are now beginning to apply these lessons with positive effect. We began 2025 with five active commercial cancer centers, and by the year end, we had grown to eight. As of May 2026, we had 16 active commercial centers. We define an active center as a center actively treating patients. Currently, we have 32 additional centers 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. As you may recall from our last conference call, our objective is to have 36 centers online and ordering by the end of this year, and our pipeline provides us with the capacity to meet this goal. So that's revenue and customer growth, but I also want to speak to the quality of this growth. We are seeing strong repeat ordering behavior from existing customers, which we view as a clear reflection of physician satisfaction and utility for TAMP and RenovoCast in the interventional oncology market. That is a kind of recurring, organic, physician-driven adoption that is critical and reflects real-world validation that we're building durable, long-term commercial growth. Our pipeline of prospective cancer centers remains robust, with active value analysis committee or VAC submissions underway across a number of leading institutions. Importantly, we see up to 15 active TigerPak Phase III trial sites that have used reNOVA-Cas in the trial and are already transitioning to commercial clinical use. We expect these conversions to serve as a meaningful revenue driver in the second half of 2026. Separately, I'm pleased to share that reNOVA-Rx was recently recognized by Fast Company as one of its world's most innovative companies of 2026 in the medical devices category. This acknowledgement reflects broader recognition of our team and dedication to innovation. Turning to our commercial infrastructure, this is where innovation translates into execution. Our relatively small, capital efficient, but agile and motivated commercial team is in place and delivering. Their focus is clear and the plan is working. I won't spend time on team composition today as results speak for themselves. What I will highlight is the growing level of physician-to-physician advocacy which has been the most powerful driver of adoption in interventional oncology. Since receiving an initial FDA 510K clearance in 2014, RenovoCath has been used in more than 750 successful procedures. We are building this commercial franchise in a disciplined, systematic way, and our Q1 results demonstrate that the model is validated and scaling. With that, I'll turn the call over to our Chief Medical Officer and Executive Chair, Dr. Ramtan Agha.