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 listen-only mode. There will be a Q&A session following management's presentation. I will now turn the call over to Valter Pinto, Managing Director of KCSA Strategic Communications. Please go ahead.

Thank you, operator. Good afternoon and welcome everyone to the RenovoRx second quarter of 2026 financial results conference call. I'm joined today by members of our leadership team, including Shaun Bagai, chief executive officer, Dr. Ramtin Agah, chief medical officer, executive chair and founder, and Mark Voll, chief financial officer. Before we begin, I'd like to remind everyone that statements made during today's 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 RenovoRx's clinical and commercial plans, strategies, and estimates, or expectations of financial or operational performance, including revenue, 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 10-Q for the quarter ended June 30th, 2026, for a detailed discussion of the risks and uncertainties facing Renovo Rx. With that, I now turn the call over to our Chief Executive Officer, Shaun Bagai.

Thank you, Walter, and good afternoon, everyone. Over the past several quarters, we set out three milestones for Renovo Rx. In this quarter, we delivered on all three. First, revenue growth. The second quarter was a record revenue quarter, our strongest to date. Second, commercial momentum. We activated new commercial cancer centers at a pace ahead of our internal targets. And third, expansion beyond locally advanced pancreatic cancer. For the first time, a treating physician chose RenovoCAF to deliver therapy to a patient with a different solid tumor. We told our investors we were going to achieve these goals, and we delivered. Last quarter, we spoke openly about the meaningful progress we've made on the commercialization of RenovoCat, shifting our narrative from concept to execution and growth. This quarter shows our commercial execution in action with our highest quarterly revenue, and we could not be more excited about our future. Our job now is to keep delivering quarter after quarter. For the second quarter ended June 30, 2026, RenovoRx generated record revenue of $909,000, are strongest quarterly performance to date, increasing approximately 61% sequentially and approximately 115% year-over-year. To put this performance in perspective, our second quarter revenue alone represented approximately 83% of our entire full-year 2025 revenue of $1.1 million. This is the direct, measurable result of the commercial model we have described. More active commercial cancer center customers More procedures and more revenue. With each new center we activate adding to our growth and creating a compounding effect. Let's walk through our predictors of our future revenue. Revenue growth is the outcome, but the leading indicator of continued revenue growth in the coming quarters and the metric I would encourage investors to continue to watch most closely is new account activations. Our activated commercial cancer centers to date have been a source of recurring repeat demand So the pace at which we activate accounts is what gives us confidence in future revenue growth. On that measure, our progress is clear. At the time of our May 14th earnings call, we had 16 active commercial cancer centers. We ended the second quarter with 21 active commercial cancer centers, an increase of more than 30% in just one quarter. We remain on pace to meet or exceed our target of 36 active commercial cancer centers by year-end 2026. The majority of these paying customers are cancer centers that purchase RenovoCath are distinct from the clinical trial research sites participating in our Phase 3 TigerPak study. And our customer pipeline beyond those active centers is robust. In addition to our 21 active customers, we have 42 additional centers in various stages of evaluation, approval, and activation, representing a total of 63 centers in our commercial funnel. The growth of our total customer funnel is a 31% increase over the 48 centers we reported on our first quarter call. In addition, 15 of our TigerPack trial sites are positioned to move to commercial RenovoCAP use, and several have already begun doing so. As these sites transition, we expect them to be a meaningful contributor to our revenue in the second half of 2026. Another key metric of commercial success is repeat orders. We continue to see strong repeat ordering from our existing customers, which is one of the clearest indicators of physician satisfaction and product utility in interventional oncology. When a physician places a second, third, and fourth order for their Ovocath, it confirms their product is delivering an important treatment option and clinical utility for their patients. Given our customer pipeline and based on what we're seeing so far in terms of repeat orders, our third quarter revenue is tracking to exceed the second quarter and become yet another record revenue quarter. This commercial growth and strong customer pipeline are driven by a lean commercial team that is in place and executing. The results certainly speak for themselves. Going forward, we may incrementally add to our sales team where a specific market opportunity warrants it, but our growth model remains focused on efficient capital allocation and investing into our growth as needed. We are deploying the capital from our March capital raise prudently and effectively, and we are generating a strong return on that investment. We reduced our operating loss for the quarter, and as our revenue scales, we expect our operating loss will continue to decline. Physician-to-physician advocacy continues to grow, which is historically the most powerful driver of adoption in interventional oncology. Since receiving FDA 510 clearance, RenovoCath has been used in more than 900 successful procedures. Before I turn the call over to Ramtin, I want to take a moment to touch on the current overall pancreatic cancer market and how we believe this benefits us. There has been significant industry attention recently on new therapies for pancreatic cancer, and we believe those developments represent a meaningful opportunity for RenovoRx. Because RenovoCath is a device to deliver treatments more optimally, we see breakthroughs in pancreatic cancer therapy as complementary and as an important tailwind for our business. Beyond always putting the patient first for this deadly disease, I want to remind everyone that our TAMP technology enabled by RenovoCath is a collaborative, localized drug delivery platform with two ways emerging therapies can strengthen our opportunity. First, we can deliver established drugs locally, sequentially to or concurrently with novel therapies, creating the potential for improved patient outcomes, concentrating therapy where it is needed. Second, as new drugs come to market, we believe many of them can be delivered directly via a RenovoCath device. and in both cases, our view is that novel improved therapies make our targeted delivery platform even more valuable. We recently announced the first commercial clinical use of Rinovocast in sarcoma treatment, marking the expansion of our targeted drug delivery device to other solid tumors and showing real potential for expansion of localized delivery of chemotherapy. Ramtin will go into more detail about this milestone, but it's important to note that this expansion is physician driven. an important and encouraging element as we look toward the potential for broader adoption of RenovoCath. In closing, I could not be more proud of our team for their execution and hard work. The second quarter was a record quarter for us, not only from a revenue perspective, but also across all our key metrics, including growing customer pipeline, high retention rate, and repeat orders. With that, I'll turn the call over to our Chief Medical Officer, Executive Chair and Founder, Dr. Ramtin Agah.