Shares in kidney diagnostics company Renalytix PLC ( AIM:RENX , OTC:RNLXY , FRA:2O9 ) fell 8% to 5.50p as its results disclosed a 'material uncertainty' over its ability to continue as a going concern.
Directors linked that uncertainty to achieving forecast revenue growth and potentially securing further funding to reach cash flow breakeven. They nevertheless expect adequate resources to continue operating for the foreseeable future.
The warning comes despite a $14 million equity fundraising in September 2026. It also converted $4.6 million of debt into shares, clearing all outstanding convertible debt.
Before that fundraising, cash stood at $1.4 million on 30 June, against $3.6 million a year earlier, after operations consumed $10.9 million over the 12 months.
The unaudited results for those 12 months also showed flat revenue of $3 million, with commercial testing revenue falling to $2.2 million from $2.7 million.
Renalytix attributed the testing decline primarily to a smaller sales team and the timing of healthcare system integrations. Higher life sciences revenue offset the fall.
Cost reductions narrowed the operating loss to $14 million from $17.2 million, but future revenue growth still depends on successful commercial expansion.
That expansion includes a planned US national launch with Quest Diagnostics beginning in the first quarter of 2027. Renalytix expects testing growth to accelerate in the second half of that year.
