1. Think of it like **Intuitive Surgical** (known for Da Vinci surgical robots), but instead of robots for surgery, RenovoRx uses a specialized catheter and delivery system to precisely target and treat solid tumors with chemotherapy.

2. It's like an early-stage **Moderna** or **BioNTech**, but instead of developing new mRNA vaccines, RenovoRx is creating a novel drug and device platform to improve how existing cancer drugs are delivered directly to tumors.

• RenovoGem: A drug and device combination therapy consisting of intra-arterial gemcitabine and RenovoCath, currently in Phase III clinical trials for locally advanced pancreatic cancer.

Shaun R. Bagai Chief Executive Officer

Mr. Bagai has served as RenovoRx's Chief Executive Officer and a director since June 2014. Prior to joining RenovoRx, he led Global Market Development for HeartFlow, Inc. from 2011 to 2014, where he directed Japanese market research, regulatory/payer collaboration, and Key Opinion Leader development, and orchestrated their largest clinical trial. HeartFlow, Inc. later had an IPO in 2025. Mr. Bagai was also instrumental in developing the European market for renal denervation for Ardian, Inc., which led to its acquisition by Medtronic in 2011 for approximately $1 billion. He began his career in clinical research and medical device sales.

Mark Voll Chief Financial Officer

Mr. Voll was appointed Chief Financial Officer, effective February 1, 2026. He brings over three decades of financial leadership experience in the semiconductor and high-technology sectors. Mr. Voll has a track record of guiding high-growth companies through pivotal transitions, including IPOs, mergers, acquisitions, and large-scale operational expansion. He successfully guided companies through initial public offerings and subsequent exits, including Techwell, Inc. (IPO in 2006, acquired by Intersil in 2010), Montage Technology (IPO in 2013, acquired by PDSTI in 2014), and Aquantia Corporation (IPO in 2017, acquired by Marvell Technology in 2019).

Ramtin Agah, MD Executive Chairman, Chief Medical Officer, and Co-Founder

Dr. Agah has served as RenovoRx's Chief Medical Officer and Co-Founder since December 2009, and as Chairman of the Board since May 2018. He is an Interventional Cardiologist at El Camino Hospital, Mountain View, a role he began in September 2005, and has acted as a physician consultant for Abbott Vascular. Dr. Agah invented the double-balloon catheter (RenovoCath) that forms the foundation for RenovoRx's TAMP therapy platform, after observing challenges in isolating blood flow during a pancreatic cancer case.

Leesa Gentry Chief Clinical Officer

Ms. Gentry brings 29 years of experience focused on improving clinical research programs in the Contract Research Organization (CRO), pharmaceutical, and biotech industries. Her past employers include IQVIA (Quintiles), PPD, OmnicareCR, and Otsuka. At PPD, she was a Global Project Manager and Senior Research Specialist for Clinical Systems, where her team developed one of the pharmaceutical industry's first clinical trial management systems. Prior to RenovoRx, she was Senior Vice President of Clinical Operations at Evotec.

Ronald B. Kocak Vice President, Controller

Mr. Kocak serves as RenovoRx's Vice President and Controller. He was RenovoRx's interim controller in a consulting capacity since October 2021. Mr. Kocak is a seasoned financial reporting and accounting professional with extensive public company experience in the life sciences industry. Prior to joining RenovoRx, he was Controller and Senior Director of Finance at Sensei Biotherapeutics, Inc., where he led finance and accounting activities.

1. Clinical Development and Regulatory Approval Risk: RenovoRx's primary asset, RenovoGem, a drug and device combination, is currently undergoing Phase III clinical trials for locally advanced pancreatic cancer. Despite positive interim data suggesting a survival benefit and reduced adverse events, there is no guarantee that the ongoing clinical trials will achieve their primary endpoints, demonstrate sufficient efficacy or safety, or be completed on anticipated timelines. Failure or delays in these trials could severely impact the company's future. Furthermore, even with successful clinical trial outcomes, obtaining the necessary regulatory approvals (e.g., from the FDA) for commercialization is a complex, lengthy, and uncertain process that can involve additional requirements or delays.
2. Financial Viability and Funding Risk: As a clinical-stage biopharmaceutical company, RenovoRx has consistently reported operating losses and negative cash flow, indicating a significant "cash burn." As of June 2025, the company had an estimated cash runway of approximately 14 months. The company explicitly states the need for additional financing to fund future operating expenses and capital requirements, with the potential for diluting current shareholder value through new equity issuances. The ability to secure sufficient capital to complete clinical trials and pursue commercialization remains a significant challenge.
3. Competition and Market Access Risk: RenovoRx operates in a highly competitive and rapidly evolving environment for cancer therapies, particularly in treating pancreatic cancer, which has a notably poor 5-year survival rate. While RenovoGem has shown promising results, there is fierce competition from existing treatments and other companies developing novel therapies. Even if RenovoGem receives regulatory approval, the company faces substantial hurdles in achieving market acceptance, securing favorable pricing and reimbursement from payers, and establishing a robust commercial presence. Misalignment between trial endpoints and payer expectations can hinder market access, even for effective products.

Here are 3-5 expected drivers of future revenue growth for RenovoRx (RNXT) over the next 2-3 years:

1. Expanding Commercial Adoption and Utilization of RenovoCath as a Standalone Device: RenovoRx has demonstrated significant commercial momentum for its FDA-cleared RenovoCath device, which is used for targeted drug delivery. The company has seen a substantial increase in its customer base, with 14 cancer centers approved to purchase RenovoCath by Q3 2025, up from five at the start of 2025. By February 2026, a total of 33 centers had requested access to RenovoCath, tripling the potential number of near-term commercial centers in RenovoRx's sales pipeline since Q1 2025. This expanding market presence, coupled with increasing repeat orders from existing customers, indicates a growing clinical demand for the device as it integrates into cancer treatment paradigms. Analysts project notable revenue growth for RenovoRx, reaching $1.3 million in 2025 and $4.5 million in 2026, primarily driven by RenovoCath sales and an expanding customer base. The availability of a new reimbursement code (C9797), offering $16,724 per Trans-Arterial Micro-Perfusion (TAMP) procedure, further supports commercial growth. RenovoRx also plans to add commercial personnel to meet expanding market demand.
2. Potential FDA Approval and Commercialization of RenovoGem for Locally Advanced Pancreatic Cancer (LAPC): RenovoRx's lead product candidate, RenovoGem, a drug and device combination of intra-arterial gemcitabine and RenovoCath, is currently in a pivotal Phase III clinical trial (TIGeR-PaC) for locally advanced pancreatic cancer. The independent Data Monitoring Committee has provided positive recommendations to continue the trial, suggesting promising interim data. While final data from the trial is anticipated in 2027, the company expects to complete final enrollment by early 2026. A successful Phase III readout and subsequent FDA approval of RenovoGem for LAPC could be a significant catalyst for revenue growth, as it aims to establish a new standard of care for a cancer with a particularly poor prognosis.
3. Expansion of the Trans-Arterial Micro-Perfusion (TAMP) Therapy Platform to Additional Solid Tumor Indications: Beyond its current focus on locally advanced pancreatic cancer, RenovoRx is actively pursuing the expansion of its proprietary TAMP therapy platform into other high unmet need oncology indications. The company's registry study is designed to generate data that could open doors for RenovoCath's use in other solid tumor types. RenovoRx aims for its platform to eventually address a "several billion dollar opportunity" as it expands into various tumor types. The company has also identified other potential pipeline opportunities in cancers such as extrahepatic Cholangiocarcinoma (eCCA), non-small cell lung cancer, uterine tumors, glioblastoma, and sarcoma. This strategic pipeline expansion, leveraging the existing TAMP platform, represents a significant long-term revenue growth driver.

Share Issuance

• In February 2025, RenovoRx closed a public offering of approximately 11.52 million shares of common stock at $1.05 per share, generating gross proceeds of about $12.1 million and net proceeds of approximately $10.9 million. These funds are intended for working capital, general corporate purposes, and advancing the Phase III TIGeR-PaC study and commercial sales of RenovoCath.
• The company completed two private placements in 2024, raising approximately $6.1 million in January and an additional $11.1 million in April, totaling $17.2 million in gross proceeds.
• In November 2025, RenovoRx filed a Form S-3 shelf registration, enabling them to offer up to $50 million of mixed securities to support working capital, the Phase III TIGeR-PaC study, and RenovoCath commercialization.

Inbound Investments

• The February 2025 public offering was supported by "multiple fundamental healthcare institutional investors."
• RenovoRx insiders, including management and the Board of Directors, participated in the January 2024 private placement, purchasing shares at $1.22 per share, demonstrating confidence in the company.

Capital Expenditures

• While specific capital expenditure figures are not consistently disclosed as distinct line items, the company's research and development expenses are significant. These expenses increased from $3.0 million in 2021 to $4.3 million in 2022, primarily driven by costs for contracted research, development, consulting, and a secondary manufacturer for the RenovoCath delivery system.
• As of September 30, 2025, RenovoRx reported approximately $1.0 million in accumulated depreciation and amortization.