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RenovoRx, Inc.(RNXT), a medical technology c ompany focused on innovative treatments, has disclosed its financial results for the second quarter of 2023. The company reported a net loss of $2.33 million for the quarter, accompanied by revenue of $1.05 million. The financial data, outlined in the Condensed Balance Sheets, Condensed Statements of Operations and Comprehensive Loss, and Condensed Statements of Convertible Preferred Stock and Stockholders' Equity, provides insights into the company's financial performance and position during this period.
Net Income/Loss and Revenue
RenovoRx, Inc. has published its financial results for the second quarter of 2023, revealing a net loss of $2.33 million. The company's net loss for the same period in the previous year was $2.59 million. While RenovoRx, Inc. continues to navigate its financial landscape, this reduction in net loss indicates a potential positive trend in the company's financial performance.
Additionally, the company reported revenue of $1.05 million for the second quarter of 2023. This figure indicates the total income generated by RenovoRx, Inc. from its various operations during the stated period.
The Condensed Balance Sheets provide insights into the company's assets and liabilities as of June 30, 2023, and December 31, 2022. Notably, the company's total assets decreased from $7.26 million as of December 31, 2022, to $6.31 million as of June 30, 2023. This change may reflect various factors, including shifts in investments, operational expenses, and potential market fluctuations.
The liabilities and stockholders' equity section of the balance sheets outlines the company's current liabilities, such as accounts payable and accrued expenses, which totaled $1.70 million as of June 30, 2023, compared to $1.10 million as of December 31, 2022. Furthermore, RenovoRx, Inc.'s stockholders' equity decreased from $6.16 million as of December 31, 2022, to $1.18 million as of June 30, 2023. This change could be attributed to factors such as stock issuance, convertible preferred stock, and other financial transactions.
The Condensed Statements of Operations and Comprehensive Loss highlight RenovoRx, Inc.'s operating expenses, including research and development costs and general and administrative expenses. These expenses totaled $3.37 million for the second quarter of 2023 and $6.64 million for the first six months of the year. The company's efforts to manage and optimize these expenses could impact its financial trajectory.
Statements of Convertible Preferred Stock and Stockholders' Equity
The Condensed Statements of Convertible Preferred Stock and Stockholders' Equity provide a comprehensive overview of changes in the company's equity over time. Notably, RenovoRx, Inc.'s stockholders' equity decreased from $6.16 million as of December 31, 2022, to $1.18 million as of June 30, 2023. This change reflects various financial activities, including issuance of common stock, stock options, and other stock-based compensation.
Cash Flows and Financing Activities
RenovoRx, Inc.'s Condensed Statements of Cash Flows reveal insights into the company's cash inflows and outflows. The company's net cash used in operating activities for the first six months of 2023 was $5.48 million. On the financing side, the company reported proceeds from common stock and pre-funded common warrants amounting to $5.00 million for the same period.
These financial data provide investors and stakeholders with valuable insights into RenovoRx, Inc.'s financial performance, liquidity, and strategic decisions during the second quarter of 2023. As the company continues to develop innovative medical solutions, these financial disclosures play a crucial role in understanding its journey toward sustained growth and success.