Business
Financial Results for First Quarter of FY 2021
Financial Results for First Quarter of FY 2021.
About this update from Renalytix Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3896G\n Renalytix AI PLC\n 25 November 2020\n \n \n \n \n \n \n \n Renalytix AI plc\n \n \n \n (\"RenalytixAI\" \n \n or the\n \n \"Company\")\n \n \n \n \n \n \n RenalytixAI Reports Financial Results for First Quarter of Fiscal Year 2021\n \n \n \n \n \n \n NEW YORK, November 25, 2020 \n \n - Renalytix AI plc \n (LSE\n : RENX) (NASDAQ: RNLX), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and advance value-based care, today\n reported financial results for the quarter ended September 30, 2020. \n \n \n \n \n \n Recent Highlights\n \n \n · \n Launched KidneyIntelX within the Mount Sinai Health System \n \n \n · \n Submitted final package to FDA seeking clearance of KidneyIntelX\n \n \n · \n Announced collaboration with AstraZeneca to develop and launch precision medicine strategies for cardiovascular, renal and metabolic diseases \n \n \n · \n Completed spin-out of Verici Dx (previously FractalDx) \n \n \n · \n Achieved dual listing on Nasdaq Global Market \n \n \n \n \n \n First Quarter 2021 Financial Results\n \n \n Operating expense for the three months ended September 30, 2020 was $5.4\n million compared with $2.0 million during the prior year period. \n \n \n \n \n \n Research and development expenses were 1.7 million for the three months ended September 30, 2020, increasing $0.5 million from $1.2 million for the three months ended September 30, 2019. The increase R&D expense was due to increased headcount and the associated compensation and related benefits, including share-based payments. \n \n \n \n \n \n General and administrative expenses were $4.1 million for the three months ended September 30, 2020, increasing $3.3 million from $0.8 million for the three months ended September 30, 2019. The increase was due to an increase in insurance costs, compensation and related benefits, including share-based payments, due to increased headcount, and in fees associated with the listing on Nasdaq.\n \n \n \n \n \n Net loss attributable to ordinary shareholders was $7.2 million for the three months ended September 30, 2020 compared with $1.5 million in the prior year period. \n \n \n \n \n \n Cash and ...