Renalytix plc
Renalytix plc is a UK-incorporated, AIM-listed (previously also Nasdaq-listed, delisted October 2024) AI-driven in vitro diagnostics company focused on chronic kidney disease (CKD). Its lead product, kidneyintelX.dkd, is an FDA-authorized (Breakthrough Designation, De Novo) blood-based prognostic test combining biomarkers, genetics and EHR data to predict rapid progressive kidney function decline in diabetic kidney disease patients. Revenue is generated from testing services (lab fees for kidneyintelX.dkd tests, mainly US Medicare/insurance reimbursed) and pharmaceutical services (collaborations with pharma/research partners). Operations are run through US subsidiary Renalytix AI, Inc. and Irish subsidiary Renalytix AI Limited.
7 annual reports read, FY2019 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (7)
FY2026Next report expected 16 Nov 2026
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Renalytix plc sells a blood test that predicts which people with diabetes are likely to see their kidney disease worsen quickly. In the year to 30 June 2025, revenue rose to $3.0m from $2.3m, and the loss after tax narrowed to $20.4m from $45.5m. The report credits more tests being ordered, more efficient lab work and much lower running costs, helped by leaving the US Nasdaq stock market. Last year's loss was swollen by a large write-down of its technology's value. This year included a one-off cost from replacing a convertible bond (a loan that can turn into shares). The company raised $19.5m from shareholders during the year but ended it with $3.6m of cash and $8.3m of borrowings. No dividend was paid. After the year end it raised more money from shareholders. Management's priority for the coming year is getting the test built into large healthcare providers' computer systems. The auditor warned of a material uncertainty over whether the company can keep going.
From the reportevery line sits on the page it namesWhat drove revenueTesting services revenue from kidneyintelX.dkd, driven by EMR integration with large physician practices (e.g. full integration with ACPNY in New York) and Medicare/commercial payer reimbursement
Testing revenue increased to $2.7m (FY24: $2.2m) driven by continued commercial momentum and broader clinical utilisation, supported by full electronic integration with ACPNY in New York
page 13AndPharmaceutical services revenue from collaborations with pharma/research organizations
Pharmaceutical revenues grew by 200% to $0.3m (FY24: $0.1m) following services provided to AstraZeneca, AION Healthspan and others
page 13What moved the margintailwindLab processing efficiencies and reduced depreciation/amortisation in cost of sales
Gross margin for the year was 40% (FY24: 9%); the increase is attributable to efficiencies in lab processing times, reduction in depreciation and amortisation attributed to cost of sales and increased services revenue which carry higher margins
page 13AndtailwindAdministrative cost reduction (headcount, consultancy, Nasdaq delisting, regulatory fees)
Administrative expenses totaled $18.4m (FY24: $30.7m), a c.40% YoY decrease, including lower employee-related costs ($9.0m vs $11.0m) and external R&D services ($0.9m vs $5.1m); delisting saved over $1m a year in audit, insurance and listing fees
page 18One-offs in the year$3.5m charge: Loss on settlement of convertible bond (old bond derecognition)
page 60What management saidFY2025 was a key year for establishing a solid pathway for testing adoption, life science services and strategic partnering... measurable results in commercial testing volumes increasing by 37%, total revenues growing by 30%, and the average number of recurring ordering physicians per quarter rising by 69%
page 3After the year end15 September 2025: collaboration agreement signed with Tempus AI, Inc. to integrate kidneyintelX.dkd testing into Tempus' precision medicine platform and US healthcare network (impacting nearly 15 million individuals with type 2 diabetes and CKD)
page 93The dividendThe Group recorded a loss for the year of $20.4m (FY24: loss of $45.5m). Directors consider it more prudent to retain cash to fund development and do not recommend payment of a dividend in respect of FY25 (FY24: nil); no indication is given of likely level or timing of future dividends.
page 26Going concern and the auditAuditor PKF Littlejohn LLP (Senior Statutory Auditor: Wendy Liang) issued an unqualified opinion (true and fair view) but drew attention to a 'material uncertainty related to going concern' given the group's net loss of $20.4m and cash reserves of $3.6m at year end; the opinion is not modified in respect of this matter. No key audit matters identified other than the going concern uncertainty. No significant adjustments or matters of concern identified during the audit.
page 55The risks it names first- Dependence on strategic collaboration with third-party partners for commercialisation and revenue; failure of partners to meet contractual obligations could materially affect the Group and could ultimately result in the Group becoming unviablep.14
- Regulatory risk — no guarantee of obtaining or maintaining necessary regulatory approvals in all territories, or that approval conditions will not be too onerousp.14
- Reimbursement levels risk — no guarantee of continued profitable sale of products if third-party payer reimbursement is limited or withdrawnp.15
- Key employee dependence on CEO James McCullough, President Howard Doran and CTO Fergus Fleming; departure of key personnel could adversely affect operations and strategy executionp.15
Read from C001085-AR-2025-ch.
- FY2022Year to 30 Jun 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 30 Jun 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 30 Jun 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 30 Jun 2019 Opens with a free accountThe report, its reading and its figures