Renalytix plc ADR 2024年度报告

Improved Patient OutcomesScalable Platform TechnologyClinical & Economic ValueAI-Driven Insights Index 2-1924571113171920 -5820232831515459-9259606163646566 STRATEGIC REPORTCEO’s StatementCompany OverviewOperational and Financial HighlightsProduct Overview and StrategyFinancial ReviewRisk Management ApproachSection 172 StatementCorporate Social Responsibility ReviewCORPORATE GOVERNANCEBoard of DirectorsDirectors’ ReportCorporate Governance StatementDirectors’ Remuneration Report and PolicyAudit Committee ReportIndependent Auditors’ ReportFINANCIAL STATEMENTSConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated and Company’s Statements of Financial PositionConsolidated and Company’s Statements of Cash FlowsConsolidated Statement of Changes in EquityCompany’s Statement of Changes in EquityNotes to the Financial Statements STRATEGIC REPORT CEO Statement FY2025 was a key year for establishing a solid pathway for testing adoption, life science services and strategic partnering. Thiswasthe first full year during which we had Medicare reimbursement coverage for our FDA prognostic blood test,kidneyintelX.dkd. We made advances in our pharma service business and have substantially restructured our operations aroundcommercial capability for a significantly reduced cost base. These milestones translated to measurable results in commercial testingvolumes increasing by 37%, total revenues growing by 30%, and the average number of recurring ordering physicians per quarterrising by 69%. KidneyintelX.dkd testing was designed to be integrated directly into large electronic medical record (EMR) systems whereidentification of patients at-risk can be automated and alerts can be sent to treating doctors. We have proven this is an effectivemethod for driving adoption and greatly simplifying process for doctors in both large, complex health care systems and smallerdoctor networks. In FY2025, this integrated approach continues to prove successful at supporting ordering doctors and will allowus to drive national scale. Strategic partners with already established services through EMR integrations can significantly enhancethis model. Strategic partnerships with key stakeholders driving accelerated growth Over the past year, we have advanced several strategic partnership initiatives that have now come to fruition. In July 2025, we announced an agreement with MVP Health Care, a U.S.-based insurer covering more than 700,000 patients.Beyond expanding physician and patient access, this agreement reinforces that Renalytix and kidneyIntelX.dkd are establishing aleadership position in chronic kidney disease management and gaining increasing recognition in the market. In September 2025, we signed an agreement with Tempus AI, Inc. (“Tempus”), a clear leader in delivery of integrated advanceddiagnostic testing and life science services in the United States. We believe our collaboration with Tempus will enable us toaccelerate introduction of kidneyintelX.dkd into large hospital systems and community healthcare practices across the U.S.,significantly expanding our distribution over the next five years. Our relationship with Tempus AI has continued to developpositively, with ongoing progress in aligning commercial activities. We are continuing active discussions with other strategic partners that would complement our existing collaboration and provideseamless, integrated access of kidneyintelX.dkd directly into primary care and specialist clinical workflows in the United Statesand the global health care system. Financial Resilience & Operational Focus In October 2024, we successfully renegotiated our long-term debt and settled key creditor balances, positioning the Company witha positive net asset base and enabling greater focus on business reorganisation and investment in commercial growth. Subsequentto the end of FY2025, our Balance Sheet was further improved with the conversion of an additional $4 million of convertible debtleaving our outstanding long-term debt at £3.1m as of October 2025. I would like to thank our shareholders, both longstanding and new, for their continued support through two oversubscribed capitalraises: £11.8m in October 2024 and £6.7m in September 2025. These financings have provided Renalytix with a stable platformto pursue its accelerated growth trajectory into FY26 and beyond. We have also leveraged our ongoing and historical R&D activities to secure more than $1.3m in cash from backdated R&D claimsand grant income, further strengthening our balance sheet and supporting continued operational execution. Administrative expenses decreased by more than 40% year-on-year, driven by headcount and operations optimization, delistingfrom NASDAQ, and the regaining foreign private issuer status. While reorganisation and delisting costs were higher thananticipated, the resulting reduction has provided a lower, predictable cash burn profile. With a net Medicare reimbursement at $931