RNXT

RenovoRx is not a business you value on its income statement — it's a single-asset, clinical-stage story riding on the Phase III TIGeR-PaC pancreatic-cancer trial the 10-K flags as its central catalyst and central risk. The eye-catching revenue line (+2,511% to $1.12M) and 70.9% gross margin are noise: $1.12M of revenue against a $41.5M market cap is a meaningless 36.9x P/S, and the company lost $11.2M against it. Net losses have widened every year (-$6.3M in 2021 to -$11.2M in 2025) and operating margin is -1,114%. There is no fundamental floor here; the equity is a call option on a trial readout.

The balance sheet is the disqualifier. Cash of $7.02M against operating cash burn of -$11.0M is less than one year of runway, and the 10-K's forward-looking section leads with 'the sufficiency of our existing cash... and our need for additional financing' — code for a near-term raise. Shares already grew 23.3% in a single year, and with a $41.5M cap and a 92-cent stock, any capital raise to fund R&D ($6.27M/yr) and the Phase III trial will be heavily dilutive at depressed prices. Accumulated deficit is -$61.4M against just $5.42M of equity; every dollar of progress has been funded by selling stock.