RenovoRx (Nasdaq: $RNXT) Stock Hub 2026: A Fully Enrolled Phase III, A 51% Extraction Ratio And The Milestone Warrants That Revenue Would Destroy

01 What RenovoRx Is In August 2026

RenovoRx, Inc. trades on the Nasdaq Capital Market under $RNXT and is headquartered at 2570 W. El Camino Real,
Suite 640, Mountain View, California. It is a Delaware corporation, incorporated with IRS employer identification
number 27-1448452 and Commission file number 001-40738, and it has been public since its August 2021 initial public
offering. At June 30, 2026 it had 45,121,982 shares outstanding, approximately $9.5 million of cash and cash
equivalents, no financial borrowings and an accumulated deficit of $67.8 million.

The company runs two businesses out of one technology. The first sells RenovoCath, a dual-occlusion catheter cleared
by the United States Food and Drug Administration, to hospitals and cancer centres as a standalone device. That
business produced $909,000 of revenue in the second quarter of 2026 and roughly $1.1 million in the whole of 2025.
The second develops intra-arterial gemcitabine, referred to throughout the filings as IAG, a drug-device combination
candidate being evaluated in the Phase III TIGeR-PaC trial in locally advanced pancreatic cancer. IAG is regulated by
the Center for Drug Evaluation and Research, the drug division of the FDA, under an investigational new drug
application on the 21 CFR 312 pathway, and has not been approved for commercial sale.

August 2026 delivered four separate company announcements in twenty days, and each of them touches a different part
of that structure. On August 6 a physician used RenovoCath commercially in a sarcoma patient for the first time. On
August 11 the company said enrolment in TIGeR-PaC had closed. On August 12 it reported record quarterly revenue and
raised full-year guidance. On August 20 the United States Patent and Trademark Office issued a Notice of Allowance on
a new catheter patent, and on the same day Nasdaq confirmed the company had regained compliance with the minimum bid
price rule after almost eight months of deficiency. On August 25 the pharmacokinetic sub-study of the Phase III trial
was published in a peer-reviewed journal.

Each of those items is examined below against the filing or release it came from, with the reference date attached.
Where the company’s framing and the arithmetic in its own accounts point in different directions, both are stated.

02 TAMP And RenovoCath: What The Device Actually Does

The platform is called Trans-Arterial Micro-Perfusion, abbreviated TAMP throughout the company’s disclosure. The
idea is mechanical rather than pharmacological: instead of changing the drug, change where it is released. A catheter
is advanced into an artery adjacent to the tumour. Two expandable balloons inflate, sealing off a segment of the
vessel and creating a controlled treatment zone. Chemotherapy is then infused into that isolated segment, where the
pressure gradient pushes it across the arterial wall into the tissue surrounding the tumour.

RenovoCath is the device that makes this possible, and its regulatory status is narrower than the therapeutic
ambition attached to it. Based on its FDA clearance, RenovoCath is intended for the isolation of blood flow and
delivery of fluids, including diagnostic and therapeutic agents, to selected sites in the peripheral vascular system,
and is indicated for temporary vessel occlusion in applications including arteriography, preoperative occlusion and
chemotherapeutic drug infusion. That is a device clearance describing what the catheter does. It is not an approval
of any particular drug delivered through it for any particular cancer.

The distinction matters commercially, because it is the reason the company can sell the catheter today while the
drug-device combination is still in a Phase III trial. A hospital buying RenovoCath is buying a cleared delivery
device and choosing, within the physician’s own clinical judgement, what to put through it. The company describes this
as selling within its FDA-cleared fields of use, and the sarcoma case of August 2026 is an example of a physician
extending that judgement to a tumour type the company has never run a trial in.

The claims allowed in the August 20, 2026 Notice of Allowance describe the architecture in some detail: a primary
catheter with multiple ports and expandable occlusion balloons that seal a vessel segment, plus a secondary catheter
that can be advanced through the primary one into a branching vessel, each guided by its own guidewire. That secondary
access is the part that distinguishes the design from a single-balloon infusion catheter, because it allows selective
delivery into adjacent vasculature without withdrawing and repositioning.

03 The August 25 Publication, Number By Number

On August 25, 2026 the company announced publication of the pharmacokinetic and pharmacodynamic sub-study of
TIGeR-PaC in the journal Cancer Chemotherapy and Pharmacology, under the title “Pharmacokinetic and Pharmacodynamic
Sub-study of Trans-arterial vs Intravenous Gemcitabine in the TIGeR-PaC Phase 3 Clinical Trial”, DOI
10.1007/s00280-026-04939-0. The study was funded by RenovoRx.

The sample is small and the release states its size plainly: 16 patients with locally advanced pancreatic cancer
across six clinical sites, of whom 11 received intra-arterial gemcitabine and 5 received intravenous gemcitabine as
the comparator. Three findings were reported.

The first is systemic exposure. Intra-arterial delivery produced significantly lower total systemic gemcitabine
exposure than intravenous delivery, despite being administered at a 50 per cent higher infusion concentration rate.
The second is the extraction figure that gives the release its headline: a targeted extraction ratio of 0.511, derived
from a systemic bioavailability estimate of 0.489, meaning roughly 51 per cent of the intra-arterially delivered
gemcitabine was extracted at the delivery site before entering systemic circulation. The third is the pharmacodynamic
signal. A statistically significant correlation was observed between higher systemic levels of dFdU, gemcitabine’s
inactive metabolite, and greater reductions in the CA 19-9 tumour marker following intra-arterial treatment, reported
as Pearson’s r = -0.75 with P = 0.034, based on eight evaluable patients after three were excluded for a normal
baseline CA 19-9.

A fourth observation concerns delivery route rather than outcome: no statistically significant differences in
gemcitabine or dFdU pharmacokinetic parameters were found depending on whether IAG was administered through the
superior mesenteric artery or the celiac artery. For a procedure that has to be performed by an interventional
radiologist on real, variable anatomy, consistency across access routes is a practical result.

The correlation finding rests on eight patients. A Pearson coefficient on eight observations is a hypothesis, not a
demonstration, and the release does not claim otherwise: it calls the result an initial pharmacodynamic signal linking
drug exposure with a biomarker of tumour response. CA 19-9 is a biomarker, not an endpoint. The endpoint that decides
whether IAG has a future is overall survival, and that reads out from the main trial, not from this sub-study.

04 TIGeR-PaC: Design, The Modified Plan And Two Interim Analyses

TIGeR-PaC is registered as NCT03257033 and its full title is “Targeted Intra-arterial Gemcitabine vs. Continuation
of IV Gemcitabine Plus Nab-Paclitaxel Following Induction With Sequential IV Gemcitabine Plus Nab-Paclitaxel and
Radiotherapy for Locally Advanced Pancreatic Cancer”. It started on March 12, 2018 and is sponsored by RenovoRx with
no listed collaborators.

The design has an induction phase and a randomised phase, and the difference between the two is where most of the
confusion about enrolment numbers comes from. Every enrolled subject first receives roughly four months of intravenous
gemcitabine plus nab-paclitaxel together with stereotactic body radiation therapy. Those who remain eligible after
induction are then randomised either to intra-arterial gemcitabine delivered through RenovoCath, or to continuation of
intravenous gemcitabine plus nab-paclitaxel. Randomised treatment runs up to 16 weeks or until progression, after
which both groups receive intravenous gemcitabine and nab-paclitaxel or oral capecitabine at the investigator’s
discretion, with survival followed for five years.

The primary endpoint is overall survival from randomisation, analysed by Kaplan-Meier and compared using a
stratified Wilcoxon test. Secondary endpoints include overall survival in the treatment-received and unresected
populations, progression-free survival by RECIST 1.1, objective response rate and duration of response, health-related
quality of life on the EORTC questionnaire, neuropathy on the FACT/GOG-NTX-4 instrument, frequency of neutropenia and
myelosuppression, and safety and tolerability.

In December 2021 the company amended the protocol and the statistical analysis plan. The modified plan enrols and
analyses only patients who received radiation during induction, adds a second interim analysis, sets the number of
randomised patients at 114 with 86 events, meaning deaths, among irradiated patients required for the final analysis,
and repowers the study from 90 per cent to 80 per cent. The company states in its filings that it has not discussed
the amendment or the modified plan with the FDA and can give no assurance the agency will agree with the
modifications, although they have been submitted.

Two interim analyses have been conducted, at the 26th event in 2023 and the 52nd event in 2025. On both occasions
the independent Data Monitoring Committee recommended continuation, the second time without modification. The
company’s own description of the first interim analysis, completed in March 2023, reports a six-month median overall
survival benefit for IAG patients, close to a 60 per cent improvement over the control arm, and a greater than 65 per
cent reduction in adverse events. That figure appears in the company’s filings and has not been published in a
peer-reviewed journal; the company has said it will revisit publishing the actual second interim data most likely
after study completion, having elected to defer publication to preserve trial integrity.

05 August 11: Enrolment Closed, Eight Events From The Analysis

On August 11, 2026 RenovoRx announced completion of enrolment in TIGeR-PaC. The precise wording matters: as of
August 7, 2026, trial investigators were notified that patient enrolment is closing. Completion of the trial is
expected during the first half of 2027, after 86 events have been observed, and as of August 11, 2026, 78 events had
occurred. Initial top-line data is expected during the second half of 2027.

Eight deaths separate the trial from its final analysis. That is the entire remaining distance, and it is the reason
the timing is expressed as a window rather than a date: the analysis triggers on an event count, not a calendar. A
faster-than-expected accrual of events brings the readout forward and a slower one pushes it back, and neither
direction carries any information about which arm the events fall in.

The enrolling institutions named in the release include Johns Hopkins Medicine, University of Pittsburgh Medical
Center, UT Southwestern Medical Center, University of Nebraska Medical Center, Baptist Health South Florida and the
Stephenson Cancer Center at the University of Oklahoma. Hassan Hatoum, principal investigator at the University of
Oklahoma Health, is quoted describing the approach as adaptable, on the grounds that a device delivering chemotherapy
near the tumour can be integrated with whatever systemic protocol becomes standard.

The comparator is worth holding in view when the data arrives. TIGeR-PaC randomises against continued intravenous
gemcitabine plus nab-paclitaxel after induction. Pancreatic cancer treatment has moved since the protocol was written
in 2017 and 2018, and modified FOLFIRINOX regimens are widely used in fit patients. A survival benefit against the
protocol’s control arm answers the question the trial asked; how much of that answer transfers to current practice is
a separate question that clinicians and regulators will ask on their own terms.

06 What ClinicalTrials.gov Still Shows, And The Three Numbers People Confuse

As of the reading taken on August 25, 2026, the ClinicalTrials.gov record for NCT03257033 still shows an overall
recruitment status of RECRUITING, an enrolment figure of 190, a primary completion date of June 2027 and a completion
date of September 2027. The company announced on August 11, 2026 that enrolment is closing.

The gap is a registry lag, not a contradiction in substance, and it is common: sponsors update registry records on
their own schedule and the status field frequently trails the press release by weeks. But two numbers on that record
are read incorrectly often enough to be worth separating.

The enrolment figure of 190 is the total study enrolment, covering everyone who entered the induction phase. The
114 figure that appears in the company’s filings is the number of randomised patients under the modified statistical
analysis plan, and the 86 figure is the number of events among irradiated patients required to complete the final
analysis. They are three different counts of three different things, and setting them side by side as though they were
alternative versions of the same number produces nonsense.

The site list on the registry also carries its own history. Of the sites listed, a substantial number are marked
TERMINATED or WITHDRAWN, including all six Belgian sites, Moffitt Cancer Center, Columbia University Medical Center,
Montefiore, Dartmouth-Hitchcock and Sarah Cannon Research Institute. That is normal attrition over an eight-year
enrolment period in a difficult indication, and it is also the practical reason the company reports 15 trial sites,
rather than the full historical list, as candidates for conversion to commercial RenovoCath use.

07 From Trial Device To Commercial Product

Until 2024 the company was a clinical-stage story with no product revenue. The pivot is described in the filings in
its own words: as TIGeR-PaC progressed, RenovoRx received unsolicited and subsequently solicited feedback from
oncologists, surgeons and interventional radiologists indicating demand for targeted delivery of diagnostic and
therapeutic agents, and during the first half of 2024 the company began actively exploring marketing and selling
RenovoCath as a standalone device.

The financial shape of that pivot is visible in the revenue line. Full-year 2024 revenue was $43,000. Full-year
2025 revenue was $1,123,000, described by the company as its first full year of commercial effort. The first half of
2026 produced $1,472,000, more than the whole of 2025.

The economics of the device business are unusually clean for a company this size. Gross profit in the second
quarter of 2026 was $766,000 on $909,000 of revenue, a gross margin of approximately 84 per cent, against roughly
85 per cent in the first quarter. Cost of revenue was $143,000 in the quarter, slightly below the $152,000 of a year
earlier despite more than double the revenue, which is what operating leverage looks like on a catheter that is
manufactured by a third party.

That third party is Medical Murray, Inc., the company’s primary contract manufacturer for RenovoCath, under a
supply agreement effective June 5, 2025. RenovoRx has agreed to purchase certain minimum order quantities based on
issued purchase orders, subject to limited cancellation and delay provisions. The agreement runs for an initial
three-year term with automatic one-year renewal unless either party gives at least 30 days’ notice before expiry.
Single-source manufacturing is a concentration risk in both directions: it keeps fixed costs off the company’s balance
sheet, and it means a disruption at one supplier is a disruption to all revenue.

Since receiving 510(k) clearance, RenovoCath has been used in more than 900 successful procedures according to the
company’s second-quarter release. The company estimates that the initial total addressable market for RenovoCath as a
standalone device could translate into approximately $400 million of peak annual United States sales, rising above
$1 billion in peak annual sales potential as the platform expands into additional solid tumour indications. Those are
company estimates of a market opportunity, not forecasts of company revenue, and the filings state that market data
and industry forecasts in the reports were obtained from industry publications and have not been independently
verified.

08 The Commercial Funnel: 21 Active Centres, 63 In Total

The commercial disclosure is built around one metric the company defines itself: the active commercial cancer
centre, meaning a centre where doctors are actively treating patients with RenovoCath.

At the first-quarter earnings announcement of May 14, 2026 there were 16 active centres. The second quarter closed
with 21, an increase of more than 30 per cent in under a quarter. Alongside those 21, the company reports 42
additional centres in various stages of evaluation, approval and activation, for a total commercial funnel of 63
centres against 48 reported on May 14, a 31 per cent increase. The stated target is 36 active centres by year-end
2026, which the company says it remains on pace to meet or exceed.

A separate pool sits behind those numbers. Fifteen Phase III TIGeR-PaC clinical trial sites have previously used
RenovoCath and are expected to continue transitioning to commercial clinical use, several of which the company says
have already begun. Enrolment closing is what releases them: a site that no longer needs to reserve the device for
protocol use can order it commercially. The company describes these conversions as an anticipated and meaningful
contributor to revenue in the second half of 2026.

What the disclosure does not give is a procedure count per centre, a price per unit, or a revenue split between
new activations and repeat orders. The company states that it observes organic repeat ordering behaviour from existing
customers and treats it as an indicator of physician satisfaction, but the quantity is not published. Revenue divided
by active centres is therefore the only per-centre figure available, and it is a crude one, because the 21 centres
were not all active for the whole quarter: $909,000 across 21 centres is approximately $43,000 per centre for the
period, which sets an order of magnitude rather than a unit economic.

The customer base is also concentrated. The company’s XBRL tagging for the six months ended June 30, 2026
identifies a customer concentration disclosure covering six customers, and separately tags an individual customer.
For a business at this revenue scale, the loss of one large account is a material event rather than a rounding
difference.

09 The First Sarcoma Case And What It Signals

On August 6, 2026 RenovoRx announced the first commercial clinical use of RenovoCath in a sarcoma patient, at the
CARTI Cancer Center in Little Rock, Arkansas. Treatment began in late June 2026 and was ongoing at the date of the
release. CARTI was already using the device for localised delivery in pancreatic cancer.

The sequence is the part the company emphasises, and it is the part that carries the information. The physician had
previously treated locally advanced pancreatic cancer patients with RenovoCath, then returned to RenovoRx with a plan
to use the catheter in sarcoma. Edgar St. Amour, the CARTI interventional radiologist quoted in the release, describes
sarcoma as difficult to treat because it occurs in diverse locations and can be less responsive to systemic
chemotherapy, and says the experience in pancreatic cancer and the potential to reduce toxicity encouraged the team to
identify other tumours that might benefit.

The regulatory framing is precise and the company keeps to it: the use is within RenovoCath’s FDA-cleared fields of
use, because the clearance covers isolation of blood flow and delivery of fluids to selected sites in the peripheral
vascular system rather than any named cancer. This is not an approved sarcoma indication, there is no sarcoma trial,
and one patient generates no efficacy evidence.

What it does generate is a commercial datapoint about how the device spreads. If adoption is driven by
interventional radiologists reaching for a tool they already know in a new anatomical problem, the addressable market
is set by physician judgement across solid tumours rather than by the pace of one Phase III trial. That mechanism is
also what the company’s own step from a $400 million estimate to a $1 billion estimate depends on. One case does not
establish it, and the release does not claim that it does.

10 Second Quarter 2026 In Numbers

The second quarter of 2026, for the three months ended June 30, 2026, as reported in the Form 10-Q filed with the
SEC on August 13, 2026.

Revenue was $909,000 against $422,000 in the second quarter of 2025, an increase of approximately 115 per cent year
on year and approximately 61 per cent against the $563,000 of the first quarter of 2026. Cost of revenue was $143,000
against $152,000, leaving gross profit of $766,000 against $270,000 and a gross margin of approximately 84 per cent.
Research and development expense was $1,200,000 against $1,426,000. Selling, general and administrative expense was
$2,915,000 against $1,522,000. Total operating expenses were $4,115,000 against $2,948,000, producing a loss from
operations of $3,349,000 against $2,678,000.

Below the operating line, net interest income was $90,000 and the change in the fair value of the common stock
warrant liability contributed a gain of $350,000, a non-cash item driven by the fall in the share price and the
shortening of the remaining warrant life. Total other income was $438,000. Net loss was $2,911,000 against $2,895,000
a year earlier, and net loss per share was $0.06 against $0.08, on a weighted average share count of 47,298,148
against 36,576,567.

Two features of that set are worth isolating. The first is that the net loss barely moved year on year while the
operating loss widened by $671,000: the difference is the warrant fair-value swing, which was a $350,000 charge in the
second quarter of 2025 and a $350,000 gain in the second quarter of 2026, a $700,000 non-cash reversal. Net loss
stability here is an accounting artefact of the share price falling, not an improvement in operations.

The second is the shape of the cost base. Gross profit of $766,000 covers 19 per cent of operating expenses. The
gap between them, and not the gross margin, is what the cash balance has to fund.

For the six months ended June 30, 2026: revenue $1,472,000, gross profit $1,245,000, research and development
$2,428,000, selling, general and administrative $5,635,000, loss from operations $6,818,000 and net loss $6,432,000,
or $0.15 per share on 42,690,881 weighted average shares. Accumulated deficit reached $67,819,000.

11 Cash, Burn And The Two Runway Statements

Cash and cash equivalents were $9,479,000 at June 30, 2026, against $7,024,000 at December 31, 2025 and
approximately $12.4 million at March 31, 2026. Total assets were $11,472,000, of which accounts receivable $480,000,
inventory $383,000 and prepaid expenses $315,000. Total liabilities were $2,493,000, including accounts payable of
$866,000, accrued expenses of $1,018,000, a common stock warrant liability of $350,000 and an operating lease
liability. There are no financial borrowings. Total stockholders’ equity was $8,979,000.

Net cash used in operating activities was $6,576,000 in the first half of 2026, against $5,683,000 in the same
period of 2025. Purchases of property and equipment took a further $71,000. From inception through June 30, 2026 the
company has raised approximately $81.4 million in aggregate from private placements of convertible preferred stock,
convertible debt, the August 2021 initial public offering, other registered equity financings and the exercise of
warrants and options.

The company’s own statement on runway, from the Form 10-Q, is that based on its operating plans it expects current
cash and cash equivalents as of the date of the report to be sufficient to fund operating, investing and financing
cash flow needs for at least the next 12 months from the date of issuance, that is into the second half of 2027,
assuming the commercial strategy and development programmes advance as currently contemplated. The report adds that
while raising capital is not the current focus, additional funding may be required in the future.

The arithmetic that sits underneath that statement is straightforward and points somewhere shorter. Operating cash
burn of $6,576,000 over six months is approximately $3.29 million a quarter. Against $9,479,000 of cash at June 30,
that is roughly 2.9 quarters, or into the first quarter of 2027, if nothing changes. The company’s 12-month statement
therefore embeds revenue growth, and the gap between the two numbers is the gross profit the second half is expected
to produce. Full-year guidance of $3.75 million to $4.25 million against $1.472 million in the first half implies
$2.28 million to $2.78 million of second-half revenue, which at an 84 per cent gross margin is roughly $1.9 million to
$2.3 million of gross profit. That closes part of the gap, not all of it.

The financial statements at June 30, 2026 are prepared on a going concern basis. The company states it has reviewed
the relevant conditions and events surrounding its ability to continue as a going concern, including historical
losses, projected future results, negative operating cash flows, funding capacity, net working capital, total
stockholders’ equity and future access to capital.

12 The March 2026 Private Placement

On March 17, 2026 RenovoRx entered into a securities purchase agreement for a private placement with 15 accredited
investors or qualified institutional buyers, five of whom are directors, officers or employees of the company. The
offering closed on March 20, 2026.

The investors bought 8,438,790 shares of common stock, pre-funded warrants over 2,200,000 shares and revenue
milestone warrants over 5,319,392 shares, representing 50 per cent warrant coverage, for aggregate gross proceeds of
approximately $10.0 million before placement agent fees and expenses. Net proceeds recorded in equity were $9,047,000.
The purchase price paid by the institutional investors was $0.938 per share and related milestone warrant; to comply
with Nasdaq rules, insiders paid $1.0288.

Konik Capital Partners, LLC, a division of T.R. Winston and Company, acted as placement agent, for a commission of
5.5 per cent of gross proceeds plus up to $50,000 of expenses. The company agreed to file a resale registration
statement within 30 days of the purchase agreement and to use commercially reasonable efforts to have it declared
effective within 30 days of that filing, with liquidated damages of 2.0 per cent of each investor’s subscription
amount per applicable event, capped at 10 per cent, if those deadlines are missed. A Form S-3 was filed on April 16,
2026 and a Form 424B3 prospectus followed on April 27, 2026, the same day the registration went effective.

Two structural details in that placement change how the dilution behaves. The pre-funded warrants have an exercise
price of $0.0001, never expire, and were offered to any investor whose purchase would otherwise push beneficial
ownership above 4.99 per cent, or 9.99 per cent at the investor’s election. They are shares in economic substance,
which is why the weighted average share count for the second quarter, 47,298,148, exceeds the 45,121,982 shares
actually outstanding at the period end.

The second detail is the milestone warrants, and it is unusual enough to deserve its own section.

13 The Milestone Warrants That Success Destroys

The milestone warrants issued in March 2026 are exercisable immediately on issuance, at $1.751 per share for the
institutional investors and $1.9326 for the insiders, over an aggregate 5,319,392 shares. Their expiry is where the
structure becomes interesting: they expire on the earlier of March 30, 2029, or 30 days following the date the company
reports at least $1.5 million in product sales revenue, excluding licensing fees, upfront milestones and grants but
including royalty revenue from product sales, for any calendar quarter in a quarterly or annual report.

Read that condition against the revenue line and the mechanism becomes clear. Commercial success does not trigger
the warrants; it kills them. A quarter of $1.5 million or more starts a 30-day clock, after which the warrants cease
to exist. Whether the holders exercise before that clock runs out depends on one thing, which is where the share price
sits relative to $1.751.

The arithmetic of the race can be set out from the company’s own disclosure. Second-quarter revenue was $909,000.
Management has said it expects third-quarter revenue to exceed the second quarter and set another record, and
full-year guidance of $3.75 million to $4.25 million against first-half revenue of $1.472 million implies second-half
revenue of $2.28 million to $2.78 million. Split evenly, that is $1.14 million to $1.39 million a quarter, below the
$1.5 million threshold; weighted towards the fourth quarter, as the company’s commentary about trial site conversions
suggests, a single quarter at or above $1.5 million becomes reachable inside the guidance range only at its upper end.
On the guidance as published, the threshold is more likely to be crossed in 2027 than in 2026, though the guidance
itself has already been raised once.

What that means for the share count is conditional in both directions. If the shares trade above $1.751 when the
threshold quarter is reported, holders exercise inside the 30-day window and the company issues up to 5,319,392 shares
and collects roughly $9.3 million. If the shares are below that level, the warrants expire unexercised, the dilution
never happens and the cash never arrives. The company would have reached the revenue milestone that made its equity
attractive and simultaneously destroyed the instrument that would have funded it. At the reference price of $1.28 used
in this report, that second path is the one the market is currently pricing.

14 The Full Warrant And Option Overhang

The full warrant position is larger than the March 2026 round and older. The Form 10-Q reconciles it: 24,991,784
warrant shares outstanding at December 31, 2025 at a weighted average exercise price of $2.39; 5,319,392 milestone
warrants and 2,200,000 pre-funded warrants issued in March 2026; 3,956,182 warrants expired during the half at a
weighted average price of $1.22; leaving 28,554,994 warrant shares outstanding at June 30, 2026 at a weighted average
exercise price of $2.25, with a weighted average remaining contractual life of 2.25 years.

Stock options add 6,449,232 shares outstanding at June 30, 2026 at a weighted average exercise price of $1.35, of
which 2,952,805 were exercisable, after 2,161,829 were granted during the half at $0.98 and 130,324 were forfeited.
Unrecognised stock-based compensation was $3.0 million, to be recognised over approximately 2.84 years. Shareholders
approved adding 2,000,000 shares to the 2021 Omnibus Equity Incentive Plan at the annual meeting on June 30, 2026,
equal to 4.4 per cent of shares then issued and outstanding, following board approval on April 16, 2026.

Adding the pieces: 45,121,982 shares outstanding, plus 28,554,994 warrant shares, plus 6,449,232 option shares,
gives roughly 80.1 million shares if every instrument converted. That is 78 per cent above the current count, and it
is the number the phrase “potential dilution” refers to.

The qualification is as important as the total. Of that potential, only the 2,200,000 pre-funded warrants are
effectively certain, and they are already inside the weighted average share count. The remaining 26.35 million warrant
shares carry a weighted average exercise price above $2.20 against a market price of $1.28, and the options average
$1.35. Almost none of it is in the money. The overhang is therefore not a schedule of issuance but a ceiling: it
converts if the share price recovers substantially, and each tranche that recovers brings cash with it. Note also that
3,956,182 warrants expired unexercised in the first half of 2026 at $1.22, which is the same mechanism working in the
shareholders’ favour.

15 The Nasdaq Bid-Price Round Trip, Now Closed

On December 31, 2025 the company received a deficiency notice from Nasdaq: the closing bid price of the common
stock had been below $1.00 for the 32 consecutive business days preceding the notice, failing Listing Rule 5550(a)(2).
An initial 180-day compliance period ran to June 30, 2026.

Compliance was not regained in that window. On July 1, 2026 Nasdaq notified the company that it was eligible for a
second 180-day period, running to December 28, 2026, with the standard warning that failure to demonstrate compliance
by that date would bring a delisting determination, appealable to a Hearings Panel.

On August 20, 2026 Nasdaq confirmed that for the ten consecutive business days from August 6 to August 19, 2026 the
closing bid price had been at or above $1.00, that the company had regained compliance, and that the matter is closed.
The company announced this on August 21.

Three points follow from that sequence. The first is that the outcome was reached without a reverse split, which
matters because the alternative route to compliance is a share consolidation that many small-capitalisation issuers
take and that changes nothing about the underlying business. The second is that the recovery coincides with the
announcement flow of early August rather than preceding it: the ten-day window opened on August 6, the day of the
sarcoma release. The third is that at $1.28 the stock sits 28 per cent above the threshold it spent almost eight
months below, which is a thin margin against a rule that measures a 30-day trailing condition.

16 The August 20 Notice Of Allowance And The Patent Estate

On August 20, 2026 the United States Patent and Trademark Office issued a Notice of Allowance on application
number 18/184,620, titled “Methods and Apparatuses for Delivery of Therapeutic Materials for the Treatment of Cancer”.
A Notice of Allowance is the office’s statement that the claims are allowable; the patent issues after the issue fee
is paid and the formalities are completed.

The allowed claims cover the catheter system described earlier: a primary catheter with multiple ports and
expandable occlusion balloons sealing a vessel segment to create a controlled treatment zone, plus a secondary
catheter advanced through the primary one into a branching vessel, each with dedicated guidewires, establishing
controlled fluid pathways for targeted delivery.

With this allowance, the company states that its global intellectual property portfolio comprises 20 issued or
allowed patents and 13 pending patents directed to the TAMP platform and the RenovoCath device. The Form 10-Q filed a
week earlier separately describes 14 published and pending patents, broken down as 5 United States, 7 outside the
United States and 2 under the Patent Cooperation Treaty. Those two disclosures count different categories and should
not be added together or treated as versions of the same figure. They also do not reconcile with each other: the
10-Q’s own breakdown sums to 14 published and pending items, against the 13 pending stated eight days later. The
33-item total is the company’s most recent statement of the portfolio, made on August 20, 2026, and the pending
component of it is one lower than what the quarterly report described.

Shaun Bagai, the chief executive, frames the allowance in commercial terms, describing the portfolio as an
important asset supporting commercialisation of RenovoCath as a standalone device and referring to potential
partnerships and licensing opportunities. For a company whose product is a mechanical device rather than a molecule,
patent scope is close to the whole of the barrier to entry: there is no data exclusivity and no orphan protection on a
catheter, only claims.

17 Orphan Designations, Registries And Investigator Trials

The drug side of the business carries a different kind of protection. IAG received Orphan Drug Designation for
pancreatic cancer in 2018 and for bile duct cancer in 2020, each conferring seven years of United States market
exclusivity on approval of a new drug application. In the second quarter of 2026 the company was granted a further
designation, for oxaliplatin in the treatment of pancreatic cancer, announced on May 28, 2026.

The oxaliplatin designation is the one that says something about strategy rather than status. TIGeR-PaC uses
gemcitabine. A designation covering a different chemotherapeutic agent in the same indication extends the platform
argument from one drug to a class: if the value of TAMP is where the drug is released rather than which drug it is,
then each additional agent is a separate potential product using the same catheter. Designation is not approval, and
the company has no trial running with oxaliplatin.

Around the registrational trial, the company supports a set of lower-cost studies. There is a multi-centre
post-marketing registry generating real-world safety and efficacy data, and investigator-initiated trials in
borderline resectable and metastatic pancreatic cancer, which the company describes as designed to achieve cost
neutrality while broadening the evidence base. In the second quarter of 2026 it began supporting a new
investigator-initiated study in cholangiocarcinoma, bile duct cancer, described as in the process of starting.

The publication flow through 2026 belongs to the same effort. A peer-reviewed case study from Moffitt Cancer Center
in Radiology Case Reports found that PET-CT imaging, rather than CT alone, showed a meaningful reduction in tumour
metabolic activity after treatment. A case series from researchers at Hackensack Meridian Health’s Jersey Shore
University Medical Center in Case Reports in Oncology was accepted for publication. On June 11, 2026 the company
highlighted a further peer-reviewed publication supporting intra-arterial gemcitabine delivery via TAMP. Case reports
and registries do not carry the evidentiary weight of a randomised trial, and none of them substitute for the
TIGeR-PaC readout, but they are what puts the procedure in front of physicians who are not trial investigators.

18 Management, Board And The Vote That Was Contested

Shaun R. Bagai is chief executive officer and signs the company’s filings. Ramtin Agah is founder, executive
chairman and chief medical officer, and is the voice on the clinical releases; he holds a consulting agreement with
the company disclosed in the related-party note of the Form 10-Q. Mark Voll was appointed chief financial officer on
February 4, 2026, serving as principal financial and accounting officer, after Ronald B. Kocak resigned from the
principal accounting officer role on February 3, 2026. Kocak’s resignation is disclosed as voluntary, not a qualified
termination under his change-in-control and severance agreement, and he retains the position of vice president and
controller at his existing 2026 salary. Voll was a consultant to the company before the appointment.

At the annual meeting of June 30, 2026, shareholders elected six directors to one-year terms: Bagai, Agah, Kirsten
Angela Macfarlane, Laurence J. Marton, Una S. Ryan and Robert J. Spiegel. Votes for each nominee ran between 12.89
million and 12.96 million, with withheld votes between 298,006 and 373,828, against 9,563,768 broker non-votes on a
voting stock base of 45,052,706 shares as of the May 11, 2026 record date. Turnout of roughly 22.8 million votes
against 45.1 million shares is characteristic of a retail-heavy register.

The most contested item was not a director. The amendment adding 2,000,000 shares to the 2021 equity incentive
plan passed with 9,666,218 votes for and 3,565,088 against, meaning approximately 27 per cent of votes cast on that
proposal were opposed, against roughly 2 to 3 per cent withheld on the board slate. Shareholders returned the
directors and pushed back on the share reserve. Frank, Rimerman + Co. LLP was ratified as auditor for 2026 with
21,938,316 votes for and 477,181 against.

Insiders participated in the March 2026 private placement: five of the fifteen investors were directors, officers
or employees, and Nasdaq rules required them to pay $1.0288 per share and warrant against the $0.938 paid by
institutions. Insider ownership stands at 3.49 per cent and institutional ownership at 20.38 per cent on Finviz data
read on August 25, 2026.

19 Market Snapshot And Analyst Coverage

Market data below was read from Finviz Elite on August 25, 2026, shortly after the opening. Prices and every figure
derived from them change continuously and are stated only to fix a reference point for the balance-sheet numbers
elsewhere in this report.

Four firms are listed on the company’s investor relations page as covering the stock: AGP with Scott Henry,
Ascendiant Capital Markets with Edward Woo, H.C. Wainwright with Swayampakula Ramakanth, and JonesTrading
Institutional Services with Justin Walsh. JonesTrading hosted the key opinion leader webinar on the pancreatic cancer
landscape on August 13, 2026 that the company flagged in its August 4 release. The company’s own page notes that any
opinions, estimates or forecasts made by those analysts are theirs alone.

The $7.00 aggregate target shown by Finviz is a mechanical average of sell-side price targets published by those
firms. It sits at roughly 5.5 times the current price and roughly 5.9 times a $57.6 million market capitalisation.
Individual target prices, their dates and the assumptions behind them were not verified against the source notes for
this report, which are not publicly available, and no view is expressed here on whether the aggregate is reasonable.
It is recorded because it is what the aggregator publishes, and because the distance between it and the market price
is itself a description of how divided opinion on this name is.

Technically, the stock trades above all three of its principal moving averages, 10.22 per cent above the 20-day,
26.60 per cent above the 50-day and 34.69 per cent above the 200-day, with a 14-day relative strength index of 60.17.
It is 15.16 per cent below its 52-week high and 82.26 per cent above its 52-week low. Weekly volatility of 10.97 per
cent on a $1.28 share is the number to hold alongside the Nasdaq compliance history: a rule measured on a $1.00
threshold and a stock that moves 11 per cent in a typical week are not far apart.

20 Retail Sentiment On Stocktwits, And Why The Ratio Is Unusable

The $RNXT stream on Stocktwits had 3,322 watchers on August 25, 2026, and message volume over the preceding week
was flagged as extremely high against the symbol’s own history, which is consistent with four company announcements
in twenty days.

The daily bullish-versus-bearish series that Stocktwits publishes for the symbol is not usable as a sentiment
measure here, and saying so is more useful than charting it. Across the 61 daily readings available to August 25,
every single value is either 100 per cent bullish or zero, with no intermediate figure on any day. A percentage that
only ever takes the two extreme values is a percentage computed on one or two tagged messages a day. The symbol is too
thinly discussed for the ratio to carry information, and a chart of it would show a square wave, not an opinion.

What the stream does show is the tenor of the posts, and the tenor is uniformly constructive: links to the company’s
own releases, expectations of a re-rating on the TIGeR-PaC readout, and repeated price predictions in the $5 to $7
range over six to twelve months. One post read on August 25 set out a bull case resting on the fully enrolled Phase
III, accelerating RenovoCath revenue and the $400 million market estimate. Another, from August 24, noted with some
irony that a $1.5 million revenue quarter could make the milestone warrants expire worthless.

These are self-reported opinions from retail traders and non-professional investors on a public message board. They
are not analyst research, they are not verified, and the users posting them may hold positions in the stock. They are
recorded here as a description of retail positioning, and nothing in them should be read as a forecast or as a reason
to act.

21 The Catalyst Map

Dated and undated items, separated. Everything below comes from the company’s own statements, with the source date
attached; none of it is a Merlintrader forecast.

Two items that were catalysts have closed. The Nasdaq minimum bid price deficiency, live since December 31, 2025
with a deadline of December 28, 2026, was resolved on August 20, 2026. Enrolment completion in TIGeR-PaC, an open item
for years, was announced on August 11, 2026. Neither belongs on a forward calendar any longer.

22 Risks And Red Flags

The trial is binary and it is the larger half of the story. TIGeR-PaC reads out on overall survival
in the second half of 2027. Locally advanced pancreatic cancer has defeated a long list of interventions, the
comparator arm is active chemotherapy, and the statistical plan was repowered from 90 per cent to 80 per cent, which
raises the probability of missing a real effect. The company has not discussed the amended plan with the FDA and says
it cannot assure that the agency will agree with the modifications.

The runway is shorter than the sentence describing it. Cash of $9.5 million against first-half
operating burn of $6.6 million is approximately 2.9 quarters at the current rate. The company’s statement that cash
funds operations into the second half of 2027 depends on revenue growth arriving as planned. If it does not, financing
happens, and it happens from a $57.6 million market capitalisation.

Dilution has already been heavy and the instruments for more are in place. Shares outstanding rose
from 36.6 million at December 31, 2025 to 45.1 million at June 30, 2026, a 23 per cent increase in six months, at
$0.938 per share for institutional buyers. A shelf registration on Form S-3 went effective on April 27, 2026, and the
Form 10-Q states that under it the company expects to have access to an at-the-market financing programme and other
financing opportunities over the three-year life of the registration.

The commercial base is small and concentrated. Twenty-one active centres, six customers named in
the concentration disclosure, and a single third-party manufacturer under a minimum-purchase supply agreement. Any one
of those relationships failing is material at this revenue scale.

Revenue growth has not been monotonic. The quarterly line went $197k, $422k, $266k, $238k, $563k,
$909k. Two of the last six quarters were down sequentially. The 2026 acceleration is real; the 2025 record shows the
line can go backwards.

The listing risk is resolved but the margin is thin. Compliance was regained on August 20, 2026 at
a price 28 per cent above the $1.00 threshold, on a stock with 11 per cent weekly volatility. A renewed deficiency
would start a fresh 180-day clock, and the company has already used both available periods once.

Interim efficacy data has not been published. The six-month median survival benefit from the first
interim analysis appears only in the company’s own disclosure and has not been peer reviewed. The second interim
result has been deliberately withheld until study completion. Investors are asked to weigh a survival claim they
cannot inspect.

23 Merlintrader Health Score

The Merlintrader Health Score is a one-to-five reading of how robust a company’s position looks over the next
twelve to eighteen months, built from five weighted pillars. It is a description of financial and operational
fragility. It is not a rating, not a recommendation, and it says nothing about whether the shares are cheap or
expensive.

Weighted result: 2.5 out of 5. The arithmetic: (2 × 0.30) + (3 × 0.30) + (2 × 0.20)
+ (2 × 0.10) + (4 × 0.10) = 2.50. A company executing well on the operational items it controls, against a
balance sheet that does not yet reach the event that decides the larger half of the business.

24 Scenarios

Three descriptive paths, each traced from figures already in this report. They are not probabilities, not forecasts
and not recommendations, and the list is not exhaustive.

Commercial path, trial silent. Revenue lands inside or above the $3.75 million to $4.25 million
guidance, active centres reach or pass 36 by year-end, and the fifteen trial sites convert as described. In that case
the equity story detaches from the trial: a device business growing at triple digits on 84 per cent gross margin, with
break-even framed at a $5 million quarterly run rate, becomes valuable on its own terms well before the 2027 readout.
The constraint is cash, because reaching a $5 million quarter from $909,000 takes time the current balance sheet does
not cover without financing.

Trial reads out positive, in the second half of 2027. A survival benefit on the primary endpoint
opens the new drug application route, with seven years of orphan exclusivity on approval, and revalues both the drug
programme and the catheter that enables it. Between now and then, roughly five quarters of operating expense have to
be funded, and the terms of that funding are set by where the shares trade in the interval, not by the eventual
result.

Trial misses, or funding arrives badly. A failure on overall survival removes the drug programme
and leaves the standalone device business, whose value would then rest entirely on adoption metrics. Separately, and
independently of the trial, an equity raise executed at a depressed price from a $57.6 million market capitalisation
compounds a share count that has already risen 23 per cent in six months. The two risks are not the same risk, and
either can occur without the other.

The milestone warrants sit across all three paths as a mechanism rather than an outcome: strong revenue extinguishes
them, a recovered share price converts them into shares and cash, and a weak share price with strong revenue kills
them without either.

25 Bottom Line

RenovoRx in August 2026 is two businesses of very different maturity sharing one catheter, and the month just
passed moved both of them.

The commercial business is small, growing quickly and unusually profitable at the gross line: $909,000 of quarterly
revenue at 84 per cent gross margin, 21 active centres against 16 in May, 63 in the funnel, guidance raised to
$3.75 million to $4.25 million for the year, and a first physician-driven use outside pancreatic cancer. Against that,
gross profit covers 19 per cent of operating expenses, and the quarterly line went backwards twice in 2025.

The clinical business reached the end of an eight-year enrolment on August 7, 2026 and now waits on eight deaths to
complete a 86-event analysis, with top-line survival data expected in the second half of 2027. The August 25
publication in Cancer Chemotherapy and Pharmacology strengthens the mechanistic case, with a measured 0.511 extraction
ratio at the delivery site, on 16 patients. It explains why the platform could work. It does not report whether it
does.

Between the two sits the balance sheet: $9.5 million of cash, no debt, $3.29 million of quarterly burn, a company
statement of funding into the second half of 2027 that requires the revenue plan to hold, and an effective shelf
registration. Above it sits 28.55 million warrant shares at a weighted average $2.25 and 6.45 million options at
$1.35, almost all above a $1.28 market price, including 5.32 million milestone warrants that a $1.5 million revenue
quarter would extinguish within thirty days.

Every figure in this report carries the date it was true. The commercial ones will move at the third-quarter
release; the clinical one moves once, in the second half of 2027.

Related Research On Merlintrader

• Cardiff Oncology ($CRDF) Stock Hub 2026 — another small-capitalisation company running a randomised trial in pancreatic cancer, with its own financing and dilution profile.
• Biomea Fusion ($BMEA) Stock Hub 2026 — a fully enrolled pivotal trial and a cash position measured against the readout, the same structural question in a different indication.
• Microbot Medical ($MBOT) Stock Hub — endovascular robotics, for the device side of the interventional suite RenovoCath is used in.
• BioCardia ($BCDA) Stock Hub — a catheter-based delivery platform financed at a similar scale.
• Top Ten Biotech Stocks Right Now — the names we are following most closely, updated regularly.