Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Renalytix to raise at least £4.0 million gross proceeds through placing, subscription, and retail offer.

  • Certain Directors to invest approximately £270,000 in the Fundraise.

  • Net proceeds to support integration of kidneyintelX.dkd into Tempus’ chronic kidney disease portfolio.

Renalytix plc (LSE:RENX) (OTCQB:RNLXY), a precision medicine company focused on early-stage risk assessment in chronic kidney disease (CKD), has announced its intention to raise a minimum of £4.0 million in gross proceeds. The capital will be secured through a placing, a subscription of new ordinary shares, and a separate retail offer via the Winterflood Retail Access Platform (WRAP).

The new ordinary shares will be issued at 9.5 pence per share, representing a discount of 11.6 per cent to the closing price of 10.75 pence on 19 September 2025 and a 39 per cent premium to the 90-day average closing price. Oberon Capital, a trading name of Oberon Investments Limited, is acting as sole bookrunner on the placing.

Details of the Fundraise

The placing will be conducted through an accelerated bookbuild, effective immediately, and is subject to terms and conditions set out in the Company’s announcement. The subscription will be made available to US investors under an exemption from SEC registration, while the retail offer will provide private and other investors access through WRAP.

At the Company’s annual general meeting in December 2024, shareholders granted authorities enabling directors to issue and allot new ordinary shares for cash. These authorities will be sufficient to complete the proposed fundraise without requiring further approvals.

Director Participation

Certain directors of Renalytix intend to participate in the fundraise, investing approximately £270,000 in aggregate through the issue of 2.84 million new shares. These directors will be subject to a six-month lock-in period.

Use of Proceeds

The company plans to allocate proceeds, together with existing cash resources, to support its recently announced collaboration with Tempus AI, Inc. (NASDAQ: TEM). The collaboration aims to make Renalytix’s kidneyintelX.dkd prognostic blood test more widely available across Tempus’ network of US healthcare institutions.

KidneyintelX.dkd is the first FDA-approved and Medicare-reimbursed prognostic test designed to assess risk in early-stage CKD patients with type 2 diabetes. The integration of the test into Tempus’ chronic kidney disease category is expected to expand access to nearly 15 million eligible patients in the US.

Placing and Subscription Conditions

New ordinary shares issued through the placing will be offered exclusively to UK investors, while the subscription will be open to certain US investors. Both the placing shares and subscription shares will be fully paid and rank pari passu with existing shares. Issuance of subscription shares is expected on or around 29 September 2025.

Retail Offer for Individual Investors

Renalytix will separately launch a retail offer to raise up to an additional £0.5 million before expenses. The board highlighted the importance of its retail investor base and aims to provide them an opportunity to participate alongside institutional investors.