Sign in

You're signed outSign in or to get full access.

RT

Rein Therapeutics, Inc. (RNTX)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered no revenue, narrower year-over-year net loss ($5.5M vs $7.1M) and lower operating expenses, but EPS of -$0.25 modestly missed the one-estimate Wall Street consensus of -$0.21; revenue was in line at $0.00. Cash burn remained elevated and runway extends only through September 2025 following $5.28M proceeds from April transactions *.
  • Strategic execution advanced: Phase 2 RENEW trial for LTI-03 in IPF was initiated (target ~120 patients, multi-center, double-blind, placebo-controlled); Qureight AI imaging collaboration announced; and two patents granted covering LTI-03 dry powder formulation and administration .
  • Guidance/timeline: Topline interim Phase 2 data expected in H1 2026, representing the next binary catalyst; management reiterated confidence in plan while acknowledging funding dependencies and limited cash runway .
  • Stock reaction catalysts: Phase 2 enrollment progress and any interim operational updates; patent portfolio expansion; and additional financing clarity to extend runway beyond September 2025 .

What Went Well and What Went Wrong

What Went Well

  • Phase 2 RENEW trial initiated, advancing LTI-03 into a patient study with defined endpoints (FVC, ppFVC, HRCT) and global sites; CEO emphasized “significant step forward” and dual-mechanism hypothesis .
  • Strategic partnerships and IP strengthened: collaboration with Qureight to integrate deep-learning imaging analytics in Phase 2; two US patents granted for LTI-03 dry powder formulation and use, reinforcing proprietary position .
  • Cost discipline year-over-year: R&D ($3.1M vs $3.5M) and G&A ($2.5M vs $3.7M) declined, narrowing net loss vs Q1 2024; management highlighted temporary delay of LTI-01 spend, lower professional fees, and employee turnover impact .

What Went Wrong

  • EPS missed consensus by $0.04 (actual -$0.25 vs -$0.21*) with only one estimate in coverage, limiting confidence in consensus quality *.
  • Cash runway remains short, only through September 2025; net cash used in operations was $6.2M in Q1, implying near-term financing risk despite April proceeds of $5.28M .
  • No commercial revenue; reliance on external funding and clinical execution persists, and management’s forward-looking statements acknowledge risks related to trial enrollment, funding, and replicability of early signals .

Financial Results

Consolidated P&L and EPS vs Prior Periods

MetricQ1 2024Q4 2024Q1 2025
Revenue ($USD Millions)$0.00 —$0.00
R&D Expense ($USD Millions)$3.46 $3.30 $3.05
G&A Expense ($USD Millions)$3.74 $2.50 $2.56
Total Operating Expenses ($USD Millions)$7.21 —$5.61
Loss from Operations ($USD Millions)$(7.21) —$(5.61)
Other Income ($USD Millions)$0.09 —$0.11
Net Loss ($USD Millions)$(7.11) $(41.0) $(5.50)
Diluted EPS ($USD)$(0.86) $(1.89) $(0.25)
Adjusted Diluted EPS ($USD)—$(0.26) (excl. $37.0M impairment) —

Note: Q4 2024 revenue and some line items not disclosed in quarterly detail in the press release; adjusted EPS disclosed qualitatively in Q4 release .

Q1 2025 Actual vs Wall Street Consensus (S&P Global)

MetricActual Q1 2025Consensus Q1 2025
Revenue ($USD Millions)$0.00 $0.00*
EPS ($USD)$(0.25) $(0.21)*
EPS - # of Estimates—1*
Revenue - # of Estimates—1*

Values marked with * retrieved from S&P Global.

Cash and Liquidity KPIs

KPIQ1 2024Q4 2024Q1 2025
Cash & Cash Equivalents ($USD Millions)$12.04 $12.87 $7.43
Net Cash Used in Operating Activities ($USD Millions)$(5.27) $(22.29) (FY 2024) $(6.18)
Accounts Payable ($USD Millions)$0.91 (Dec 31, 2024) $0.91 (Dec 31, 2024) $1.15 (Mar 31, 2025)
Accrued Expenses & Other Current Liabilities ($USD Millions)$4.84 (Dec 31, 2024) $4.84 (Dec 31, 2024) $4.83 (Mar 31, 2025)
Weighted Avg Shares (Basic & Diluted)8,301,798 —21,915,891
April 2025 Transactions Proceeds ($USD Millions)——$5.28

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Phase 2 LTI-03 initiation (IPF)H1 2025Anticipated to initiate in H1 2025, subject to funding Initiated; screening/recruitment underway Raised/executed
Phase 2 topline interim data (LTI-03)H1 2026Not previously specifiedTopline interim data expected H1 2026 New
Trial design/enrollment2025–2026Plan to initiate Phase 2 ~120 patients; low/high dose 2.5 mg BID and 5 mg BID vs placebo; global sites; primary TEAE; key secondary FVC/ppFVC/HRCT Clarified
Cash runwayThrough Sep 2025Not specifiedRunway through September 2025 (with April proceeds) New
AI imaging collaborationPhase 2Not specifiedIntegrate Qureight deep-learning platform in Phase 2 New
IP protectionOngoingExisting portfolioTwo new patents granted for LTI-03 dry powder formulation and use Strengthened

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was found in the document catalog; themes derived from company filings/press materials.

TopicPrevious Mentions (Q4 2024)Current Period (Q1 2025)Trend
R&D execution for LTI-03Positive Phase 1b Cohort 2 biomarker trends; plan to initiate Phase 2 in H1 2025 Phase 2 RENEW initiated; ~120 patients; defined endpoints and global sites Progressing as planned
AI/technology initiativesNone notedQureight deep-learning imaging collaboration for Phase 2 New capability
IP strategyNone notedTwo LTI-03 dry powder patents granted Strengthening IP
Funding/runwayCash $12.9M at YE; financing activity in 2024 Runway through Sep 2025; April transactions raised $5.28M Tight but extended
LTI-01 programImpairment charge aligning carrying value; program deprioritized Temporary delay of further development lowers R&D y/y Reduced spend

Management Commentary

  • “Rein has completed a multitude of key accomplishments since the beginning of the year, and we are particularly excited to have initiated the Phase 2 RENEW trial of LTI-03 in patients with IPF… We are committed to continuing this momentum of execution and we look forward to advancing the RENEW trial and sharing topline interim data, which is expected in the first half of next year.” — Brian Windsor, Ph.D., President & CEO .
  • “We are taking the evaluation of biomarkers a step further with the application of cutting-edge deep-learning imaging technology… These tools will be critical in gaining a deeper understanding of the potential therapeutic effect of LTI-03.” — Brian Windsor, Ph.D., President & CEO .
  • “These new patents strengthen the proprietary foundation of our inhaled peptide program and support the continued development of LTI-03…” — Brian Windsor, Ph.D., President & CEO .

Q&A Highlights

  • No Q1 2025 earnings call transcript was available in the document catalog; therefore, analyst Q&A themes and any guidance clarifications cannot be assessed from a transcript [ListDocuments returned 0 for earnings-call-transcript].

Estimates Context

  • Q1 2025 EPS of -$0.25 missed the one-estimate consensus of -$0.21; revenue of $0.00 matched consensus at $0.00. Coverage depth is minimal (one estimate each for EPS and revenue), reducing signal quality for consensus analysis *.
  • Given the operational update (Phase 2 initiated; AI collaboration; patents) and tighter runway guidance through September 2025, estimate revisions are more likely to focus on opex and cash usage rather than near-term revenue/EPS, since the company remains pre-revenue *.

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Phase 2 RENEW initiation and defined endpoints create a tangible clinical execution path; watch enrollment velocity and any interim operational updates as near-term stock catalysts .
  • Modest EPS miss vs consensus (-$0.04) with only one estimate; y/y opex reductions narrowed the loss, but cash burn (~$6.2M in Q1) limits flexibility *.
  • Cash runway to September 2025 after $5.28M April proceeds highlights looming financing need; anticipate capital raising or partnerships to bridge to H1 2026 interim readout .
  • Qureight AI collaboration and newly granted LTI-03 patents strengthen data-generation quality and IP defensibility, potentially improving the probability of value-creating clinical signals .
  • Near-term thesis is execution- and financing-driven; medium-term hinges on LTI-03 Phase 2 biomarker and lung function outcomes and the company’s ability to extend runway without excessive dilution .
  • LTI-01 spend reduction helped opex, but deprioritization underscores focus on LTI-03; any re-acceleration would likely require clearer clinical/regulatory milestones and funding .
  • Absent revenue, investor attention should center on trial progress, IP, and balance-sheet actions; binary clinical updates will dominate the narrative and stock moves .