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- **Major Partnerships Signed**: Werfen (APS testing) and Hologic (Nu.Q Discover) to expand human diagnostics reach.
- **Revenue Growth**: 32% YoY increase to $0.6M, with cost reductions driving 33% lower cash usage.
- **Breakthrough Technology**: Capture-Seq achieves 180x DNA concentration, enabling new cancer biomarkers.
- **Veterinary Market Progress**: Fuji validates automated platform, targeting pet wellness panels.
- **Upcoming Milestones**: APS clinical utility study results and feline cancer paper publication.

**【CEO Summary Section】**
- Signed two major agreements: a research license with Werfen for APS testing and a co-marketing deal with Hologic for Nu.Q Discover services.
- Werfen partnership focuses on NETs assay validation for APS, a $85M annual market with 4M global patients.
- Hologic has already made its first sale, leveraging their $4B+ revenue base and global reach.
- Progress in veterinary market with Fuji's validation of automated Nu.Q Vet testing platform, targeting annual pet wellness panels.
- Capture-Seq technology submission highlights potential for new cancer biomarkers with 180x DNA concentration improvement.

**【CFO Financial Commentary】**
- Q3 2025 revenue grew 32% YoY to $0.6M, driven by Nu.Q Vet and Discover services.
- Operating expenses down 10% YoY, net cash used in operations reduced 33% YoY to $3.6M.
- Net loss decreased 8% QoQ and 20% YoY, with $6.1M raised post-quarter via public offering.
- Focus on cost-neutral operations; seeking human diagnostics licensing deals to accelerate revenue growth.

**【Q&A Highlights】**
- APS market size: ~$85M annually, withWerfen partnership in early validation phase.
- Hologic's first sale contributes to Q4 revenue; both partnerships expected to drive 2026 growth.
- 10+ active licensing discussions in human diagnostics, with potential for upfront and milestone payments.
- Feline cancer milestone payment contingent on peer-reviewed paper publication, nearing completion.
- Series A warrants milestone not yet met, requiring aggregate payments exceeding current deals.

VolitionRx Limited (VNRX) Q3 2025 Earnings Call Transcript

- **Financial Resilience**: 9% YoY expense reduction, 30% cash usage improvement, and $1.2M post-quarter funding boost liquidity.
- **Clinical Breakthroughs**: Nu.Q Cancer shows prognostic value in NSCLC; Nu.Q NETs validated in sepsis, with 11 European hospitals testing.
- **Licensing Momentum**: 10+ human health partners in talks, targeting $25B+ oncology and sepsis markets.
- **Growth Catalysts**: Q3 2025 licensing deal, Taiwan lung cancer screening launch, and lateral flow test commercialization.
- **Strategic Focus**: Cash neutrality by 2025, with $600B+ partner pipeline and 15-year platform validation across 21 clinical use cases.

**【CFO Financial Commentary】**
- Total operating expenses decreased 9% YoY, driven by lower personnel and R&D costs.
- Net cash used in operating activities improved to $6.3M (Q2 2025) vs. $6.7M (Q2 2024), with first-half cash usage down 30% YoY.
- Revenue reached $400K in Q2, up 15% H1 YoY, including first human product sales (Nu.Q NETs).
- Cash reserves at $2.3M, supplemented by $6M convertible loan and $1.2M registered direct offering post-quarter.

**【CMO Clinical Updates】**
- **Nu.Q Cancer**: 832-patient study shows H3K27 trimethyl as prognostic marker for NSCLC, with plans for ESMO 2025 interim data presentation. NTU's 500-patient validation study on track for 2025 completion.
- **Nu.Q NETs**: Peer-reviewed study in Critical Care validates H3.1 nucleosome as sepsis biomarker, with 11 European hospital networks evaluating clinical utility.
- **Lateral Flow Test**: Proof-of-concept successful for capillary blood, positioning for POC diagnostics in underserved markets.

**【CEO Business Update】**
- **Licensing Progress**: 10+ human health partners in negotiation, including $600B+ market cap companies. Key areas: oncology (lung cancer screening), sepsis, autoimmune diseases.
- **Commercial Milestones**: 
  - Vet diagnostics: FujiFilm's automated i10 platform launch Q3 2025.
  - Human diagnostics: First CE-marked Nu.Q NETs sales in Europe, targeting $1B+ annual market.
  - Discovery tools: Over 20 clients using Nu.Q for pharmacoepigenetics research.
- **Strategic Focus**: Achieve cash neutrality in 2025 via licensing deals, cost control, and revenue growth.

**【Q&A Highlights】**
- **Deal Timing**: First human licensing deal expected Q3 2025, with multiple in final stages.
- **Revenue Leverage**: Capital raised will fund R&D, clinical trials, and commercial expansion (e.g., Taiwan lung cancer screening program).
- **Clinical Scale**: Nu.Q Cancer validation in Taiwan could enable CLIA lab launch by H1 2026, with potential TFDA approval by end-2026.
- **Lateral Flow Potential**: $1-2 COG test for sepsis, trauma, and infectious disease in low-resource settings.


VolitionRx Limited (VNRX) Q2 2025 Earnings Call Transcript

- **Revenue Milestone**: First human product sales in Q1 2025, driving 44% YoY revenue growth.
- **Cost Control Success**: 35% YoY expense reduction, 48% decline in cash used for operations.
- **Clinical Progress**: 100+ patients enrolled in Taiwan lung cancer trial; NETs test generating EU revenue.
- **Veterinary Expansion**: Centralized lab automation for Nu.Q Vet, $23M in milestone payments.
- **Precision Medicine Breakthrough**: Nu.Q Discover biomarkers in Phase I/IIb trial, high-throughput tools sold to 5 companies.

**【CFO Financial Highlights】**
- **Revenue Growth**: Q1 2025 revenue reached $0.25 million, up 44% YoY, including first human product sales.
- **Cost Efficiency**: Operating expenses declined 35% YoY, with cash used in operations down 48% to $4.3 million.
- **Liquidity**: Ended Q1 with $2.6 million in cash, supported by $2.3 million from a registered direct offering and $1.6 million in non-dilutive loans.
- **Funding Progress**: Secured $6.25 million convertible loan note post-quarter end, repayable over 24 months with a 6-month repayment holiday.

**【CEO Business Updates】**
- **Human Diagnostics**: 
  - **Cancer Screening**: 100+ patients enrolled in Taiwan lung cancer study; potential inclusion in national screening programs.
  - **NETs Technology**: First CE Mark product revenue in Europe, with 9 hospital networks evaluating clinical utility across sepsis, trauma, and autoimmune diseases.
- **Veterinary Expansion**: 
  - **Automation**: Fuji Film Vet Systems extended contracts to implement centralized Nu.Q Vet testing on IDS I-10 platform.
  - **Milestone Payments**: Received $23 million in milestones from veterinary partnerships.
- **Precision Medicine**: 
  - **Clinical Trials**: Nu.Q Discover biomarkers used in a Phase I/IIb study for a novel drug, generating recurring revenue.
  - **High-Throughput Tools**: Sold synthetic sepsis model to 5 companies for drug development.

**【Q&A Key Takeaways】**
- **Cost Sustainability**: Management confident in maintaining reduced expenses through 2025, prioritizing commercialization over R&D.
- **Feline Cancer Test**: Pre-analytical validation published; clinical data collection underway for milestone payment.
- **Revenue Visibility**: Nu.Q Discover clinical study to generate revenue over 2 years, with first samples processed in Q2.
- **Partnership Strategy**: Focus on non-dilutive funding and licensing deals to achieve 2025 cash-neutral target.

VolitionRx Limited (VNRX)-16 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 59% YoY to $1.2M, driven by 75% increase in Nu.Q Vet revenue and 40% growth in Nu.Q Discover. 
- **Cost Efficiency**: Operating expenses down 23% YoY, targeting 2025 cash neutrality. 
- **Clinical Breakthroughs**: Nu.Q Cancer validated in 800-patient study; Nu.Q NETs biomarker linked to sepsis mortality in 1,700-patient trial. 
- **Licensing Momentum**: Active discussions with major diagnostic companies; $5M milestone payment pending for feline cancer test. 
- **Automation Strategy**: Centralized lab automation (e.g., Fuji's IDS platform) to scale for 80% of vet market. 


**【CEO Opening Remarks】**
- 2024 achievements: Completed large independent studies validating Nu.Q platform for oncology and sepsis markets. 2025 focus: Sign multiple human licensing deals, replicate vet market success (e.g., $23M milestones from Antech). 
- Nu.Q Vet Cancer Test: 120,000 tests sold (+120% YoY), 20+ countries reached. Centralized lab automation (e.g., Fuji's IDS platform) to scale for annual pet wellness panels. 
- Nu.Q Discover: 13 customers processed 2,600 samples, including 6 pharma companies. First human clinical study with pharma sponsor announced post-year-end. 

**【CFO Financial Commentary】**
- 2024 Revenue: $1.2M (+59% YoY), with Nu.Q Vet at $0.8M (+75%) and Discover at $0.4M (+40%). 
- Cost Efficiency: Operating expenses down 23% YoY ($25.9M net cash used). 2025 goal: Cash-neutral. 
- Liquidity: $3.3M cash at year-end, +$4.3M from grants and equity sales post-year-end. 

**【CMO Clinical Updates】**
- **Nu.Q Cancer**: 800-patient study showed Nu.Q differentiates benign/malignant lung nodules. 500-patient validation study in Taiwan underway, targeting national screening program inclusion. 
- **Nu.Q NETs**: H3.1 biomarker linked to sepsis mortality in 1,700-patient study. 10+ centers in Europe evaluating CE-marked test. 
- **Nu.Q Discover**: First human clinical study with pharma sponsor to measure disease progression. Repeat customers include 2 top-10 pharma companies. 

**【Q&A Highlights】**
- **Heska Feline Test**: On track for completion this year, with $5M milestone payment contingent on validation. 
- **Sales Volatility**: Driven by large batch orders from new customers. 2025 growth from centralized lab automation (80% market share) and Antech's Element i+ rollout. 
- **Licensing Progress**: Active discussions with major diagnostic companies for Nu.Q NETs and oncology portfolios. Taiwan validation study expected to complete this year. 
- **Nu.Q Discover Contracts**: Average deal size moving from $200K to mid-hundreds of thousands, with potential for millions in companion diagnostics. 


VolitionRx Limited (VNRX)-31 Mar 25-2024 Q4 Earnings call transcript

VolitionRx Limited (VNRX)-15 Nov 24-2024 Q3 Earnings call transcript

VolitionRx Limited (VNRX)-15 Aug 24-2024 Q2 Earnings call transcript

VolitionRX (VNRX)-14 May 24-2024 Q1 Earnings call transcript

VolitionRX (VNRX)-26 Mar 24-2023 Q4 Earnings call transcript

- **Revenue Growth**: Nu.Q Vet up 5x YoY, with U.K. and Asian market expansions. 
- **Strategic Funding**: $19M nondilutive funding, $13M Heska milestone, and $6M Walloon support.
- **Breakthroughs**: CTCF cancer detection method with 92% accuracy, FDA 510(k) pathway for sepsis.

**【CEO Opening Remarks】**
- Cameron Reynolds highlighted the company's strategic focus on four pillars (Nu.Q Vet, Discover, NETs, CTCF) aiming for each to achieve cash flow positivity through product revenues, milestones, or nondilutive funding by end-2024. Emphasized the potential of the breakthrough CTCF cancer detection method and partnerships for commercialization.

**【CFO Financial Commentary】**
- Q3 2023 revenue: $165k (5x YoY growth), year-to-date $531k (+185% YoY). Net loss: $8.5M, cash: $10.8M. Secured $19M nondilutive funding; anticipate $13M Heska milestone and $6M Walloon funding. Cost-cutting initiatives reduced annual expenses by $2M.

**【Volition Veterinary Update】**
- Nu.Q Vet revenue up 5x YoY, driven by IDEXX expansion and U.K. launch. Anticipate 2024 launches in Japan and Taiwan, targeting 22M+ pets in Japan and 1.6M veterinary hospitals in Taiwan.

**【Nu.Q NETs & Cancer Detection】**
- FDA 510(k) pathway for sepsis diagnostics; ESMO presentation on CTCF method detecting early-stage cancers with high accuracy.

**【Q&A Highlights】**
- Heska's feline test launch expected mid-2024, with $5M milestone. CTCF data expected Q1 2024. R&D expenses to decline post-sepsis trial completion.

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