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What were the key takeaways from Volitionrx's earnings call?

- **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

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