8/15/2024

speaker
Operator
Conference Call Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the VolitionRx Limited second quarter 2024 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, the conference call will be opened for questions. If you have a question, please press the star key followed by the number one on your touchtone phone. If you would like to redraw your question, please press the star key followed by the number two. If you're using speaker equipment, please lift the handset before making your selections. This conference is being recorded today, August 15th, 2024. I would now like to turn the conference call over to Louise Batchelor, Group Chief Marketing and Communications Officer. Please go ahead.

speaker
Louise Batchelor
Group Chief Marketing and Communications Officer

Thank you, and welcome everyone to today's earnings conference call for VolitionRx Ltd. Before we begin, I'd like to remind everyone that some of the information discussed on this conference call will include forward-looking statements covered under the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our beliefs as well as assumptions we have used upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions. Actual future results may vary significantly based on a number of factors that may cause the actual results or events to be materially different from future results, performance or achievements expressed or implied by these statements. We've identified various risk factors associated with our operations in our most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. We do not undertake an obligation to update any forward-looking statements made during the course of this call. Cameron Reynolds, President and Group Chief Executive Officer, will open the call, providing key highlights of the second quarter and indeed the first half of 2024. Then Dr. Andrew Retter, Chief Medical Officer, will provide a commentary about our clinical trials programme. Terry Cuse, our Group Chief Financial Officer, will then cover Volition's financial and operating results, along with a discussion of recent finance activities, before passing back to Cameron for a look ahead to upcoming milestones. We will then open the conference call to a question and answer session. I'll now hand over the call to Cameron.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

Thanks, Lou, and thank you everyone for joining Volition's second quarter 2024 earnings call today. We appreciate your time given the busy earnings call season. Thank you for your continued support in helping us advance our mission to save the lives and improve outcomes of millions of people and animals worldwide through our novel epigenetics platform. This year, we have successfully supported our veterinary licensing and distribution partners to launch new to you vet cancer test, and I'm delighted that we have sold more tests in the first half of this year than we did in the whole of 2023. Through the end of June, 2024, we sold more than 60,000 NUQ cancer tests versus about 58,000 tests for the full year of 2023. Antex Diagnostics, part of the Mars Pet Care Group, announced the launch of NUQ vet tests, not only in the US and Europe, but also as far afield as my home country, Australia, as well as India and Singapore. the list of countries is ever-expanding. The Antec team has been very actively marketing the in-house test at a very compelling list price of $35 to the vet. Fujifilm Vet Systems are also pricing the test to vets at below $40, and on July 1st announced the country-wide launch of the new QVET cancer test in Japan. After very good initial feedback from vets, they are now marketing the test aggressively so another exciting market to watch. We have invested significantly over the recent years to build out our product pillars and to help ensure we have robust scientific and clinical evidence to support our potential breakthrough technologies. During the second quarter of 2024, we continued to make significant progress in reading our products and technologies, including our intellectual property for licensing. Our patent portfolio as of June 30 comprises 53 patent families, 86 granted patents, with a further 128 patents pending worldwide. We believe this to provide a rich source of competitive advantage, and I'd like to take the opportunity to acknowledge the hard work of all our scientific team, notably Dr. Jake McAuliffe and our head of intellectual property, Catherine Maylou, Our focus in the second half of 2024 will include negotiating our first licensing deal in the human space. And to that end, Pharma Ventures has recently been engaged to act as an advisor to Volition to help secure licensing deals. Pharma Ventures is a respected international advisory company with a proven track record in licensing, partnering and strategic alliances. PharmaVenture's specialist experience in deal-making and extensive network means that it is ideally placed to support us as we seek to commercialize our potentially groundbreaking oncology and capture PCR portfolio. I will return later in the call to discuss future milestones and to answer your questions, but will now pass over to Dr. Retta for a summary of upcoming data for inclusion in the data rooms, not only for oncology, but also for sepsis, where we already have received expressions of interest from key industry players. Andy, over to you.

speaker
Dr. Andrew Retter
Chief Medical Officer

Thank you, Cameron, and good morning, everyone. For new QNETs, our focus is to develop a low-cost routine test to stratify the risk of sepsis, particularly those at risk of progressing to multiple organ failure, in addition to monitoring the disease progression and response to treatment. We have made excellent progress towards achieving these ambitious goals during the second quarter. We have a number of extensive studies with many large data sets expected to be available for the confidential data room this summer, and publication is anticipated after the ESICM conference in October 2024. In summary, across all the studies today, we will have data covering patients in both critical care and the emergency department, with key outcome measures for new QNETs correlating with 28-day mortality, ITU mortality, disease severity, duration of organ support, length of stay within critical care, and in hospital. All of these outcome measures are in line with the Sepsis 3 definition. Our first two studies have over 2,500 patients. We have high-resolution data, both on admission and longitudinal data throughout their length of stay. The cohorts are extremely well-characterized, and we believe this will be an extremely rich source of insight into the value of H3.1. These samples have all been run and processed. The data analysis is being finalized with the goal to it being completed and ready to enter the data room by the end of the month and shared with our care wells in September. Preliminary results across the cohorts are promising and consistent. As I reported last quarter, we extended the DOCRO study in the United States to include sick care patients and for patients to be initiated into the study from the emergency department rather than simply including ITU patients. Recruitment for this study has now closed and data analysis is almost complete. Our project with our key opinion leader, Professor Djali Annan in France, is progressing well. This is a consortium project of an ongoing prospective study of which Volition is a member. Again, it's longitudinal in nature, large scale, with high resolution of approximately 1500 patients in the study. Working closely with Professor Inan and his team, we have performed an interim analysis of over 450 patients. This will be added to the confidential data room and shared at our upcoming key opinion leader workshop in Paris in September. With regards to publications, we have again made good progress. The Zuckers et al. paper detailed our novel synthetic sepsis model and was published during the second quarter in the Journal of Thrombosis and Haemostasis. The findings reported emphasize the importance of investigating neutrophil physiology and biology to better understand its context and when it becomes disordered in disease. We hope to identify risk factors and further therapeutic targets, providing novel strategies for disease intervention and management. A second paper by Atterbury entitled Understanding Complex Chromatin Dynamics of Primary Human Neutrophils During PMA-induced mitosis is currently out for peer review and has received positive feedback so far. It is available to review on bioarchives. We now have a pipeline of papers based off the initial ZUCAS paper. These all underline the scientific validity of our new QNETS assay, and we believe are of great interest not only to our key opinion leaders and centres of excellence, but also to our licensing partners or potential licensing partners. Finally, from a publication perspective, following on from the CAO event last year, I have been working with Professor Anand and Professor Mervyn Singer on a review article exploring the role of investigating NETs in sepsis. We hope to see this on bioarchives again soon. Looking forward, in September we are hosting our second Key Opinion Leader Workshop. Again, it will be chaired by Professor Tijali Anand and attended by some of the world's leading experts on sepsis. During this session, we will be sharing the key findings from our recent extensive studies, as well as some of our significant work from our innovation team in America. I would like to reiterate that last year's event, the whole sense and impression from the KOL group was that new QNETs potentially represent one of the biggest breakthroughs in sepsis management in the last 30 years. We truly hope this statement is correct and the data due to be presented by Volition and our centers of excellence could provide the evidence to support this bold new view. In October, we anticipate a number of the clinical studies I mentioned earlier will be reported at our satellite symposium at the European Society of Intensive Care Medicine, one of the largest intensive care conferences in the world. We are very proud to be sponsoring our first satellite symposium. There'll be many more details to follow, but it's going to be a very busy second half of the year for new QNAPs and sepsis. We expect all of these activities to help us to continue to build momentum and solidify the keen interest to date and further our licensing discussions and negotiations with partners for new QNETs. Moving to cancer, we've also made solid progress with both new Q and CAPTCHA PCR. The team at Hospice Civils de Lyon, one of our centers of excellence, has completed the Oncoprolung study, and will present their findings at the European Society for Medical Oncology in September and submit for peer review and publication shortly thereafter. This data very much builds upon the earlier work from the team in Lyon, demonstrating the clinical utility of NUQ in the diagnosis and management of lung cancer patients. We just want to flag this, and hopefully it will be something enticing for you to look out for in September. Sticking with lung cancer, The manuscript from the National Taiwan University study has recently been completed and again is expected to be published on bioRxiv within the next few weeks. Our colleagues in Leon have also completed a study on ovarian cancer and the manuscript is being finalized as we speak. So compelling data across the board and much of it will be added or expected to be added to the confidential data room with PharmaVentures and further studies in the next few weeks. So very much a case of watch this space for new Q cancer. We've mentioned before capture PCR, a novel liquid biopsy method involving the first reported physical isolation of a class of tumor-derived DNA fragments from blood. These cancer-derived DNA fragments are then extracted for removal of all background DNA from the same sequence for detection with a low-cost and simple PCR test. Volition tested this method in a small clinical experiment and detected a range of solid and liquid cancers, including detecting cancers at the very earlier stages of the disease, or stage 1 disease. Dr. Jake McKelliff and team have presented this method and associated data at a number of cancer-specific conferences and are developing the all-important Key Opinion Leader and Potential Sensors of Excellence networks. The team has continued to identify other potential biomarkers and the associated PCR tests and especially gained ground looking at solid cancers and will conduct initial studies in larger patient cohorts in short order. From a publication perspective, we are close to completing the manuscript and plan to submit this breakthrough method for peer review soon. We believe that this will be an incredibly important paper to add to our data room and support the ongoing commercial discussions with a wide range of potential licensing partners. I just want to conclude by saying that year-to-date, we have added and continue to add supporting materials to our data rooms for NUQ nets, CAPTCHA PCR, and NUQ cancer. These clinical data and scientific papers have proven to be of great interest to potential licensing companies in highlighting the promise of our patented technologies. Thank you very much for listening. Lots and lots to come in this space. With that, I'd like to pass you over to Tereg for the finance report. Thank you, everyone, and Tereg.

speaker
Terry Cuse
Group Chief Financial Officer

Good morning, everyone, and thank you for joining the call today. I will now provide a summary of the key financial results for the quarter ended June 30th, 2024. As announced in our first quarter results, we are continually working on a number of threads with the aim of ensuring volition is cash flow positive in 2025. Key activities to achieve this goal are entering into one or more licensing or supply agreements in the human space for NUQ nets, NUQ cancer and capture PCR, and receiving milestone payments under those agreements. Receiving the remaining $5 million of milestone payments from HESCA for NUQ vet for feline. Increasing revenues. Cutting costs to reduce expenditures by $10 million on an annualized basis versus prior year. and obtaining further meaningful government non-dilutive funding. And I'm delighted to report we made progress on each of these threads. From a revenue perspective, during the second quarter of 2024, we recorded revenue of approximately $396,000. approximately 83% higher than the same period last year. And for the first half of 2024, revenue totaled $567,000, up 55% versus the first half of 2023. So we are seeing revenue growth starting to accelerate, primarily driven by Antec's launch of the new QVET cancer test on their in-house platform in the US and Europe in April. Secondly, from an expenditure perspective, We have and will continue to undertake a thorough review of all projects with the aim of streamlining our activities to help ensure that we deliver on our focused action plans and monetize our exciting technologies and intellectual property. By way of example, headcount as of 30 June 2024 was 9% lower than the end of the second quarter of 2023. and operating expenses for the second quarter of 2024 were 24% lower than the same quarter last year. From a funding perspective, as you are probably aware, throughout the company's history we have been successful in securing non-dilutive funding on favourable terms, and year-to-date we have targeted a range of government agencies, including in the US, to fund or co-fund some of our strategic projects. As a reminder, we have previously received over $20 million in non-dilutive funding support from various Belgian and European agencies. We will provide further updates on this in the coming months. We ended the quarter with cash and cash equivalents of approximately $6 million. Subsequent to quarter end, we completed a registered direct offering of common stock and warrants to purchase common stock of up to $21.5 million in aggregate gross proceeds with a single healthcare-focused investment fund. This deal comprises of $7 million upfront investment at closing and up to an additional $14.5 million of potential aggregate gross proceeds upon the exercise in full on a cash basis of milestone-linked warrants issued to the investor in the transaction. And finally, as Cameron has already highlighted, our focus in the second half of 2024, with the support of Pharma Ventures, will include negotiating our first licensing deal in the human space, following, we hope, a similar approach as we achieved in the veterinary space.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

Thanks, Tarek, and thanks, Andy, for your comprehensive reports. As previously mentioned, our focus continues to be on getting each pillar to support itself, either through product revenues, milestone payments, outlicensing, and or other non-dilutive funding in the coming year, as well as on the company-wide cost reduction measures of 10 million US dollars. Our aim is to ensure Volition is cash flow positive in 2025. The team has made strong progress towards this goal in the second quarter. We've also made strong progress through the first half of 2024 in getting the data required to support our strategy to monetize RRP through licensing agreements. Our focus in the second half of 2024 will include negotiating our first licensing deal in the human space, and we are delighted to be working with Pharma Ventures to help secure such deals. We have accumulated a lot of experience from our various licensing and supply negotiations for NewCuvette, which we believe will help us move towards commercializing some of our other technologies, such as, but not limited to, UQNET, UQ Cancer, and CAPTCHA PCR. As Andy discussed, we have been busy preparing and supplementing our data rooms to support our active ongoing discussions and negotiations with interested parties. The nature of these potential licensing and or supply agreements is both broad and complex. As you can imagine, there are a range of options we are discussing from exclusive, non-exclusive, global versus regional, national versus all clinical indications versus specific clinical indication. We have had an incredible amount of interest in our technologies thus far and are making strong progress on a number of fronts. It's an exciting time as we push our technologies up the value curve in order to maximize the monetization of our IP through payments for exclusivity, milestone payments and ongoing licensing revenues. If successful, as we expect, we believe this strategy would provide us with ongoing royalties and very meaningful milestone payments in the next 12 months. And so, in drawing this earnings call to a close, I'd like to thank you all for joining the call today. We very much appreciate it given how much there is to digest over all of our pillars. We will now take questions. Operator?

speaker
Operator
Conference Call Operator

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press star 2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment, please, while we poll for your questions. Our first questions come from the line of Bruce Jackson with the Benchmark Company. Please proceed with your questions.

speaker
Bruce Jackson
Analyst, The Benchmark Company

Hi, good morning, and thank you for taking my questions. Thanks, Bruce. I'd like to focus on the revenue uptake for the VET product. We had a nice uptick this quarter, and I know that to some extent this is out of your control because you're working with distribution partners, but you've got the test launching in Japan, and Antec launched in April. So just for the next couple of quarters, if you've got line of sight, are we going to see sequential increases in revenue? And what kind of uptake curve could we potentially be looking at?

speaker
Cameron Reynolds
President and Group Chief Executive Officer

Thanks, Bruce. Yeah, it was a very good uptake this quarter. I'll pass you over to Terry. Terry?

speaker
Terry Cuse
Group Chief Financial Officer

Yeah, it's difficult to know what that curve looks like, but you're right, we saw a very good uptake. I think the revenue from VET in Q2 was about double that of Q1, but it's difficult to know whether that continues on a straight line like that. As you said, we don't have direct line of sight into VET. what that's going to look like for the next couple of quarters but we certainly expect it to increase over the next quarter or two because we've got both Antec and Fuji having just launched in the last quarter so we're looking forward to seeing some increase there over the next couple of quarters but it is difficult for us to give guidance at this point.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

Yeah, and Antec obviously just recently launched on the point of care and we're extremely happy with that machine. I think it's the first time that I'm aware of in history that any point-of-care cancer test has been available for any living thing, so it's quite a first, and I think that could be a game-changer. But obviously the lab market is also very important, and Fuji are really hitting the ground running. But it can be a little lumpy because they obviously stock, and then they can go through the stock for a few months and reorder. But all the indications we have has been a very good response from the vets. Sensitivity of 76 at 97% specificity is obviously an extremely good test. And we're very hopeful that it's really picking up, but it could be a little bumpy over the next few quarters until it kicks into demand going from all areas. But at the moment, we're very happy.

speaker
Bruce Jackson
Analyst, The Benchmark Company

Okay, great. And then one more on the income statement for Terry. Good expense control in the quarter for operating expenses. Do you see that being the level that we're going to be running at going forward?

speaker
Terry Cuse
Group Chief Financial Officer

It's coming down each quarter, and as I mentioned previously, the expenses have peaked. We're now focusing on commercialization, so the ROD costs are coming down. And we'll continue to see those costs coming down each quarter. And as I said, the goal is to reduce the overall expenses by at least $10 million year over year on an annualized basis. We started really last quarter. bringing those down, and so some of the actions will continue. You'll see that the impact of those continuing over the balance of the year, and the intent is to get that down by the end of the year. Going into next year, we've got a $10 million reduction in the overall expenses.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

And I think, Bruce, it's probably important to emphasize we absolutely understand the climate change from a few years ago. Any raise in money now is expensive. So we are incredibly careful in every dollar we spend. We've actually just spent the last few days going over all the accounts again. What else can we take out? And now we're cutting everything we possibly can, but we're making sure that those things which are leading to the revenue and also to the licensing deals, we continue to fund because I think the licensing deals, I think, are getting very close to the room, has been ready. We've had a lot of interest I think they're truly potentially fantastic breakthrough technologies. You heard from Andy that the data is consistent and very promising. And so we're very hopeful we can get a great licensing deal in the next few quarters as well. But we absolutely get it. We are doing everything we can to take out every penny we can to make sure we reach these milestones. And there's quite a few big milestones in the next few months and quarter. So we're extending the runway as much as possible to make sure we get them.

speaker
Bruce Jackson
Analyst, The Benchmark Company

Okay, great. Thank you very much. That's it for me. Thanks, Bruce. Have a good day.

speaker
Operator
Conference Call Operator

Thank you. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Our next questions come from the line of Ilya Zubkov with Freedom Broker. Please proceed with your question.

speaker
Ilya Zubkov
Analyst, Freedom Broker

Good morning, and thank you for taking my question. I have a question on recently raised funding issues. Earlier it was said that each project is aimed to be funded separately. And I was wondering if this strategy is still valid and how the funding raised last week relates to this strategy.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

So we are absolutely trying to make sure every one of the key areas is self-funding. So Yvette is at the moment to include the milestone payments The NET data looks absolutely fantastic, as we said, and we're going to be publishing a lot of it soon. So we're very hopeful that through milestone payments and deals, that can also be. I think the human cancer, we've been around 14 years now. From my point of view, it's everything we wanted from the start on the human cancer side as well. The NUQ in capture PCR, also in lung cancer, and also we've got data coming out in NUQ in solid tumors, which is also very exciting. you will see soon so i think it's very plausible um that that is potentially self-funding as well as well as all the different um grants and we're expecting from the governments we have a large amount of money coming in we expect again from different government agencies both in europe and us so um we did a fundraise uh obviously it's expensive money at the moment but we wanted to make certain we could get these milestones out get the data out, as Andy said, in the next couple of months and in all the different areas and do everything we can to get a licensing deal. So I think it's exactly the same strategy. Terry, do you want to speak on that?

speaker
Terry Cuse
Group Chief Financial Officer

Yes, I think you've covered most of it, Cameron. I think getting the revenue to ramp in the vet business, getting the licensing done, in the human space, and then focusing on bringing the cost down and getting some of the government funding in. Yeah, that should take us to a point next year where, if we're successful, we'll be cash flow positive next year.

speaker
Ilya Zubkov
Analyst, Freedom Broker

Great. Thank you very much. Thank you. Have a great day.

speaker
Operator
Conference Call Operator

Thank you. Our next questions come from the line of Steven Ralston with Zach Small Cap Research. Please proceed with your questions.

speaker
Steven Ralston
Analyst, Zach Small Cap Research

Thank you. You've made us got some good traction here, ramping up the product line. Is there a way to break down? You mentioned that it was lumpy, but through your distribution channels in different countries, Is there any way to get a breakdown to see where we're seeing where the strength is?

speaker
Terry Cuse
Group Chief Financial Officer

We're not providing that at the moment. The numbers are still relatively lumpy, as Cameron mentioned, and we're not seeing any meaningful trends from quarter to quarter at the moment because we've still got launches happening And yeah, it is difficult to provide any sort of meaningful guidance on trends at the moment. So that's something we'll be hoping to do when we've got a bit more traction.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

But I think it's fair to say, obviously, the early revenue was IDEX and StockingUp, which they've been working through. We've now had a range of other partners who bought. This bump is the launches in Japan and with Mars. So it is picking up very much. And we're also making, in the vet space, we're also making progress on the CAT pre-analytics, potentially for another milestone payment there and launch of the CAT product. We've also feedback from a lot of different partners. The microtiter plates work, as you can tell from all the trials and the processes. But when you get into a larger number of samples, microtiter plates are not ideal for workflow in the lab. They work well, but as you can imagine, a plastic plate for 40 tests is not the same as a machine. So we've spent a lot of time and effort and now we have the test working on the automate in dogs and then therefore we expect also to be able to do that in cats if we have a cat product. So we're doing a lot of work and I think the pickup now is from the point of care and from Japan which is placed but we're hopeful too that we can get some more pick up and I think for the labs to really kick into a high gear they're going to automate is the way to go so we've been doing a lot of work on that background as well. Now that won't kick in until next year and of course we add monitoring to it and hopefully CATS next year perhaps it's going to pick up but we're very encouraged with enthusiasm of our two new partners in Antec and Fuji and also the work obviously done traditionally by IDEX so It's all there, but it will be up and down. But the trend is obviously strongly upwards. We've done more in the first half of this year than all of last year. But I think it will become much more regular in a few quarters once all of them have done their launch phases and start ordering regularly.

speaker
Steven Ralston
Analyst, Zach Small Cap Research

Thank you. Concerning the cost-cutting program, I mean, you made tremendous progress in R&D and sales and marketing where the reductions were between 17% and 19% sequentially. But the general and administrative expenses are lagging a little behind that. I think it's like single digit. Do you expect that to pick up? I know it was like a two-tier cost reduction program where you actually implemented some cost cutting over 12 months ago. Could you clarify that and whether you expect G&A expenses to drop significantly just like R&D and sales and marketing?

speaker
Terry Cuse
Group Chief Financial Officer

So I think obviously that R&D is coming, some of that comes to a natural end, just in terms of projects that are finishing up, so that happens a bit sooner. We are turning over every rock that we can look under to find what we can cut out. But the G&A obviously takes a little bit longer to tackle, and so we will see that coming down over the next few months, but perhaps not as quickly as the R&D as some of those projects just roll off naturally. But the goal is, as we said, to continue to see progress of that over the balance of this year and into next year.

speaker
Steven Ralston
Analyst, Zach Small Cap Research

Thank you. Concerning the recent financing, you have these milestone A and B warrants, which are going to give a nice tale of funding when you meet these milestones. The B warrants seem to be quite specific about progress with FDA approval. Could you please clarify what you expect to trigger the A warrants?

speaker
Cameron Reynolds
President and Group Chief Executive Officer

Yes, so obviously the warrants are commercially driven, as you've said. So we've expressed we are very happy, actually. I think I'd actually say that the scientific team are ebullient about the data in cancer and sepsis. and we have a lot of interest from partners, so we do expect to have a commercial deal in the next, I mean, it doesn't take a few weeks by any means, but certainly a quarter or two, we should be getting very strong traction in at least a few of them, and so the milestone, we spent a lot of effort on this raise, making sure that that was an achievable level. They come down to... getting some value in the process to become public, I guess, but it's basically having a deal in the human space. And given the excellent data we see in UQ, in lung, in capture, and in sepsis, I think it's a very realistic possibility. So we tailored the milestones to things we think we can achieve, and that's what Pharma Ventures are doing and we're doing in sepsis. and we have the right to call those warrants. So we're hopeful that that's in the next two quarters, three quarters, when we can call that warrant and that will then, as you said, go away. And the longer one is for the FDA, but that's obviously a few years away. But we're very hopeful we can meet that A warrant in the short to medium term.

speaker
Steven Ralston
Analyst, Zach Small Cap Research

Thank you. One last question on the financing. Are you implementing some sort of cash management program to get, well, in some areas you can still get reasonable interest rates, to bring in a few extra $100,000 off the cash balances as you just completed this $7 million financing?

speaker
Terry Cuse
Group Chief Financial Officer

Yeah, we do have some interest-bearing accounts where we put any spare cash that we do have. So, yeah, we are managing the cash as efficiently as we can.

speaker
Steven Ralston
Analyst, Zach Small Cap Research

All right. Thank you. Just one last question. Concerning ESMO in 2024, mid-September, how many papers are you going to present there?

speaker
Dr. Andrew Retter
Chief Medical Officer

Andy? There's one paper being presented there which is predominantly focused on lung cancer and we're very excited by the results there.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

And the big one is the European Society of Intentional Care, which is in October, and that's early October. And in that, do you want to go through the presentation with that, Andy?

speaker
Dr. Andrew Retter
Chief Medical Officer

In that, we've got, well, we're sufficiently confident in our data that we've actually booked a satellite symposium where we'll be showing data from three upcoming scientific trials and from our three large clinical trials we've conducted so far. So lots of work there.

speaker
Steven Ralston
Analyst, Zach Small Cap Research

Thank you for taking my questions. Thank you, Stephen. Thank you.

speaker
Operator
Conference Call Operator

Thank you. I am showing no further questions at this time. I would now like to hand the call back over to Cameron Reynolds for any closing remarks.

speaker
Cameron Reynolds
President and Group Chief Executive Officer

Thank you, everyone, and thanks for your interest and volition. And I'd like to assure everyone we are working incredibly hard to reach the milestones on commercialization on the cost-cutting front, but also on the licensing front with PharmaVentures. In the human space, we're very, very happy with all the data we're seeing, and we're We've got a range of different products we can license in human cancer after 14 years. It's exactly what we wanted when we started. And also, as Andy said, the sepsis data we're extremely happy with as well. So that's all coming out in the September-October timeframe in publications, in conferences, and in data rooms for a large number of interested parties. So it should be an extremely interesting end of the year. So I'm looking forward to the next earnings call in November. Thank you for your time.

speaker
Operator
Conference Call Operator

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

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