VolitionRX Limited

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to VolitionRx Limited fourth quarter and full fiscal year 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 open 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 withdraw your question, please press the star key followed by the number two. If you're using speakerphone, please lift up the handset before making your selections. This conference call is being recorded today, March 31st, 2025. I would now like to turn the conference over to Louise Batchelor, Group Chief Marketing and Communications Officer. Please go ahead.

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 based 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 have identified various risk factors associated with our operations in our most recent annual report on form 10k quarterly reports on form 10q 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, Group Chief Executive Officer, will open the call, providing the key highlights of 2024, and then pass to Terry Cuse, Group Chief Financial Officer, for a full financial report. Dr. Andrew Retter, Chief Medical Officer, will then share some significant progress from the innovation lab, R&D and clinical teams. Cameron will then wrap up with a review of more recent achievements and a look ahead to upcoming milestones. We will then open the conference call to a question and answer session. And with that, I'll turn the call over to Cameron.

Thanks, Lou. And thank you everyone for joining Volition's fourth quarter and full year 2024 earnings call today. We really appreciate your time given the busy earnings season. Our focus in 2024 was on generating sufficient clinical data to convince the biggest players in the diagnostic screening and liquid biopsy world that our new Q platform will play a significant role in both the oncology and sepsis markets. I believe this was achieved beyond our expectations. We have now completed a number of large independent studies strongly supporting the value of our platform. 2025 will see the publication of many of these studies as Andy will cover later. Our aim in 2025 is to sign multiple licensing deals in humans, and we're making very good progress on this. There is a strong and broad interest in potential out-licensing and or supply agreements for both NUQ nets and our oncology portfolio. With the range of commercial discussions progressing well with multiple large companies, we aim to replicate what we previously achieved in the vet space. With the range of deal structures, all with ongoing revenue and some with large milestone payments. Volition is at a pivotal juncture, ready to revolutionize the diagnostics and monitoring of life-altering diseases for both animals and humans. The past year has seen significant milestones, including expanding access to the NUQ Vet Cancer Test across more than 20 countries, establishing clinical utility for both our NUQ Cancer and NUQ NETS tests, and forging strategic discussions to commercialize our groundbreaking epigenetics portfolio. As a reminder, all the pillars use almost exactly the same platform, making it extremely effective in both cancer and sepsis for human and animal health use. Pollution is a company powered by NUQ and focused on one thing, measuring chromatin fragments in circulation. This one thing is the basis of all of our pillars, We now can measure nucleosomes on around half a dozen different established platforms. This broader applicability of what we have developed is, I believe, unprecedented. I'm immensely proud of the innovative clinical and scientific progress we achieved in 2024. And I'm delighted that Dr. Andy Retter, who joined as our chief medical officer in April 2024, will provide a more detailed update later on our call. Before outlining some of our key highlights, pillar by pillar, a couple of other notable additions to our team in 2024. 2024 saw the welcome of Chair Mr. Timothy Still and Independent Director Dr. Ethel Rubin to Volition. Both Tim and Ethel have tremendous experience in the diagnostic sector from both a commercial and financial perspective and are a real asset to the company. So, on to the product pillars. First up, NUQVET. Expanding access to the new QVET cancer test is one of Volition's primary objectives. We want to ensure veterinarians worldwide can benefit from canine cancer screening, earlier cancer detection and improved outcomes for dogs in their care. We are realising this aim through our supply agreements with industry organisations such as Antec, part of Mars Science and Diagnostics, Fujifilm Vet Systems, IDEX and others. As a result of our market expansion activity, we are delighted that our new QVET cancer test is now available to vets in over 20 countries. We sold approximately 120,000 tests in 2024, more than double the prior year and resulting in a 75% increase in vet revenue compared to 2023. Our test is a simple, affordable and easy to use blood screening test. It can be integrated easily into preventative care programs and used alongside other routine blood work during regular wellness visits. In April 2024, Antec announced that their in-clinic version of the NUQ cancer test was available to vets in the US and Europe, operating on the Element I Plus analyzer and providing vets with a rapid, accurate, and cost-effective cancer screening tool at the patient side, with results in minutes. Since then, Antec has rolled out our tests in Canada, Australia, New Zealand, the UK, and several countries in Asia, with further expansions across their global network plans. In July, VetLab, a leading veterinary lab in Poland, also introduced our test and is actively providing it to its clients' base. And also in July, Fuji Vet Systems in Japan launched our test nationwide and has achieved significant market penetration. Subsequent two-year end, Fuji extended their contract to utilize a centralized lab automated platform of our new QVET cancer test using the i10. This is the world's first and will enable a more rapid turnaround and high throughput of our tests to meet increasing demand. And it's worth noting that this automated central lab platform is the same platform Volition utilizes for its human products, NUQ Cancer, NUQ Net, and NUQ Discover, demonstrating yet again the synergy across Volition's NUQ technology platform. While we have made strong progress in NUQ Vet in signing licensing and supply agreements with such a broad range of companies, We needed to make it scalable in centralized labs to achieve a larger and more consistent revenue ramp. The point of care market is very important and growing, but it's still less than 20% of the total market. It is proving difficult to run very large numbers of tests on our current ELISA platform, which is based on manual processing. This is where the recently signed deal with Fuji is key. They plan to have our tests running on the IDS automated platform this summer. We believe the automation of centralized labs is crucial to accelerating our growth rate. This has become a particular area of focus for us. We aim to get our large customers automated so that they can easily and efficiently handle the much larger numbers of tests that would result from having our tests in annual pet wellness panels. Next, I wanted to share an update on our NewQ Discover pillar. NewQ Discover tools provide drug developers and scientists with a range of rapid epigenetic profiling assays across preclinical and clinical development pathways from discovery to market-ready. Nuku Discover is built on proprietary nucleosome quantification technology. It is a valuable research tool for R&D professionals working within the field of pharma epigenetics, studying the epigenetic basis for variation in response to drugs. The Nuku Discover pillar spans activities as simple as supplying research-use-only kits either directly or via our US distributor, Diapharma, to providing services such as sampling processing on-site in Belgium or California, either with assays or a recently announced high-throughput screening method to collaborators with drug developers utilizing our assays as surrogate endpoints or pharmacodynamic marker with a specific drug in development. We have more than 10 repeat customers for our kits, including large diagnostic and pharmaceutical companies. In 2024, we process over 2,600 samples at our Belgian facilities for 13 customers, including providing services to six pharmaceutical companies, including two top 10 pharma companies, with at least three of these companies commissioning more than one project. Discover revenue for 2024 was approximately $400,000, and we have an even stronger pipeline for 2025, which we will discuss in greater detail later. All in all, tremendous progress in 2024 for NewQ Discover, and I will return to this when reviewing recent events later in the call. But for now, I'll hand over to Tereg for the financial report.