VolitionRX Limited

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, May 16th, 2025. I'd 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 Limited. 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 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. Terry Cuse, Chief Financial Officer, will open the call with a full financial report before handing over to Cameron Reynolds, Group Chief Executive Officer, for a business update and discussion of 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 Tarek.

Thanks, Lou, and thank you everyone for joining Volition's first quarter 2025 earnings call today. We appreciate your time given the busy earnings season. As stated on our last call, one of our key financial goals for 2025 is to be cash neutral on a full year basis, meaning income, including licensing receipts, matches expenditure on a cash basis. And I'm delighted to report that across a range of financial indicators, we made significant progress towards this target during this quarter. Total operating expenses for the quarter declined 35% compared to the first quarter of 2024. This reflected cost reductions across all spending categories. As a result of the strong cost management, net cash used in operating activities was 4.3 million for the first quarter, compared to 8.3 million in quarter one of 2024. Revenue wise, we recorded almost quarter of a million dollars of revenue in the quarter, a growth of 44% over the first quarter of 2024, including the first revenue recorded for sales of human product, a great milestone. It is worth noting, as we have stated previously, that at this early stage of commercialization, revenues remain fairly lumpy and difficult to predict from one quarter to the next. So while we remain confident of seeing solid growth on a full year basis, we will not be providing revenue guidance for 2025 at this point in time. Cash and cash equivalents at the end of the quarter totaled approximately $2.6 million compared to $3.3 million at the end of 2024. Receipts during the first quarter included $2.3 million from a registered direct offering, $1.6 million in non-dilutive loan financing, and $0.2 million in grant receipts. Subsequent to quarter end, we finalized the convertible loan note to provide $6.25 million in gross proceeds repayable in cash or shares over 24 months with an initial six-month repayment holiday. So, to summarise the finance report, key indicators are trending positively. Revenue was up 44% year-on-year, including our first ever revenue for use of our new Q technology in humans. Total operating expenses were down 35% year-on-year. Cash used in operating activities was down 48% compared to Q1 2024. We continue to receive non-dilutive funding support in the form of grants and loans from Belgian institutions. And last but not least, licensing discussions are progressing well. These items combined support our goal to be cash flow neutral for full year 2025. And with that, I will pass over to Cameron for a business update. Cameron?