VolitionRX Limited

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to VolitionRx Limited's second quarter 2025 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 1 on your touch-tone phone. If you'd like to withdraw your question, please press the star key followed by the number 2. If you're using a speaker equipment, please lift the handset before making your selections. This conference is being recorded today, August 15th, 2025. I'd now like to turn the call 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 harbor 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 risk, 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 Hughes, our Chief Financial Officer, will open the call with a full financial report before handing over to Dr. Andrew Retter, our Chief Medical Officer, who will present highlights from across our product pillars. Cameron Reynolds, Group Chief Executive Officer, will then provide 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 everybody for joining Volition's second 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 is to be cash neutral on a full year basis, meaning income, including licensing receipts, matches expenditure on a cash basis. This is dependent on executing one or more licensing agreements in the human space with significant upfront payments, receiving certain milestone payments in the vet space, and reducing our spend. And I'm happy to report we continue to make solid progress against each of these targets, and Cameron will provide a progress update on the many commercial opportunities later in the call. Total operating expenses for the second quarter declined 9% compared to the second quarter of 2024, primarily reflecting lower personnel costs and lower research and development expenses. As a result of the strong cost management, net cash used in operating activities was $6.3 million for the second quarter 2025, compared to $6.7 million in quarter two of 2024. For the first half of 2025, net cash used in operating activities totaled $10.6 million, down 30% over the same period prior year. Revenue-wise, we recorded over $400,000 of revenue in the quarter, bringing the first half of total revenue recorded to a little over $650,000, Total revenue was up 15% in the first half, and I'm also delighted we recorded the first revenue for sales of a human product, UQNET, 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 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 $2.3 million compared to $3.3 million at the end of 2024. Receipts during the second quarter included $6 million in net proceeds from a convertible loan note. Subsequent to quarter end, we also received $1.2 million from a registered direct offering, which included participation by some of our directors. So to summarize the first half, Revenues were higher by 15%, total operating costs lower by 22%, net loss improved by 24%, cash used in operations was lowered by 30%. And as Cameron will expand on later, we made great progress in advancing our licensing discussions. And with that, I will pass over to Andy for a summary of recent achievements in our clinical study program. Andy?