VolitionRX Limited

Third Quarter 2025 Earnings Conference Call. During today's call, 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 would like to withdraw your question, please press the star key followed by the number 2. If you are using speaker equipment, please lift the handset before making your selections. This conference is being recorded today, November 14th, 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 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. Cameron Reynolds, Group Chief Executive Officer, will open the call providing a business update. Dr. Jake McAllis, our Chief Scientific Officer, will present research highlights from across our product pillars. Terry Hughes, our Chief Financial Officer, will then provide a financial report before handing back to Cameron to close with a 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 Cameron.

Thanks, Lou, and thank you, everyone, for joining Volition's third quarter 2025 earnings call today. We very much appreciate your time, given the busy earnings season. 2025 efforts for Volition have focused on commercialising our groundbreaking UQ platform in the human diagnostic market. And we were excited this quarter to sign not one, but two agreements, a research license and exclusive commercial option rights agreement for antiphospholipid syndrome, APS, with Werfen, and a co-marketing and service agreement with Hologic. Both are multi-billion dollar companies and worldwide leaders in their specialized fields, and we are delighted to report that both have very much hit the ground running. Now, taking each in turn. Werfen is a global leader in the field of in vitro diagnostics for hemostasis and thrombosis, among others, where neutral extracellular traps, NETs, play such an important role. And of course, we have the only approved test to measure NETs. So this agreement fits extremely well into our strategy of leveraging the installed base of machines, specific disease knowledge, and customer reach of our partners, combined with our unique NETs platform. Under this agreement, Werfen will gain access to the components of Volition's proprietary NUQ H3.1 NETS assay and will investigate its clinical utility in the management of APS patients on its platforms. Werfen also has an option to negotiate terms with Volition for it to launch the product commercially under an exclusive license. We have already successfully transferred the NUQ NETS assay to their ACL Accustar platform. Early results in NETS levels detection in APS patients with NUQ test are encouraging. Werfen are excited to validate further and complete a clinical utility study to determine the potential role of this marker as a risk indicator of thrombosis in APS patients, allowing a better management of this very complex syndrome. This could open the possibility to enlarge Werfen's portfolio in APS testing. Just to provide a bit of background about the condition as we haven't previously discussed this in detail. APS is a complex disorder of the autoimmune system affecting around 4 million people worldwide. It causes increased risk of blood clots and their associated complications such as stroke, heart attack, pulmonary embolism or deep vein thrombosis. It is also associated with the recurrent miscarriages and pregnancy complications. It is currently diagnosed through a panel of blood tests requiring two positive results at least 12 weeks apart and is often a lifelong condition requiring regular monitoring. Emerging evidence suggests increased NET formation appears to be a central mechanism in thrombosis in APS and that targeting NET pathways could provide future therapeutic avenues for thrombotic complications. We believe that Volition's NUQ-NETS test is the first CVIVD assay being investigated in APS and could provide not only improved diagnostic information to aid clinical decision-making and personalized care, but also a low-cost test to continue to monitor these patients throughout their lifetimes. APS diagnosis and monitoring represents a total addressable market of approximately $85 million annually, so it is a very good early target for our NETS platform. It is exciting to achieve this major milestone with Werfen, and we are already working with them on study design, etc. The second agreement we announced this quarter is with Hologic Diagenode for the co-marketing of Volition's NUQ Discover service. The NUQ Discover service provides drug developers and scientists with a range of state-of-the-art assays for rapid epigenetic profiling in disease model development, preclinical testing, and clinical studies from discovery to being market-ready. Hologic has extensive experience recording revenues of over $4 billion in 2024 from a large client base and international reach, providing tools to biotech and pharma companies and also to academic and government organisations. We have seen strong growth in interest from our NewQ Discover services and believe this partnership with Hologic will further accelerate the expansion of NewQ services to a wider base of customers to drive revenue. The inclusion of our nucleosome-based biomarkers in Hologic's portfolio demonstrates a strong validation of their value in clinical development. The Hologic team have really hit the ground running and have already presented the NUQ Discover offering at several international conferences, have launched a digital marketing campaign, including emails and LinkedIn advertising, and have a webinar planned for next quarter. They've also received a lot of inbound interest from existing customers, so definitely an exciting start to what we hope will be a long and fruitful relationship. We are continuing our discussions with around 10 of the world's leading diagnostic and liquid biopsy companies and are at various stages of this process across our different pillars, ranging from due diligence to tech transfer to evaluation of clinical samples to term sheet and contract negotiations. We are very confident of further licensing deals with a range of large companies and will update on progress as they are completed. We believe that our positive emerging clinical evidence supports the broad applicability of our new Q technology in critical areas such as cancer and sepsis, including as our biomarker of interest to epigenetic drug development and expanding area of focus for big pharma. Beyond licensing, as discussed on our previous calls, Another prong of our NUQ-NETS commercialization strategy is to leverage our granted C-mark, approved in the EU for any endotosis-related diseases, with the product under valuation in 14 hospitals in five European countries. As Dr. Andrew Redford has discussed on previous calls, NETS are implicated in a wide range of diseases. We anticipate the presentation and publication of results regarding the clinical utility of the NUQ-NETS H3O1 assay across a range of diseases in the coming months and quarters, so please keep an eye out. In fact, we have made significant progress on several publications in recent months and anticipate peer-reviewed publications across all pillars in the coming quarters. One such paper, just recently submitted for peer review, concerns our groundbreaking CaptureSeq technology. We believe the ability to concentrate chromatin fragments, and therefore tumor DNA, has the potential to be a game changer in the liquid biopsy field. It is an exciting prospect from a licensing perspective, and I am pleased to report that we are currently in active discussions with third parties. But to provide more detail, I'm delighted to pass over to Dr. Jake McAuliffe, our Chief Science Officer, to share a more thorough update on scientific and clinical progress. Jake?