VolitionRX Limited

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Volition Rx Limited Full Fiscal Year 2025 Earnings Call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, a conference call will be opened for questions. If you have a question, please press the star key followed by the number 1 on your touchtone phone. If you would like to withdraw your question, please press the star key followed by the number 2. If you're using speaker equipment, please lift the handset before making your selections. This conference call is being recorded today, April 1st, 2026. I would 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 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 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 a summary of key achievements in 2025. Terry Cuse, Chief Financial Officer, will then provide a financial report before handing over to Doctors Retter and McAuliffe, who will present research highlights from across our product pillars. Cameron will 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 full fiscal 2025 earnings call today. As always, we very much appreciate your time given the busy earning call season. Before diving into detail, I would like to take a moment to reflect on our founding mission. We set off over 15 years ago to help save lives and improve outcomes for millions of patients worldwide, and I could not be prouder of the progress we have been making towards that goal. In the fourth quarter of 2025, we not only received our first order from the NUQ Cancer Assays for clinical certification ahead of routine clinical use in lung cancer, But we also announced the inclusion of our NUQ-NETS assay in real-world interventional evaluation of early detection of sepsis in a government-backed, approximately $7.3 million, program in France. Our tests are about to be used in both these devastating diseases to help save lives in the real-world hospital settings. An extremely proud moment for our entire team. Cancer and sepsis are leading causes of death. accounting for approximately a third of deaths worldwide. With the first clinical use now imminent, we're about to be part of the solution through simple, easy-to-use, low-cost tests. I believe we will look back on 2025, this first quarter of 26, and in time, the next few quarters, as transformational for the company. In 2025, efforts for Volition focused on commercializing our groundbreaking YouTube platform in the human diagnostic market. We're excited to start the implementation of our human licensing strategy with the signing of not one, but two agreements. The first with anti-phospholipid syndrome, APS, with Wurfen, and a co-marketing services agreement with Hologic. Both are multi-billion dollar companies and worldwide leaders in their specialized field. And we are delighted to be working with them. We have further strengthened our intellectual property portfolio and are continuing our licensing discussions with around 10 of the world's leading diagnostic and liquid biopsy companies. These discussions are at various stages of negotiation process across all our different pillars, and we anticipate announcing additional agreements throughout 2026. Our goal is to secure a wide range of licensing agreements in the human diagnostic space mirroring our successful strategy in the vet market. And we anticipate diverse deal structures with potential for upfront and milestone payments and future recurring revenue. We have developed a truly remarkable, versatile platform and are working with governments and some of the biggest diagnostic and liquid biopsy companies to make our technology available worldwide as quickly as possible. Beyond licensing, we also achieved several significant commercial milestones in 2025. In the first quarter, we recorded our first revenue from sales of our CE-marked MuQ Nets automated assay, a regulated, clinically approved product. Nets, or more specifically, mitosis, goes far beyond just sepsis, and it's implicated in a very wide range of diseases. Currently, 12 hospital networks across a number of countries are evaluating our NUQ NETS assay across 15 different clinical use cases and indications. We believe NETS testing will become a key part of routine blood testing. In February of 2025, we announced our first commercial sale, Abolition's proprietary high-throughput NETS method that measures neutrophil extracellular traps, NETS activation and inhibition in whole blood in real time. helping companies develop new therapeutics to combat sepsis and other NETS-related disease. In March, we signed an agreement with a leading pharmaceutical company to utilize Volition's NUQ Discover biomarkers in a longitudinal Phase 1-2B study, the first human clinical study with a pharmaceutical company sponsor that our test supports. Through our NUQ Discover pillar, we are now serving close to 100 clients worldwide, including many top pharma and diagnostic companies, accelerating disease research and drug development across multiple therapeutic areas. Some of these pharmaceutical companies are progressing to late-stage clinical trials using our assays as pharmacodynamic biomarkers. We estimate the total addressable market for relevant companion diagnostics to be a little under $1 billion. In 2025, we deliver substantial revenue growth for NucuDiscover. which Terrigal will detail. And we anticipate a similar trajectory in 2026. The NUQ Vet Cancer Test is the number one canine cancer screening blood test in the world, now available in over 20 countries. To further accelerate revenue growth and ensure consistent delivery, we focused on central lab automation. In March of 2025, Fujifilm Vet Systems extended their contract to implement a centralized automated platform for the NUQVET cancer test using IDS-I10 made by Revity. Subsequent to year end, in March of this year, we announced the completion of all validation and verification of the chemiluminescent immunoassay clear version of the NUQVET cancer test with Fuji Vet Systems in Japan, allowing use of full automation rather than manual plates in central labs. This is a world first and will significantly enhance turnaround times and throughput to meet increasing demand. We believe that central lab automation is crucial for scaling of our vet business and integrating our test into routine pet wellness panels. Importantly, this automation platform is the same technology utilized for our human diagnostic products, UQ Cancer, UQ Nets, and UQ Discover. highlighting the inherent synergy and efficiency of our core NUQ platform. From a product expansion perspective, we made great progress with our research in the use of NUQ nets in cats. In May of 2025, we announced the publication of our first clinical paper reporting the detection of nucleosomes in cats. And subsequent to year end, in early January of this year, we reported results from a clinical study demonstrating the high accuracy of its NucuVet feline assay in detection of lymphoma in cats, the most common cancer in the species. At 100% specificity, meaning no false positives, the assay detected over 80% of feline lymphomas. This breakthrough marks the development of what we expect to be the world's first simple, affordable blood-based liquid biopsy test for feline cancer, a significant unmet need in veterinary medicine. This opens up the potential for cancer screening and monitoring in cats. There are more than 60 million cats in the US alone, 25% of which are senior cats and therefore suitable for an annual check. This represents a tremendous commercial opportunity for Volition. The publication of this study in a peer-reviewed journal is expected subsequently to unlock a 5 million milestone contract payment. And we will also generate ongoing revenue in this large and growing market where our technology meets an unmet need. Incredibly quick progress from a product development perspective and great to add a third species for new Q. I'll return at the end of this call to discuss some additional recent achievements and upcoming milestones. But now we'll pass over to Tereg for a finance report.