VolitionRX Limited

Hello, everyone. Thank you for standing by. Welcome to VolitionRx Limited's first quarter 2026 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 speaker equipment, please lift the handset before making your selections. This conference is being recorded today, May 15, 2026. I'd now like to turn the conference 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 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 risk uncertainties and assumptions. Actual 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, Group Chief Financial Officer, will open the call providing a financial report before handing over to Cameron Reynolds, Group Chief Executive Officer, who will provide a summary of recent key achievements and 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 Tereg.

Thanks very much, Lou. And hello, everyone. I'm delighted to provide a financial report for the first quarter ending 31st of March, 2026. From a revenue perspective, we recorded approximately $1 million in the first quarter, compared to approximately $0.2 million in the same period of 2025. This increase was primarily driven by an 0.7 million increase in deferred revenue recognition related to our new QVET agreement with HESCA, the result of a periodic review and consistent with our accounting policies. As we have stated previously, at this stage of commercialization, revenues remain fairly lumpy and difficult to predict from one quarter to the next. And so, while we remain confident of continuing to see solid growth year over year, We will not be providing revenue guidance for 2026 at this point in time. From an expenditure perspective, the operating expenses for the quarter were $6.3 million compared to $5.8 million in the same period last year. This increase partly reflected severance costs related to cost reduction actions, which will result in future savings, as well as higher R&D costs related to work on our CAPGIS-Seq and completion of certain lung cancer studies. As we reported in the recent 10K, looking at the trend over the last two years, we now operate at significantly lower levels of expenditure. Furthermore, we have and will continue to take measures to reduce costs further in 2026. Net cash used in operating activities was $5.3 million compared with $4.3 million in Q1 2025, partly reflecting the timing of supplier payments. Cash and cash equivalents at the end of the quarter totaled approximately $3.1 million compared to $1.1 million at the end of December 2025. Receipts in the first quarter included approximately $5.4 million in net proceeds from our at-the-market or ATM facility and $1.9 million in net proceeds from issuance of a convertible note to Lind Global Asset Management LLC. We also continue to receive significant support from agencies of the Walloon region in Belgium, with non-dilutive funding of approximately $1 million received and an additional approximate $0.9 million expected to be received in tranches based on certain time and event milestones over the next 12 months. This takes the non-dilutive funding support from all sources from inception to date to well over $25 million. So to summarize the finance report, revenue was up 300% year on year. Operating loss was 3% lower year on year. We continue to work on reducing our underlying operating expenses. And as reported, we have made progress to secure a $5 million milestone payment from an existing agreement in the vet space. Last but not least, licensing discussions are progressing well. And to provide further detail, I will pass over to Cameron.