VolitionRX Limited

Hello everyone and thank you for standing by. Welcome to VolitionRX Limited's second 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 touch tone 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 flip the handset before making your selections. This conference call is being recorded today, August 14th, 2026. I'd now like to turn the conference call over to Louise Batchelor, Group Chief Marketing and Communications Officer. Please go ahead.

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 summary of key recent achievements, and will then hand over to Terig Hughes, Group Chief Financial Officer, to give a financial report, before returning to Cameron, who will discuss 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 earnings call today. As always, we very much appreciate your time, given the busy earnings season. We have made strong progress across all our product pillars so far in 2026. So taking each in turn, first, starting with Nuku Nets. Subsequent to court to end, we issued a comprehensive video update and PDF showcasing the significant scientific and clinical evidence we have amassed relating to our new QNET products and listing the extensive base of data now published. Results have consistently demonstrated that our NUQ-NETS H3.1 assay accurately distinguishes sepsis from non-infectious systemic inflammation, is highly correlated with disease severity, and provides excellent prognostic utility for outcomes such as organ failure and mortality. Moreover, NUQ-NETS provides new and additional information above standard organ failure scores such as Apache 2 and SOFA scores. Professor Dajili Anand, One of the world's leading experts in sepsis has stated that he believes NUQ-NETS could become a game changer in modifying a patient's trajectory and that introducing NUQ-NETS into hospitals would lead to new ways of treating sepsis, improving patient survival and the quality of life of survivors. A very powerful testament indeed. Excitingly for NUQ-NETS, we've also made incredible progress in the development and evaluation of our lateral flow prototype assay. A little over a year ago, in July of 2025, we announced the quantification of nucleosomes in whole venous blood using our lateral flow prototype assay. Then, in April of this year, we reported the technical breakthrough of being able to detect nucleosomes in capillary blood or blood from a finger prick. Now, fast forward to earlier this week and our announcement that we have demonstrated the correlation of the lateral flow progelap assay and our established C-marked automated NUQ-NETS assay in samples of critically ill confirmed sepsis patients in the intensive care unit. The ability to rapidly identify high-risk patients at the point of care by quantifying their neutrosome levels using a finger prick sample and simple lateral flow device aims to enable quicker clinical decision-making and consequently better patient outcomes. This prototype technology has the exciting potential to strengthen our product portfolio. With recent estimates indicating approximately 166 million cases of sepsis worldwide, the potential adjustable market is absolutely huge. All-cause sepsis-related deaths in 2021 represented 31.5% of total global deaths, with the highest burden of mortality in lower and middle income countries. This is a potential game changer, not only in diseases where time is critical, such as sepsis, but also in significantly expanding potential use cases beyond traditional hospital infrastructure. It also creates a compelling pathway into underserved low income countries where laboratory infrastructure may be weak or non-existent. By enabling decentralized testing, our total addressable market expands More on which later when I discuss upcoming milestones, but we have made and continue to make incredibly rapid progress in the development and evaluation of this finger-frick technology. Outside of sepsis, but still with Nucunet and diseases associated with mitosis, we were delighted this quarter to announce our collaboration with Sysmex Corporation, a multi-billion dollar market capitalization company listed on the Tokyo Stock Exchange. Sysmex is a global leader in the field of in vitro diagnostics for haemostasis and thrombosis, among other diseases, where neutrophil extracellular traps, NETs, play such an important role. We have already successfully transferred our NUQ-NET assay onto Sysmex's platform, and we are delighted that they have commenced the optimization phase in disease associated with mitosis. This collaboration is in addition to that announced last year with Worpen's Immunoassay Technology Centre, a worldwide leader in specialised diagnostics. That agreement concerns another NETS-related disease, Antiphospholic Lipid Syndrome, APS, and they too are making good progress. We believe that Volition's NUQ-NETS test could provide not only improved diagnostic information to aid clinical decision-making and personalised care, but could also be a low cost test to continue to monitor a patient's condition in many NETS-related diseases. Next up, NUQ cancer, specifically NUQ lung cancer. Lung cancer is the major cause of cancer-related mortality worldwide. We believe that NUQ cancer represents a significant advancement in lung cancer patient management, offering clinicians an additional tool to enhance precision in treatment selection and monitoring. Research conducted by our long-term collaborators in Taiwan and Lyon, in France, demonstrated that our new cancer technology empowers clinicians to make more informed treatment decisions and provides valuable new monitoring capabilities throughout the patient journey. Several manuscripts, conference posters, and presentations have already been published, and subsequent to quarter end, two further papers have been made available on pre-print services with a further manuscript due for submission by the NTU team in the coming weeks. This evidence provides the basis of our reimbursement submission, supported by our long-term collaborators at Hospice Civils de Leon, one of Europe's leading cancer centres. This reimbursement is the next step on the path to the first use of MuQ in clinical practice, an exciting prospect which is called to the clinicians' mission, using our tests to save lives. This quarter, we participated in our first pre-submission meeting with the authorities and anticipate a follow-up meeting and ultimately a submission by the third quarter of this year. Reimbursement will be a major milestone for Volition in the commercialization and licensing of Nucube in the human cancer field and, assuming achievement, we anticipate the introduction into routine clinical use in France and then we'll set our sights on rolling it out in other countries. Staying with cancer, but moving on to our CaptureSeq technology, Volition is, I believe, the first company to demonstrate the isolation analysis of greater than 99% pure circulating tumor-associated DNA. Most current liquid biopsy methods involve deep sequencing of plasma DNA and bioinformatics analysis of the data produced to identify the presence of cancer in a patient. The biggest problem facing all liquid biopsy methods worldwide is that the vast majority of the circulating DNA in blood plasma established from cancer patients comes from healthy cells, not from the cancer. Volition's technology employs an entirely novel approach to liquid biopsy that has overcome this hurdle and produces pure cancer-associated plasma DNA sequences set for liquid biopsy. Our clinical paper detailing this technology has been peer-reviewed and published subsequent to Quarter M. The manuscript describes a new liquid biopsy chemistry for isolating CTCF DNA from plasma. Our work on CTCF-bound DNA has revealed what we believe to be an unprecedented new discovery that there is almost no CTCF-bound DNA in healthy plasma and almost all CTCF-bound DNA in the blood of cancer patients is therefore derived from the cancer. In the published paper, We report a new two-step method for preparing pure circulating tumor DNA data sets for cancer patients. Firstly, through physical enrichment of the sample, and secondly, through bioinformatic removal of virtually all background non-tumor cell-free DNA sequences from the DNA sequence data set. These methodological and psychological breakthroughs represent a novel liquid biopsy method for a novel class of potentially thousands of liquid biopsy sequence biomarkers CaptureSeq shows potential for both a multi-cancer early detection approach, either alone or in combination with other tests, and the detection of minimal residual disease, MRD. Our goal is to secure a wide range of licensing agreements in the human diagnostic space, mirroring our strategy in the best market, and we anticipate diverse deal structures with potential for upfront and milestone payments and future recurring revenues. We are in active discussions with several large liquid biopsy and diagnostic companies to accelerate the development of our CaptureSeq technology and we are in the process of undertaking technical evaluations with potential licensors. We believe the potential use cases for CaptureSeq represent a significant commercial opportunity with a total addressable market on an annualized basis of approximately $23 billion for the human multi-cancer early detection use and, should it prove useful, over 13 billion for MRD use. From a NUQVet perspective, we made solid progress with our research into the use of NUQ in cats, most notably with our submission for peer review, our clinical manuscript. This paper reports the high accuracy of our NUQVet feline prototype assay in detecting lymphoma in cats, the most common cancer in the species. At 97% specificity, the assay detects 86% 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 vet 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 there by suitable for an annual check. We believe this represents a tremendous commercial opportunity for Volition. The publication of the study in a peer-reviewed journal is expected subsequently to unlock a $5 million contractual milestone payment. And we also expect to generate ongoing revenue in this large and growing market where our technology meets an unmet need. We have made incredibly quick progress from a product development perspective Thanks very much Cameron and hello everyone. I am delighted to provide a financial report for the second quarter ended 30th of June 2026. After reporting first quarter revenue of approximately $1 million with year-on-year growth of approximately 300%,