VolitionRx Limited (VNRX) 16 Mar 232022 Q4 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRx Limited's Full Year 2022 Earnings Conference Call. [Operator Instructions] This conference call is being recorded today, March 16, 2023.

I'd now like to turn the conference over to Scott Powell, Executive Vice President of Investor Relations. ahead. go Please

welcome VolitionRx And today’s conference earnings Thank everyone for Limited. call you. to

will and discussion This the Volition's milestones. cover call financial of activities key along recent full operating XXXX, with our a of and upcoming year for results

we prepared the open session. remarks, a conference Following to question-and-answer will our call

subsidiary. Tom Mr. our Also Terig Financial Chief Hughes, are President Butera, Executive Group of Cameron Dr. Officer Chief on Veterinary our call Chief and Volition Group Officer; Reynolds, today Executive Mr. and Officer;

we like reflect to on beliefs, factors from results Actual and some conference information we current to different assumptions our statements Before future would views Securities these of Act XXXX. concerning implied results uncertainties be or the Harbor based expressed by call currently used or forward-looking Litigation on have that I results, future number or remind Because everyone Private of Safe These may based available begin, to statements. events, include of well the information this covered risks, these upon the achievements assumptions. our statements materially as as actual the statements Reform on may significantly cause provisions a are us. involve discussed statements under will events these performance future that vary based of

call. filings forward-looking on this course We undertake any of Securities have the not Report reports during to our statements XX-K, update Form identified We and with made the Annual various Commission. risk recent quarterly other factors Form associated obligation in with our these and of most operations an do on Exchange XX-Q

to Mr. Executive Reynolds. now like Cameron over our and President Chief to Officer, I’d the turn Cameron? call

call We everyone full thank earnings season. the And earnings especially busy Scott. year XXXX for call Volition's time your given appreciate today. you Thanks, joining

products. the transformational of pillars that foundation from and Volition successfully company. a commercial focused in an our has year development to organization we all company Nucleosomics XX years a cutting platform, the Nu.Q, and by After development research for our of transitioned has operation, the also was edge Volition. of enabled is is solely powered XXXX have on which product

I together. what hard the and team achieved of we've so work, commitment of and our am proud expertise

Given this commence will of Officer Financial Group the result, Terig full with Executive Vet. moving Dr. fiscal Chief year Hughes, our is we Tom Chief call before on to Officer, Butera, Volition our

making another on the update finally, Nu.Q via And an Nu.Q update an one our supply update provide the I Cancer and the well For global great our rollout on of and key Nu.Q as Nu.Q of to on licensing with will regards a have been pillars, progress Capture. Vet team brief agreements. as NET,

financial ado the Without across I'll Terig? hand further to report. you for Terig

provide financial very XXXX. I call now key you joining for Thanks everyone earnings will our summary And the the today. ended year results of much for Cameron. thank a December XX,

of Cancer we approximately program. the XXX% we cash, out a with the equivalents sales Nu.Q to Nu.Q majority in revenue mainly which year, prior cash just From year the the Test recorded with cash over in was attributable closed XXXX, over the revenue perspective, $XX.X balance earned Discover from with of increase Starting $XXX,XXX million. the Vet a and of

the spending personnel costs during versus as higher sales $XX by $XX.X was loss a million This marketing commercialization. for was net for The we XXXX result driven prepared million loss year. predominantly and prior and

our approximately public in before common balance offering we adding XXXX, strengthened through of August. cash expenses by in During $X.X an sheet stock net offering our deducting million underwritten

the an program in portfolio UK, Invest to Nu.Q across delighted the key XXXX, from Belgium at August, we in Furthermore, for fund funding access early sites announce product U.S. the in Namur Capital of award to approximately EU, were non-diluted million $X.X Risk and the the our

of million income Belgium. grant the $X.X XXXX recorded Region in from we Walloon in Additionally,

continue XXXX by March, whilst than XXXX, And increased of $XX compared the manage XXXX. million level overall Heska the the flow to in of our receipt in of payment expenditure carefully. more cash flow as offset was We milestone to impact and expenditures on cash

operating in a $X.X As net was In million average activities approximately recent month. monthly million or most averaged December the full result, XX, activities ended year $XX.X the of cash cash used in a approximately per $X.X for million. quarter used operating

activities, cash expenditures by potential again impact to in to Corporation. increase flow be million our payments we we anticipated partly trial from milestone of expect expect by XXXX, driven Heska to the While $XX clinical moderated also up

recap, and receive year-end, to expenses to a $X of approximately offering cash $XX from year upon milestones million deducting through before our an the further cash $XX.X Heska of we this offering near-term year Corporation. public in with And net we received approximately Subsequent equivalents of to underwritten stock cash February. common expect achievement we So close million. million in

lab with reference Portugal. the of Laboratories, Nu.Q and Test the Cancer Lab mode distributors DNAtech, local A&M a GI We as available are such generating Heska, now Vet in networks and Texas some IDEXX revenue through

Nu.Q our and up journey, Heska the we a call revenue to sharing stream future provide point margin. our Cancer has to first is significant great quarter a next look in It at the the we are for with I and to update pre-selling Vet at earnings May. expect commercial forward also started running see solid now revenue which of on care,

of proprietary our forward we to Given addressable from our the course. opportunities significant expect and Nucleosomics these look we and accessing in develop believe products range to that reporting we platform, are markets that June

in the progress strong So, of into we and XXXX have fronts quarter first XXXX. made many on

updates to the I Nu.Q milestones. for Cancer on over of our Vet Tom? detailed that, Test and with upcoming will further rollout Tom hand And

all Corporation. The year, with Heska signed team’s be and achievements. Heska proud first back should the much, agreement of Terig, but the and first everybody. XXXX very areas ago Thanks specific now, quarter the really of. feel a looking our new good to seems XXXX, licensing was supply a provides aware breakthrough scale morning of It all three just and while we that you large agreement I

Cancer sell at exclusive all, for of to to to Vet for in the commercialize rights negotiation First the Test Heska via two, Test companion Vet Nu.Q animals Number point rights Heska laboratories. animals care. wider of Nu.Q the three, non-exclusive care. Heska sell test menu of of Volition’s point a at potentially Heska’s to reference companion to again rights And companion certain Cancer for to animals

you also some the came significant to The with Heska breakdown. financial agreement milestones give very

$XX $XX all, anticipate which of in on and we of near the half First received upon the receiving of first Volition will $XX based million the milestones. and million of Volition upfront signing million XXXX. to agreement, receive achievement up payment a mid-term

to of In in key significantly for payments, revenue point relation kits these payments supply the reference payment for market. for greater bring to market, is to to and milestone addition of components these exclusive ongoing that Volition lab and the will most Heska expects the care that the likely for product receive than the

a time for You test, long-term that Canine quarter Heska of must that is Heska kit to all be the and of Test the right Monitor Heska every bring commercial of money market Nu.Q will launch believe second Cancer it’s at opportunity through we care, in now taking Screen full a a in date sale key folks a And for XXXX. point deal, sale sells make pre-orders we and a fantastic component. or the to us. Volition of the It’s remember XXXX, up anticipate a from the and

Vet in also the roll signed healthcare executed its IDEXX veterinary and Pursuant laboratory plans October XXXX, laboratory launched innovation. agreement, conference, was with rights earlier Test agreement our year, Cancer Laboratories, its test IDEXX we the IDEXX to expect to world’s network. U.S. distribution leader held Orlando throughout in kits. Volition During VMX, through IDEXX in and sales receive at revenue This a this to ongoing to XXXX. the other global to agreement and the largest was to the pet worldwide supply countries out which continue Nu.Q with a sell the reference global reference in of provides from

by aid detection a a every for annually the Nu.Q great screen to in senior come Simply the veterinarian already improve mainstream the Test veterinarians, that affordable market this to to significant ordered opportunity as exam. am for delighted early the and you the Cancer now been happy and mass reason in U.S. dogs pets, at-risk We and Remember available report the of and a families, XX% all provides bring to Vet us dogs that it’s health their pet Test day. outcomes. XX% indeed work than an to XX their Nearly to accessible I dog States breeds their is – households in the United veterinarians Nu.Q point; alone. million important XX approximately are U.S. news to this great believe pet of there and Vet states. introduce in for for more Cancer

will relapse review the all treatment which Professor about great and peer provide in treatment Wilson-Robles potential use evaluating the test. continue to veterinarians submitted information and Wilson-Robles for team decisions. I'm is to ongoing end, remission. A both Nu.Q lymphoma guide also a of the their another happy monitoring significant and and to of report recently Cancer It's of terrific disease make paper note And progression progress Vet completed for help of paper soon, our to and particular studies. monitoring Test utility that demonstrates progression identifying terrific efficacy accurately real-time in Professor that a

ahead, we In full and the out to Screen will in of say the which thing Test Canine be anticipate and Heska for the looking Cancer Monitor commercial the wrapping of coming care, at launch weeks. up I'd point Nu.Q next look the

And at regional the level, on product medicine, our Volition looking also our lastly, emphasis also looking eye that. and commercial working global, with an for and are are pursuing out We to from we emergency an extend of keep into NETosis. mirroring are deals on feline distribution an so local global and to side human expand perspective further R&D a

call and Capital lots Day updates at look update we busy, I at have further So keep to our in next our us indeed forward May. to Markets and providing

pass Executive our that, with And Group I'll Cameron? Cameron back Chief Reynolds, to Officer.

Terig and Great Tom, those for comprehensive indeed. you, progress updates. thank Thanks

also commercial I background, Heska the we've scaling XXXX which a our But supply to we have licensing but the infrastructure dedicated quality services and me. to From is supply in real and would have considerable for broad agreement IP portfolio, company were strengthening up resources only with the signing perspective, high to for agreement. continued for licensing delivering IDEXX not and our moments our time standout say strengthen asset under of and a

in out XXXX based all our Belgium, in future During IT, the now we legal part the sought commercial functions have Singapore and company. to growing staff the the to UK, needs finance, particular worldwide whom support success. We HR, of build XXX in and play over of a U.S.

a the complex a I handful different three, call floating several transcription nucleosomes to sequencing. has proteins in other which haystack. Nu.Q updates technology and wrap-up of will of types historically chromatin the spectrometry removes blood for spectrometry; factors; Capture mass product fragments, molecules, NETs. Volition's and our and on by in been blood thereby including strands noise, a Nu.Q a released pillars. needle is of Nu.Q nucleosomes program like Capture, a abnormal a mass Human of two, sample other cells Cancer identify signal of DNA soup novel many a the looks from various in other today by with cancerous background way Nu.Q isolate through finding patient's or mixture one, Detecting the and analysis signal; proverbial all body. or essentially next-generation including cells amplifying in including around has several or cell

have of and to XXXX throughout happy these report we very trends am into number made on real a I XXXX. progress

nucleosomes, spec abnormal mass a Nu.Q enriched sample tool One cancer removes to whereby use enrich As of nucleosomes is related this behind sample reminder, enrichment to identify of sample the further we help for area healthy and progress then analysis. leaving linked specific an spec mass Capture biomarkers.

and could to non-Hodgkin's lymphoma. cancer submitted in used a tumor-specific disease review this In for be time medical other DNA, second XXXX, relation recently that paper condition, colorectal other this technology type specific These treatment typos, epigenetic we peer or when nucleosomes using changes monitor potentially analyzed a have contain progress. treatment and and guide a biomarkers to selection in of published diagnose cancer we paper and

samples the Capture Further, led transcription successful technology the cancer of from patients. of has factors of blood factor-DNA the derived isolation to in field tumor Nu.Q transcription from use complexes obtained

affected to As cancer by look or updates tissue cancer. may, tests transcription identify well calls. factor this technology the specific, in cancer and organ tissue the basis principle, to blood in future ongoing binding tests and in to DNA as I for provide Development general is as for providing forward blood is

study Cancer de in government Nu.Q pillar, lung Hospices the of cancer France’s backed Volition’s to second a Lyon, participation early in hospital. with university In largest biomarkers perspective evaluate we detection performance announced the blood of our Civils

Initiative Volition’s Lyonnaise Lung lung performance detection feasibility the when national for France. and screening biomarker of The of assessing the study screening. ILYAD the of effectiveness with for lung early alone of study developing Screening is Cancer cancer clinical ILYAD ultimate Nu.Q program as test with and the blood the Initiation scan, used in a the in a evaluate of goal wide-ranging conjunction CT screening program cancer, a of will a The

initiative. Our to longer term project, but involved such in an fantastic be

which proof-of-concept lastly, thereafter. University completed presented will conducted has retrospective study, Lung a in is results Taiwan National underway upcoming also with conference. And study publication analysis cancer, lung HCL of the expected an at we be with Volition the

And so firmly more Nu.Q our in XXXX, detection evaluation treatment. and NETs for as with enable could cetera, the high pillar the will a ELISA rapidly XX et covered applicability wide potentially stratification patients with a have platforms, COVID-XX, enabling the monitor disease of diseases triage to response automated of thrombosis, Europe. the their such than Nu.Q on influenza, clinical across NETs component today, use and countries final for patients, of and and with diseases CE NETs, believe We progression plates May, NETosis two NETs In level i-XX, with physicians product these allowing NETs. and the to Mark Nu.Q associated to sepsis,

with Volition’s and as Nu.Q a together well some of that paper This NETosis score, highly sepsis, of two severity is reviewed KOL the test and Assessment. our XXXX, interest disease we a elevated our measured result collaborators, NETs published centers the lot finding key Organ excellence. of establishing peer of led Failure In in reported are posters; Nu.Q moreover by results SOFA garnered correlate with that very and the has from Sequential has to levels

studies DXOCRO FDA is to research using sites Device DXOCRO and product utility support in will spearhead undertaking that Volition U.S. biomarker of commercialization Volition’s to of FDA’s appointed to an platform Breakthrough development sepsis diagnostic studies organization determine of our regulatory across multiple August a Nu.Q one goal with large-scale XXXX, in programs clinical In cancer application clinical the in the or more Program. contract the the specializing such technologies, and finding

be The FDA’s first and phase been year. focused on of first Program the has this sepsis expected half Device Breakthrough completed, the in the application to the of is submitted of

And be thank milestones XXth. of We whole you afternoon results as and the joining the much news publications, as say Thursday, the studies, today. appreciate the the I’m we’ll Day it. with the like of love New to board the look to a along regarding forward We to York you our earnings the on end, rest further hosting can call clinical quarters. that joining [indiscernible], key I, to indeed our and company pillars for to product delighted at sharing Market’s very And I’d Nu.Q really Exchange May at would Stock there. see months coming of and Capital well

by Nu.Q for an a extremely our Position wrap is work journey. heart next Nu.Q. of our today, very we our not phase and truly be very strong commercialize saying, about powered for the many could But excited to feel the so position in positive of areas. up epigenetics, in more are I’m platform much at I I

your take questions. We’re happy Operator. to

Please the you. with you. Bruce from And of Benchmark. first line your question with proceed Thank question. Jackson Thank our Instructions] [Operator comes

two-part and taking on question for payment milestone the my mechanics. questions. here A good Hi, thanks morning

plan a then it into $XX.X deferred do the does to time? receive you revenue? So over as million lump for that sum as payment, and accounted full come does income statement the get then back And

I’ll pass Terig question? the it to over Bruce. Terig? answer to Hi,

$XX million. million, expecting $XX are receive point to next Hi, this Bruce. we the At the

a two of And care the test. And as one million sale screening on of it, one expecting, monitoring for the the $X.X each. a test. the launch of is We’re the first commercial is first it’s actually point for as second milestones commercial separate

the this get of We to are half within year. both first expecting of those

In along accounting a treated revenue last the for be payment of allocated initially the the terms will million with will as the deferred of it received milestone rules accounting product. under be we that, and year over $XX the that life

product allocated of be sale each we make deferred as the a So, portion that make. to will we sales revenue

Okay, And just great. then if may. follow-up, one I

to that remaining the going With XXXX? in you million to come is $X.X

us in the cat providing million the data us of XXXX sale to first come product. a So to subject $X remaining will or commercial

are on track. expecting that we when Can’t you in tell exactly So, XXXX. but it’s

Super. very for Okay. much my you Thank taking questions.

Thanks. Have great a day.

with is with Constantine Hutton. Davides next Please the from The of questions. your line proceed question E.F.

morning. Hi, good

Just in One sounds I the share. product. any just terms was guess or like the adopters really up any some Tom’s following comments is, characteristics both, promoting whatever these And terms couple customers what’s in states, that. about you of I commercial good a then wondering you orders early things in of early in on you’re just progress, of profile XX receiving early positive tweaks of might these their to can about the progress practice, front. of and talking terms messaging negative in have of and how kind lessons And

there. looking Just Thanks. some color for

Hi, Thanks the It’s for Tom. question. Constantine.

programs, are to used been the U.S. wellness the It’s and be veterinarians annual on that for preventive of Our awareness supposed specific. exams. in an dogs campaign basis has care to close of for very presented XX% education of to the wellness come which

used and at been, that’s this animals point it’s not for and animals to healthy time. sick are be these in So supposed

age and dogs supposed for also die of of predominantly it’s of seven that nine, the XX approach because dogs age cancer. to XX% older be years of course, ages years of used Of

at The is years strong four of other XX small the the age other age. about breeds starting of target – predisposed

that’s we positioned how have So the test.

as the practices general number can’t We it and using spectrum as from using us a piece far information we predominantly general And are diversified obviously, are because as you that are are They’re come is gaining we pretty a to more testing specific to those practitioners submit, is, it as which that Nu.Q, a preventive it giving [ph] of large hospitals practices. hotline basis I animals and Ask but our the now in broad hospitals data right is the profile. consequently, in a predominantly wellness are profile. we’ve that that, of given feedback it on from is gotten do using questions their wellness general effectively

Great, milestones to time did this follow-up. trial in and over know February of offering some then clinical And you. thank I just an going you’ve one spent and ramping expenses you alluded up kind year. you

any should particularly kind you where of year, wondering Just expect these invest this for programs. sense as if clinical of burn fall us give you to can some we in

question will region the $X.X course something probably sure. costs trial up over because the we a Right of the the that in will million this do quarter. milestone we clinical clinical bit But burn little year, and the That’s that we’re now, that per undertaking. a good year of we’re month expect and the Yes, to activities ramp that looking trial payments with be of in receive. this at million offset $X

the to we of to in we expenditures although milestone first that year. payments expect we up, go half answer $XX by So the that Does be will mitigated million receive overall the question? the your of expect, that

the in I’ll Thanks. queue. does. hop It back

thanks. Great,

Constantine. you, Thank

Thank you and care. take

you. Thank

Ralston questions. of your Our Zacks. from line Please the next is with question Steven proceed with

near Good term or canine the like detection potential afternoon. revenue focus test. to I’d for the morning on

to the it that that be it’s deferred when the revenues, of in shorter say or three that over there and product, and you the like the that concerning all of percentage next, like $X.X are lifetime of years you expected over achieve First it’ll life that? be sales allocated going Or opportunity that a say timeframe a that assuming will you’ll be years? something well, five let's is billion

is then spreads over accounting that way apply that product the approximately and change over and the that those contract the is at a XX the forecast product per target we deferred that a forecasts The of keep revenues, the a with over bit as process revenue a of we have the updating and years. better accordingly. relate allocate allocating bit revenue moving will the sale So amounts revenues we we complicated forecasting we to the the the It because rules years. of life get

to it’s it's of over going it think is an quantity allocated think this something at a about years, I four to to years. but unknown best to not way time. So, quite five XX be moment, will the over be be to the long It's a bit like over going closer

greater news, Alright, thank news potential the of because that's bad you. the the Actually, product, allocation. a good situation smaller the

that more in you way So expected. a have the be able to won't means you in sales product hoping would are revenues those that potential because than quickly monetize you

right, Steven. That's

we get from the thing that accounting we it. are think I the and flow than and is spend rules. view, that's of And the us that cash it's point to for able cash rather when utilize get important we a cash it the discounted cash important

your include deferred revenues, the is – talk that you when cash about revenues? And that does as balance, deferred

Yes, already that last in we that does. received The $XX cash balance March year. million includes the

the submitted we the test And use for right. that's for that monitoring? All peer-review, the I paper of assume

for month monitoring correct, it's disease for we That's getting Steven. progression have approved are two back. and we looks ago, hopefully two. that and favorable. about hope And questions publication very It And a some to within month currently next submitted remission. or It the or was

the expected correct? those million you one $X.X of the And in that coming one And All your right. – would of trigger target reason the weeks. that's that for payments,

Absolutely. correct. That's

sales do or expect event? think the what XXXX commercialized? When component you do that for into start generating the the of the test? Is looking you being [ph] feline timeline And that be that future, will

start. through We're the going We're through now. right studies in that. XXX is almost million that now. probably cats would of We're right canines There United XXXX all alone. is talking working a just States Yes, event about when validation

be So studies end obviously market, this paper of our XXXX in hopefully this, a by first validating if XXXX. We our studies completing to early having opportunity hopefully part us. could half and significant for we are by this anticipate the effective hopefully of a XXXX in and bringing on

And I'm assuming anticipating? stream At the be commercialization, that next rev to Vet. is Nu.Q least what are revenue from is that you going

Sorry, is next next be within Nu.Q that will company one the or entire Vet for the revenue the this would be this?

Yes, the commercialization and assume after obviously revenue the being and next grouping Nu.Q animals revenue companion next say stream different into Then with for that initial up be Vet would I Nu.Q goes one NET? you equines. animals, the even

correct. That's

the hopeful, applying got XXXX two-pronged status. do close in very do I never it's we breakthrough you for expect get if end to know, of be the in think we into would it the designation launch status, If to we're reasonably we've in and breakthrough delay we're would U.S. U.S. that sometime process, the XXXX. would and – which the commercially we if So we're designation breakthrough by not strategy We ready but get status, designation nice it

own [indiscernible], product Europe Europe. would really a Europe substantial expect on now. revenue year in year But revenue early or small we areas. in from next in don't but until potentially clinical revenue, NETs validating nothing a Nu.Q later milestone CE We the this their in lot two revenue some leaders key of opinion Mark on got working now do platforms on forget, We've have

get of And CapEx, then, if XXXX, or Vet, Nu.Q to as low status, is we do the we path it I active adapting in breakthrough to said, of discussions designation multi-billion companies going dollar think low if of not. follow OpEx We're I And XXXX a big commercialization handful platforms. Nu.Q NET with companies. their on A with wide deals larger. now or range very companies,

part off NET year commercialization next become story big should the the year. is this later side, that and Nu.Q of and really the So taking a on

Thank my you for questions. taking

Steven. you, Thank

Thanks Steven.

with proceed your of Piper with Westenberg the is Our Please questions. next question David from Sandler. line

Hi, thank taking question. my you for

And sorry, Volition to if story. this. I'm missed I newer the

in of you the are of on parts expected commercialization? the date is And Nu.Q it again it what So, remind can veterinary the point-of-care? in point-of-care the terms test on commercialization court versus court what of part Heska’s in us your

the thank Heska’s question. is in you, court at this It point for of the Yes, end under currently validation stages David, in time.

are in waiting very for at point that, excited time. this about are getting closer we we we're it and day, So every

Got on then you. the tests that it's is the I ancillary of about used know, liked ancillary a And side, one a you some as series positioned setting. way talk you really IDEXX the of in of Can wellness this be you point care Nu.Q? people And tests, opportunity is ancillary tests use these commercialize that in conjunction to ways with of can of talk kind or about, maybe the think some about you there to any for any in of that?

type chemistries thing. older, cost And Typically dollars that. seven somewhere than a around routine a typically community, of be lot years routine done, chemistry or it if supported is panel, this call that the profile the are with a will a enzymes, they creatinine, x-ray excluding twice That, and come typically routine typically year of a in that and this BUN, bit Yes, done. another couple exam, what veterinarian AVMA by we potentially a me, more liver a dogs might and panel. age CBC client, once of David. little and are an question, good this the that hundred veterinary is for in chemistry excuse is

with those that part especially cancer for test it that about seven very it think affordable of including standpoint price expensive. from can the our communicates screening when older, we this technician that dogs say, you doctor. as to structure the highly have if yes, a veterinarian, well veterinary delivered we’re, extremely of as are test, middle the the by going other it’s No, of they it, years just test that’s a cancer And oh into screening fits is because in client, not right be as affordable,

now same to age applies at you that from four are the four community It’s of animals of years age. the right of older. also dogs that and three sometimes years The recommendations age David the profiling and veterinary start scenario,

may we can Cancer is fit veterinarians year Again, but as extensive watch right certainly medical for the encourage So, you Vet it profile Test the as Nu.Q and Again, old, for trends. hospitals the not can that. into do veterinary breeds. with seven be it of Golden or types it, a especially going start you And those Labrador if dogs, more Retriever predisposed quite once you do doing once a to a reference than you’re of one you’re to frankly, going, have or that, many year. those

to I you going because catch your want to that know, this clinical it question. really before So hopefully do seeing symptoms? I biannually, answers probably start You’re can

answered the question. definitely that Yes,

Just last be feline the on that? the Can IDEXX about either be Heska one it would separate, very separate is much commercialization you Is here. product? and thank And – agreements that you or you partnerships in that your would if with talk what the for questions. the with that commercialization my strategy

with with of an a it’s a that, point specifically and exclusive that’s that David, us has on Yes, reference, lymphoma, with on specifically the is product. Heska of point feline Heska with care as care, and that

that well. that comes one care exclusivity But terms looking test, with specific deal in are of the lymphoma, and – studying with, the point booked of that cats Heska. prevalent, be one predominant lymphoma we’re in other which but feline frequently veterinarians also are for having We additional is most to the not feline we’re with as cancers is one to only up in that’s we’re going the

own we specifically to our to license our sorry, well, our Tom as exactly to Obviously you ourselves our products lab, or asked, David, to panel? basic do having not machines. we would clarify just sales model we business one see thing so and things just force own own our what other running even add partners the I but think sell And said, the

will blood we the used and then other So, let and of Volition’s works is produce selling human that’s components the the panels product animals. in the others key with to and prove do be the the collecting absolutely but then focus tests, in

So low low OpEx our that CapEx, very side. keeps our model from

but happen a will that it’s will that typically process. something do So we lot, in not

human and to take cancer model we space as the through is that NETosis and grow. human So, we’ll the

on is So heavy do grow that all we as can side, makes that the if well. by sense done partners commercialization lifting quickly, very the our and

Thank does. It you.

Thank you.

Thank David. you,

Sidoti is of the question from proceed Please & Jim from Company. question. with next Sidoti line your Our

questions. again the Hi, and thanks taking good morning for

First a far. a progress – one so lot is, made of done you’ve you’ve

signed well. that two XX third Are large there’s vet very next is the knows something out we’ll months discussions hear it distributors in Tom You’ve you one very to but world, up there that still could months? think XX about in – I and possible a the in

We are very question. good – it’s a

big of number there a we at with discussions discussions, are that are active they in and continued in partners active are present out active are and We time. the

on And Okay. have these ramp investments capacity the you do any capacity that? production then supply do far up to components? to make goes, you hand for as to already have as key Or

A very good question.

fantastically well. which So has worked Silver we antibodies mass controls key can the in at components. the two facility, our We Obviously controls. ones and out One the produce biggest manufacture the are now Belgium

But large. last of but very drying We are at ever areas, level. region. and hundreds in nothing tend up that minor doing very a from very high plates talking of not group to Belgium the use of expansions freeze support some as I capable ramping U.S. you’re and as some actually for the get we thousands to other We a On dollars. a our the production the – It’s we actually needs. visited in be of month now U.S. far they’re them going

And very not really it problem some really, the overall, we’re problem. should to through quickly. Belgium So very next unless expect over But year that and place. it year, very we But this should steady growth the not think do we be big, be up be we a any comfortable. for capacity so on ramping extra in also internal are capacity a got

We next for we we make have future can preparing to year, through meet to demand this to throughout likely that any we as expect the and, the it. sure grows, but the which demand capacity do year meet are grow strongly and as that

All right. Thank you.

Thank you.

your question proceed of with the questions. is line next Ian Our Please IFCM. with from Cassel

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Yes. question Certainly and the Ian. thanks for

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to of go the that late whole Before to initial whether next the be or day again takes back whether emergency, chemistries, home can to run this in hospital to you the come have to indication and animal that ton go stay GP it it a could biomarker an in give maybe that the afternoon on and for routine treatment.

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it a So good of can is very over has can be could something Nu.Q tremendous and amount humans see think I cost say, information. is across It you that and and really applications. how of very example also And if multiple a animals. effective this provide between I crosses works

very veterinary I and done well may developed space that, on Tom we on obviously have and NETosis that outlined So works. first the human outlining the space, how in

side it's the side, the side. relationship a have and helped, and often human very we between the vet and helps vet so And really human symbiotic the

to us also the of we For could space. size the example, about good on very could believe also platform, launch human a very and platform It's in Heska is a the toaster useful. which be help

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of been yet either as that animal that's on that, that kind very of and significant, I last as applicability about Screen the that, question production well Vet the have large hasn't talked test Is is Cancer or well? area the that test there Maybe is, side. to there's market NETosis hitting an opportunity

which in answer And a the that a cattle and mastitis there's or respiratory looking metritis herd a Yes. animals I at situation disease. NETosis diagnose or a the those with potentially really is particular ill. cattle, indication dollar NETosis type would bovine Ian, refers we're industry, or lot into as are can to fills and of potentially that, or come which to to in in is multi-billion strong to ones say where which diseases product a reference an of when you get equine

imagine situations, could can entire an have I So to feline mean, herd. you product. don't treat the mean, I it be immense you

significant indication certainly standpoint. us we specifically, strong it additional well side, equine may a really where markers a for we or could therapeutics. as give other see some in need we use how to To performance it but disease the where that the entities, be area that horse see performing from horse On is really

part a to So bit are those two latter XXXX. that, the into going looking ramp those likely really types be XXXX stunning areas of we're will going up most that into little to be studies of

you. Thank Okay.

Ian. you, Thank

Thank you, Ian.

I'll and At question-and-answer for you. hand of we the floor Cameron session, remarks. closing end are our Thank at Reynolds time this the to back

Thank you.

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now very we it's much the think commercialization path. very I clear are on

space. really I space with foot on now on the we the human think as research, space are on our now on And on front continuing the NETosis following development we're up but and really are well. the and cancer vet We

up goes expect we the and – what throughout So lot a really year on goes the the of steady and really show as as we as NETosis and to up And side human as revenue on well start to see revenue to lot then more a and are. NETosis in the layer more some deals revenue cancer start ramp a coming as as we'll in have well. information more

much. So very you thank

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conclude will This conference. today's

this time. You your for may at alliance Thank participation. you your disconnect