VolitionRx Limited (VNRX) 15 Aug 232023 Q2 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRx Limited Second Quarter 2023 Earnings Conference Call.

During this presentation all parties will be in a listen-only mode.

Following the presentation the conference call will be open for questions. Instructions]. [Operator being XX, is today, recorded conference XXXX. August This

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

for to Thank activities welcome, operating and our along results quarter milestones. cover today's with VolitionRx second and Lmited. the key XXXX earnings Volition's you, upcoming financial This everyone, recent conference of and for a will call of call and discussion

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

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

begin, the information under Reform statements we some covered XXXX. like this Private that Act safe of include everyone of discussed provisions harbor Securities forward-looking Before the the Litigation of to conference I'd remind on call will

Actual our views on based Because well based current our upon are events, and risks, or by significantly different a future currently that uncertainties assumptions performance used of these available information factors be statements or beliefs expressed actual to based cause us. these events statements concerning we from vary future the results number may reflect have materially results involve as These results, upon these or assumptions. future statements. statements as implied achievements may to

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

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

Volition's the everyone, earnings call call and for XXXX is appreciate especially season. second Scott, earnings Thanks, busy it given this you, quarter thank I today. joining

supply Veterinary for commence Chief Group on on an moving Financial Volition will Tom Executive Q of Terig and to global Nu. Butera, Dr. licensing a our financial from Vet the Chief agreements. rollout call report Hughes; of the with our We Officer, before update via

Finally, I our particular, product provide the progress team with on in update great Nu. an will has Q regards making been Vet. to pillars, the

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

you, of today. Cameron, now thank provide joining and our key our a at expenses earnings million received quarter approximately very June, $XX.X XX, common the of Thanks everyone, XXXX. of we the results the $XX.X million XXXX. cash summary company. We of quarter before public much, the for for million approximately and offering deducting I'll ended stock from ended $XX.X call proceeds cash a net financial compared June In with by offering with end equivalents the in payable

to additional significant we from funding clinical agencies operating used a our several including to included activities in during receive related Belgian the in milestone expect from Looking Corporation funding, further quarter million trial ahead, in $X.X million U.S. payments and payments was months. approximately activities. Heska and $XX coming nondilutive cash the Net

costs which of added of our for the quarter overall the $X.X level compared Total manage This was P&L. cost expenditure clinical million increased the continue for as the of million quarter. million to expenditures, of $X.X second comparison increase costs to primarily and Whilst the on in to were result $X.X the quarter to quarter carefully, of development to Moving expenses has reflecting the expected, the second XXXX. the research mainly U.S. we increased in operating our XXXX. trials,

$XXX,XXX the achieved pleased year. I'm $XXX,XXX of $XXX,XXX the we for in we XXXX, first a was million XXXX, XXXX. recorded progress. that same quarter reported in for to the million X half entire year the loss compared revenue which quarter, the increase to revenue report Net for last the for And of over a in revenue From great months so XX, of ended exceeds period fivefold $X.X the perspective, $X.X June revenue,

grew revenue sales Vet Year-on-year reference which through fivefold of the prior over Discover growth Nu. was of the both Q of the Q our first the and reflecting for year, Revenue was driven sales Nu. Test, kits IDEXX Cancer agreements XXXX by with for half Heska. $XX,XXX.

of we provide to is these stated, Looking it as in ahead, previously revenue commercialization guidance. have difficult meaningful early stages

we cover both number across the a their are as will updates, Cameron and progress pleased with of in product Tom we are pillars. But the making

I over Tom? Dr. to Butera, subsidiary. our Veterinary that, pass with will And Volition Tom CEO of

everybody. much, Terig, good very and Thanks morning,

XXXX of for was only licensing our as quarter colleagues distribution Veterinary second team, period busy Volition well. the not another The and but to

U.S., Following the strong network foundation worldwide. for extensive lab but network the Vet January, in IDEXX's laying bed team Cancer Q the launch into and reference IDEXX the of has in laboratory U.S. continued only their procedures to process a not the Test through technology labs the across to of across our other the Nu. rollout

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are analogy, To into use we a the deep quarter. final sporting

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to veterinary experience John Manager. years U.S. over fields driving revenue our has have sales with here the In Great Accounts June, what through and consolidators corporate initially Veterinary XX John been tasked and Volition the has onboard. Global of John McKenna in term we human the joined as team the in

journal open Plus for and to report Nu. published this publications Cancer The existing paper Q publishing the was I new X. of Nu. Wilson believe of monitoring From Robles quarter market for another this product a a achieved milestone Vet use monitoring that the we Professor paper to and Test considerable Vet Cancer our on the development am disease us, the peer-reviewed in Q perspective, for Test. important potential very has up happy

and for show as from hemopolietic discussed the progression As findings that a treatment can dogs concentrations such with disease in paper, monitoring study the lymphoma. be cancers nucleosome useful in tool

increased While of Cancer demonstrates our tool developing research a reliable potentially this new Test can utility and cancer, Nu. use veterinarians already screening dogs significant of test. Q with affordable for another Vet the risk as

canine information a decisions innovative and treatment pet helping lymphoma and only monitoring potentially for for news huge owners also and management, guide an fantastic step but their tool providing aid not It to detection, outcomes. forward is veterinarians, early actionable As improve pets.

end, to CSU's University in experience and microbiology team from Volition Subsequent State the Colorado Teaching undergraduate School lab in manager to our several Veterinary we the lab to Timmins Research Veterinary Dr. some department Veterinary researcher Timmins Dr. our in Hospital. at clinical career Rebecca Rebecca and technician at her held the to broad-ranging positions welcome quarter to started as team. were brings Director. delighted July, science

also States. she is President involved nanotechnology class ambassador a has schools, new a veterinary in research practitioner a her veterinarian for students. experience here of Timmins as and the is Dr. worked In our great great actively team. DDM United but company, recently, a fit and general with relief was the she her guiding in was Most Vice career, practicing

more product our extend into to our at we emergency exciting Nu. topics in Q certainly are update detailed these the look on specifically NETosis. From forward line And development a and research fee and medicine, bringing future. perspective, to I looking continuing develop platform you

the call. In marketing expect the is Nu. sponsored awareness digital Vet on to veterinarians half other through continue November, and drive engagement. earnings year, our provide Pet second and conferences, of on webinars, press month next details amongst and we we so Q awareness activities more to will of these cancer

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

Terig, those Thanks, Tom, and for thank updates. you,

been has Through pet The throughout Vet leader in the with U.S. our for expanding transformational Nu. health world first sight. now of Volition. in care Q IDEXX, half coverage a the global innovation, certainly around Cancer available XXXX Test is

I'm This as This delighted or company's companion commercialize to breakthrough was within an milestone recently, in that, we our care device us U.S. FDA incredible as history. transformational step our request, technology for report forward submitted was moment More with animal designation real BDDR, sector. the June. our a we planned, health in Q Nu. the

exciting FDA, time, first discussions very the times, in the we are indeed. with active For

X a the As device? we is agree the proposed FDA seeking agree path FDA And the with breakthrough basic FDA from does a BDDR XXX(k)? reminder, the the the questions: meet feedback that a does submission of definition of on

considerable believe is approval Nu. several we strong to with discussions We October. products. to Europe making now Intensive the for Society one from Medicine in peer regulatory of for in centers to excellence in resulting the hope and be for clear Congress the look forward delighted upon abstracts also NETs to to already our are accepted agreeing for clinical of and be center and with from case active FDA pathway our Q We're a paper significant centers review with submitted progress European first what Care

who of Day both a Micallef, world's Scientific and in our Officer, have presented many at experts the of Markets of Dr. you, is of leading Andy together excelled in some Rabeuf Remi Capital sepsis. Dr. known in network well to our developing whom Jake strong Chief with Retter, May,

in excellence findings key to I'm managing for Q sepsis, working centers in provides Nu. share for these first hopes our we NETs today, event diagnosing and to September. are leader experts and excited the their This and of opinion hosting workshop their opportunity their future. an sepsis-focused with challenges from announce

be also XX are will million a chairing to between cases XX each [Dejili paper to plans physician XX sepsis is and September awareness so this condition. event. we in the hope sepsis the Annan] resulting month, year, devastating reported million million Professor awareness to following about raise session publish There deaths.

in readmissions shocking is of potential cause costing death alone. condition care of the cost in is X for staggering one terms numbers and hospital the billion the overall this how to U.S. annually X this the important cause Volition. exemplify number Lots significant for is It $XX deaths sepsis. associated hospitals, is number one number This a just I one know, of with a but in and treat, opportunity to market in health worldwide

a the disease detect to to NETosis. Nu. that will clinicians NETs use that believe able diagnostic associated groundbreaking aid is We the test with Q be

Nu. and So NETs be Q able sepsis We to provide please hope watch insights out further in September. then. to into

product Turning briefly other to our pillars.

First a second Early up, Cancer going lung Association Professor the in Nu. to focus X the most the Q the second-largest of in interest In common quarter, Congress. collaborator of at on France's cancer Léa the cancer, Payen, and time, deadly posters presented I'm world. Cancer. Lyon France, American Research hospital from University Hospital second in

assays Fantastic results reduce which molecular These demonstrated that circulating progression, University the X during Lyon working on team at and diagnosis The level into posters Hospital. treatment Q may in technology help profiling DNA biopsies. combination detection. improve the unnecessary both are with already introducing Nu. of

National the his for Society has oral this year. delighted Taiwan course, clinical out in recently I'm European or of publication say written results to quarter the soon. for been I'm up, presentation Also These Professor the of of been Medical ESMO, Chen be the of looking Oncology, upcoming results accepted delighted for at to fourth and in should was University ahead, lung, and an say paper have, selected

of one issuing largest forward Nu. in is and we conjunction low-dose with results studies our in This clinical look Q the CT, using to October.

Q excited X publication have abstracts also our that for accepted are at of ESMO. Nu. involving We been

the these hope abstracts that months the on Q to quarters. capture, strong Nu. due this in and is making and to coming of update in One we're fact more we progress you

Discover mass for our but and jumping moment, and submitted to conference product peer our pillars, the Nu. Nu. posters. other a technology in Capture paper and Capture review of for Q during been Q both has spec the clinical Q publications on another detailing publication over second Nu. featured use quarter Continuing

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drug revenue On streams evolve a to development the usually whole, through pathway study, substantial clinical. as modest hope pilot as projects but move start from revenue the more drugs is into the they preclinical

much their to our to clinical Phase part that with assays oncology contracts drug program, We program, are progressed step integral announce has are Ib thrilled very exciting an of our development one forward. said and pharmaceutical of an

a of very concept disease within rare may whilst disease focusing also positive of in And treatments. is We their large commercial this the contract a signed providing proof first necessarily on XXXX. not development field a in improve drug help of a all, rare future half opportunity, neuroblastoma. All

The our in is excited fantastic, its potential. level technology interest truly we're continue and and expanding of reach to

And are of now years groundbreaking optimizing Volition we sum believe generating is opening making of developing up, after proud quantification so the to of commercially which a we I'm technology, platform many the revenue. very team are as we Nu. and a nucleosome and progress Q,

Nu. we us exciting company milestones In the you with drawing today. forward joining as time to over look and a the and by Q, this call updates I'd thank further powered hugely close, like a coming you to It call is earnings for quarters. all a sharing to for

As before, we it very seasons. this during much busy earnings appreciate call

I'm your now. Operator? take very to questions happy

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

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talked what at the call. poster on we So the presented AACR the is and actually paper about

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where for the Phase generating with to something study, contract stream? And then new revenue the Ib is going it's a this start

Yes.

XX generating do. for So agreements, reasonable, of part time, But And to signed tens obviously, at about of X for Discover talked we've Nu. this Q the a this amount in of which process. We've are they in a of -- meaningful few times. the we start tend revenue. dollars about the point initial -- what it's small -- small thousands

a big And then well it something out the on some are obviously, we do there well provide early very and call. can of up see does The use pharma final names number the can which millions. through it's of team what members different the a if but the be it lot only of does their you gone And companies, can't have from And We've leads that some stage, accounts, to part working get not a of got actually considerable lot. into now. with revenue. we known,

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feline question Vet. then for And on program last the

thinking You're payment XXXX. your first that get line quarter the the might milestone on for time thinking the originally of in you program? What's current that

Tom? or Terig

Yes.

Yes. -- the think I Bruce. Thanks,

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has front, Tom that making outlined. good as we're progress So on

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

I A scope and the agreement wondering with few questions. the I'm of see licensing about supply the agreement. detailed Lab. IDEXX

Sometimes And labs the you processing other the for you labs. mentioned IDEXX, in-house other that within that, times, words, lab. reference that where just in please? open reference it in any it's reference ended, of clarify their it's Could you mentioned

to… want do Tom, you

that of reference speak owned speak of only labs and we affiliated When specifically IDEXX IDEXX, with we IDEXX. are

X are IDEXX. supervised, in reference they're labs. So IDEXX affiliates either all labs, They is internationally, are predominantly answers they are reference are the all they have those your with their labs categories. that in network, IDEXX And and X both they but That -- IDEXX internationally, employees associated with all those in and question. domestically U.S., of associated

And the detail you to does. what when able claim? of Could Vet. continuing monitoring that you it been next published, be And will Yes, monitoring the are The steps? paper with that Nu. has claim? make the Q process use -- launching

Yes.

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getting So understand in community latter preparing into how way to XXXX, in part the to we're of the now going veterinary XXXX, application. that right people use

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the different We are also much contracts. through of can't contracts confidential, there too detail, broad talk a but -- range obviously, we some is in

lead And they of phases of hopeful smaller ones that beginning are to they that at very more obviously, all get them, and bigger but we're for ones. grow, more as the we'll these

Terig, say do anything? you want to

Yes, And said, across like it's that's is spread are got about -- actually there a very Cameron we've quarter. good about X agreements. as right. -- revenue that delivering We've this those got agreements

progress that will quite of the next And hopeful we're onto some so those stage.

And pipeline. we're also few seeing the quite coming into more a

So we out. the in the years' revenue very percentage in a good cancer large and what just get probably significant this capture, few do very not NET it's and to potential now get will the given X time, or But of of human Vet, time. a X years' name and market be

a years them Discover the few very it's of to going on meaningful, some side. could And take be but

thing I'd Steven, say, other is this The [indiscernible].

that recognized flipped is clarity, that now is for that not Just a perspective, within study numbers. Phase clinical Ib these from yet has the into project

have pilot the of Ib So in numbers. that's included of the been terms not whilst projects within Phase one numbers, phase yet hyper in project, might are the the the that

I you line targeting your the in in to or out of your have And question, is this you in increasing. at the circulating filed new course, the figure dynamics R&D read But program least DNA. I'm And application. Last verbiage expense of that that. trying here tumor FDA submitted also

in the conducted United that R&D First lab? that California part is being your how of increase of the of in in secondly, all, And much States is expenses? your

pillars. Q because Nu. very mass So just the We've things. of about of is Capture a on good we process it mentioned a not the on outcome. couple too one few There's talking obviously, much potentially other publications side, made now. a we're We're progress also spec. It in very the on big

process and in we're So of confirming patenting. the

do of So can make you we and sort X any... of confirm on the on hopefully, next Terig, months, And some that question, specifically all that good in news. have the

Yes.

in the the biggest the R&D the studies, So thing DxO clinical year-on-year is studies. driving increase

just about $X the $X quarter that million dollars to to million the So -- quarter in costs. over actually or in adds those

So driver. biggest that's the

the see for [Operator additional Instructions]. call questions. I At no to Mr. Cameron hand back Reynolds remarks. this time, I closing

So some get The we the And I'm battle is Nu. and we're thank looking our on really joined everyone. you, to with launches FDA to the on the situation side Q with to few the lot NETosis a attention coming taking forward expecting call. as to for as the drive Vet hopefully months side next the Thank in continue you to news regard U.S. and of of earnings capture well. the NETosis through more data now.

and a year. So the I well, all coming it's end think very good we should through have of

for time. your to updating And thank you So again, looking Bye. you. I'm forward

today's you. conference. will conclude Thank This

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