VolitionRx Limited (VNRX) 14 May 242024 Q1 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to VolitionRx Limited First Quarter 2024 Earnings Conference Call. [Operator Instructions] This conference call is being recorded today, May 14, 2024. I would now like to turn the conference over to Louise Batchelor, Group Chief Marketing and Communications Officer. Please go ahead.

everyone, earnings welcome, VolitionRx call and Limited. you, to conference today's for Thank

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

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

of Chief commercial upcoming look the quarter the quarter will will some to our a We for financial milestones. with commentary finance Forterre, start of program provide then about Officer, Andrew a Chief who appointed and our operating ahead XXXX, our activities summarize ahead. Officer, Group our and Dr. trial Medical Financial discussion key third and Terig with Officer, achievements will a the Retter, clinical Gael of this recently results Hughes, Chief recent Commercial call the today with Volition's will look along cover

Terig. over before now Reynolds, open a the brief call session. Cameron Officer, conference I'll question-and-answer provide Chief turn and call the Executive Group President to wrap-up will we our Lastly, to a

the Thanks, Earnings the and the First do ended thank Quarter XXXX provide time Lou, ended $XX.X with flow joining a we of earnings with cash cash to for the financial quarter, Throughout continued key have given a number approximately equivalents million. quarter of ensuring on this Volition for of the busy work now We of Volition's We XXXX. today. your XXXX. and neutral quarter Call XX, threats March season. I'll you, results cash everyone, appreciate aim in summary is

and the strong We making necessary mission. ensuring capital on whilst we are preserve company deliver and to in our vision decisions

successful aware, projects range to U.S., we a funding agencies, the as a throughout funding we year-to-date, history, including in from strategic some government you $XX to up of have perspective, terms million. of company's nondilutive probably fund our on targeted are Firstly, have been in favorable and co-fund the or securing

in for addition, agencies. In European of process various the from additional applying have applied we for million an are $XX

As and we nondilutive over a $XX agencies. Belgian from European support million reminder, have funding received various previously in

We the updates provide on months. in will this coming further

data XX ] milestone payments strategy, believe If meaningful we the very months. our cover Gael us the complete and for with this we and to for could Nu.Q ] Secondly, second royalties [ later, as ] like Nu.Q NETs [ hard we Capture-PCR move ongoing working successful, the during forward. enable rooms and to will are took materials approach negotiations to with the licensing Andy Vet in that quarter next [ provide

significantly as in both commercialization. amounts and cash Capture-PCR we expenditures Thirdly, close NETs necessary on expect order reduce ], [ we some data we took and to receiving [ ] now Nu.Q to for very burn subsequent of are that quarter we actions that to large focus end,

scientific technologies innovation, and our the intellectual with a and monetize focused exciting of to our our and continue that aim plans on have thorough review projects R&D, to all help marketing action and sales will of and deliver we property. activities ensure undertake We streamlining

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the Additionally, the take the XX% potential in minimum Board and of long-term intends to with fees taking for the to of a company, months, leadership Cameron months, team take Directors group XX%. demonstrate and belief of of equity commitment in equity for and our of X Officer, their intends continued to a XX% of to their their Reynolds, minimum Executive ranging percentage X salaries a from Chief XX%,

postponed of also any cash have indefinitely. the payments bonuses We

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certainly to see the hope second year. we the half accelerate So in revenue of

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our [ Jake associated potential diverse [ presented patient From poster, potential of network. conferences, complete for room the have manuscript cancers, [ a submit very initial conduct this initial incredibly our breakthrough This especially clinical cancer-specific Jake progress. working commercial leader of ] hard data to identify support Maloff data cohorts. making more to and ongoing review add we ] PCR are to Dr. team to sharing to in paper again, all June. number to method their a continued publication developing by Subsequent and be in to the initial will sensor important our opinion are tests, biomarkers mission solid The have perspective, and of discussions. end studies excellence ] team team the and important other as an solid peer and first larger, key and plan

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and under all With added our much that, rooms to Gael. data Gael. supporting by yet, conclude published not this Nu.Q Capture-PCR NETs, you, very we to that commercial materials have it share I'll saying and for discussions Whilst Nu.Q you listening, year-to-date, hand data nondisclosure Thank we you able of will are is for Cancer. over agreements. I in thank to

very much, Andy, you morning, everyone. Thank and good

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range are As imagine, options a from global the there you indication are exclusive/nonexclusive, clinical of specific or regional, can we even spot. discussing versus components

so an number fronts. far progress and making strong had have We a our on technology interest amount of in of incredible are

network Key to discussion publication much The key the the as and continued forward in some the our to important well to champion leader of quarter and following as is [ expect of we the hosting very second Capture-PCR by which subsea the our also the important, data third workshop months. that some development workshop of of to, opinion alluded month, first end semester. technology our in we the KOL ] look is coming Andy

We to curve are the payments the [ a of ongoing ] licensing value upfront to in technology very through push monetization up our trajectory order we and IP as revenue. work on positive maximize Madison our

the the will I will also to and of providing highlight which lose may to but In other of now year. in interest updates to with with mean on the interest. I pass And programs early, a them And a goal further to forward for a will also wanted in might us, lessen reduce I we upfront, time, to But that we Cameron? I summary. accelerate that, just go-to-market, number for revenues. the look commercial that accelerate expenses generating are later Cameron our moment. have pass Cameron we

comprehensive close, its But encouragement will and tireless Bill, also since acknowledge would to Board the first and dedication, now of thanks Martin take counsel, your Bill a long-term member, their with for Futcher, Terig been years inception having celebrated service. some key reports. and to ago. for a years birthday, Andy outgoing continue moment company's hard work very XXth retiring to like shareholder I highlight the to many Dr. mentor. of too, recently us I as the and our for us to you, thanks, a Executive Thank Chairman, to before XX has Faulkes. In support Ed and points, Gael, Thanks, drawing his

further for of seek acumen We strengthen our a us as commercial Board. and indeed, search in active to the new are direct chair we our

Our measures cash of getting being little milestone either or revenues, year, payments, outlined on out-licensing to to a cost pillar $XX to as product by million each on further nondilutive as is as other focus support then flow reduction well early earlier. as coming in the dilution itself, Terig to neutral as as This through continues company-wide profitability. and be funding towards the possible possible drive ensure on

Antech We product and expect Nu.Q now year half have the and to Vet of Fuji increase that partners as revenue expand into new launched in existing second this territories. the

focusing are ]. $X from development We also million payment secure product the Heatec on [ of final to the feline milestone

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Nu. Capture-PCR of Gael, and external a as Nu.Q there has Lastly, by lot discussed Q in NETs technologies. interest been our

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months. amount payments X royalties NETs us this strategy Capture-PCR. data a very ongoing to the by successful, completed of provide Nu.Q and could we the very milestone next believe month within We with in If meaningful areas next the of and end large of key be XX expect

thank questions. all it, there today. In pillars. I to answer drawing you to close, earnings the appreciate I'm is a to our much all call would for We now much given how across like joining very this call to digest happy Operator?

Instructions] [Operator you. question Company. from Jackson of Bruce comes first Our Thank Benchmark

And had a that? study. everybody. cancer the -- like few you about France X lung as job Lyon? question could this in usual, thorough that's about One being touched and you this more the was maybe very on Is I details us done give A as

updating been you there, Yes. the scanning, original worked Taiwan, of -- also it a of with in was new the with and Nu. even low-dose it's results aim program. X of is well, is that that conjunction and pallative Actually, deciding all the been everything treatment. in published clinically kind having goes have this there's -- lung very the is later. lot time more where we'll going mixture very a on years same and as good who both a with Taiwanese working after Capture-PCR CT of soon cancer at a And or to lot use on they're also to -- funny, of that's a our work, Not that's part that lot as know, who Q of putting goes and as been so platform. that And kind primarily but the our test keen products, and well. and it's be X to of care And only screening also

So obviously, not tesepsicide the Andy something product going there. well. side on working aside now [ focus going from work is is has other it's the all very been But all that's all and on which, incredibly the things, with well which ], the said, as with

I to time. the everything working seems As be said, to it -- same at seems be

year focus in them year. early national could this and So we'll to on put screening Taiwan, sometime starting of next with publications be or both program. France clinically And it's those and later used added then some the once countries that in the

anything team of exciting say Anyone question? from else to want Bruce, both did our cover those lung about the So very are your cancer? that developments.

much. very fabulous. that's Yes, Thank you

day. great a Have Thanks.

of from comes Hutton. next Our Tim E.F. question Moore

on late pretty many hanging to coming things the have you together good launches really since over in much weeks. like the mean been the last It's so of I once I investors at X are congratulations see. timing March. And know there. said,

on I in and super vets if probably annual very incidental but your the of some was just owners much know feedback? notes? you are it's on on but color that? And You're you just the know the feedback early, mind don't giving I test. the kind Any are traction rollout about just canine well. checkup, can thoughts anything at maybe started what the their dog U.S., executing at pretty add educating veterinarians? wondering I

of Yes. there. lot on There's going a

think, I existing been space partners, run understandable, for for oncology But to obviously, So as like our there routine the an never so them in there's and that's time at has happening looking veterinary think this to I it been ours. test far up. some ramp screening, certainly not easy

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struggled So longer it in obviously the market, around. no it's

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Japan, are great test now of has just been in-hospital and only Antech year, that started, opinion we think coming we the the see key access the Fuji the things very should in through leaders. that through later in I developing with the greater with exciting from which feedback with X so

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lot end a of the of year next expect throughout developments this we year. So good and

that in like for Cameron. impressive, and earlier awareness. And buy remarks, for point traction quick only a you on in The human other I'm like $XX was very mean, glad dog definitely mentioned Seems I that there's just and initial below sepsis. owners. price had on your Great, I was no-brainer question

working on hard You're that.

sepsis could the I give just a time bit Can of year, Because line and pet but of time Can you think maybe testing, be look us your on kind us just -- little through just studies. huge catalyst. huge mentioned You plan this the over more and walk thinks the the that? it's patients around years? out a next a a you opportunity it's everyone as and you frame that X.X

So more to I'd hear about the line. love time

very we a be to diagnosis massive is and this use low in sepsis to be a deal our of range the obviously And Andy think potentially game the is sepsis. discussed, as going test, an absolute is well going I of pointed cost, as platforms. changer out, treatment easy a to always on because, a

could there, blockbuster product. that them get launch internationally ourselves. to potentially such presume this than bigger So Volition, we don't is We a

went need the we fill X very have model, out, well Andy we so license which month on data, So the to out. next through well the license it lot out in We're data space similar worked a vet of it the or has expecting a to call. To large room. which very in that

large companies. from amounts with severity, clincher the for [ endpoints, getting strong large length as least said, disease definition, range current of X Andy that it's of duration at a intensive support We X Sepsis the organ interest data. have mortality, care is we how very mortality, coming XX-day potential correlate up with do ] I And And and stay. of of think

have them trials data. some a huge of . And the of it's So per hundreds patient. which amount of we're data points running,

So samples the out. run studies big analyzing they very already ones as that them Two very, institutions. large -- of fantastic and Andy pointed the we're with they're now,

course, up to can product, a keen that because quarters Med we to published. So aiming publish potential something Med And and also of which to as, get information quite keen large a several out, that's can license take where we where to we're in the our sometimes publication We're quickly. or Archive. can actually is coming on obviously months publish so early -- to the we're Archive get for the partners few

So DOC also prospective also called our study, well. which months -- call in And as the and study. ] was of [ now X should out course, reading which that include ], own [ the be next we it's

for cancer amount And think very so with we've months, with to the the a of PCR hopefully, they'll So sepsicide exciting possible. very data, very we're encouraged the so become year. can and data XX the license points, target chance this and points And the key next room everything as very there's I far. seen end large a them license within as quickly we is the good

think. mail the I in all it's So now,

at ] annual topper ]. Great. to [ our Gael I'm [ Thanks. looking forward hunting gift meeting

that to forward looking been for time. your too. I've Yes. Thanks

comes question Ilya next Freedom Zubkov Broker. of Our from

you have the see for Could elaborate a of you beyond Capture-PCR. care and a product hospital R&D screening? this? as Do X point short on test the on I Capture-PCR market potential biopharma

Yes.

technology. it's a whole it's new think -- I a big

are concentrate new the concentrated signers looked Cronto the cancer. no fragments to because points at the -- Also, fragments before. smaller array ever as and important. biomarkers chief Andy [ group first And them ever our a the whole out, it's from incredibly of the as ] said, one's The

The uses. lot also of a of are for green, all tremendous areas. amounts uses biggest wide in So of of course, market is potential cancer. there of But there's a range

If our you what is done we lung a work our of used cancer look platform, Discover at lot which earlier, Nu.Q in about the currently, space in in the vet there's which trials, obviously, just being is talked program.

use wide once we a Discover. have the the the what we've of using with dozen on that don't lot of think the how can, as licensing, is using certainly paper to animal of things I'd We've a a and got which we've organizations platform have the Nu.Q and all other it's they human do only we're in ways We of had over have for as you and we drug there's very through the those could space the done work Nu.Q expect overstate said, I uses some -- platform and process efficacy it. as range space. in us I said. working as said, platform important whole our I platform possible of,

important role very range other it have a very So and beyond screening, of a wide yes? uses should

Ralston next question Our Steven of Zacks. from comes

Good morning.

ongoing to those thought Some back now. Vet, will And certain positive. like treatment. test brings States, here require United monitoring into the seems the Japan, obviously, -- -- And aspect. Nu.Q especially It rollout those, of the Or that of it's those will come right imminent. will and Europe in percentage canines the and a you

monitoring treatment. is about that in ] would Dr. sticky the by Would back [ those Now the Robos procedure? the they there was the order like monitor of short very I progress Boson What And to it tests rather year would about ago. they would be in vets monitor? to over on that? comment off-label that to a use frames have be regular -- Could know a relative you seems time

be ask showing firstly, on there's at it's whether are publication where animals comment you'd when I'll or which the once X twice obviously, to be or on, least Yes, probably Gael the absolutely. And month would and yes, a depends label it. do or in relapse. every then label if something we same on comment But the side. so it monitoring test on off would it

the XX which be per it's or XX something tests animal just of per instead could ones So screening.

obviously XX on So total which U.S. that get do side, and market, if a would huge there's that's a X you market. it's is huge something be huge every addressable potential X which the something per year, dog in market. cancer tests million dogs monitoring If the or a

want Someone where with monitoring? comment else exactly on the the we comment, call to are

add to color. of I'm little Yes. Cameron, a bit happy,

on another we will. as time. if at claim, working to indication So to we the yes, screening avoid we're are launching monitoring same wanted the is you What add

use. on focus discussion initially. screening additional key partners we with started And our has add So now been the to our

We we as as be, confusion. make you won't mentioned, want it educating will the back. to It So sure label. we're market, off don't just that be we something create

early screening this sticking -- are year, next we to So the later And monitoring. for now. launch the next, we'll

That question, Steven? answer first

the Yes, data point it seems clinical [ be of of get it But is you of paper mention that hear Could seems granular slew you ] about. have the papers does. If been that? spear he the like first about seems did we could submitted. it just of data coming series expected studies more forward coming sepsis this Dr. Because through. study switch little that this we'll like all over to has tip a a sepsis. with Reader's that like will It

to most want you From likely discuss do what... points Andy, what the are timing? -- data

answer I can Yes. that.

retrospective first. already X I those. data from I've seen studies think publish the both will of

them be them write -- to that XXXX. June submit in up will year QX. at of in St. by data ] May, end end publications. public The will [ by will of finish the will recruiting We there and And Thomas' study this the be hopefully,

X the room But wouldn't data and your little to as confidential I data allowed the publish that data from ongoing of well. analysis We while provide have the be we've we the results. do data are So at then analysis studies picture better the as moment before in richer understand and our X that people, answers understand we put I won't share can for a then. a I we X and that got the expect out or afterwards. should question. -- hope

your that think I answers question.

Yes, it does.

to probably say point Steven, And think just as important at this well. it's I

in which sure important to a is to launch a own the prospective we licensing was be obviously the effort in amount data now. companies good large X next sometime make very have very months sure that done did and to and very licensee internal close wanted the get hopefully, ourselves And coming run. possible. to our months X been and of Andy in through to soon. from starting make to ones, but really as that ones we So lot the And month, and We some that we very they'll interested something ready have room over year, the the the X quickly needed big next to data data backed of invested months, last very already lot had as for we of large a has gone huge of data. And amount to we get in getting think we're diagnostic get done, a that us. trials

getting data all I'd Volition congratulate So the think worked the team get I the ready. in few to tremendously like Capture-PCR last And get work the it data data through ready, teams in Taiwan all and the all all sepsis the avalanche quarters hard a over the everyone the there's team, that lung the of the starting to Lyon with ready, and go now weeks in year. next few coming way huge will and

the to very will I in happen large and -- that be deals we think expect crucial So now. licensing

when lag far? stock. do cutting When implemented, obvious been And cutting. the of at their at Just cost you it like I'm at fees was statements I'm last the of quarter the the much of the implemented? that fourth in declining. been the question was executives And how always sort a of wondering have conference a costs some the it looks things million looking And achieved. least have financial just call, in cutting. the has X these especially some a have cost I And that that in in there's taking been XX% cost $XX But now. of accomplished last so mentioned on goal just you've guideline

that? do to take Terig, want you

sure. Yes,

So the reduce in the the million over the most the come rate year balance of will run $XX rather, year. of the balance will or of

a our into that's point in have get come. an have the going previously were next we year, rather less of actually So of from it's the to And that you a But announced see that quarter. to first view. we'll in good time intention second quarter $XX round quarter than already point a the OpEx first start, to made take from is but expenditure to where going obviously, we from savings million might made. Savings

you recall, back QX. in that we If mentioned

about The will year. So the of see main Does the will that end that reduction year. the until we're a rate, you and continuation less through your start on savings million continue balance run $XX Steven? answer by is then quarter of should of question, which a the this

was is to the to And we rate $X addition That a -- Steven, to last the be XX an just of lot this there's addition the that. announced clear, or run around that. million -- changes little

doing of not this month switching XX now. XX total, -- So reductions is months. at our in but year throughout month be it's the least in salaries new the next the end X And starting or will this a to we're equity and and to

the year ones to million and to starting in to they're now to. But process just the $XX a be this will announced then is end So it addition before, we we to be of through the clear. get get strong right to need where

more very information than you That's Yes. much. I Thank expected.

]. [ comes Securities question ] [ next Deutsch Our of Sota from Richard

such exciting for Thank you separated. very doing work what X were if for would they companies important call my taking be and and

veterinary be tests Just produce franchises, in revenue a any Are grooming for these placing other the question, where extra you're cancer your such laboratory. offices these there and businesses? as and tests the those in venues, located pet could

want Gael, take would you to that?

Yes.

now. something but stage expand beyond So into But no we labs might reference really for look the have we now, large at scale, this of plan care. to we on focusing not point as for we're vet that's and

be And flow. the lab. It small done Antech Like what lateral very can I auto right. done done a thing analyzer. be the fantastic on to in large on can like on a it I'd that's can just machine. with think exactly done platform it say our But the can machine, It a be is be

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when companies the the -- big licensing auto it's and doing so And the we're have large analyzers all deals.

For and well. machines coagulation, adapt all to able example, to be in sepsis as their should they

So it's adaptable amazingly going forward.

session. we gentlemen, of for Cameron and remarks. question-and-answer Ladies over hand reached I closing end our Reynolds to the have will now

critical a very Thank everyone, you, It's obviously time today. joining for for us us.

and with year, should we that the particularly the And space. discussions of human back licensing have deals course, Now it cancer ongoing sepsis and we're have a end the wide commercializing, the be both veterinary just data with of we signed the range products, interesting technologies and rooms in and of a very very in space.

the it and be interest So Bye. and should year, in thank for of a very end very, you again Volition. your exciting important

Ladies and and that Thank you. for may you attending, event. lines. gentlemen, today's you your Thank now concludes disconnect