VolitionRx Limited (VNRX) 15 Nov 242024 Q3 Earnings call transcript

Good day, ladies and gentlemen. Thank you for standing by. Welcome to VolitionRx Limited's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, November 15, 2024.

I would now like to turn the conference call over to Louise Batchelor, Group Chief Marketing and Communications Officer. ahead. go Please

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

to begin, information remind XXXX. well will have Before of like Litigation beliefs harbor I'd we to as Private the are currently discussed covered the based us. Securities this used based provisions statements our of the Act everyone we on conference statements forward-looking as call of available assumptions include Reform under upon safe These information some that on

Because future statements views on expressed or future vary results, these events that our reflect concerning these or be by uncertainties implied based results factors to events, current future risks, performance involve materially may or and these actual from statements. cause a significantly results achievements statements number of assumptions. the Actual may different

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

Vet Financial Officer, look Chief milestones. up Reynolds, will wrap significant the providing Cameron Dr. key subsidiary, will cover to Executive summary and to Dr. Hughes, today, Volition Medical who us Tom highlights team. Chief Officer Officer, Innovation Terig from Veterinary a year-to-date. Chief the and and will will call for then Butera, progress our Chief provide open indeed quarter pass over Executive R&D with Officer, of some Group for report; upcoming Nu.Q the will third the He the Andrew Lab, Retter, then and President and ahead financial clinical

the We session. to conference will question-and-answer then a open call

with I'll Tom. call the to And over that, turn

joining quarter for third Thanks, earnings today. everyone, Volition's XXXX call thank you, Lou, and

time Cameron season. busy appreciate says, we earnings the As always given your

quarters we call report I'm November is honored delighted to the month, the especially that in and tests have XX,XXX over year in last Vet XXXX XXX,XXX of pet I'm Nu.Q now first open versus today. cancer awareness of X cancer whole XXXX. sold to so the

times, preventive You've a and be into programs regular easy-to-use our other used test it during can blood heard blood integrated alongside me test. visits. screening affordable, care easily It wellness work say simple, many is routine

By and detecting cancer keep we improve member of and lives of millions early, the dogs can special the us with to that help family of longer. extend

available counting. Our Nu.Q Vet is and now in cancer countries test XX

the was Year-to-date growth is each XX%, growth is versus of XXXX. revenue up this XXX%, Our same accelerating quarter, revenue quarter-on-quarter. periods revenue while, in

veterinary distributor have kits quarter, I'd revenue our is approximately Year-to-date, each of our like $XXX,XXX. mention and of and discuss to X. every test, cancer but don't Vet key specifically Nu.Q components this to time We

efforts this in particular, delighted in dedicated launched ordered Nu.Q Systems. First, for and Fuji Fuji quarter [ Japan. to and of to Film test, am that Vet rapid ], their I my very nationwide already penetration. Fuji team much Kwei say the Thanks veterinarians almost the market a so have XX% colleague Jasmin Wow. in July, their

conference be also will on launching has Next largest market, local Nu.Q veterinary invited Vet where Robles, veterinarians been many recent in Dr. in again, attendance. website Vetlab's marketing at efforts includes past Vet to the have Poland's to next Poland, Medical few stable, which our Heather speak They up, Officer, a are our this Wilson impact the Chief a Vetlab and also countries July. Volition great addition around made a fairly top-notch. they Poland. week test service

work. hard them kudos many and congratulations to So on their

Element progress company, is counting. XX brand which significant hospital available under on introducing channels of Antech. has instrument but and now the now not It the is has the in a distribution Antech Antech world. last, new markets made around in Mars worldwide in countries i+ Nu.Q And Heska, Vet least, numerous

November Awareness fantastic Cancer cancer And activity We some screening testimonials. received of given Nu.Q's Month, test. is a Antech have promoting early Pet great has deal generated

some In a Antech's launch long-time James Ettinger, including testament I delighted advocate to her Vet Element and now presentations veterinary particular, a upcoming at with and other to real highlight London in of collaboration strong Antech members user an the the Antech U.K., our this Dr. week test. Barr, Chief was our Dr. like and Dr. of webinar Medical I'd multiple cancer of oncologist events It's to proud world-renowned Show the Sue Ettinger i+ Officer, veterinary close join Nu.Q the team was honor. a own is of in Nu.Q Vet yesterday. hospital. the at

So thank to Antech the team. you

pleasure to yesterday. Chief handing the before Retter, Andy like Officer team our joining the Medical business. human over to on of have Dr. I side I I'd with thank me and now Andrew meeting Antech But do, the for

it we unique veterinary advancements the to the important when Volition, medicine, and of shares clinical at X and betterment in human comes the world. of connects animal a pretty human which are position Here topic for and critically

It help not their insights was lives. discoveries but and from to including and in our veterinary and both in Dr. really sepsis, for improve Barr, ways terrific missions companies human such save discuss to for research, only across with James might which diseases help pillars, as our Andy human the to share cancer,

Andy, the for time. thanks, So call you. now And over your turn to I'll

opportunity we to scientific perspective experience this Tom, and have good pillars to across and And Nu.Q data last Antech publicly the proud and time clinical months. the business, the yesterday. in take I'm of made everybody. published, . From human the progress innovation, very meet side have an of progress is manuscripts way in the yet, team morning, in for in from cancer but thanks the take both and year. Vet incredibly London reportable Thanks, Not written rooms Nu.Q and certainly all recent our reviewed to NETs be added of meaningful a we

Lung Pet November. Month in is It's as Cancer Awareness Cancer Tom mentioned interesting, Awareness also it Month

with today. begin my in update lung I'll cancer So

Lung U.S., prostate as the treatment not where it and cancer is cause lung rates accounting cancer leading options. Typically, men limited cancer Xx many and stage diagnosed deaths as highest is worldwide, among mortality women as Xx women. advanced and to an for are options life-prolonging, at kills of cancer. In cancer-related the the breast curative as men many palliative, limited

While there is cancer. low-dose levels highly need biopsy in lung for a have identifying nodules, are of and in confirm at Therefore, and resulting been sensitive, some precise early very high for identifying scanning results, isn't have commonly are but not time-consuming investigations as detection low-dose uncomfortable but force and specific. the follow-up to CT detect scientific methods welcome CT [indiscernible] positive advances expensive. patients, terms, further such used of In they lumps In simple whether patients. terms, it's very cancer, diagnosis for and or invasive, in benign. cancerous and are They lung the useful biopsies

it's patients. a to quarter approximately large Unfortunately, lung in and manuscript Therefore, to nodules. report the the with of yet is say low-dose this a a need of the peer CT unable domain prospective National than not is to real help This review. progress team method I'm there they and further public clinical is at for study for the details, benign trying high-risk XXX other their paper precisely low-cost, the submission positive question and made for noninvasive the Taiwan malignant to answer, real are differentiate between University

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across the to the of surveillance detect cancer, a of response, diagnosis, studies and disease Leon recurrence. disease and residual a treatment cancers minimal different team from have stages As number of reminder, different

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our the For the please website and for check papers do more space of this watch further from team. section Lyon Resources clinical information, out

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on next more project that hopefully, time. So

productive key opinion extremely to In incredibly paper NET the use few definition second seminal and with We months leader focusing have sepsis. on in September, an [indiscernible] had authors the Nu.Q have NET of workshop, were X We exciting, Nu.Q of fortunate our the we of busy hosted X. participating.

many focus data at together our shape the excellence Symposium care by last work world's of discussion first California. the of in Innovation our meeting, helped ESICM intensive conference, During from month. the was centers held completed confidential my The presented meeting at with Lab colleagues largest Satellite

in marker samples out to clinical extracellular at and in X involving the studies X All excellence HX.X research NET The than studies a Nu.Q carried XX,XXX Volition's of patients sepsis. circulating from neutrophil Netherlands, Germany of intensive to neucleosomes from use surrogate measure over levels admitted X,XXX care explored symposium more findings large bloodstream, independent centers France, of with the test traps.

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to in test certain thinking Nu.Q treatable as Just a practical of Nu.Q, at A a here of level is therapeutic actionable would decision-making. above case threshold term target. very clinical drive the could result clinically be the clarify, trait a

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strong the clinical demonstrating also to only papers of foundation validity clinicians of to the notable scientific studies partners. licensing to but opinion and provide our our not These proved and attending have key potential support leaders ESICM, a work interest, be to our firm

always like So to know simply not enough. often, knowing we why, what is

for the studies submission here peer X Lastly, to described for manuscripts publication. of subsequent review are large and close

been our kept months. communication busy very certainly recent has So in team

reported Nu.Q efficacy. powerful In data, impressive generated has pillar has summary, the NETs which

key diagnostic room from data but from the have industry certainly a great of update year. Both later. strengthened significantly Our been oncology indications of sepsis commercial licensing oncology players partners, more an in negotiations on potential deal and space, Cameron generated this has interest also

thank Thank over pass report. you Terig you, will this that, I for to financial very much morning. attention your with you So now Terig. for our

thank for the everyone, Good and morning, you today. call joining

to financial expenditure of As a significant our I'm delighted be indicators, have this across in to income goal cash announced, meaning neutral this report basis. XXXX, made we previously year. on a progress is towards that cash And matches throughout target range

the September, $X Great growth million hit of we In same finally period in of XXXX. XX% revenue XXXX in over that ending have a of to period recorded the milestone. XXth X-month

prior year-on-year saw a quarter the in quarter which with third of the with up $XXX,XXX ramp recorded rate year-to-date sales the Nu.Q of of driven primarily in by and to the tests, for This revenue versus of XXX% third the starting was growth is revenue rates growth positively, quarter. XXX% year. Vet And XXX%, cancer

almost said Vet of and done earlier, sold components whole double first have Nu.Q test A in XXXX, we XXX,XXX to quarters than now in more the X Tom sold As cancer of the effort XXXX. tests we and great and team distributors. the our well what

same the expenses, discussed operating compared an reduced significantly cost were to From perspective, XX% measures took lower last year, have reduction quarter expenditure our which we previously effect. as

of the quarter cash reduced XXXX, was both revenues million higher year-on-year. in down result costs, the $X.X in used XX% and activities a operating As third

quarter cash Cash Belgium. over approximately and at quarter-end, million funding Walloon Region, totaled of million. the agencies within commitments to of the received $X.X of equivalents end from And the X.X nondilutive we subsequent

are successful aware, is been already of on is quarter you have in throughout funding anticipated As history, securing in we favorable terms, it have that similar X funding that indications encouraging the nondilutive company's we XXXX. and received

So to rates in in summarize are positive finance reduced, XX% are and down up indeed XXXX. Revenue report, indicators operations same significantly period quarter. the is versus this growth used by increasing. the all Cash is

funding nondilutive receive to continue We support.

supported our by be Our progress discussions. in goal to cash-neutral progressing licensing is XXXX in well,

commercial update. that, over With will I a Cameron for pass to

whole achieved amount across not really indicators, product in Andy, but thanks, Tom only financial the the all The the team the Thanks, third XXXX, up Terig, in for pace and has reports. has your tremendous insightful a quarter. picked and pillars and

and Our players. team The first broad licensing discussions in multiple strong potential great near-term there secure nature and I'm report of is industry to supply and/or interest continues is complex. the data, is these focus deal given progress the agreements to clinical the and both licensing our key that, pleased with to human space,

made we until and interactions can cannot detailed of of are meetings are so I be signed range imagine, can options any are nature, obviously, confidential and in Understandably, nature provide a public. you is the strictly all information As more one there discussing. these

in markets say, are to we large players active advancing and diagnostic several health, with including commercial liquid oncology sepsis space significant in discussions the as human it animal Suffice such and biopsy.

biggest to very from for and through revenue the supply of indeed months. milestone have the but licensing as other Nu.Q our us Vet, we move strategy to work that payments more I commercializing licensing towards for as to such push we color meaningful capture not monetization will with provide We have cancer, as our time the payments and detail in value maximize us and which accumulated an our curve negotiations technologies technologies NETs, of be look milestone We IP, deal. of to PCR. exciting very believe providing expertise Nu.Q coming some exclusivity, limited and ongoing this our forward lot as a up successful is we revenues. achieved our vet and payments, helped in It ongoing Nu.Q

critical is few for This a quarters next company. our

it fair now and looks oncology, a think been a needs. a the already We and evidence that make range with also of to clinical support I in contribution sepsis. of very veterinary it breakthrough is likely have cost, will to to developed technology low and oncology a across say is use significant we unmet both human high have now our that we has platform very It platforms applications human reproducible. robust

to mission worldwide. and for If and well lives this our support clearly as make our would to technology of as technology outcomes improving we saving quickly people successful, possible as millions worldwide. need of commercialize and Now our animals accessible

funding possible, our deals revenues, to we of strategy the focused. raise achieve cut has been Our complete remain large as nondilutive this to and industry with players. journey human to commercial as part mission, The sign ramp commercial costs, long this final are and deals much

our the our drawing commercial and from both and to Rubin, not will prepared appointed both and Ethel company. assets and certainly be to close, sure Timothy to have Mr. remarks but I'm real financial Ethel tremendous sector the Volition. I Both in least, diagnostics perspective, experience Tim a Independent in they last, newly a would like Director, And Still, welcome Dr. to Chair,

today. Thank much for very our appreciate call you it. We joining again

take We will now Operator? questions. your

Our of questions Instructions] the come [Operator first Capital. line Boral Kolbert from Jason with D.

mentioned what Congratulations. me the -- know think The the remind of you the this, you penetration what said on rate Can be? a market are Japan? look how what and exciting. the could big I And is clinics you talk about I percent veterinary but that ground numbers bit in dynamics that you among little kind --

excited And numbers the Jason. very by you, we're too. Thank Yes.

so human place incredibly good as the they've vets, extremely been far far they've in and space. Terig have so organization direction, the the group at labs, space. Yes, fantastic. absolutely a been we're out, got it As going deals working indicators well pointed about the quite Japanese the Fuji They're the in biggest to the then by are and the vet good very excited all correctly right their in in marketing and

The number it's ordered given that was by XX% vets. their been of

But a the not would like to states. go, be as state as far the big it there United -- dogs It's a one obviously market. California big States. or of of U.S. is quite it equivalent as As numbers bigger

lot Japan, quite country, out know, been easy is actually run spend dogs. But and small they as very a the organized. And very We've do with it's get on homogenous a country test proactively. Fuji's and to a you ability their They're service. so impressed to

see. we'll So

things are very it into X put But are shoulder take. and does their a the But These really vet at they always time. they've wheel. conscientious

extremely as Japanese soon, think up Japan we're been with colleagues. [indiscernible] our coming happy a And in we've So I vet there well. presenting and there's

close and happy very it's we're been So one with. very a relationship

ramp-up. a and you low number know That next on ramp in haven't -- about looking $X could this about se, revenues We're about big look you have but modestly be? at. only where I we per starting year. Can Nu.Q guidance based very Any given bit talk is at you're for little how million modest the to thoughts a

That's Officer, a to Terig? who here. Chief Financial for be good happens our question

Yes.

very encouraged we're to now we're countries, progress progress So we've partners and we've the by made with XX you're made the right, like the Antech strong yes, in date exciting. Fuji that the at and that very and very is the ramp that and fact moment, positive looks

stage said we've previously, at the As ramp. can revenue the lumpy quite be in this revenue

meaningful stage. difficult for very guidance happy Suffice So provide at to it to this with is revenue we are progress. the us say,

We very now and some also about with strong also tend very pharma clients we've a where Discover companies. to pipeline developed dozens of Nu.Q large forget

I think the dogs market is that size. this XX know there U.S., test about million, screening million to our and the are We in go for back to believe. target question your I XX do

rest And probably U.S., is opportunity of very the top of world similar the world, large. is the the amount the rest So again. on of the a

we year over millions up to couple next are a the into years. of ultimately looking wrap tests this So of

we've which we I . But in come also big And I so and thing structure mention, at sort ramp think Jason, I moment story months a the think vet don't very few there but good, strong only think market, licensing, new it so important out if of is got one position. revenue. would revenue next the been to as payments. are has a time. the a increase large a differently, some the little in it expecting X is the quarters in hand-to-hand, product. forget, We're the very we screening hopefully It's at the product in vet And

[indiscernible] licensing license We care. are in out-licensing. I oncology, large we're brand-name name in point international only companies. of of dogs, ] licensed brand prouder interested, And number iXX companies also, and could [ the in companies -- the not looking the diagnostic vet we've to space to are the be which of large that

going is hit we some are park far, picture, to I expect another ramp year. to So I for very there worse. have which licensing think some But good it's the might us and big the so really it a are lumpy, of better grow think year is well next we key out But and deal. when sign be a what's going to quarters

We're had near And time. leaders, the a what all really opinion the Andy, cancer. as we've incredibly anywhere excited in I with about could our and around about things been We've long interest very in hear, encouraged you the is -- lung key we the we're seeing sepsis have. said, data. never as

in to several screening and Europe mentioned also speaking also in We're We're Taiwan. other We ones Asia. national looking programs. obviously

screening programs as months well. I in think the X in XX a possibility there's next X we're or national

package, all through a as So and think to together, coming it's side. feed will really the I that revenue

signals with in we're now. hard But say far. numbers it's the positive so happy and right to pointing licensing the all exact right very But are discussions direction, and pretty

I'm sitting canine here with Luna.

very I to to So point. time exciting. of It's you've a this long appreciative, know and on behalf we're canine Luna, get very waited

I look to the forward So seeing growth.

you, Jason. Thank

we we're excited save Now we extremely we're and working as too, we as dogs can, many sure very and commercialize as can. hard as properly quickly make humans and to

next Ilya the with of Broker. come Zubkov from Freedom questions Our line

the I have neutrality XXXX. in a cash question on

segments So next cash-neutral considering your that self-sufficient in be plan of terms should mean it to business individually all does be year, financing?

good trying a what get to That's is question. to the of I is each aiming itself. Yes. support pillars that mean we're for

of What the things, that key as that's Cameron flow recognized opposed as part the we depends say whether opposed sort those of to recognized is licensing over will the nature currently of cash revenue, of period. P&L just that's mentioned, on said because the that, we're how we and be One agreements we've structure longer on. a as is deals neutral be why to neutral. as And licensing to it as we working to expect

licensing the sepsis revenue view. the up. at the of is a would ramped in get get So pillars vets licensing point, is yes, that in point we of the that each oncology expect cash itself flow that It's to goal, portfolio. from to then is And and portfolio supporting

you I And think if right, Terig. exactly --

we're in on dozens to with. Nu.Q -- brand a I dependent lot a very help think Discover, It's we've revenues down come so negotiations who few big are of And name, sold now to with the we've groups got companies big of now to. there

chance it's flow actually positive good cash think very I revenue. a from that's So

ramping the think [indiscernible] the I cost. and vets same from

Ventures discussion. side. about, sales. positive that's think as players. we of and very We're of NETs lot got a oncology hired of deals the on Pharma the section, I oncology in talked a just in actual Nu.Q from We've So we've lot front

that are certainly being deals. licensing So confident the we're on it's XXXX. based the But interest all in cash given flow possible those neutral

with of companies sepsis been obviously, there and And on come the same and range quite while time. in are our they've a around good all technology. separate, going We've oncology discussions a at and

on really an the some where focus that's getting as So now deals the is human in organization, process.

the of also bring to vet said, the next companies be as some which some And also to months big could looking as which money license or few we're as the in quarters iXX well, item could well. I also in an

a as very a reasonable think package, towards. So strongly I very it's target and one working which we're

color. That's a great

And good should in so quarters. in decrease the I see expenses And that reduction. Volition if is curious further spending work cash doing a I'm anticipate nearest we operational in

Yes. the are the direction that at going We're things moment. with very happy

cash ramped operating that reduced we've the is the down in to down so flow and to continue between we to so modestly the at cash that neutral. XX% now revenues, achieve is modest down of right, and come can year. We the goal prior year. to compared the end You're was goal rate quarter, it that expect a next being keep of then flow expenses. the do And We've year up

cutting easy do, that, Executive's well. it's of personnel, never Obviously, as pleasant a think do. point view, we've on -- of And to Chief to XX% of been thing lot when critical and balance, a handled or it's a very just actually, expenses but I from been a it's you're

not from from the cut don't in in but we're the because But be that into organization, think being successful successful, to cutting, ramp sure going tried revenue I to bone and this just really licensing. we we've make

done ramp job and keeping we've a current licensing think need making really that deals. get people we and the at So the we board sure on the good that revenue we

to amount ] Gilliano be you keep We've writing well And hosting could Dr. symposiums we're a this work. heard [ doing -- that papers a got of kind large probably said you tell, of as and get to breakthrough.

Because the think balance the job, now cutting, a through be of of success a I as the done keeping that very continue on judged good to it's forward. the make we'll And we'll ramp sure moving the revenue we've try ship but and from and year. So we on now, licensing. between

I think And to one balance. the going, a we've balance. it's that and hope keep done we'll So it's

Zacks. Ralston next Our of the Steven line questions with come from

Congratulations you trying third on handle the tests real traction ramp-up. the I'm to the the And get sales a Nu.Q quarter. of in during on tone made of Vet the

these you You looks Antech Japan you've and do into is basically have stocking Are have the different delivering of -- tests led sales mentioned at some that many Or [indiscernible] how sort processed? many that with countries. how you sales? XX metric Antech, and versus been

Steven. So machines, machine. its that's some a question, as stocking will its it's a mix. Antech out be part rolls good point-of-care There's And

is And clearly some part sell-through.

that As we some the said, feedback of very had newer Japan us some getting they're from we've Poland, good given Poland, feedback And good good uptake. and our in in distributors. distributors have

why we're of giving at point in time. But because that's any to sort we deal through is sell-through in cautious distributors, it is difficult for And guidance. us understand the exactly what one

is going bit still And the is can so quarter you've It is it seen to lumpy, difficult it a we next say forecast to as year. what be be. this --

obviously Steven, every lot. a question. goes this in about large stocking back quarter, quarters. of Obviously, all is is think, And very I something There a that we've the thought element but a good

But one no quarter few Every they're So for this while different. is pauses back stocked. a we quarter maybe that's think ones they've selling where bit or sort months. going is of this bit been the the a goes it a

that But we of said, Nu.Q between there's sure different good out got going people to selling selling. companies also few on a We're and balance happen stocking. with and We've is some a our as using revenue technology one there's Discover. in quarters there stocking that great Now the because the it of as some quarters, well. very in hoping I'm to augment lot next large platform the

a space. in what's backwards, signing even We So We're we in for pause potentially are very fill as it very the But a little I but hard the another will hopefully of up got special. or will working the be vet think I'm with and also Discover. there something key is X sure, us we deals in be oncology to because, one from space. said, quarters, going really sepsis we've

hits And think will got is getting big space. I we've what much in vet human that park company. very that done So with of very a finally us of space one the the out now the validation those in the provide

us. of good those all very year of I for a think, So next a things, be should mixture year

Just a they're and to the this comes it partners the possibility to side, as lumpiness continue, just test through way? constantly certain that then is validity get have more the there continues that of you restocking just rolling on level? you a distribution and And

well could It it because, next and now we've elements of be that XX countries, some countries and and distributors we or across for the decelerating think But more perhaps trend few will said, way will months in quarters. out the smoother stocking now I distributed the XX the we've the quarters that we you got or -- like it there, there continue more have accelerating some get. have in,

X of look is what over a that next going we'll perhaps So bit like. more months an trend idea to have the

and for But of sort months lot just for a just X I clear think ahead. clarity, stock to buy be of them

of it's The that's be going really may that's quarter-to-quarter one not ones -- groups. order all are very so thing countries, tests so good, a lot But a It's . But might critical in don't quarter, moving. lot of of very really in trends a critical. So doesn't it's far. is the when We different the not XXX,XXX is very well. been And big continue. good the that There know. lumpy. time

another we'll So augment wood, licensing far, excellent. And also with big Discover. with been it's touch short deal. in it term the We'll augment

early lumpiness overall some has don't be although going in to these it's upward there a been I so smooth could I curve, stages. think it be it's So certainly but think good, far.

but won't wrong, but we're through maybe one So find of year, a be maybe until sort smooth next it midway out. we'll

it's very We areas goes. with and are these But how how we'll working so it on all gone see happy far. we're

to cost-cutting Moving the program.

a the had kind G&A down here can about made XX%. and with and XXXX? little million about tell color cost-cutting percentage than has you excellent late going of give And you obviously program us You've you expenses in previous been more implemented? that sales what Could $XX cost-cutting program of progress million $X marketing

Yes.

-- you we QX of we as of when still of of work these number point. this at because had a discussions. we think sort recall, to we've a licensing quite last really lot So the large order back the that completed projects started we but end to costs start R&D of needed back year, trimmed in Effective to cut year earnest we I started done in was get that ongoing

implement And then, of so studies, measures. a down the winding cost-cutting number able we've a and been number seen of to since we've of

But I think of next savings of of about seen worth savings. this probably those the through course, we've we've a come year. half year got full year,

achieve our achieved under under we're so control It -- cash to are continuous control. a costs But some And -- of we objectives those that we of key track and to we to one and be the number. will the do. year. I So are exercise that there keep think down we on through next keep trimming is it's highly more team still costs to neutrality these focused, go

of a it. job point the from just the -- executive's think done and Terig doing chief think, an I again, I cutting view, And identifying excellent has Steven, as by

stopped obviously, published So have all stopped haven't stopped the we we the ramp, key leaders. papers we're opinion the -- nor nor licensing, we in have being not the

we're we sure but we cut, also to deliver. trying do that actually make So

achieve. we to get have really to we but get also we So down to sure making make to, where we we're sure to, need that

just our going real We've everything all to is lower credit a days. to the X and cost, all managed strategic lot like here at we to team through Again, keep dedication a And meeting team. the which the So had we're the afloat of moving and imperatives. I'd thank a for leadership people.

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like, in time example, rooms. seems have? Can individuals? they the they? sepsis. for the cancer? rooms focus information are us on you It have you data like are is on of working? spend with What data where also size share do the Last But lung how many visits? of they you The are data do length Are how the groups, rooms And the And question.

someone So you like I a a signed of interested we're And large -- name [indiscernible] think I've of targeted there. careful to worldwide. don't can't know front, good because, players small else's but on [indiscernible] in got stage NDAs I [indiscernible] obviously, reputation. sure been well-responded names, sepsis because have by it's companies a their to the you and lot be very But most the the number at We very a largest we're the we're little big big that of very I'm the tell confidential. players.

side. out, we actually where a the more large. what can and on called pointed good The data Andy a little Share which advanced as data track and are The use room, really the people they're sepsis program Vault, because was doing, really, sepsis was

of So that data came a start sort because we've month's on head got the a through.

first to of that XXX(k), -- mean, product. sort be do potentially to of data is sense is But And being study which time. very would sepsis midsummer. very XX something looks they plus a to sort whatever we side is extra The I of own close machines. with the early a close which share, could their in the months their

time the for quick in diagnostic actually something that's is product. world So very a

because large side, large don't confidences. space them names very the to off diagnostic well. companies the I The again, mention of see I the some oncology expect to to want betraying players are without as scare large in biopsy expect liquid know. that's well the Again, as But the you'd can't going players.

very as well. good we've you'd are That's -- one interest. we're there's is solid coagulation players. There's large different of which the a couple working tumors a backing sepsis got and licensing and there very oncology X little we also -- the We're is in space, Nu.Q And Nu.Q oncology the and the It's areas expect. main because. in actually coagulation ones [indiscernible] Capture, The said, not sepsis big very players who data. have shown

interest X the some other obviously in of of some those players there's in So players. or X

cancer the worldwide national And massive in we're, know And that months, work. I then next maybe side screening you XX to is I screening is not we licensing, have lung that a be any XX but obviously breakthrough. To my believe, chance our in company quite programs good better. general knowledge, biopsy a couple to screening of liquid there's single program know, a a in which national

So is for outstanding. us in to sort to couple get short of potentially the I a term, medium think,

well. interest some as there's that obviously, in So

And dollars none hundreds are valuation. of many companies I smaller mentioned dollar of of to than in multibillion billions the

than bigger little a certainly So us.

So getting it But we're matter far. how of It's working best the very happy so it's we're hard. We're a deals. pushing. through just really with getting all and going

Our next questions the Jackson line Benchmark with come the of from Company. Bruce

testing. I [ ask the about wanted to feline ]

not? if So the growing or Have you that's do yet? that commercialized have got you Heska. of milestone actually from And sense any they

and million got The the have was milestone outstanding. So the the December, not feline, still screening. in got monitoring dog milestone which feline is we $XX We've yet.

of friends to little much likely cantankerous. Not feline, lot more issue The to our stereotype to a a friends, cat they're doing with is the vet. work. the dog to less go different little cats. a But We're

obviously. been a about to until a had it, not you different think optimize less about But it, when Cats you for have we've issue us blood. the lot but that, for main has surprising, think animal, but not actually

obviously the But level also, is of sample nucleosomes. have size a discovered they we've So lower smaller. overall

a had LOQ, to of limit So working we've on our get tests lower quantification.

bring and our cats, it milligrams test But a oops, all X, down we've to at humans production getting team. shout-out or done they fine, dogs, was job is And in per which again, in testing working. ml. actually, our to XX have So at that above had great to

on done feline So of but yet, in it animal, clinical now we're Does cats, can work, to study and there, feline has work what with the of measure [indiscernible] got measure the the now process. it good. now our you actually you a we plates with the that getting that's well look certainly we've the until It's -- that utility. of it so have going. clinical to in -- we've in on have as in background no believe, in sense? our to But the done nucleosomes get And machines the a cats work actually process on can dogs third and got it's been [indiscernible] now and And work. we now it and not we've lot we to partners we that humans, no, now background utility. process now working working but not that there's the now in But extremely make of and cats. we're being clinical prove And utility process trying can't show the you

up the Yes, presentations there studies are going to number And data are ongoing. publications quarters? There cancers. any other one a here of human that's that coming perfect. or be in on of Are next question then couple the

of numbers Huge both. Absolutely.

lot want to -- Officer. Andy, Medical papers, the line. we've Chief a work do in actually take organization, Andy prioritized here Andy, always you sorry, background Louise but I'm on our an is of getting they really and question? As that there. obviously, answer is

good, No, you're Andy.

ahead. go can You

me you Can now? hear

Yes, we can.

Thank you.

the So submitted, X should got that of a publications be some Symposium, forward. -- [indiscernible] Cameron the around excited take but we beginning studies actually has call. be we've alluded one and through submitted that large we've the at forward licensing of on has be a partners taking been by to that generate just and very by deals We to of coming lead a the review and are those excited while opportunities Cameron end interest about very by And and lot to Satellite repeatedly that sharing but go to of to prospective our that will next those. QX process, seen started very are QX, data to we're with

it thresholds key which the your it's to done really I forward. We're for and we've is work can now and range are, think exciting it's I Cameron's to optimizing optimize a We points -- of quickly. normal the clinical lot test close around what work is up answers to in critical of pick really it's really being product. question. the a as it understand really And test, that one to to hope space. take starting well,

Andy. That was sepsis, Also oncology?

Oncology.

those to are So screening of number mentioned and the to actively there well. We've players are we've taking as with that, at we're that Again, the And -- moment. drafted deal lung papers in cancer, referring got submission tests being to programs take national the and close Cameron forward. a process programs to and screening on particularly access we're licensing papers working cancer. through on forward work, new and got going

There hand remarks. Cameron are time. to Reynolds this like over at the further call back for questions to now I'd no closing any

and Thank thank listening in you, everyone, you the for on call.

on next the for quarters we to the the side All said, the as going on indicators the well critical the and direction the critical burn as time be are human company. it's financial right we a side. as really in As it's few deliver income. a And going

the licensing vet can to to on ones space. the similar working them We're we're aiming be closely close. for we very deals, hopeful which some can we we're And very in

change exciting a the So for I it's space time. of be journey, will in But human we've vet in the managed also think world our it know has shareholders been a diagnostics to course. absolutely as which us, of space. it's platform make going to the long very for a I

and step tirelessly quarters. for working we're more side you and the lot humor a in to last take to licensing coming on that hope So the have months updates

time. So for great a thank you very day. much Have your

participation. today's Thank you. your This teleconference. does We appreciate conclude

disconnect the day. your this Enjoy of may You lines at rest your time.