Core Viewpoint - VolitionRx Limited will host a conference call on August 15, 2025, to discuss its Q2 2025 financial and operational results, along with a business update [1][2]. Group 1: Conference Call Details - The conference call is scheduled for August 15, 2025, at 8:30 a.m. U.S. Eastern Time [2]. - Key executives participating in the call include Louise Batchelor (Group Chief Marketing & Communications Officer), Cameron Reynolds (President and Group CEO), Terig Hughes (Group CFO), and Dr. Andrew Retter (Chief Medical Officer) [2]. - A live audio webcast will be available, and a telephone replay will be accessible until August 29, 2025 [3]. Group 2: Company Overview - Volition is a multinational company focused on advancing epigenetics to improve outcomes for individuals and animals with serious diseases through early detection and monitoring [4]. - The company is developing cost-effective blood tests for detecting and monitoring various diseases, including certain cancers and conditions related to NETosis, such as sepsis [5]. - Research and development activities are primarily based in Belgium, with additional facilities in the U.S. and London [5].

Core Viewpoint - VolitionRx Limited has announced definitive agreements for the purchase and sale of common stock, aiming to raise approximately $1.21 million in gross proceeds, with potential additional proceeds of about $1.3 million from warrants if fully exercised [1][3]. Group 1: Stock Offering Details - The company will sell 156,250 shares of common stock to insiders at $0.64 per share, and 1,734,375 shares along with warrants to other existing stockholders at the same price [1][2]. - Each warrant has an exercise price of $0.768, is immediately exercisable, and expires five years from the issuance date [1][2]. Group 2: Financial Implications - The total gross proceeds from the offering are expected to be $1.21 million before expenses, with an additional potential of $1.3 million from the exercise of warrants [3]. - The net proceeds will be utilized for research, product development, clinical studies, commercialization, working capital, and potential strategic acquisitions [3]. Group 3: Regulatory Information - The offering is conducted under a shelf registration statement filed with the SEC, and the related prospectus will be available on the SEC's website [4]. Group 4: Company Overview - VolitionRx is a multinational company focused on advancing epigenetics, aiming to improve early detection and monitoring of diseases, including cancers and conditions related to NETosis [6][7]. - The company's research and development activities are primarily based in Belgium, with additional offices in the U.S. and London [8].

Core Insights - VolitionRx Limited has successfully demonstrated the ability to quantify nucleosomes in whole venous blood using a simple lateral flow device, which can provide rapid results in minutes [1] - The study involved 25 hospital patients and showed strong correlation with Volition's established Nu.Q® nucleosome assay, indicating potential for early detection of immune disruptions in conditions like sepsis [1][3] - The technology represents a significant advancement as it allows for quantitative results rather than just positive/negative outcomes, facilitating better clinical decision-making [3] Company Overview - VolitionRx is a multi-national epigenetics company focused on developing blood tests for early disease detection and monitoring, particularly in conditions associated with NETosis, such as sepsis [6][7] - The company aims to improve patient outcomes through earlier detection and monitoring, which can prolong life and enhance quality of life [7] - Volition's research and development activities are primarily based in Belgium, with additional offices in the U.S. and London [8] Technological Innovation - The SUMMIT program is focused on developing a capillary blood-based lateral flow test for early sepsis diagnosis, supported by the Walloon Region [3] - The lateral flow test technology is designed for ease of use, allowing for immediate testing in various settings without the need for specialized equipment [4] - The Nu.Q® nucleosome assay is a chemiluminescent immunoassay that is already available in 27 European countries and is CE marked for disease detection [5] Market Potential - The rapid identification of high-risk patients at the point-of-care could lead to quicker clinical decisions and improved patient outcomes, particularly in critical conditions like sepsis [2] - The technology has the potential to be particularly beneficial in lower-income countries where laboratory infrastructure may be lacking [2]

Company Overview and Strategy - VolitionRx focuses on advancing low-cost, early detection, and treatment monitoring tests in cancer and sepsis[7] - The company's strategy involves licensing its IP to major players, following a low CapEx/low OpEx model similar to its Nu.Q® Vet business[11, 20] - Volition aims to be cash neutral on a full-year basis in 2025, balancing income with expenditure[87] Veterinary Commercial Progress - The Nu.Q® Vet Cancer test is available in over 20 countries[20] - Approximately 120,000 Nu.Q® Vet Cancer tests and test components were sold in 2024[20, 39] - The company has received $23 million in upfront and milestone payments to date, with an additional $5 million milestone payment anticipated in 2025[20] Expansion into Human Diagnostics - Volition is targeting licensing deals in the human sepsis and cancer space in 2025[10] - The company sees a $4 billion opportunity in lung cancer screening, prognostics, and MRD, and a $1 billion+ opportunity in sepsis testing and monitoring[21] - First revenue was recorded for CE-marked product in Q1 2025[85] Financial Performance - Volition recorded approximately $0.25 million in revenue in Q1 2025, a 44% increase over the first quarter of the prior year[87] - Net cash used in operating activities averaged $1.4 million a month, almost 50% lower than the first quarter of 2024[87]

Core Insights - VolitionRx Limited announced the publication of a clinical study indicating that the Nu.Q® H3.1 biomarker can aid in assessing sepsis, organ failure, and subphenotypes in critically ill ICU patients [1][4] - The study involved 1713 patients and demonstrated that H3.1 nucleosomes are biologically specific markers of NETosis, with implications for prognostic enrichment and therapeutic targeting [2][5] - The findings suggest that H3.1 nucleosomes are associated with sepsis and organ dysfunction, highlighting their potential role in treating excessive NETosis in patients [3][4] Company Overview - VolitionRx is a multi-national epigenetics company focused on developing blood tests for early detection and monitoring of diseases, including cancers and conditions related to NETosis [6][7] - The company aims to improve patient outcomes through earlier detection and monitoring, which can enhance both the quality and longevity of life for patients [7][8] - Volition's research and development activities are primarily based in Belgium, with additional operations in the U.S. and London [8]

Core Insights - VolitionRx Limited is presenting its Nu.Q® Vet Cancer Test at the Asian Meeting of Animal Medicine Specialties (AMAMS 2025) in Thailand, highlighting its potential as a diagnostic tool for veterinary oncology [1][2] - The test has shown promise in differentiating between benign and malignant conditions, particularly Canine Chronic Enteropathy and Gastrointestinal Lymphoma, according to Dr. Masahiko Sato [2] - The company aims to enhance awareness and adoption of the Nu.Q® Vet Cancer Test through clinical research and presentations by leading veterinarians [2] Company Overview - Volition is a multi-national epigenetics company focused on advancing the science of epigenetics to improve outcomes for people and animals with life-altering diseases through earlier detection and monitoring [3] - The company is developing cost-effective blood tests for various diseases, including cancers and conditions associated with NETosis, with the goal of prolonging life and improving quality of life for patients [4] - Volition's research and development activities are primarily based in Belgium, with additional facilities in the U.S. and London [5]

Core Insights - VolitionRx Limited has published a study on nucleosome detection in healthy cats, marking a significant advancement in veterinary diagnostics [1][3] - The study indicates the potential for cancer screening and monitoring in cats, which could represent a substantial commercial opportunity for the company [2][4] Company Developments - The study confirms that H3.1 nucleosomes can be quantified from blood samples of healthy cats, establishing a protocol for sample collection and processing [3] - Volition's initial target product focuses on feline lymphoma, the most prevalent cancer in cats, with clinical studies already in progress [4] Market Potential - There are over 60 million cats in the U.S., with 25% classified as senior cats, indicating a significant market for annual health checks [2] - The development of Nu.Q® products for cats opens new avenues for Volition in the veterinary diagnostics market [2][4] Research and Development - Volition's R&D activities are primarily based in Belgium, with additional facilities in the U.S. and London, emphasizing the company's international presence [6]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 declined by 35% compared to Q1 2024, reflecting effective cost management across all spending categories [5][6][8] - Net cash used in operating activities was £4.3 million for Q1 2025, down 48% from £8.3 million in Q1 2024 [6][8] - Revenue for the quarter was approximately $250,000, representing a growth of 44% over Q1 2024, including the first revenue from human product sales [6][8] Business Line Data and Key Metrics Changes - The Nu. Q technology for human diagnostics is in confidential discussions with over 10 companies for licensing, with a combined market value exceeding $600 billion [9][10] - The total addressable market for cancer and sepsis diagnostics is estimated at $25 billion annually, presenting substantial revenue opportunities [10][15] - The Nu. Q Nets technology is expected to have a total addressable market exceeding $10 billion annually, with significant clinical applications [15][20] Market Data and Key Metrics Changes - The company is making significant strides in the commercialization of its cancer diagnostic pillar, with two major companies in active negotiations [12][13] - The pivotal lung cancer screening study in Taiwan has enrolled over 100 patients, with interim analysis expected to be presented at a major conference [13] - The Nu. Q Nets test has recorded its first revenue from sales in Europe, with nine hospital networks in five countries placing orders [17][18] Company Strategy and Development Direction - The company aims to secure multiple licensing agreements in the human diagnostic space, similar to its successful strategy in the veterinary market [10][31] - A focus on central lab automation is seen as crucial for accelerating revenue growth and ensuring consistent delivery [22][23] - The long-term goal is to enable precision therapy for patients by identifying specific epigenetic signatures associated with disease states [28] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining low operating costs while focusing on commercialization [37][39] - The company is optimistic about the progress made in licensing discussions and the potential for significant revenue generation from its technology [30][32] - Despite a challenging macroeconomic environment, the company is focused on cutting costs and delivering on milestones [68][69] Other Important Information - The company has received milestone payments of $23 million from its veterinary licensing agreements, contributing to ongoing revenue streams [30] - The first commercial sale of a high throughput synthetic sepsis model was achieved, supporting the development of new therapies [29] Q&A Session Summary Question: Is the current low level of operating expenses sustainable for the rest of 2025? - Management confirmed that maintaining tight control over costs is a priority and that the current expense levels are sustainable [38][40] Question: Update on the feline cancer test expected to generate a milestone payment? - Progress has been made on pre-analytics in cats, with a paper accepted for publication, and the team is moving on to clinical data [41][44] Question: What is the operational engagement with partners like Texas A&M and IDEXX? - The company has multiple partners, but detailed sales flow information is typically commercially sensitive and not disclosed [50][51] Question: Will marketing expenses remain flat for the rest of the year? - A lower level of spending is planned, with costs managed by attending conferences without hiring booths [56][58] Question: When will revenues from the human study contract in Nu. Q Discover be seen? - The clinical study will run over two years, with revenues expected to be spread out over that period [61][62]

Financial Data and Key Metrics Changes - Total operating expenses for Q1 2025 declined by 35% compared to Q1 2024, reflecting strong cost management across all spending categories [5][6][8] - Net cash used in operating activities was £4.3 million for Q1 2025, down from £8.3 million in Q1 2024, indicating improved cash flow management [6][10] - Revenue for the quarter was approximately $250,000, representing a 44% increase year-on-year, including the first revenue from human product sales [6][7][8] - Cash and cash equivalents at the end of Q1 2025 totaled approximately $2.6 million, down from $3.3 million at the end of 2024 [7] Business Line Data and Key Metrics Changes - The Nu. Q technology is being commercialized in the human diagnostic market, with significant licensing discussions ongoing with over 10 companies [11][12] - The Nu. Q cancer diagnostic pillar is progressing, with two major companies in active negotiations and a pivotal lung cancer screening study in Taiwan enrolling over 100 patients [14][15] - The Nu. Q NETs technology is also advancing, with a total addressable market for testing and monitoring intensive care patients estimated at $1 billion annually [17][18] Market Data and Key Metrics Changes - The combined market value of seven companies in licensing discussions exceeds $600 billion, highlighting the potential reach of the technology [12] - The total addressable market for cancer and sepsis diagnostics is estimated at $25 billion annually, presenting substantial revenue opportunities [12] Company Strategy and Development Direction - The company aims to achieve cash neutrality for the full year 2025, with a focus on reducing expenses and securing multiple licensing agreements in the human diagnostic space [5][10][36] - The strategy includes leveraging existing partnerships and expanding the global reach of the Nu. Q Vet cancer test while automating central labs to enhance revenue growth [24][25][36] - The company is focused on commercializing its technology quickly to make it accessible worldwide, with a mission to save lives and improve outcomes [35][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining low operating costs while focusing on commercialization efforts [41][44] - The company is optimistic about the progress made in licensing discussions and the potential for significant revenue generation from ongoing clinical studies [33][36] Other Important Information - The company recorded its first revenue from a regulated human product in the EU, marking a significant milestone [72] - Discussions are ongoing with several national lung screening programs, indicating strong interest in the company's diagnostic solutions [34] Q&A Session Summary Question: Is the current low level of operating expenses sustainable for the rest of 2025? - Management confirmed that maintaining low costs is a priority and that they have made significant progress in controlling expenses across all categories [41][42][44] Question: Update on the progress of the feline cancer test? - Management reported that pre-analytics work for the feline cancer test has been completed, and clinical data collection is underway [45][48] Question: What is the operational engagement with partners like Texas A&M and IDEXX? - Management indicated that while they know the volume of purchases, detailed sales flow information is typically not shared due to commercial sensitivity [54][55] Question: Will marketing expenses remain flat for the rest of the year? - Management stated that while they plan to spend less overall, there may be fluctuations in spending due to conference attendance and other marketing activities [58][60] Question: When will revenues from the human study contract in Nu. Q Discover be recognized? - Management noted that the clinical study will run over two years, with revenues expected to be spread out over that period [64][65]

Core Insights - VolitionRx Limited is focusing on commercializing its Nu.Q® platform in the human diagnostics market, with ongoing discussions with over ten companies, whose combined market value exceeds $600 billion [2] - The company aims to secure multiple licensing agreements in the human diagnostics space this year, similar to its strategy in the veterinary market [3] - Volition recorded its first revenue from sales of its CE-marked Nu.Q® NETs automated product in Europe in Q1 2025, marking a significant commercial milestone [4] Financial Highlights - Volition reported approximately $0.25 million in revenue for Q1 2025, a 44% increase compared to the same quarter in the previous year [8] - The net cash used in operating activities averaged $1.4 million per month, nearly 50% lower than in Q1 2024 [8] - The company received $4.3 million in funding during Q1 2025, with about $1.8 million from non-dilutive funding [8] - As of March 31, 2025, cash and cash equivalents totaled approximately $2.6 million, down from $3.3 million as of December 31, 2024 [8] - A convertible loan note was finalized post-quarter end, providing $6.25 million in gross proceeds, repayable over 24 months [8] - The goal for 2025 is to achieve cash neutrality, where income matches expenditure on a cash basis [8]