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]