Core Insights - VolitionRx Limited has appointed two new centralized laboratory providers for its Nu.Q® Vet Cancer test, enhancing access to its canine cancer early detection tool in the U.S. and Asia [1][7] Company Overview - Volition is a multi-national epigenetics company focused on advancing the science of epigenetics to improve outcomes for people and animals through earlier detection of diseases [3][4] - The company is dedicated to developing cost-effective blood tests for various diseases, including cancers and conditions associated with NETosis, such as sepsis [4] Market Opportunity - The Total Addressable Market (TAM) for the Nu.Q® Vet Cancer test is approximately $100 million across the U.S., Europe, and Japan, which could increase to nearly $150 million with the inclusion of China [3][7] Product Development - The Nu.Q® Canine Cancer Test can be integrated into annual checkups or senior wellness exams, allowing veterinarians to detect cancer earlier and assist pet owners in making informed decisions regarding cancer care [2][4]

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]