VolitionRx Q2 2024 Earnings Call Transcript

Quartr
Provided by Quartr
August 15, 2024

There are 9 speakers on the call.

Operator

Welcome to the VolitionRx Limited Second Quarter 2024 Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. This conference is being recorded today, August 15, 2024.

Operator

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

Speaker 1

Thank you, and welcome, everyone, to today's earnings conference call for VolitionRx Limited. Before we begin, I'd like to remind everyone that some of the information discussed on this conference call will include forward looking statements covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our beliefs as well as assumptions we have used upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions. Actual future results may vary significantly based on a number of factors that may cause the actual results or events to be materially different from future results, performance or achievements expressed or implied by these statements.

Speaker 1

We've identified various risk factors associated with our operations in our most recent annual report on Form 10 ks, quarterly reports on Form 10 Q and other filings with the Securities and Exchange Commission. We do not undertake an obligation to update any forward looking statements made during the course of this call. Cameron Reynolds, President and Group Chief Executive Officer, will open the call, providing key highlights for the Q2 and indeed the first half of twenty twenty four. Then Doctor. Andrew Retter, Chief Medical Officer, will provide a commentary about our clinical trials program.

Speaker 1

Terry Hughes, our Group Chief Financial Officer, will then cover Volition's financial and operating results, along with a discussion of recent finance activities, before passing back to Cameron for a look ahead to upcoming milestones. We will then open the conference call to a question and answer session. I'll now hand over the call to Cameron.

Speaker 2

Thanks, Lew, and thank you, everyone, for joining Volition's Q2 2024 Earnings Call today. We appreciate your time given the busy earnings call season. Thank you for your continued support in helping us to advance our mission to save their lives and improve outcomes of millions of people and animals worldwide through our novel epigenetics platform. This year, we have successfully supported our veterinary licensing and distribution partners to launch Nu. Q Vet Cancer Test, and I'm delighted that we have sold more tests in the first half of this year than we did in the whole of 2023.

Speaker 2

Through the end of June 2024, we sold more than 60,000 Nu. Q cancer tests versus about 58,000 tests for the full year of 2023. Antex Diagnostics, part of the Mars PetCare Group, announced the launch of Nu. Q Vet tests not only in the U. S.

Speaker 2

And Europe, but also as far afield as my home country, Australia, as well as India and Singapore. The list of countries is ever expanding. The Antec team has been very actively marketing the in house test at a very compelling list price of $35 to the vet. Fujifilm vet systems are also pricing the test to vet at below $40 and on July 1 announced the countrywide launch of the Nu. Q Vet Cancer test in Japan.

Speaker 2

After very good initial feedback from vets, they are now marketing the test aggressively, so another exciting market to watch. We have invested significantly over the recent years to build out our product pillars and to help ensure we have robust scientific and clinical evidence to support our potential breakthrough technologies. During the Q2 of 2024, we continued to make significant progress in reading our products and technologies, including our intellectual property for licensing. Our patent portfolio as of June 30 comprises 53 patent families, 86 granted patents with a further 128 patents pending worldwide. We believe this to provide a rich source of competitive advantage, and I'd like to take the opportunity to acknowledge the hard work of all our scientific team, notably Doctor.

Speaker 2

Jake McCallough and our Head of Intellectual Property, Catherine Maylu. Our focus in the second half of twenty twenty four will include negotiating our first licensing deal in the human space and to that end, Pharma Ventures has recently been engaged to act as an advisor to Volition to help secure licensing deals. Pharma Ventures is a respected international advisory company with a proven track record in licensing, partnering and strategic alliances. Pharma Ventures' specialist experience in deal making and extensive network means that it is ideally placed to support us as we seek to commercialize our potentially groundbreaking oncology and capture PCR portfolio. I will return later in the call to discuss future milestones and to answer your questions, but we'll now pass over to Doctor.

Speaker 2

Retta for a summary of upcoming data for inclusion in the data rooms, not only for oncology, but also for sepsis, where we already have received expressions of interest from key industry players. Andy, over to you.

Speaker 3

Thank you, Cameron, and good morning, everyone. For new Q nets, our focus is to develop a low cost routine test to stratify the risk of sepsis, particularly those at risk of progressing to multiple organ failure, in addition to monitoring the disease progression and response to treatment. We have made excellent progress towards achieving these ambitious goals during the Q2. We have a number of extensive studies with many large data sets expected to be available for the confidential data room this summer and publication is anticipated after the ESICM conference in October 2024. In summary, across all the studies today, we will have data covering patients in both critical care and the emergency department with key outcome measures for Nu.

Speaker 3

Q. NETs correlating with 28 day mortality, ITU mortality, disease severity, duration of organ support, length of stay within critical care and in hospital. All of these outcome measures are in line with the sepsis III definition. Our first two studies have over 2,500 patients. We have high resolution data both on admission and longitudinal data throughout the length of stay.

Speaker 3

The cohorts are extremely well characterized and we believe this will be an extremely rich source of insight into the value of H3.1. These samples have all been run and processed. The data analysis is being finalized with the goal to it being completed and ready to add to the data room by the end of the month and shared with our KOLs in September. Preliminary results across the cohorts are promising and consistent. As I reported last quarter, we extended the DOCRO study in the United States to include sick care patients and for patients to be initiated into the study from the emergency department rather than simply including ITU patients.

Speaker 3

Recruitment for this study has now closed and data analysis is almost complete. Our project with our key opinion leader, Professor Desjardins in France is progressing well. This is a consortium project of an ongoing prospective study of which Volition is a member. Again, it's longitude in nature, large scale with high resolution of approximately 1500 patients in the study. Working closely with Professor Inan and his team, we have performed an interim analysis of over 4 50 patients.

Speaker 3

This will be added to the confidential data room and shared at our upcoming key opinion leader workshop in Paris in September. With regards to publications, we have again made good progress. The Zukas et al paper detailed our novel synthetic sepsis model and was published during the Q2 in the Journal of Thrombosis and Haemostasis. The findings reported emphasize the importance of investigating neutral physiology and biology to better understand its context and when it becomes disordered in disease. We hope to identify risk factors and further therapeutic targets providing novel strategies for disease intervention and management.

Speaker 3

A second paper by Atabri entitled Understanding Complex Chromatin Dynamics of Primary Human Neutrophils During PMA induced mentosis is currently out for peer review and has received positive feedback so far. It is available to review on bio archives. We now have a pipeline of papers based off the initial ZUKAS paper. These all underline the scientific validity of our Nu. Q NETs assay and we believe are of great interest not only to our key opinion leaders and centers of excellence, but also to our licensing partners or potential licensing partners.

Speaker 3

Finally, from a publication perspective, following on from the CARE event last year, I have been working with Professor Anand and Professor Mervin Singer on a review article exploring the role of investigating NETs in sepsis. We hope to see this on bio archives again soon. Looking forward, in September, we are hosting our 2nd key opinion leader workshop. Again, it will be chaired by Professor Dejali Anand attended by some of the world's leading experts on sepsis. During this session, we will be sharing the key findings from our recent extensive studies as well as some of our significant work from our innovation team in America.

Speaker 3

I would like to reiterate that last year's event, the whole sense impression from the KLOL group was that Nu. Q. Net potentially represents one of the biggest breakthroughs in sepsis management in the last 30 years. We truly hope this statement is correct and the data due to be presented by Volition and our centers of excellence could provide the evidence to support this bold new view. In October, we anticipate a number of the clinical studies I mentioned earlier will be reported at our satellite symposium at the European Society of Intensive Care Medicine, one of the largest intensive care conferences in the world.

Speaker 3

We are very proud to be sponsoring our 1st satellite symposium. There'll be many more details to follow, but it's going to be a very busy second half of the year for Nu. Q NET and sepsis. We expect all of these continue to build momentum and solidify the keen interest to date and further our licensing discussions and negotiations with partners for Nu. Q Net.

Speaker 3

Moving to cancer, we've also made solid progress with both Nu. Q and Captur we've also made solid progress with both Nu. Q and CAPTURE PCR. The team at Hospice Civiles de Leon, one of our centers of excellence, has completed the OncoProLung study and will present their findings at the European Society For Medical Oncology in September and submit for peer review and publication shortly thereafter. This data very much builds upon the earlier work from the team in Lyon demonstrating the clinical utility of Nu.

Speaker 3

Q in the diagnosis and management of lung cancer patients. We just want to flag this and hopefully it will be something enticing for you to look out for in September. Sticking with lung cancer, the manuscript from the National Taiwan University study has recently been completed and again is expected to be published on bio archives within the next few weeks. Our colleagues in Lyon have also completed a study on ovarian cancer and the manuscript is being finalized as we speak. So compelling data across the board and much of it will be added or expected to be added to the confidential data room with Pharma Ventures and further studies in the next few weeks.

Speaker 3

So very much a case of watch this space for new Q cancer. We've mentioned before CAPTURE PCR, a novel liquid biopsy method involving the first reported physical isolation of a class of tumor derived DNA fragments from blood. These cancer derived DNA fragments are then extracted for removal of all background DNA in the same sequence for detection with a low cost and simple PCR test. Volition tested this method in a small clinical experiments and detected a range of solid and liquid cancers, including detecting cancers at the very earlier stages of the disease or stage 1 disease. Doctor.

Speaker 3

Jake McKelliffe and team have presented this method and associated data at a number of cancer specific conferences and are developing the all important key opinion leader and potential sensors of excellence network. The team has continued to identify other potential biomarkers and the associated PCR tests and especially gained ground looking at solid cancers and will conduct initial studies in larger patient cohorts in short order. From a publication perspective, we are close to completing the manuscript and plan to submit this breakthrough method for peer review soon. We believe that this will be an incredibly important paper to add to our data room and support the ongoing commercial discussions with a wide range of potential licensing potential licensing partners. I just want to conclude by saying that year to date, we have added and continue to add supporting new materials to our data rooms for Nu.

Speaker 3

Q NETs, CAPTURE PCR and Nu. Q cancer. These clinical data and scientific papers have proven to be These clinical data and scientific papers have proven to be of great interest to potential licensing companies in highlighting the promise of our patented technologies. Thank you very much for listening. Lots and lots to come in this space.

Speaker 3

With that, I'd like to pass you over to Tarek for the finance report. Thank you, everyone. And Tarek?

Speaker 4

Good morning, everyone, and thank you for joining the call today. I will now provide a summary of the key financial results for the quarter ended June 30, 2024. As announced in our Q1 results, we are continually working on a number of threads with the aim of ensuring Volition is cash flow positive in 2025. Key activities to achieve this goal are entering into 1 or more licensing or supply agreements in the human space for Nu. Q NET, Nu.

Speaker 4

Q cancer and CAPTCHA PCR and receiving milestone payments under those agreements receiving the remaining $5,000,000 of milestone payments from Heska for Nu. Q Vet for feline increasing revenues cutting costs to reduce expenditures by $10,000,000 on an annualized basis versus prior year and obtaining further meaningful government non dilutive funding. And I'm delighted to report we made progress on each of these threads. From a revenue perspective, during the Q2 of 2024, we recorded revenue of approximately $396,000 approximately 83% higher than the same period last year. And for the first half of twenty twenty four, revenue totaled $567,000 up 55% versus the first half of twenty twenty three.

Speaker 4

So we are seeing revenue growth starting to accelerate, primarily driven by Antec's launch of the Nu. Q Vet Cancer test on their in house platform in the U. S. And Europe in April. Secondly, from an expenditure perspective, we have and will continue to undertake a thorough review of all projects with the aim of streamlining our activities to help ensure that we deliver on our focused action plans and monetize our exciting technologies and intellectual property.

Speaker 4

By way of example, headcount as of 30 June 2024 was 9% lower than the end of the Q2 of 2023 and operating expenses for the Q2 of 2024 were 24% lower than the same quarter last year. From a funding perspective, as you are probably aware, throughout the company's history, we have been successful in securing non dilutive funding on favorable terms. And year to date, we have targeted a range of government agencies, including in the U. S. To fund or co fund some of our strategic projects.

Speaker 4

As a reminder, we have previously received over $20,000,000 in non dilutive funding support from various Belgian and European agencies. We will provide further updates on this in the coming months. We ended the quarter with cash and cash equivalents of approximately $6,000,000 Subsequent to quarter end, we completed a registered direct offering of common stock and warrants to purchase common stock of up to $21,500,000 in aggregate gross proceeds with a single healthcare focused investment fund. This deal comprises of $7,000,000 upfront investment at closing and up to an additional $14,500,000 of potential aggregate gross proceeds upon the exercise in full on a cash basis of milestone linked warrants issued to the investor in the transaction. And finally, as Cameron has already highlighted, our focus in the second half of twenty twenty four with the support of Pharma Ventures will include negotiating our first licensing deal in the human space, following, we hope, a similar approach as we achieved in the veterinary space.

Speaker 2

Thanks, Tarek, and thanks, Andy, for your comprehensive reports. As previously mentioned, our focus continues to be on getting each pillar to support itself, either through product revenues, milestone payments, out licensing and or other non dilutive funding in the coming year, as well as on the company wide cost reduction measures of US10 $1,000,000 Our aim is to ensure Volition is cash flow positive in 2025. The team has made strong progress towards this goal in the Q2. We've also made strong progress through the first half of twenty twenty four in getting data required to support our strategy to monetize RRP through licensing agreements. Our focus in the second half of twenty twenty four will include negotiating our first licensing deal in the human space, and we are delighted to be working with Pharma Ventures to help secure such deals.

Speaker 2

We have accumulated a lot of experience from our various licensing and supply negotiations for Nu. Q Vet, which we believe will help us move towards commercializing some of our other technologies such as, but not limited to, Nu. Q NET, Nu. Q cancer and Captured PCR. As Andy discussed, we have been busy preparing and supplementing our data rooms to support our active ongoing discussions and negotiations with interested parties.

Speaker 2

The nature of these potential licensing and or supply agreements is both broad and complex. As you can imagine, there are a range of options we are discussing from exclusive, non exclusive, global versus regional, national versus all clinical indications versus specific clinical indication. We have had an incredible amount of interest in our technologies thus far and are making strong progress on a number of fronts. It's an exciting time as we push our technologies up the value curve in order to maximize the monetization of our IP through payments for exclusivity, milestone payments and ongoing licensing revenues. If successful, as we expect, we believe this strategy would provide us with ongoing royalties and very meaningful milestone payments in the next 12 months.

Speaker 2

And so in drawing this earnings call to a close, I'd like to thank you all for joining the call today. We very much appreciate it given how much it is to digest over all of our pillars. We will now take questions. Operator?

Operator

Thank you. We will now be conducting a question and answer Our first questions come from the line of Bruce Jackson with The Benchmark Company. Please proceed with your questions.

Speaker 5

Hi, good morning and thank you for taking my questions.

Speaker 2

Thanks, Bruce.

Speaker 5

I'd like to focus on the revenue uptake for the vet product. We had a nice uptick this quarter. And I know that to some extent this is out of your control because you're working with distribution partners. But you've got the test launching in Japan and Amtech launched in April. So just for the next couple of quarters, if you've got line of sight, are we just going to see sequential increases in revenue?

Speaker 5

And could we what kind of uptick curve could we potentially be looking at?

Speaker 2

Thanks, Bruce. Yeah, it was a very good uptick this quarter. I'll pass you over to Terry. Terry?

Speaker 6

Yeah, it's difficult to know what that curve looks like. But you're right, we saw a very good uptake. I think the revenue from that in Q2 was about double that of Q1. But it's difficult to know whether that sort of continues on a straight line like that. As you said, we don't have direct line of sight into what that's going to look like for the next couple of quarters, but we certainly expect it to increase over the next quarter or 2 because we've got both Antec and Fuji having just launched in the last quarter.

Speaker 6

So we're looking forward to seeing some increase there over the next couple of quarters, but it is difficult for us to give guidance at this point. Yes,

Speaker 2

and the Antec obviously just recently launched on the point of care and we're extremely happy with that machine. I think it's the first time that I'm aware of in history that any point of care in cancer test has been available for any living things. So it's quite a first and I think that could be a game changer. But obviously the lab market is also very important and Fuji are really hitting the ground running. But it can be a little lumpy because they obviously stock and then they can go through the stock for a few months and reorder.

Speaker 2

But all the indications we have has been a very good response from the vets. Sensitivity of 76% to 97 percent specificity is obviously an extremely good test and we're very hopeful that it's really picking up, but it could be a little bumpy over the next few quarters until it kicks into demand going from all areas. But at the moment, we're very happy.

Speaker 5

Okay, great. And then one more on the income statement for Tarek. Good expense control in the quarter for operating expenses. Do you see that being the level that we're going to be running at going forward?

Speaker 6

It's coming down each quarter. And as I mentioned previously, we'll continue to see those costs coming down each quarter. And as I said, the goal is to reduce the overall expenses by at least $10,000,000 year over year on an annualized basis. We started really sort of last quarter bringing those down and so some of the actions will continue over that you see that the impact of those continuing over the balance of the year. And the intent is to get that down by the end of the year going into next year, we've got a $10,000,000 reduction in the overall expenses.

Speaker 2

And I think, Bruce, it's probably important to emphasize, we absolutely understand the climate change from a few years ago. Any raising money now is expensive. So we are incredibly careful in every dollar we spend. We've actually just spent the last few days going over all the accounts again, what else can we take out. And now we're cutting everything we possibly can, but we're making sure that we those things which are leading to the revenue and also to the licensing deals, we continue to fund because I think the licensing deals, I think are getting very close to the rooms being ready.

Speaker 2

We've had a lot of interest. I think they're truly potentially fantastic breakthrough technologies. You heard from Andy that the data is consistent and very promising. And so we're very hopeful we can get a great licensing deal in the next few quarters as well. So but we absolutely get it.

Speaker 2

We are doing everything we to take out every penny we can to make sure we reach these milestones. And there's quite a few big milestones in the next few months in the quarter. So we're extending the runway as much as possible to make sure we get them.

Speaker 5

Okay, great. Thank you very much. That's it for me.

Speaker 2

Thanks Bruce. Have a good day.

Operator

Thank you. Our next questions come from the line of Ilya Zevkov with Freedom Broker. Please proceed with your question.

Speaker 7

Hi, good morning and thank you for taking my question.

Speaker 2

Good morning.

Speaker 7

I have a question on recently raised funding. Earlier it was said that each project is aimed to be funded separately. And I was wondering if this strategy is still valid and how the funding raised last week relates to this strategy?

Speaker 2

So we are absolutely trying to make sure every one of the key areas is self funding. So Yvette is at the moment to include the milestone payments. The net data looks absolutely fantastic, as we said, and we're going to be publishing a lot of it soon. So we're very hopeful that through milestone payments and deals that can also be, I think the human cancer, we've been around 14 years now. It's from my point of view, it's everything we wanted from the start on the human cancer side as well.

Speaker 2

The Nu. Q in Captured PCR, also in lung cancer and also we've got data coming out in Nu. Q in solid tumors, which is also very exciting. You will see soon. So I think it's very plausible that is potentially self funding as well, as well as all the different grants and we're expecting from the governments.

Speaker 2

We have a large amount of money coming in. We expect again from different government agencies, both in Europe and U. S. So we did a fundraise. Obviously, it's expensive money at the moment, but we wanted to make certain we could get these milestones out, get the data out, as Andy said, in the next couple of months and in all the different areas and do everything we can to get a licensing deal.

Speaker 2

So I think it's exactly the same strategy. Terry, do you want to speak on that?

Speaker 6

Yes, that's I think you've covered most of it, Cameron. I think we're getting the revenue to ramp in the vet business, getting the licensing done in the human space and then focusing on bringing the cost down and getting the some of the government funding in. That should take us to a point next year where if we're successful, we'll be cash flow positive next year.

Speaker 7

Great. Thank you very much.

Speaker 2

Thank you. Have a great day.

Operator

Thank you. Our next questions come from the line of Stephen Ralston with Zacks SmallCap Research. Please proceed with your questions.

Speaker 8

Thank you. You've made got some good traction here, ramping up the product line. Is there a way to break down you mentioned that it was lumpy, but through your distribution channels in different countries, Is there any way to get a breakdown to see where we're seeing the release where the strength is?

Speaker 6

We're not providing that at the moment. Yes, the numbers are still relatively lumpy as Cameron mentioned and we're not seeing any meaningful trends from quarter to quarter at the moment because we've still got launches happening. And yeah, it is difficult to provide any sort of meaningful guidance on trends at the moment. So that's something we'll be hoping to do when we put in more traction.

Speaker 2

But I think it's fair to say, obviously, the early revenue was IDEXX and stocking up, which they've been working through. We've now had a range of other partners who bought this bump is the launches in Japan and with Mars. So it is picking up very much. And we're also making in the vet space, we're also making progress on the cat pre analytics potentially for another milestone payment there and launch of the cat product. We've also feedback from a lot of different partners, the micro tighter plates at work as you can tell from all the trials and the processes.

Speaker 2

But when you get into a larger number of samples, micro tighter plates are not ideal for workflow in the lab, but they work well. But as you can imagine, the plastic plate for 40 tests is not the same as a machine. So we've spent a lot of time and effort and now we have the test working on the automate in dogs and then therefore we expect also to be able to do that in cats if we have a cat product. So we're doing a lot of work and I think the pickup now is from the point of care and from Japan, which is placed, but we're hopeful too that we can get some more pickup and I think for the labs to really kick into a high gear, they're going to automate is the way to go. So we've been doing a lot of work on that background as well.

Speaker 2

Now that won't continue until next year. And of course, we had monitoring to it and hopefully cats next year, perhaps it's going to pick up, but we're very encouraged with enthusiasm of our 2 new partners in Antec and Fuji and also the work obviously done traditionally by Biotech. So it's all there, but it will be up and down, but the trend is obviously strongly upwards. We've done more in the first half of this year than all of last year. But I think it will become much more regular in a few quarters once all of them have done their launch phases and start ordering regularly.

Speaker 8

Thank you. Concerning the cost cutting program, I mean, you made tremendous progress in R and D and sales and marketing, where the reductions were between 17% 19% sequentially. But the general and administrative expenses are lagging a little behind that. I think it was like single digit. Do you expect that to pick up?

Speaker 8

I know it was like a 2 tier cost reduction program where you actually implemented some cost cutting over 12 months ago. Could you clarify that and whether you expect G and A to expenses to drop significantly just like R and D and sales and marketing?

Speaker 6

So I think obviously, the R and D is coming, so some of that comes to a natural end just in terms of projects that are finishing up to that happened a bit sooner. We are turning over every rock that we can look under to find what we can cut out. But the G and A obviously takes a little bit longer to tackle and so we will see that coming down over the next few months. But perhaps not as quickly as the R and D as those some of those projects just roll off naturally. But the goal is as we said to continue to we'll continue to see progress on that over the balance of this year and into next year.

Speaker 8

Thank you. Concerning the recent financing, you have these milestone A and BU warrants, which are going to give a nice tail of funding when you meet these milestones. The B warrants seem to be quite specific about progress with FDA approval. Could you please clarify what you expect to trigger the A warrants?

Speaker 2

Yes. So obviously, the warrants are commercially driven as you've said. So they are we've expressed we are very happy actually. I think that actually say that the scientific team are evolent about the data in cancer and sepsis. And we have a lot of interest from partners.

Speaker 2

So we do expect to have a commercial deal in the next I mean, it doesn't take a few weeks by any means, but certainly a quarter or 2, we should be getting very strong traction in at least a few of them. And so the milestone, we spend a lot of efforts on this raise, making sure that that was an achievable level. They come down to getting some value in the process to become public, I guess, but it's basically having a deal in the human space. And given the excellent data we see in Nu. Q, in lung, in capture and in sepsis, I think it's a very realistic possibility.

Speaker 2

So we tailor the milestones to things we think we can achieve and that's what Pharma Ventures are doing and we're doing in sepsis. And we have the right to call those warrants. So we're hopeful that that's in the next 2 quarters, 3 quarters, when we can call that warrant and that will then as you said, be kind of go away. And the longer one is for the FDA, but that's obviously a few years away. But we're very hopeful we can meet that A warrant in the short to medium term.

Speaker 8

Thank you. One last question on the financing. Are you implementing some sort of cash management program to get well, in some areas, you can still get reasonable interest rates to bring in a few extra $100,000 off the cash balances as you just completed this $7,000,000 financing?

Speaker 6

Yeah, we do have some interest bearing accounts where we put any spare cash that we do have. So yeah, we are managing the cash as efficiently as we can.

Speaker 8

All right. Thank you. Just one last question. Concerning ESMO in 2024, mid September, How many papers are you going to present there?

Speaker 3

Andy? There's one paper being presented there, which is predominantly focusing well, not predominantly, is focused on lung cancer and we're very excited by the results there.

Speaker 2

And the big one is the European Society of Intensive Care, which is in October and that's early October. And in that, do you want to go through the presentation with that Andy?

Speaker 3

In that, we've got what we're sufficiently confident in our data that we've actually booked a satellite symposium where we'll be showing data from 3 upcoming scientific trials and from our 3 large clinical trials we've conducted so far. So lots of work there.

Speaker 8

Thank you for taking my questions.

Speaker 2

Thank you, Stephen. Thank you.

Operator

Thank you. I'm showing no further questions at this time. I would now like to hand the call back over to Cameron Reynolds for any closing remarks.

Speaker 2

Thank you, everyone, and thanks for your interest in Volition. And I'd like to assure everyone we are working incredibly hard to reach the milestones on commercialization on the cost cutting front, but also on the licensing front with Pharma Ventures in the human space, we're very, very happy with all the data we're seeing and we finally got a range of different products we can license in human cancer after 14 years where it's exactly what we wanted when we started. And also, as Andy said, the CEPTIS data we're extremely happy with as well. So that's all coming out in the September, October timeframe in publications, in conferences and in data rooms for a large number of interested parties. So it should be an extremely interesting end of the year.

Speaker 2

So I'm looking forward to the next earnings call in November. Thank you for your time.

Operator

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

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Key Takeaways

  • Volition sold over 60,000 Nu.Q Vet cancer tests in the first half of 2024 versus about 58,000 for all of 2023, with launches by Antec in the U.S., Europe, Australia, India and Singapore and Fujifilm’s July launch in Japan driving global uptake.
  • The company’s patent portfolio now spans 53 patent families with 86 granted and 128 pending worldwide, and it has engaged Pharma Ventures to secure its first human-space licensing deals for oncology and CAPTURE PCR platforms.
  • Extensive sepsis studies involving over 2,500 patients show Nu.Q NET results correlate with 28-day mortality, ICU mortality, disease severity and length of stay; data will be shared at a September KOL workshop and an October ESICM satellite symposium.
  • Cancer diagnostics progress includes OncoProLung lung-cancer data slated for presentation at ESMO in September, forthcoming ovarian cancer manuscript, and CAPTURE PCR’s early-stage cancer detection method nearing peer-review submission.
  • Financially, Q2 revenue rose 83% YoY to $396 K (H1 up 55%), operating expenses fell 24% YoY, cash stood at $6 M at quarter end, and a $7 M upfront financing (with up to $21.5 M potential proceeds) supports a goal of cash-flow positivity in 2025.
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Earnings Conference Call
VolitionRx Q2 2024
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