VolitionRX Ltd (VNRX) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen. Thank you for standing by. Welcome to VolitionRX Ltd Limited's first quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following the presentation, there will be a conference.

女士們、先生們，早安！感謝大家的收看。歡迎參加 VolitionRX Ltd Limited 2025 年第一季財報電話會議。在今天的演講中，各方將處於僅聆聽模式。演講結束後，將舉行一次會議。

There will be a question and answer session. (Operator Instructions)This conference is being recorded today, May 16, 2025. I'd now like to turn the conference over to Louise Batchelor, Group Chief Marketing and Communications Officer. Please go ahead.

將會有一個問答環節。（操作員指示）本次會議將於今天（2025 年 5 月 16 日）進行錄製。現在，我想將會議交給集團首席行銷和傳播長 Louise Batchelor。請繼續。

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 1,995.

感謝各位，歡迎大家參加今天的 VolitionRX Limited 收益電話會議。在開始之前，我想提醒大家，本次電話會議討論的部分資訊將包含受 1995 年《私人證券訴訟改革法》安全港條款保護的前瞻性陳述。

These statements are based on our beliefs. As well as the assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties, and assumptions.

這些陳述基於我們的信念以及我們根據當前可用資訊所做的假設。由於這些陳述反映了我們目前對未來事件的看法，因此這些陳述涉及風險、不確定性和假設。

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.

實際的未來結果可能會因多種因素而發生很大差異，這些因素可能導致實際結果或事件與這些陳述表達或暗示的未來結果、績效或成就有重大差異。

We have identified various risk factors associated with our operations in our most recent annual report on Form 10K, quarterly reports on Form 10Q, 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.

我們在最近的 10K 表年度報告、10Q 表季度報告以及向美國證券交易委員會提交的其他文件中確定了與我們的營運相關的各種風險因素。我們不承擔更新本次電話會議期間所作任何前瞻性陳述的義務。

Terry Hughes, Chief Financial Officer, will open the call with a full financial report before handing over to Cameron Reynolds, group Chief Executive Officer, for a business update and discussion of upcoming milestones. We will then open the conference call to a question and answer session, and with that, I'll turn the call over to Terig.

財務長 Terry Hughes 將在電話會議上首先提交一份完整的財務報告，然後交給集團首席執行官 Cameron Reynolds 匯報業務最新情況並討論即將到來的里程碑。然後，我們將在電話會議中進入問答環節，然後我將把電話交給 Terig。

Thanks, Lou, and thank you everyone for joining Volition's first quarter 2025 earnings call today. We appreciate your time given the busy earnings season. As stated on our last call, one of our key financial goals for 2025 is to be cash neutral on a full year basis, meaning income, including licensing receipts, matches expenditure on a cash basis, and I'm delighted to report that across a range of financial indicators we made significant progress towards this target during this quarter.

謝謝，Lou，也謝謝大家今天參加 Volition 2025 年第一季財報電話會議。鑑於財報季繁忙，感謝您抽出時間。正如我們上次電話會議所述，我們2025年的主要財務目標之一是實現全年現金中性，即收入（包括許可收入）在現金基礎上與支出相匹配。我很高興地報告，本季我們在一系列財務指標方面都取得了顯著進展，朝著這一目標邁進了一步。

Total operating expenses for the quarter declined 35% compared to the first quarter of 2024. This reflected cost reductions across all spending categories. As a result of the strong cost management, net cash used in operating activities was $4.3 million for the first quarter compared to $8.3 million in quarter 1 of 2024. Revenue-wise, we recorded almost quarter of a million dollars of revenue in the quarter, a growth of 44% over the first quarter of 2024, including the first revenue recorded for sales of human product, a great milestone.

本季總營運費用與 2024 年第一季相比下降了 35%。這反映了所有支出類別的成本削減。由於強大的成本管理，第一季經營活動淨現金流為430萬美元，而2024年第一季為830萬美元。從收入方面來看，我們本季的營收接近 25 萬美元，比 2024 年第一季成長了 44%，其中包括首次記錄的人類產品銷售收入，這是一個偉大的里程碑。

It is worth noting, as we have stated previously, that at this early stage of commercialization, revenues remain fairly lumpy and difficult to predict from one quarter to the next. So while we remain confident of seeing solid growth on a full year basis, we will not be providing revenue guidance for 2025 at this point in time.

值得注意的是，正如我們之前所說，在商業化的早期階段，收入仍然相當不穩定，很難預測一個季度到下一個季度的收入。因此，雖然我們仍然有信心看到全年實現穩健成長，但目前我們不會提供 2025 年的收入指引。

Cash and cash equivalents at the end of the quarter totaled approximately $2.6 million compared to $3.3 million at the end of 2024. Receipts during the first quarter included $2.3 million from a registered direct offering. $1.6 million in non-dilutive loan financing and $0.2 million in grant receipts.

本季末的現金和現金等價物總額約為 260 萬美元，而 2024 年底為 330 萬美元。第一季的收入包括來自註冊直接發行的 230 萬美元、160 萬美元的非稀釋性貸款融資和 20 萬美元的贈款收入。

Subsequent quarter end, we finalized the convertible loan note to provide $6.25 million in gross proceeds repayable in cash or shares over 24 months with an initial six month repayment holiday. So to summarize the finance report, key indicators are trending positively. Revenue was up 44% year on year, including our first ever revenue for use of our new tech technology in humans.

隨後一個季度末，我們敲定了可轉換貸款票據，提供625萬美元的總收益，可在24個月內以現金或股票形式償還，並享有六個月的還款期。總結財務報告，關鍵指標呈現正向趨勢。營收年增44%，其中包括我們首次因將新技術應用於人體而獲得的收入。

Total operating expenses were down 35% year on year. Cash used in operating activities was down 48% compared to Q1 2024. We continue to receive non-diluted funding support in the form of grants and loans from Belgian institutions. And last but not least, licensing discussions are progressing well. These items combined support our goal to be cash flow neutral for full year 2025, and with that, I will pass over to Cameron for a business update. Cameron.

總營運費用較去年同期下降35%。營運活動現金流較2024年第一季下降48%。我們繼續獲得比利時機構以贈款和貸款形式提供的非稀釋資金支持。最後，同樣重要的是，許可談判進展順利。這些因素共同支持我們實現2025年全年現金流中性的目標。至此，我將把時間交給Cameron，報告業務更新。卡梅倫。

Thank you, Terig, and good morning, everyone. 2025 is a pivotal year for volition as we focus on commercializing our groundbreaking new platform in the human diagnostic market. I am delighted to report we are in confidential discussions with over 10 companies to license our products. Notably, the combined market value of 7 of these companies exceeds $600 billion underscoring the significant global strength, potential reach, and impact by technology could achieve through such partnerships.

謝謝你，Terig，大家早安。2025 年對意志力來說是一個關鍵的一年，因為我們將專注於在人體診斷市場上實現我們突破性的新平台的商業化。我很高興地告訴大家，我們正在與 10 多家公司進行秘密討論，以獲得我們產品的許可。值得注意的是，其中 7 家公司的總市值超過 6,000 億美元，凸顯了透過此類合作可以實現的強大全球實力、潛在影響力和技術影響力。

Our goal is to secure multiple licensing agreements in the human diagnostic space, mirroring our successful strategy in the veterinary market with diverse deal structures, all with ongoing revenue, and some to include large milestone payments.

我們的目標是在人類診斷領域獲得多項許可協議，以多種交易結構反映我們在獸醫市場的成功策略，所有交易結構均具有持續收入，有些還包括大額里程碑付款。

Our strong clinical evidence supports the broad applicability of our new technology in critical areas such as cancer and sepsis. These two disease areas alone represent a combined total addressable market of about $25 billion annually, offering substantial revenue opportunities for Volition and our future partners.

我們強有力的臨床證據支持了我們新技術在癌症和敗血症等關鍵領域的廣泛應用。光是這兩個疾病領域就代表著每年約250億美元的潛在市場，為Volition及其未來的合作夥伴提供了巨大的收入機會。

As a reminder, all the pillars use almost exactly the same nutrisome technology, making it extremely effective in both cancer and sepsis for human and animal health use. Volition is a company powered by Nu.Q and focused on one thing, measuring chromatin fragments in circulation.

需要提醒的是，所有支柱產品都採用了幾乎完全相同的 Nutrisome 技術，這使得該技術在人類和動物健康領域，無論是在癌症還是敗血症治療方面都非常有效。 Volition 是一家由 Nu.Q 提供支援的公司，專注於測量血液循環中的染色質碎片。

This one thing is the basis of all of our pillars. We now can measure nucleosomes on around 6 different established collaborator platforms. The broad applicability of what we have developed is, I believe, completely unprecedented.

這是我們所有支柱的基礎。我們現在可以在大約6個不同的成熟合作平台上測量核小體。我相信，我們所開發的技術的廣泛適用性是前所未有的。

Taking each pillar in turn, I will start with cancer. We are making significant strides in the commercialization of our cancer diagnostic pillar. From a licensing perspective, I am pleased to report that 2 major companies are currently in active negotiations and have either commenced or planning to commence the evaluation of our innovative new cu and capture seek technologies with first results anticipated within the next quarter.

我將依序介紹每個支柱，首先從癌症開始。我們在癌症診斷支柱的商業化方面取得了重大進展。從許可角度來看，我很高興地報告，目前有兩家主要公司正在積極談判，並且已經開始或計劃開始評估我們創新的新型 CU 和捕獲尋跡技術，預計將於下個季度公佈首批結果。

Two incredibly exciting projects to look out for. Furthermore, our pivotal final lung cancer screening study in Taiwan is progressing very rapidly, with more than 100 patients already enrolled. The National Taiwan University Hospital, NTU team is making great progress and aims to present interim analysis at the European Society of Medical Oncology Congress in October.

兩個令人興奮的項目值得期待。此外，我們在台灣的關鍵肺癌最終篩檢研究進展迅速，目前已有超過100名患者入組。台大醫院團隊正在取得巨大進展，並計劃於10月在歐洲腫瘤內科學會（ESMO）大會上展示中期分析結果。

Positive findings could position our Nu.Q test for inclusion in national lung cancer screening programs, representing a potential market exceeding $1 billion across Taiwan, the US, UK, and France alone. And this could be implemented relatively quickly in several countries, assuming NQ cancer is made available as a lab developed test with no further need for regulatory studies.

積極的研究結果有望使我們的 Nu.Q 檢測被納入國家肺癌篩檢項目，僅在台灣、美國、英國和法國，就代表著超過 10 億美元的潛在市場。假設 NQ 癌症檢測能夠以實驗室研發的檢測方式提供，無需進一步的監管研究，這項技術可以在多個國家相對快速地推廣。

We're making significant headway in the commercialization of Nu.Q NETs as well. We have a two-pronged strategy. The first prong of our strategy is licensing to large international players. Licensing discussions are progressing well with several potential licensing companies having already successfully completed the tech transfer of our assay onto their platforms.

我們在 Nu.Q NET 的商業化方面也取得了重大進展。我們採取了雙管齊下的策略。我們策略的第一步是向大型國際公司授權。授權談判進展順利，幾家潛在的授權公司已經成功將我們的檢測技術轉移到他們的平台上。

Our extensive clinical evidence supports the use of our Nu.Q NETs technology in a critical area, sepsis. The total addressable market for the testing and monitoring of intensive care patients alone represents a $1 billion dollar opportunity annually, offering substantial revenue opportunities for Volition and our future partners.

我們豐富的臨床證據支持將 Nu.Q NETs 技術應用於敗血症這一關鍵領域。光是重症監護患者檢測和監測的潛在市場就蘊藏著每年 10 億美元的商機，為 Volition 及其未來的合作夥伴帶來了巨大的收益機會。

We believe that the total addressable market of our Nu.Q NETs assay could be in excess of $10 billion annually as the use cases expand far beyond sepsis. The second prong of our NET's commercialization strategy is to leverage our granted CE mark, which means approved for use in the European Union for any NETosis-related diseases.

我們相信，隨著 Nu.Q NETs 檢測的應用範圍遠超敗血症，其潛在市場規模每年可能超過 100 億美元。我們 NET 商業化策略的第二個目標是利用我們已獲批准的 CE 標誌，該標誌已獲准在歐盟用於任何 NETosis 相關疾病。

As a reminder, Volition's chemiluminescent immunoassay clear version of the CE-marked Nu.Q NETs test is run on the IDS i10 automated analyzer platform from immunodiagnostic Systems IDS, a subsidiary of Revvity. I would like to thank IDS for their collaborative approach.

提醒一下，Volition 的 CE 標誌 Nu.Q NETs 測試的化學發光免疫分析清晰版本是在 Revvity 的子公司免疫診斷系統 IDS 的 IDS i10 自動分析儀平台上運行的。我要感謝 IDS 的合作方式。

Our aim is to sell this product, either directly or in conjunction with IDF to institutions for use in a very wide range of clinical applications where NETS plays an active role. In a significant commercial milestone, we recorded our very first revenue from sales of our CE-marked Nu.Q NETs automated product in Europe in Q1 of this year. This is our very first revenue generated from a regulated clinically approved product in humans, which is quite a milestone for the company.

我們的目標是直接或與 IDF 共同銷售該產品給各機構，以供 NETS 發揮積極作用的廣泛臨床應用使用。在一個重要的商業里程碑中，我們在今年第一季在歐洲銷售帶有 CE 標誌的 Nu.Q NETs 自動化產品獲得了第一筆收入。這是我們首次從受監管的人體臨床核准產品中獲得收入，這對該公司來說是一個里程碑。

9 hospital networks in 5 countries have placed orders and are currently assessing its clinical utility in a range of NETs applications with the intention, we believe, of integrating it directly into their routine patient care. In addition, we are in discussion with a further 12 hospital networks with at least 9 evaluations anticipated to start in the second half of this year. In short, a number of hospital groups are buying our CE-marked regulatory products.

5個國家的9個醫院網路已下單，目前正在評估其在一系列NET應用中的臨床效用，我們相信，其目標是將其直接整合到他們的常規患者護理中。此外，我們正在與另外12個醫院網路進行洽談，預計至少有9個評估計畫將於今年下半年啟動。簡而言之，許多醫院集團正在購買我們帶有 CE 標誌的監管產品。

With a view to using in clinically in a diverse range of nets related uses. We're absolutely delighted with the level and breadth of interest that we have seen in the past 6 months, and we continue to receive more inbound inquiries. The range of potential clinical use cases where NETosis plays a role is extremely broad, equating to a mix of potential market sizes from small to very large, there is clearly wide, unmet clinical needs driving these evaluations.

以期在臨床上用於多種與網路相關的用途。我們對過去六個月所看到的興趣程度和廣度感到非常高興，我們將繼續收到更多的來電諮詢。NETosis 發揮作用的潛在臨床用例範圍非常廣泛，相當於從小到大的各種潛在市場規模，顯然存在廣泛的、未滿足的臨床需求推動這些評估。

NETs are a key part of a very broad range of clinical conditions, and our aim is to become the nets company worldwide by partnering with the very best companies, hospital networks and governments. The level of interest in using our Nu.Q NETs test is notable. Clinical use cases include coagulation, cardiac issues, renal disease, trauma, burns, autoimmune diseases, organ transplants, pregnancy management, and of course the biggest of them all being sepsis.

NET 是多種臨床疾病的關鍵組成部分，我們的目標是透過與頂尖公司、醫院網路和政府合作，成為全球領先的 NET 公司。人們對我們 Nu.Q NET 檢測的興趣非常濃厚。臨床應用案例包括凝血、心臟問題、腎臟疾病、創傷、燒傷、自體免疫疾病、器官移植、懷孕管理，當然還有其中最重要的敗血症。

This is an amazing outcome for Volition. Customers buy our kits, generating not only revenue, but also clinical data for a wide range of broad clinical use cases. We expect through this second CE-marked sales prong that a Nu.Q NETs test will start to be used in routine clinical practice with patients next year in the EU and then expand to use worldwide through the expected global licensing agreements of the first prong of our strategy.

對於 Volition 來說，這是一個令人驚嘆的結果。客戶購買我們的試劑盒不僅能創造收入，還能為廣泛的臨床用例提供臨床數據。我們預計，透過第二個獲得CE認證的銷售管道，Nu.Q NETs檢測將於明年在歐盟開始用於患者的常規臨床實踐，並透過我們戰略第一個管道預期達成的全球許可協議，在全球範圍內推廣應用。

Next up, NQ vet. Expanding the global reach of our Nu.Q Vet cancer test remains a key priority, enabling vets worldwide to improve canine cancer screening and outcomes. Our supply agreements with leading industry players, including Antech, which is part of the Mars Science and Diagnostics Group, Fujifilm Vet Systems, and IDEX are instrumental in achieving this.

接下來是 NQ 獸醫。擴大我們的 Nu.Q Vet 癌症測試的全球影響力仍然是我們的首要任務，使世界各地的獸醫能夠改善犬隻癌症篩檢和治療結果。我們與業界領導者簽訂的供應協議對於實現這一目標至關重要，其中包括隸屬於 Mars Science and Diagnostics Group 的 Antech、Fujifilm Vet Systems 和 IDEX。

To further accelerate revenue growth and ensure consistent delivery, we are focused on central lab automation. In March, Fujifilm Vet Systems extended their contract with us to validate and then implement a centralized automated platform for the Nu.Q Vet cancer tests using IDS's I-10. This is a world first for us, and we believe that it will significantly enhance turnaround times and throughput to meet increasing demand.

為了進一步加速收入成長並確保持續交付，我們專注於中央實驗室自動化。今年3月，富士膠片獸醫系統公司與我們續簽了合同，將使用IDS的I-10系統，為Nu.Q獸醫癌症檢測驗證並部署一個集中式自動化平台。這對我們來說是全球首創，我們相信它將顯著縮短週轉時間並提高吞吐量，以滿足日益增長的需求。

We believe the automation of central labs is crucial to accelerating our growth rate, and this has become a particular area of focus for us. We aim to get our large customers automated so that they can easily and effectively handle the much larger number of tests that would result from having our tests in annual pet wellness panels. Importantly, this automated platform is the same technology utilized for our human diagnostic products such as Nu.Q Cancer, and Nu.Q Nets and Nu.Q Discover, highlighting the inherent synergy and efficiency of our core new technology.

我們相信，中心實驗室的自動化對於加速我們的成長至關重要，這已成為我們特別關注的領域。我們的目標是讓大客戶實現自動化，以便他們能夠輕鬆有效地處理年度寵物健康小組測試中大量的測試。重要的是，該自動化平台與我們用於 Nu.Q Cancer、Nu.Q Nets 和 Nu.Q Discover 等人體診斷產品的技術相同，凸顯了我們核心新技術固有的協同作用和效率。

Next, our 4th and final pillar, Nu.Q Discover. Our Nu.Q Discover tools provide drug developers and scientists with a range of rapid epigenetic profiling assays across pre-clinical and clinical development pathways from discovery to market ready.

接下來，我們的第四個也是最後一個支柱－Nu.Q Discover。我們的Nu.Q Discover工具為藥物開發者和科學家提供一系列快速的表觀遺傳分析檢測，涵蓋從藥物發現到上市的整個臨床前和臨床開發階段。

Nu.Q Discover is built on proprietary nucleosome quantification technology. It is a valuable research tool for R&D professionals working within the field of pharmacoepigenetics, studying the epigenetic basis for variation in response to drugs.

Nu.Q Discover 是基於專有的核小體定量技術。對於藥物表觀遺傳學領域的研發專業人員來說，它是一種有價值的研究工具，用於研究藥物反應變化的表觀遺傳基礎。

The new Discover pillar spans activities as diverse as supplying research use only kits, either directly or via our US distributor, Diarma to providing services such as sample processing on site in Belgium and California, either with assays or our recently announced high throughput screening method.

新的 Discover 支柱涵蓋了多種多樣的活動，包括直接或透過我們的美國經銷商 Diarma 提供僅供研究使用的試劑盒，以及提供在比利時和加州現場進行樣品處理等服務，無論是使用檢測方法還是我們最近宣布的高通量篩選方法。

It also spans collaborations with drug developers utilizing our assays as a surrogate endpoint or pharmacodynamic marker with a specific drug in development. Following a successful pilot study, we announced this quarter that our Nu.Q Discover biomarkers are to be utilized in a human clinical study sponsored by a leading pharmaceutical company for the very first time.

它還涵蓋與藥物開發商的合作，利用我們的檢測方法作為特定在研藥物的替代終點或藥效學指標。在一項成功的試點研究之後，我們本季宣布，我們的 Nu.Q Discover 生物標記將首次用於由領先製藥公司贊助的人體臨床研究。

This was yet another significant milestone for our Nu.Q Discover program, the first human study with a pharmaceutical company sponsor utilizing volition's biomarkers to measure disease progression and response to treatment in a longitudinal Phase 1/2b of an experimental drug.

這是我們 Nu.Q Discover 計劃的另一個重要里程碑，該計劃是首次與製藥公司贊助商合作進行的人體研究，利用 volition 的生物標記來測量實驗藥物縱向 1/2b 期的病情進展和治療反應。

We are delighted to support the pharmaceutical company's clinical efforts in developing new drugs for treatment of a large unmet clinical need. The inclusion of our nucleosome-based biomarkers in this clinical trial demonstrates the growing recognition of their value in clinical development. This first study is expected to generate significant revenue for volition.

我們很高興能夠支持這家製藥公司的臨床工作，並開發用於治療大量未滿足臨床需求的新藥。我們基於核小體的生物標記被納入此臨床試驗，顯示其在臨床開發中的價值日益受到認可。這項首項研究預計將為Volition帶來可觀的收入。

We are in further discussions with this and other companies and anticipate additional clinical studies which we believe will not only further validate the capabilities of our technology and strengthen our position in the pharmaco epigenetics market, but also generate future revenue. This approach represents a significant step forward towards volition's long-term goal of enabling precision therapy for patients.

我們正在與該公司及其他公司進行進一步洽談，並預計將進行更多臨床研究，我們相信這些研究不僅將進一步驗證我們技術的能力，鞏固我們在藥物表觀遺傳學市場的地位，還能創造未來收入。此舉代表著 Volition 朝著其為患者提供精準治療的長期目標邁出了重要一步。

By identifying specific epigenetic signatures associated with disease states and treatment responses, aims to help clinicians match patients with the therapies most likely to benefit them while sparing them from treatments unlikely to be effective. This application of Nu.Q discover in the Phase 1/2b trial demonstrates how Volition's nucleosome expertise is transitioning from research to clinical applications, creating value for pharmaceutical partners while advancing the field of personalized medicine.

透過識別與疾病狀態和治療反應相關的特定表觀遺傳特徵，旨在幫助臨床醫生為患者配對最有可能受益的療法，同時避免他們接受不太可能有效的治療。 Nu.Q 發現在 1/2b 期臨床試驗中的應用，展示了 Volition 的核小體專業知識如何從研究轉向臨床應用，為製藥合作夥伴創造價值，同時推動個人化醫療領域的發展。

As this and future studies generate additional data about necrosome-based biomarkers, predictive and prognostic capabilities, volition is well positioned to expand its role in precision medicine and target therapeutic approaches.

由於本研究和未來的研究將產生有關基於死體生物標記、預測和預後能力的更多數據，volition 將能夠擴大其在精準醫療和標靶治療方法中的作用。

Another first this quarter was our first commercial sale of our innovative high throughput synthetic sepsis model. This unique tool enables precise real-time measurement of neutrophiled extracellular traps, nets, activation inhibition in whole blood, supporting the development of new sepsis and other nets related disease therapies.

本季的另一個首創是我們首次商業銷售創新的高通量合成敗血症模型。這種獨特的工具能夠精確地即時測量全血中的中性粒細胞胞外陷阱、網、活化抑制，支持開發新的膿毒症和其他網相關疾病療法。

We're currently in discussions with 5 other companies to finalize projects, positioning Nu.Q Discover as a key revenue driver this year. With over 10 repeat customers from our Nu.Q Discover kits and services, we aim to at least double revenue in this pillar in 2025. In drawing this call to a close, I would just like to add that throughout this first quarter and indeed subsequent to the quarter end, we will continue to strengthen our clinical evidence supporting our pillars with presentations at several clinical and scientific conferences and the publication of several important manuscripts.

我們目前正在與其他五家公司洽談最終項目，力爭將 Nu.Q Discover 定位為今年的主要營收成長點。 Nu.Q Discover 套件和服務已擁有超過 10 位回頭客，我們的目標是到 2025 年，這一支柱的收入至少翻倍。在結束本次電話會議之前，我只想補充一點，在整個第一季度以及本季度末之後，我們將繼續通過在幾次臨床和科學會議上進行演示以及發表幾篇重要的手稿來加強支持我們支柱的臨床證據。

With special thanks to our scientific, clinical, manufacturing, operations, and intellectual property teams for their continued efforts. 2025 is about ensuring multiple licensing deals are signed in the human space, and we're making good progress on this. We aim to leverage the valuable insights gained from our licensing and supply negotiations Nu.Q Vet where we have already received milestone payments of $23 million in addition to the ongoing revenue stream.

特別感謝我們的科學、臨床、製造、營運和智慧財產權團隊的持續努力。2025年的目標是確保在人類健康領域簽署多項授權協議，目前我們在這方面進展順利。我們計劃充分利用與Nu.Q Vet的許可和供應談判中積累的寶貴經驗，除了持續的收入來源外，我們還已獲得2300萬美元的里程碑付款。

The objective to sign multiple human licensing deals is similar to what we previously achieved in the vet space. Deal structure wise, we aim to receive large milestone payments from some of these deals and ongoing revenue from all of them. There is a strong and broad interest in potential outlicensing and or supply agreements for both Nu.Q Nets and our oncology portfolio with a range of commercial discussions progressing well with large companies.

簽署多項人類許可協議的目標與我們先前在獸醫領域的成就類似。就交易結構而言，我們的目標是從部分交易中獲得大筆里程碑付款，並從所有交易中獲得持續收入。目前，Nu.Q Nets 和我們的腫瘤產品組合的潛在對外許可和/或供應協議已引起廣泛關注，與大型公司的一系列商業洽談正在順利進行。

Discussions are also progressing well with several national lung screening programs. These next few quarters are hugely exciting for our company. I think it's very fair to say that we have now developed a technology platform that has already been a breakthrough in veterinary oncology, and we are demonstrating how we will also make a significant contribution to both human oncology and sepsis diagnosis and treatment.

與多個國家級肺部篩檢計畫的洽談也進展順利。接下來的幾個季度對我們公司來說將是令人興奮的。我認為，可以說，我們現在已經開發出一個在獸醫腫瘤學領域取得突破的技術平台，我們正在展示如何為人類腫瘤學和敗血症的診斷和治療做出重大貢獻。

We now have evidence to support the use of our platforms across a range of clinical applications with very high unmet needs. It is a low cost, robust, and reproducible platform. Now we need to commercialize our technology as quickly and as well as possible to make our technology accessible worldwide.

我們目前有證據支持我們的平台應用於一系列存在大量未滿足需求的臨床應用。這是一個低成本、穩定且可重複的平台。現在我們需要盡快、盡可能有效地將我們的技術商業化，使其在全球範圍內普及。

When successful, this will clearly support our mission of saving lives and improving outcomes for millions of people and animals worldwide. Our strategy to achieve this has been to raise as much non-diluted funding as possible, ramp revenue, reduce expenses, and sign commercial deals with large industry players.

一旦成功，這將有力地支持我們拯救生命、改善全球數百萬人和動物生存狀況的使命。我們實現這一目標的策略是盡可能籌集非稀釋資金，增加收入，降低開支，並與行業巨頭簽署商業協議。

Completing commercial deals for human indications are the final part of this long journey to complete our mission, and we remain focused on achieving that objective. Thank you for joining the call today, we very much appreciate it. We'll now take your questions. Operator.

完成人類適應症的商業交易是我們完成使命的漫長旅程的最後一部分，我們將繼續專注於實現這一目標。非常感謝您今天參加電話會議。現在我們將回答您的問題。接線生。

(Operator Instructions) Ilya Zubkov with Freedom Broker.

（操作員指示）自由經紀人的 Ilya Zubkov。

Good morning. Thank you for taking my question. Good morning. So I want to start from the operating expenses that remain low this quarter. I'm just curious, is this a comfortable level for volition to maintain through the rest of the 2025?

早安.感謝您回答我的問題。早安.因此我想從本季保持較低的營運費用開始。我只是好奇，這對於 2025 年剩餘時間的意志力來說是一個可以維持的舒適水平嗎？

I'll just have a quick answer that then Derek can give you the details. I think it's very important for us to manage costs. We're obviously in a very important phase, and commercialization is where we're focused, so we need to make sure that we're as lean and putting the money to where it has to go in commercialization and products as possible.

我會快速回答，然後 Derek 可以向您提供詳細資訊。我認為管理成本對我們來說非常重要。顯然，我們正處於一個非常重要的階段，商業化是我們的重點，因此我們需要確保我們盡可能精簡，並將資金投入商業化和產品。

Sustainable is a continued effort to keep a tight control over costs, and we've looked across all cost categories and all spending types, and we've made very good progress across the board. And yeah, this is a focus for the rest of the year, so we'll be looking to keep costs certainly lower than the prior year comparative so yeah this this is sustainable.

永續發展是持續努力嚴格控製成本，我們已經審查了所有成本類別和所有支出類型，並取得了全面進展。是的，這是今年剩餘時間的重點，因此我們將努力將成本保持在比去年同期更低的水平，所以這是可持續的。

And it's something we take very seriously. There's been a lot of feedback from shareholders, for a company doing what we do, there are other companies in our space to burn through hundreds of millions of dollars a year. That's obviously not what we want to do, and we can keep a very low cost model because you know we're licensing to big players. They do the lab work. They have their own machines, and we're looking to get them to the regulatory studies on their machines.

我們對此非常重視。股東們反饋很多，對於一家從事我們這種業務的公司來說，我們這個領域的其他公司每年都要耗費數億美元。這顯然不是我們想要的，而且我們可以保持非常低成本的模式，因為你知道，我們正在向大公司授權。他們做實驗室工作。他們有自己的機器，我們希望讓他們對其機器進行監管研究。

So our aim is to keep it low and we're not really looking at adding any big things on because we really understand where the market is at the moment and what we need to do to make sure we keep control of costs, and that's something that Terri's done a very good job of and I take very seriously, so we expect to keep it low.

因此，我們的目標是保持低成本，我們實際上並沒有考慮增加任何大的東西，因為我們真正了解目前的市場狀況以及我們需要做什麼來確保我們控製成本，這是 Terri 做得非常好的事情，我對此非常重視，所以我們預計會保持低成本。

Thank you. And one more question if I may, could you provide an update on the progress of the feline cancer test that is expected to generate a milestone payment?

謝謝。如果可以的話，我還有一個問題，您能否提供一下預計將產生里程碑付款的貓癌症測試的進展？

Yeah, absolutely, actually that's an interesting one. So we've done a lot of work on that and obviously this would be our species, it's a big milestone for us apart from the products and the money. I'm very happy to be able to say we've actually the next step was getting pre-analytics in caps working now that paper has been published, I believe it published.

是的，確實如此，這確實很有趣。我們在這方面做了很多工作，顯然，這將是我們這個物種的里程碑，除了產品和資金之外。我很高興地說，我們的下一步實際上是讓大寫的預分析能夠正常工作，因為論文已經發表了，我相信它已經發表了。

That's the next step, and now we're moving on to the clinical data. So it's been a steady process. We had to show cats have quite a different blood and less of it obviously than a human or a dog, so we had to get the limit of quantification down and the pre-analytics, which doesn't sound very important, but anyone who works in the lab knows it's absolutely critical to actually doing a proper clinical study with valid results. So that's all been done now and that'll be published soon. So yes, we're making good progress.

這是下一步，現在我們開始研究臨床數據。所以這是一個穩定的過程。我們必須證明貓的血液與人類或狗的血液截然不同，而且明顯少於人類或狗的血液，所以我們必須降低量化限度和預分析，這聽起來不是很重要，但任何在實驗室工作的人都知道，這對於實際進行適當的臨床研究並獲得有效的結果絕對至關重要。現在一切都已完成，並將很快發布。是的，我們正在取得良好進展。

That's great. Thank you very much.

太好了。非常感謝。

Have a great day. Thank you.

祝您有美好的一天。謝謝。

Steven Ralston with Zacks.

史蒂文·拉爾斯頓 (Steven Ralston) 和 Zacks 在一起。

Hey, good morning.

嘿，早安。

Good morning, Stephen.

早安，史蒂芬。

Oh, first on Nu.Q Vet.

哦，首先是 Nu.Q Vet。

What's your operational engagement with your partners like Texas A&M, IDEX, HSA, and tech?

您與 Texas A&M、IDEX、HSA 和 tech 等合作夥伴的營運合作如何？

In other words, do you receive any inputs about the potential sales flow?

換句話說，您是否收到任何有關潛在銷售流程的意見？

Actually we have like I guess 9 or 10 different partners now, so everyone's a little different. The bigger ones tend to be not really providing information. It's commercially sensitive for them. We know how many they buy. We know how to reorder, but they typically quite reticent about giving the very details. I guess it's commercially sensitive to them.

實際上，我們現在大概有9到10個不同的合作夥伴，所以每個人都有點不同。規模較大的合作夥伴往往不會真正提供資訊。對他們來說，這具有商業敏感度。我們知道他們購買了多少。我們知道如何重新排序，但他們通常不願意透露細節。我猜這對他們來說具有商業敏感度。

I'd very much like some of it, and so would our team so we can do a deeper dive on analytics. But as a general rule, the answer is they do not, and that's not a thing for us. It's a thing for anyone that's just their policies and as you probably know, Stephen, these big companies have quite strict policies for everything, but the short answer is no.

我非常喜歡其中的一些內容，我們的團隊也非常希望如此，這樣我們就可以對分析進行更深入的探討。但一般來說，答案是他們不會，而這對我們來說不是問題。對任何人來說這都是件好事，這只是他們的政策，正如你可能知道的，史蒂芬，這些大公司對所有事情都有相當嚴格的政策，但簡短的回答是否定的。

No, thank you. I just to follow on to the previous question about the sustainability of the cost drop. Those two lines of research and development and sales and marketing, they're down 44%-45%. 1st of all, congratulations on that. But just looking digging into the weeds at the marketing expenses, you are going to, well, or your partners are going to be attending conferences, that sort of thing, and I assume that's under the marketing budget. Is that going to be a little bit more difficult to remain flatish for the rest of the year?

不，謝謝。我只是想繼續之前關於成本下降可持續性的問題。研發和銷售行銷這兩個部門的成本下降了44%-45%。首先，恭喜你。不過，仔細看看行銷費用，你或你的合作夥伴要參加會議之類的費用，我想這些費用應該在行銷預算之內。在今年剩餘時間內保持平穩是否會變得更加困難？

I do believe that's in the budget.

我確實相信這在預算之內。

Yeah.

是的。

So we have planned for a lower level of spending this year. So if you remember last year we had quite a lot of launches in the year, so spending was naturally higher at that point and now it's to a certain extent it's sort of baked into business as usual. So yes, we will continue to attend conferences, particularly those where our partners are present. And if we need to, we will spend money, so it may well be lumpy from one quarter to the next, but overall we've budgeted to spend less money this year versus last year.

因此我們計劃今年降低支出水準。所以如果你還記得的話，去年我們推出了很多產品，那時的支出自然會更高，而現在，在某種程度上，它已經融入了正常的業務中。所以是的，我們將繼續參加會議，特別是我們的合作夥伴出席的會議。如果需要，我們就會花錢，因此從一個季度到下一個季度，支出可能會有所不同，但總體而言，我們今年的預算支出將比去年減少。

And one thing I would add as well, Steven in terms of what we're doing to try and save money. We're not we're attending the conferences to do the networking and meet with the KOL, but we're not necessarily hiring a booth because that's often what is the costly item at a conference and so that's definitely helps us manage costs, but we are still active.

我還想補充一點，史蒂文，我們正在採取一些措施來節省金錢。我們參加會議並不是為了建立聯繫和會見關鍵意見領袖，但我們也不一定要租用展位，因為這通常是會議上最昂貴的項目，所以這肯定有助於我們管理成本，但我們仍然很活躍。

So for example, Doctor Vetta. And Dr. Terry Kelly are attending ATS this weekend, the American Thoracic Society, but we don't have a booth at that, so then the costs are limited to just registration and then kind of some of the networking costs. So that's the way that we've kind of clawed back.

例如，Vetta 醫生。還有博士。特里凱利 (Terry Kelly) 本週末將參加美國胸腔科學會 (ATS)，但我們在那裡沒有展位，所以費用僅限於註冊費和一些網絡費用。這就是我們挽回損失的方法。

Yeah, and we still do our commercial officer and collaborators also at the Medb conference in Brussels. But we just do it as cheaply as we can but effectively as you can tell by the relationships, but I do think it's very important for a company in this environment. We really get it. It's a premium, so we make sure every dollar is used as wisely as possible. But having said that, we still need to spend money obviously to get the product out there to get the negotiations.

是的，我們仍然在布魯塞爾的 Medb 會議上與我們的商務官員和合作夥伴會面。但我們只是盡可能以低成本但有效的方式做到這一點，正如您從關係中看到的那樣，但我確實認為這對於這種環境下的公司非常重要。我們確實明白。這是一筆額外費用，因此我們要確保每一美元都得到盡可能合理的利用。但話雖如此，我們顯然仍然需要花錢來推出產品並進行談判。

You know we're in front of the biggest companies in the world, so we've got to keep in front of them, but we're very mindful of that. So I believe all the costs we have and we're actually not sitting on our hands. We are actually continuing to TRY to cut costs in every way we can while continuing to deliver licensing deals.

你知道，我們領先於世界上最大的公司，所以我們必須保持領先，但我們對此非常注意。所以我相信我們已經承擔了所有成本，而且我們實際上並沒有袖手旁觀。事實上，我們在繼續提供許可協議的同時，仍在繼續嘗試以一切可能的方式削減成本。

Thank you. And last question, thank you for the update on the feline side. Could you do something similar to the progress of that human study contract that you entered into in new Discover, a couple of months. I know it's not much time, but when would we see some revenues or when would you anticipate some revenues from that, hitting the income statement?

謝謝。最後一個問題，感謝您提供有關貓科動物的最新消息。您能否做一些類似於您在幾個月前在新發現計劃中籤訂的人類研究合約的進展的事情？我知道時間不多了，但是我們什麼時候才能看到一些收入，或者您什麼時候才能預期從中得到一些收入，從而達到損益表呢？

Yes. Sure, so I'll take that one, so that clinical study is actually will run over up to 2 years, so it'll be this year and into next year. So the revenue will be spread. So I think that we are taking the first set of samples in the 2nd quarter, but that it will be spread out over a period of time, so it is a longer term clinical study.

是的。當然，我接受這個。這項臨床研究實際上將持續兩年，也就是今年到明年。因此收入將會分散。所以我認為我們會在第二季度採集第一組樣本，但這將分散在一段時間內，所以這是一項長期臨床研究。

And just to answer, I've actually had a few questions about that. Obviously in the press release we did not mention the name of the company nor the size. That's obviously when you sign with big companies and a big company, that's the stipulation, but it's an amount of money that we're very happy with and an organization which is a very large one and a purpose which is extremely good and down our fairway. So if people read the press releases and wonder why we don't mention the names.

只是為了回答，我實際上對此有幾個疑問。顯然，我們在新聞稿中沒有提到該公司的名稱和規模。顯然，當你與大公司簽約時，這就是規定，但對於這筆錢，我們感到非常滿意，而且這個組織非常大，而且我們的目標非常好，符合我們的宗旨。因此，如果人們閱讀新聞稿並想知道為什麼我們沒有提及名字。

Very proud of the amounts mentioned and all the company and what they're doing, but those of you who deal with large companies know the first rule is you're mention any of that in the press release. Not our choice. We're very proud, happy, and it's a landmark contract for us a phase 1 b2 study and the amount of revenue is very meaningful, but we just can't in press releases, so I hope people understand the need for that, but it's certainly not from us not wanting to talk about it. We're very.

我對提到的金額以及公司的所有業務以及他們所做的事情感到非常自豪，但那些與大公司打交道的人都知道，第一條規則就是在新聞稿中提及這些內容。這不是我們的選擇。我們感到非常自豪和高興，這對我們來說是一個具有里程碑意義的合同，這是一項第一階段 B2 研究，收入數額非常有意義，但我們無法在新聞稿中透露，所以我希望人們理解這樣做的必要性，但這肯定不是因為我們不想談論它。我們非常。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you, Stephen. Have a great day and a good weekend.

謝謝你，史蒂芬。祝您有個愉快的一天和週末。

Thank you ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Reynolds for final comments.

謝謝女士們、先生們，我們的提問時間到此結束。我將把發言權交還給先生。雷諾茲作最後的評論。

Thank you, everyone, and thank you for joining the call today. It's obviously a very important time for us. We're now in the commercialization of all the different things we do. We've obviously just recently strengthened our balance sheet to give ourselves the runway to make sure that we can really deliver on the milestones that we're working on now. It's incredibly exciting this quarter that we had our first revenue from our first licensed human regulated human product in the European Union.

謝謝大家，也謝謝大家今天參加電話會議。這對我們來說顯然是一個非常重要的時刻。我們現在正致力於將我們所做的所有不同的事情商業化。顯然，我們最近剛剛增強了資產負債表，為我們提供了發展平台，確保我們能夠真正實現目前正在努力實現的里程碑。本季度，我們首次從歐盟獲得許可的受人體監管的人類產品中獲得了收入，這令人興奮不已。

A very wide range of hospitals now are looking at a very wide range of uses and also all the commercial discussions going on with the large companies on their platforms. So we're progressing very well, and the team is really working hard. It's a difficult environment at the moment, obviously in the macro level, but I think we've done a very good job at staying focused, cutting costs, and really getting the job done.

目前，許多醫院正在研究非常廣泛的用途，並且正在其平台上與大公司進行商業討論。因此我們的進展非常順利，團隊也確實非常努力。目前的環境很困難，顯然是在宏觀層面，但我認為我們在保持專注、削減成本和真正完成工作方面做得非常好。

So it should be a very exciting year, and I thank you all for your interest in the company. We really do appreciate it and I'm looking forward to updating you on the next call and we should have made very good progress by then as well. So thank you again for your time.

所以這應該是非常令人興奮的一年，我感謝大家對公司的關注。我們真的非常感激，我期待在下次通話中向您通報最新情況，到那時我們也應該已經取得了非常好的進展。再次感謝您抽出時間。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與。