Q4 2024 VolitionRx Ltd Earnings Call
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Cameron Reynolds: This one thing is the basis of all of our pillars. We now can measure nucleosomes on around half a dozen different established platforms. This broader applicability of what we have developed is, I believe, unprecedented.
Cameron Reynolds: I'm immensely proud of the innovative clinical and scientific progress we achieved in 2024, and I'm delighted that Dr Andy Retter, who joined as our Chief Medical Officer in April 2024, will provide a more detailed update later on our call. Before outlining some of our key highlights, pillar by pillar, a couple of other notable additions to our team in 2024.
Your phone.
Speaker Change: Please lift up the handset before making their selections. This conference call is being recorded today March 31, 2025, I would now like to turn the conference over to Louise Bachelor.
Louise Bachelor: Group, Chief marketing and Communications Officer. Please go ahead.
Speaker Change: Thank you and welcome everyone to today's conference call to Volitional Exenatide.
Cameron Reynolds: 2024 saw the welcome of Chair Mr. Timothy Still and Independent Director Dr. Ethel Rubin to Volition. Both Tim and Ethel have tremendous experience in the diagnostic sector from both a commercial and financial perspective and are a real asset to the company. So, on to the product pillars.
Speaker Change: Before we begin I'd like to remind everyone that sort of thing.
Speaker Change: Information discussed on this conference call.
Speaker Change: These forward looking statements covered under the Safe Harbor provisions of the private Securities Litigation Reform Act of 1995. These.
Speaker Change: These statements are based on our beliefs as.
Cameron Reynolds: First up, NucuVet. Expanding access to the NUQ Vet Cancer Test is one of Volition's primary objectives. We want to ensure veterinarians worldwide can benefit from canine cancer screening, earlier cancer detection, and improved outcomes for dogs in their care. We are realising this aim through our supply agreements with industry organisations such as Antec. Out of Mars, Science and Diagnostics. Fujifilm, VetSystems, Idex and others. As a result of our market expansion activity, we are delighted that our new QVET cancer test is now available to vets in over 20 countries. We sold approximately 120,000 tests in 2024, more than double the prior year and resulted in a 75% increase in vet revenue compared to 2023.
Speaker Change: Well as assumptions, we have used based upon information currently available to us.
Speaker Change: These statements reflect our current views concerning future events.
Speaker Change: These statements involve risks.
Speaker Change: Certain statements and assumptions.
Speaker Change: 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.
Speaker Change: A woman or achievements expressed or implied by these statements.
Speaker Change: We have identified various risk factors associated with our operations in our most recent annual report on Form 10-K.
Speaker Change: 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 group, Chief Executive Officer, Nicole providing the key highlights of 2024.
Cameron Reynolds: Our test is a simple, affordable and easy to use blood screening test. It can be integrated easily into preventative care programs and used alongside other routine blood work during regular wellness visits.
Speaker Change: <unk> and <unk>.
Cameron Reynolds: In April, 2024, Antec announced that their in-clinic version of the new QVET cancer test was available to vets in the US and Europe, operating on the Element iPlus analyzer and providing vets with a rapid, accurate and cost-effective cancer screening tool at the patient side with results in minutes. Since then, Antec has rolled out our tests in Canada, Australia, New Zealand, the UK and several countries in Asia with further expansions across their global network plan. In July, VetLab, a leading veterinary lab in Poland, also introduced our test and is actively providing it to its client base.
Speaker Change: The Cherokee group, Chief Financial Officer peripheral financial report.
Speaker Change: So Andre Reta, Chief Medical Officer will then share some significant progress from the innovation lab R&D and clinical team.
Speaker Change: Well, then Mark Hood with a review of more recent achievements and a look ahead to 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 Cameron.
Speaker Change: Thanks, Luke and thank you everyone for joining Volitions fourth quarter and full year 2020 earnings call. Today, we really appreciate your time given the busy earnings season, our focus in 2024 was on generating sufficient clinical data to convince the biggest players in the diagnostic screening and liquid biopsy world.
Cameron Reynolds: And also in July, Fuji Vet Systems in Japan launched our test nationwide and has achieved significant market penetration. Subsequent to year end, Fuji extended their contract to utilize a centralized lab automated platform of our new QVET cancer test using the i10. This is the world's first and will enable a more rapid turnaround and high throughput of our tests to meet increasing demand. And it's worth noting that this automated central lab platform is the same platform Volition utilizes for its human products, new QCancer, new QNet and new QDiscover, demonstrating yet again the synergy across Volition's new Q technology platform.
Speaker Change: <unk> platform will play a significant role in both the oncology and sepsis markets. I believe this was achieved beyond our expectations. We have now completed a number of large independent studies strongly supporting the value of our platform to engage with 25 see the publication of many of these studies as Andy.
Speaker Change: Ill cover later.
Speaker Change: In 2025 is designed multiple licensing deals in humans, and we're making very good progress on this there is a strong and broad interest in potential out licensing and oil supply agreements for both new units.
Cameron Reynolds: While we've made strong progress in new QVET in signing licensing and supply agreements with such a broad range of companies, we needed to make it scalable in centralized labs to achieve a larger and more consistent revenue ramp. The point of care market is very important and growing, but it's still less than 20% of the total market. It is proving difficult to run very large numbers of tests on our current ELISA platform, which is based on manual processing. This is where the recently signed deal with Fuji is key. They plan to have our tests running on the IDS automated platform this summer.
Speaker Change: And our oncology portfolio with a range of commercial discussions progressing well with multiple large companies. We aim to replicate what we previously achieved in the vet space with a range of deal structures, all with ongoing revenue and some with large milestone payments volition is at a pivotal juncture ready to revolutionize.
Speaker Change: The diagnostics and monitoring of life altering diseases, but both animals and humans. The past year has seen significant milestones, including expanding access to the <unk> cancer tests across more than 20 countries, establishing clinical utility for both our new cancer and <unk> knits tests and forging strategic.
Cameron Reynolds: We believe the automation of centralized labs is crucial to accelerating our growth rate. This has become a particular area of focus for us.
Cameron Reynolds: We aim to get our large customers automated so that they can easily and efficiently handle the much larger numbers of tests that would result from having our tests in annual PET wellness panels.
Speaker Change: <unk> to commercialize our groundbreaking epigenetics portfolio.
Speaker Change: As a reminder, all of the pillars use almost exactly the same platform, making it extremely effective in both cancer and sepsis for human and animal health us positioned as a company powered by <unk> and focused on one thing measuring 10 fragrance in circulation. This one thing is the basis of all of our appeal.
Cameron Reynolds: Next, I wanted to share an update on our new QDiscover pillar. New QDiscover tools provide drug developers and scientists with a range of rapid epigenetic profiling assays across preclinical and clinical development pathways from discovery to market ready. New QDiscover is built on proprietary nucleosome quantification technology. It is a valuable research tool for R&D professionals working within the field of pharma epigenetics, studying the epigenetic basis for variation in response to drugs. The new QDiscover pillar spans activities as simple as supplying research use-only kits either directly or via our US distributor, Diapharma, to providing services such as sampling processing onsite in Belgium or California, either with assays or a recently announced high throughput screening method to collaborators with drug developers utilizing our assays as surrogate endpoints or pharmacodynamic marker with a specific drug in development.
Speaker Change: We now can measure new consumes on around half a dozen different established platforms. This broader applicability of what we have developed is I believe unprecedented.
Speaker Change: Im immensely proud of the innovative clinical and scientific progress we achieved in 2024 and I'm delighted that Dr. Andy <unk>, who joined as our Chief Medical Officer in April 2024, who will provide a more detailed update later on our call.
Speaker Change: Before outlining some of our key highlights pillar by pillar.
Speaker Change: A couple of other notable additions to our team in 2020 for 20.
Speaker Change: 2024.
Cameron Reynolds: We have more than 10 repeat customers for our kits, including large diagnostic and pharmaceutical companies. In 2024, we process over 2,600 samples at our Belgian facilities for 13 customers, including providing services to six pharmaceutical companies, including two top 10 pharma companies with at least three of these companies commissioning more than one project. Discover revenue for 2024 was approximately $400,000 and we have an even stronger pipeline for 2025, which we will discuss in greater detail later.
Speaker Change: So welcome of chair, Mr. Timothy Steel and independent director, Dr. Ethel Rubin to evolution.
Speaker Change: Both Tim and Netto have tremendous experience in the diagnostic sector from both the commercial and financial perspective, and are a real asset to the company.
Speaker Change: So under the product pillars first up <unk> <unk>.
Speaker Change: Expanding access to the new cube that cancer test is one evolutions of primary objectives, we want to ensure veterinarians worldwide can benefit from canine cancer screening earlier cancer detection and improved outcomes for dogs in their care. We are realizing this aim through our supply agreements with industry organizations such as <unk>.
Immensely proud of the innovative clinical and scientific progress we achieved in 2024 and I'm delighted that Dr. Andy <unk>, who joined as our Chief Medical Officer in April 2024 will provide a more detailed update later on our call.
Cameron Reynolds: All in all, tremendous progress in 2024 for new QDiscover and I will return to this when reviewing recent events later in the call.
Before outlining some of our key highlights pillar by pillar.
Terig Hughes: But for now, I'll hand over to Tarek for the financial report.
Speaker Change: Nick.
Speaker Change: Out of my Science and diagnostics.
A couple of other notable additions to our team in 2024.
Terig Hughes: Good morning, everyone. 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 2024. In 2024, we recorded $1.2 million in revenue, a growth of 59% over the full year 2023. Revenue from our NUQ Vet Cancer Test was $0.8 million and grew by 75% over the prior year. We sold approximately 120,000 NUQ Vet Cancer Tests and Test Components in 2024, more than double what we sold in 2023.
Speaker Change: Fuji film Vet systems, IDEXX and others.
'twenty 'twenty four.
Speaker Change: So the welcome of chair, Mr. Timothy Steel and independent director, Dr. Ethel Rubin to evolution, both Tim and Ethel have tremendous experience in the diagnostic sector from both the commercial and financial perspective, and are a real asset to the company.
Speaker Change: As a result of a market expansion activity. We are delighted that our new cubic cancer test is now available in over 20 countries. We sold approximately 120000 tests in 2024 more than double the prior year and resulted in a 75% increase in revenue compared to 2023 hour test is a simple affordable.
Speaker Change: So onto the product pillars first up NICU vet.
Speaker Change: And easy to use blood screening tests, it can be integrated easily into preventative care programs and used alongside other routine blood work during regular wellness visits.
Speaker Change: Expanding access to the Ncube at cancer Test is one of evolutions of primary objectives, we want to ensure veterinarians worldwide can benefit from canine cancer screening earlier cancer detection and improved outcomes for dogs in the cab. We are realizing this aim through our supply agreements with industry organizations such as <unk>.
Speaker Change: In April 2024, and <unk> announced that the in clinic version of the <unk> test was available to vets in the U S and Europe operating on the element I, plus analyzer, and providing <unk> with a rapid accurate and cost effective cancer screening tool at the patient side with results in minutes since.
Speaker Change: Nick.
Speaker Change: Out of my Science and diagnostics.
Terig Hughes: Revenue from NUQ Discover was $0.4 million with year-on-year growth of 40%. We also recorded our first revenue for NUQ Nets, a significant milestone. 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.
Fuji film Vet systems, IDEXX and others.
Speaker Change: As a result of a market expansion activity. We are delighted that our new cubic cancer test is now available in over 20 countries. We sold approximately 120000 tests in 2024 more than double the prior year and resulted in a 75% increase in revenue compared to 2023 hour test is a simple affordable.
Speaker Change: ANTEC is rolled out our test in Canada, Australia, New Zealand and the U K and several countries in Asia with further expansions across a global network plan in July that lab, a leading veterinary lab in Poland also introduce our test and is actively providing it to its client base and also in July <unk> systems in Japan.
Terig Hughes: 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. From an expenditure perspective, we significantly reduced operating expenses, which were 23% lower compared to the full year 2023. Moreover, second-half operating expenses were 31% lower compared to the prior year, as cost reduction measures disclosed previously took effect. Net cash used in operating activities was $25.9 million in 2024. This compared with $18.1 million in 2023, which benefited from the receipt of $13 million in milestone payments from HESCA, now Antec. Excluding those milestone payments, net cash used in operating activities was down 17% year-on-year.
Speaker Change: And easy to use blood screening tests, it can be integrated easily into preventative care programs and used alongside other routine blood work during regular wellness visits.
Speaker Change: Launch our test nationwide and has achieved significant market penetration.
Speaker Change: Obsequent two year and Fuji extended their contract to utilize a centralized lab automated platform of a nuc youbet cancer test using the <unk>. This is the world's first and it will enable a more rapid turnaround and high throughput of our test to meet increasing demand.
Speaker Change: In April 2024, and today announced that the in clinic version of the New U Catholic test was available to vets in the U S and Europe operating on the element I, plus analyzer, and providing beds with a rapid accurate and cost effective cancer screening tool at the patient side with results in minutes since.
Speaker Change: And it's worth noting that this automated central lab platform is the same platform volition utilizes towards human products, new cancer <unk> units and you discover demonstrating yet again, the synergy across Pollutions nuclear technology platform, while we made strong progress in your vet in signing licensing and supply agreements with.
Speaker Change: ANTEC is rolled out our test in Canada, Australia, New Zealand and the U K and several countries in Asia with further expansions across a global network plan in July Vet lab, a leading veterinary lab in Poland also introduced our tests and is actively promoting it to its client base and also in July Fuji bed systems in Japan.
Speaker Change: Such a broad range of companies, we needed to make it scalable in centralized labs to achieve a larger and more consistent revenue ramp the point of care market is very important and growing but it's still less than 20% of the total market. It is proving difficult to run very large numbers of tests on our current Elisa platform, which is based on.
Terig Hughes: Cash and cash equivalents at the end of the year totaled approximately $3.3 million. During 2024, we continued to receive significant support from agencies of the Walloon region in Belgium, receiving approximately $1.8 million in non-dilutive funding payments. Subsequent to year-end, we received approximately $1.8 million of non-dilutive funding from institutions in Belgium and approximately $2.5 million from equity sales, which included a direct offering to investors, as well as sales through our at-the-market facility of $0.2 million.
Speaker Change: Launch our test nationwide and has achieved significant market penetration.
Speaker Change: Obsequent two year and Fuji extended their contract to utilize a centralized lab automated platform of a nuc EBIT cancer tests using the items. This is the world's first and will enable a more rapid turnaround at high throughput of our test to meet increasing demand.
Speaker Change: On manual processing. This is where the recently signed deal with Fuji T. They plan to have our test running on the Ids automated platform. This summer we believe the automation of centralized labs is crucial to accelerating our growth rate. This has become a particular area focus for us we aimed to get our large customers automated so.
Speaker Change: And it's worth noting that this automated central lab platform is the same platform volition utilizes towards human products, you cancer unique units and you discover demonstrating yet again, the synergy across evolutions Youku technology platform, while we've made strong progress in your vet in signing licensing and supply agreements with.
Terig Hughes: So, to summarise the finance report, key indicators are trending positively. Revenue is up 59% year-on-year. Operating expenses were down 23% on a full-year basis, and trending lower, with H2 2024 down 31%. We continue to receive non-dilutive funding support in the form of grants and loans from Belgian institutions, and licensing discussions are progressing well. All these items combined support our goal to be cash flow neutral in full year 2025.
Speaker Change: They can easily and efficiently handle the much larger numbers of tests that would result from having our test in annual pet wellness Panel's next I wanted to share an update on our new <unk> discover pillar you can discover tools provide drug developers and scientists with a range of rapid epigenetic profiling assays across preclinical and <unk>.
Speaker Change: Such a broad range of companies, we needed to make it scalable in centralized labs to achieve a larger and more consistent revenue ramp the point of care market is very important and growing but it's still less than 20% of the total market is proving difficult to run very large numbers of tests on our current Elisa platform, which is based on.
Speaker Change: Clinical development pathways from discovery to market ready you can discover is built on proprietary nucleosome quantification technology. It is a valuable research tool for R&D professionals working within the field of farmer epigenetics studying the epigenetic basis for variation in response to drugs and you could discover pillar spans.
Speaker Change: On menu processing and this is where the recently signed deal with Fuji T. They plan to have our tests running on the ideas automated platform. This summer we believe the automation of centralized labs is crucial to accelerating our growth rate. This has become a particular area of focus for us we aimed to get our large customers automated so.
Andrew Retter: With that, I will pass over to Andy for a clinical update. Good morning, everybody, and thank you, Terig. I'm very pleased with the incredible progress we've made from an innovation, scientific and clinical perspective across both the NUQNets and NUQ Cancer Pillars in recent months. And indeed, some of our exciting work we have completed, we've got work with our NUQ Discover Pillar.
Speaker Change: Activities as simple as supplying research use only kit either directly or via our U S distributor di Parma to providing services such as sampling processing onsite in Belgium, or California aid with assays for originally announced high throughput screening method two collaborators with drug developers utilizing our assets as surrogate endpoints or biomarker.
Speaker Change: They can easily and efficiently handle the much larger numbers of tests that would result from having our tests in annual pet wellness Panel's next I wanted to share an update on our new <unk> discover pillar you can discover tools provide drug developers and scientists with a range of rapid epigenetic profiling assays across preclinical and.
Andrew Retter: A range of large-scale independent studies were completed across the pillars, and whilst not all of this work is publicly reportable at present, we have certainly added it to our out-licensing data rooms in a meaningful way throughout 2024, and anticipate adding more publications in 2025.
Speaker Change: Dynamic marker with a specific drug in development, we have more than 10 repeat customers for our kits, including large diagnostic and pharmaceutical companies in.
Speaker Change: Clinical development pathways from discovery to market ready you can discover is built on proprietary nucleosome qualification technology. It is a valuable research tool for R&D professionals working within the field of farmer epigenetics studying the epigenetic basis for variation in response to drugs and you can discover pillar spans.
Speaker Change: In 2024, we processed over 2600 samples at our Belgian facilities for 13 customers, including providing services to six pharmaceutical companies, including two top 10 pharma companies with at least three of these companies commissioning more than one project discover revenue for 2024 was approximately four.
Andrew Retter: I've just returned from the European Lung Cancer Conference held in Paris last week, and so we'll begin my update with our NUQ Cancer Pillar. Lung cancer is the leading cause of cancer deaths worldwide, accounting for the highest mortality rates among men and women. In the US, it kills three times as many men as prostate cancer and three times as many women as breast cancer.
Speaker Change: Activities as simple as supplying research use only kit either directly or via our U S distributor di Parma to providing services such as sampling prejudicing onsite in Belgium, or California eat with assays or originally announced high throughput screening method two collaborators with drug developers utilizing our assays as surrogate endpoints or biomarker.
Terri: <unk> hundred thousand dollars and we have an even stronger pipeline for 2025, which we will discuss in greater detail later holding all tremendous progress in 2024 for <unk> discover and I will return to this when reviewing recent events later in the call, but for now I'll hand over to Terri for the financial report.
Andrew Retter: Currently, lung cancer is often diagnosed at a very advanced stage, but treatment options are limited, making it challenging to personalize care and to monitor an individual's response and disease progression. Throughout 2024, we generated data to support our use cases from NUQ, from screening to aiding treatment selection of diagnosis and monitoring treatment response, and the burden of minimal residual disease, and ultimately, disease progression. An 800-patient study demonstrated that NUQ cancer was able to differentiate between malignant and benign pulmonary nodules found on low-dose CT scanning in patients suspected of lung cancer. These results were announced in December and published in March of this year.
Speaker Change: Dynamic marker with a specific drug in development, we have more than 10 repeat customers for our kits, including large diagnostic and pharmaceutical companies in.
Terri: Good morning, everyone.
Speaker Change: Stated on our last call one of our key financial goals for 2025, it could be cash neutral on a full year basis.
Speaker Change: In 2024, we processed over 2600 samples at our Belgian facilities for 13 customers, including providing services to six pharmaceutical companies, including two top 10 pharma companies with at least three of these companies commissioning more than one project discover revenue for 2020 pool was approximately four.
Speaker Change: 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 2024.
Speaker Change: In 2024, we recorded $1 2 million in revenue the growth was 59% over the full year 2023.
Terri: <unk> hundred thousand dollars and we have an even stronger pipeline for 2025, which we will discuss in greater detail later pulled it all tremendous progress in 2020 for when you could discover and I will return to this when reviewing recent events later in the call, but for now I'll hand over to Terri for the financial report.
Andrew Retter: This is groundbreaking use of our NUQ-TANCS test, allowing it to support physicians and clinical decision-making following low-dose CT. It enables them to identify patients at highest risk and those whose nodules are more likely to be cancerous. It also potentially identifies patients who present with low risk of lung cancer, therefore, could be followed up and avoid the need for unnecessary interventions, such as a biopsy. And this is really reassuring and enables clinicians' precision medicine to benefit patients and improve their care.
Speaker Change: Revenue from our <unk> cancer test with $1 $8 million and grew by 70% over the prior year, we sold approximately 120000 <unk> that cancer tests and test components in 2024 more than double what we sold in 2023 revenue from UPC discover with $8 4 million.
Terri: Good morning, everyone.
Terri: Stated on our last call one of our key financial goals for 2025 is to be cash neutral on a full year basis.
Speaker Change: With year on year growth of 40%.
Speaker Change: We also recorded our first revenue for new Q next a significant milestone.
Terri: <unk> income, including licensing receipts matches expenditure on the cash basis, and I'm delighted to report that across a range of financial indicators, we made significant progress towards this target during 2024.
Speaker Change: It is worth noting as we have stated.
Speaker Change: Italy.
Andrew Retter: Subsequent to the end of the year, the team at NTU has enrolled the first patient in their final validation study, funded by the Wolloon region. 500 patients will be enrolled, and this study is due to complete by the end of 2025. If these findings align with the previous results of the NUQ test, it may be considered in combination with national lung cancer screening programs, including but not limited to Taiwan. More accurate screening potentially leads to a greater uptake of screening by patients, improving both the negative and positive predictive rate. This can lead to diagnosing cancer earlier, reassuring patients when they don't have cancer, and hopefully saving many, many lives.
Speaker Change: This early stage of commercialization revenues remained fairly lumpy and difficult to predict from one quarter to the next so while we remain confident of seeing solid growth for the full year basis, we will not be providing revenue guidance for 2025 at this point in time.
Terri: In 2024, we recorded $1 $2 million in revenue the growth was 59% over the full year 2023.
Speaker Change: From an expenditure perspective, we significantly reduced operating expenses, which were 23% lower compared to the full year 2023. Moreover, second half operating expenses were 31% lower compared to the prior year as cost reduction measures disclosed previously took effect net cash used in operating activities was 20.
Terri: Revenue from our <unk> cancer test with $1 $8 million and grew by 74% over the prior year, we sold approximately 120000 <unk>.
Terri: <unk> that cancer tests and test components in 2024 more than double what we sold in 2023 revenue from UTP discover with over $4 million with year on year growth of 40%.
Speaker Change: $5 $9 million in 2020 for.
Speaker Change: This compared with $18 1 million in 2023 rate, which benefited from the receipt of $13 million in milestone payments from Heska now rentech, excluding those milestone payments net cash used in operating activities was down 17% year on year.
Terri: We also recorded our first revenue for <unk> next significant milestone.
Andrew Retter: A second key collaborator in lung cancer is the Hospices des Sevilles in Lyon, France. Their research looks at the use of NUQ throughout a patient's cancer journey, from aiding treatment selection at diagnosis to monitoring response to treatment and measuring the minimal residual disease burden. And finally, it can assess disease progression. Their initial study was published in 2023, and two manuscripts are currently in development for publication this year.
Terri: It is worth noting as we've stated previously.
Terri: Early stage of commercialization revenues remained fairly lumpy and difficult to predict from one quarter to the next.
Terri: While we remain confidence of seeing solid growth for the full year basis, we will not be providing revenue guidance for 2025 at this point in time.
Speaker Change: Cash and cash equivalents at the end of the year totaled approximately $3 $3 million.
Speaker Change: During 2024, we continue to receive significant support from agencies of the <unk> region in Belgium.
Terri: From an expenditure perspective, we significantly reduced operating expenses, which were 23% lower compared to the full year 2023. Moreover, second half operating expenses were 31% lower compared to the prior year as cost reduction measures disclosed previously took effect net cash used in operating activities was 20.
Speaker Change: Saving approximately $1 8 million in non dilutive funding payments subsequent to yearend. We have received approximately $1 8 million of non diluted funding from institutions is in Belgium, and approximately $2 5 million from equity sales, which included a registered direct offering to investors as well.
Andrew Retter: Bringing you right up to date, I'll simply highlight the latest findings reported at the European Lung Cancer Congress in Paris last week. The interim analysis of 832 patients demonstrated that NUQ H3K27 trimethyl is a strong prognostic marker in non-small cell lung cancer. H3K27 trimethyl is a non-invasive biomarker that complements circulating tumor DNA and predicts survival regardless of a patient's previously determined mutation status. These exciting results confirm earlier studies that showed H3K27 trimethyl as diagnosis could help inform treatment decisions and patients monitoring facilitating personalized care.
Terri: $5 $9 million in 2020 for.
Terri: This compared with $18 $1 million in 2023 rate, which benefited from the receipt of $13 million in milestone payments from Heska now in tech excluding those milestone payments net cash used in operating activities was down 17% year on year.
Speaker Change: Sales through our at the market facility of $1 2 million.
So to summarize the financial report key indicators are trending positively.
Speaker Change: Revenue was up 59% year on year.
Speaker Change: Operating expenses were down 23% on a full year basis and trending lower with age to 2024 down 31%. We continue to receive non diluted funding support in the form of grants and loans from Belgium institutions.
Terri: Cash and cash equivalents at the end of the year totaled approximately $3 $3 million.
Terri: During 2024, we continue to receive significant support from agencies, if the balloon region in Belgium.
Andrew Retter: This study is being written up. The aspiration is to submit it for peer-reviewed publication by the end of the second quarter.
Terri: Saving approximately $1 $8 million in non diluted funding payments subsequent to year end, we have received approximately $1 8 million of non.
Speaker Change: And licensing discussions are progressing well all these items combined to support our goal to be cash flow neutral in full year 2025 with that I will pass over to Andy for a clinical update.
Andrew Retter: For further information about UQ cancer, I can signpost you to a recent report available on our website, Hope for a Brighter Tomorrow, a great read highlighting the potential use of UQ across the disease timeline. Lastly, but by no means least from an oncology perspective, the research and development team have made some significant progress with the use of NUQ technologies in the diagnosis of solid cancers.
Terri: Non dilutive funding from institutions is Belgium, and approximately $2 5 million from equity sales, which included a registered direct offering to investors as well as sales through our at the market facility of $1 2 million.
Andy: Good morning, everybody and thank you Terry I'm very pleased with the incredible progress we have made from an innovation scientific and clinical perspective across both the <unk> cancer killer in recent months and indeed, some of our exciting but if completed we've got ongoing work with our new key discover pillar a range of large scale independent studies with <unk>.
Terri: So to summarize the financial report key indicators are trending positively.
Terri: Revenue was up 59% year on year.
Andrew Retter: Subsequent to year end, a manuscript was submitted to peer review and is available on MedArchive detailing the results of the study, which shows that an automated NUQ cancer immune assay currently in development detected a range of 21 different This new test could potentially be used as a standalone pan-cancer test given its strikingly low false positivity rate among healthy people, and we hope to license out in conjunction with other liquid biopsy techniques to improve accuracy. We are excited to publish this further validation of our NUQ platform. It represents a significant potential opportunity to disrupt the liquid biopsy market and bring a new marker for improved multi-cancer detection to market.
Terri: Operating expenses were down 23% on a full year basis and trending lower with age to 2024 down 31%. We continue to receive non dilutive funding support in the form of grants and loans from Belgium institutions.
Andy: Seated across the pillows and whilst not all of this work is publicly reported but at present, we have certainly additive to our out licensing data revenues in a meaningful way throughout 2024 and anticipate adding more publications in 2025.
And licensing discussions are progressing well all these items combined to support our goal to be cash flow neutral and full year 2025 with that I will pass it over to Andy for a clinical update.
Andy: Just returned from the European lung cancer Congress held in Paris, France, Lastly, I will begin my update with our new key cancer pillar.
Andy: Cancer is a leading cause of cancer deaths worldwide accounting for the highest mortality rate till our men and women in the U S Securities three times as many man's prostate cancer, but three times as many women as breast cancer currently locked countries often diagnosed at a very advanced stage of treatment options are limited.
Andy: Good morning, everybody and thank you Terry I am very pleased with the incredible progress we have made from an innovation scientific perspective across both <unk> and <unk> cancer pilots in recent months and indeed, some of our exciting but if completed on Guidewire Aquila need can you discuss.
Andy: Challenging to personalize care until millimeter and individuals response and disease progression throughout 2024, we generated data to support our used cases for me Keith I'm screening tracing treatment selection of diagnosis and monitor treatment response.
Andrew Retter: This is a breakthrough based on 15 years of developmental work by our scientific team at Volition.
Andy: A range of large scale independent studies were completed across the planet.
Andy: Not all of this work is publicly reported that at present, we have certainly additive to our out licensing data revenue in a meaningful way throughout 2024 and anticipate adding more publications in 2025 have just returned from the European lung cancer Congress held in Paris last week that we will begin.
Andrew Retter: As Cameron mentioned earlier, we are in active discussions regarding our cancer portfolio with a number of large diagnostic and liquid biopsy companies. Our ambition is to sign at least one licensing agreement with these companies this year.
Andy: But at a minimum residual disease and ultimately disease progression.
Andy: And 800 patient study demonstrated need key cancer was able to differentiate between malignant and benign pulmonary nodules found on latex Cts scanning and patients suspected of lung cancer.
Andrew Retter: 2024 was also an incredibly busy and productive year for NUQ-NET2. We processed over 14,000 samples from more than 3,000 patients to generate significant supporting evidence for the use of our H3.1 assay. 2024 was all about completing these studies.
Andy: Our data with our new key cancer pillar.
Andy: Non cancer is the leading cause of cancer deaths worldwide accounting for the highest mortality rate till our men and women in the U S Securities three times as many man's prostate cancer. The three times as many women with breast cancer currently locked countries often diagnosed at a very advanced stage of treatment options are limited challenging to personalize care until.
Andy: These results were announced in December and published in March of this year.
Andy: This is groundbreaking east of linear key tasks tasks, allowing it to support physicians and clinical decision, making for them later ICT and enables them to identify patients at highest risk.
Andrew Retter: 2025 is now about showcasing and presenting the data.
Andrew Retter: Much like an earning season, March is also conference season for clinicians. And so prior to ELCC, I had the pleasure of attending the International Symposium on Intensive Care and Emergency Medicine, ITICAMP, one of the world's leading intensive care conferences. What a conference it was for H3.1. The review article, co-authored by myself and professors Tijali Anand and Mervyn Singer and published in Critical Care Medicine earlier this year, has now been accessed over 2,250 times. It was referenced extensively throughout the meeting with two figures in particular featuring in multiple presentations. Several key opinion leaders delivered presentations that thoroughly addressed the role and potential of the new QH3.1.
Andy: On the 10 individuals response and disease progression throughout 2024, we generated data to support our use cases for me key screening tracing treatment selection of diagnosis amongst retriever response.
Andy: This season, our tools are more likely to be contract.
Andy: Say potentially identify patients who present with low risk for lung cancer, therefore could be followed up and avoid the need for a necessary interventions such as the biopsy and this is really reassuring and enable selection precision medicine.
Andy: But at a minimum residual disease and ultimately disease progression.
Speaker Change: Benefit of patient increase that cash subsequent to the end of year. The team of MTA has enrolled the first patient in the final validation study funded by the Walloon region.
Andy: 800 patient study demonstrated need key cancer was able to differentiate between malignant and benign programming tools held our laser scanning and patients suspected lung cancer.
Speaker Change: 500 patients will be enrolled in this study is due to complete by the end of 2025. If these findings align with the previous results. The key test it may be considered in combination with national lung cancer screening programs, including but not limited to.
Andy: These results were announced in December and published in March of this year.
Andy: This groundbreaking use of a new key tasks test, allowing it to support physicians and clinical decision, making for them later ICT and enables them to identify patients at highest risk and less seasonal and more likely to be contract.
Andrew Retter: Dr. Lové-Bosch presented our largest study to date of over 1,700 patients. Professor Michael Bauer presented the Jena study of just under 1,000 patients with sepsis and septic shock. And Professor Tijali Anand presented interim findings of the RHE record study in France. The aim is to recruit up to 1,500 patients and Tijali shared data on over 500 patients. All three clinical studies use new QNET's test to measure circulating levels of H3.1 nucleosomes in the bloodstream. These serve as an excellent surrogate marker of neutral excella traps. All three studies clearly and consistently show that an elevated circulating H3.1 nucleosome level in sepsis is associated with an increased risk of mortality, renal failure, multiple organ failure, disseminated intrafascial coagulation, and septic shock.
Speaker Change: Taiwan more accurate screening potentially lead to a greater uptake of screening patients improving by C negative and positive predict right. This can lead to diagnosing cancer earlier, we're showing patients were maintained have cancer.
Andy: I'll say potentially identify patients who present with low risk lung cancer, therefore could be for the top and avoid the need for a necessary intervention such as a biopsy and this is really reassuring and enable solutions precision medicine.
Speaker Change: Hopefully saving many many lives.
Speaker Change: Second key collaborator in lung cancer is the hospices deals and Neil across their research looks at the use of <unk> throughout a patient's cancer journey from alien treatment flex that diagnosis to monitoring response to treatment and measuring the minimal residual disease burden and finally.
Andy: Tennessee, a patient increase that cash subsequent to the end of the at the <unk>.
<unk> and Ta has enrolled the first patient in that final validation study.
Andy: Despite the Walloon region 500 patients will be enrolled in this study to complete by the end of 2025. If these findings align with previous results the need to test. It may be considered in combination with national lung cancer screening programs, including but not limited to Taiwan Laura.
Speaker Change: Assess disease progression for initial study was published in 2023.
Andrew Retter: As a clinician, we hope that H3.1 will be extremely helpful. We know that H3.1 levels rise rapidly and early in a patient's admission. This gives us a new tool to identify patients at the greatest risk of deteriorating and deteriorating fast. Hopefully, this will enable us to improve triage and act faster to save lives and improve care. We are honoured to be working with so many leading clinicians in the intensive care community.
Speaker Change: Manuscripts are currently in development for publication this year brings.
Speaker Change: Bring you right up to date are simply highlight our latest findings reported.
Screening potentially lead to a greater uptake of screening by patients improving by C negative and cost typically take rate. This can lead to diagnosing cancer earlier, we're showing patients were maintained at high.
Speaker Change: The European lung cancer Congress in Paris last week the <unk>.
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Andy: Police, having many many lines.
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Andy: Key collaborator in lung cancer is the hospital.
Speaker Change: As a noninvasive biomarker.
Andy: And Neil across their research looks at the use of new key throughout a patient's cancer journey from alien treatment flagship diagnosis to monitoring response to treatment and measuring the minimal residual disease burden and finally.
Speaker Change: Compliments circulating tumor DNA and predict survival with got less of the patients previously determined to be tasty state. These exciting results confirm earlier studies the shade HEK 270, <unk> filed a diagnosis could help inform treatment decisions and patient monitoring facilitating pass.
Andrew Retter: Having their support and advocacy is really important, not only for clinicians, but supporting our ongoing discussions with a number of licensing partners.
Andrew Retter: Looking forward, we have presentations at other important conferences. I'm going to the American Society for Thrombosis and Haemostasis in Q2 alone. There are other conferences in Q3 and perhaps one in Q4 as well.
Andy: Yes disease progression for initial study was published in 2023 and two manuscripts are currently in defense of publication this year.
Speaker Change: Sure.
Speaker Change: The study is now being with snap.
Andy: Bring you right up to date are simply highlight the latest findings reported.
Speaker Change: Aspiration is to submitted for peer reviewed publication by the end of the second quarter.
Andrew Retter: And importantly, in addition to all this clinical evidence, we also made great progress throughout 2024 in generating and publishing scientific evidence to support the role of H3.1 in ketosis. These papers from the Innovation Lab form part of a number of strands that we are weaving together to improve and support the justification of H3.1. And actually having the scientific work enrich and support the clinical data is critical. We're incredibly proud of the work from the Innovation Team. Three papers have been published, Zuckers et al., Atterbury et al., and Kaiford et al. While another paper, the Methods paper, is currently out for peer review.
Andy: The European lung cancer Congress in Paris last week the <unk>.
Speaker Change: Further information about the Utica.
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Speaker Change: Brighter tomorrow.
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Andy: It's a strong prognostic marker in non small cell lung cancer.
Speaker Change: Firstly.
Speaker Change: No means least from an oncology perspective, the recession development team have made some significant progress with the ECB key technologies in the diagnosis of solid cancers.
Andy: <unk> is a noninvasive biomarker.
Andy: Continents circulating tumor DNA and predicts survival with godless patients previously determined to be tasteless state these exciting results.
Speaker Change: Obsequent to year end and manuscript submitted superiority and is available on met archives detailing the results of the study which is an automated new key cancer immuno assay currently in development detected a range of 21 different countries.
Andy: Earlier studies, the shade HEK 2007 Chinese style of diagnosis.
Andy: Could help inform treatment decisions and patient monitoring facilitating personalized care.
Speaker Change: New test could potentially be used as a standalone pan cancer test.
Andy: This study is okay with not the aspiration is to submitted for peer review publication by the end of the second quarter.
Andrew Retter: These scientific papers underlie clinicians' scientific expertise, their expertise and knowledge around nucleosome technology, and have proved to be of significant interest, not only to key opinion leaders and clinicians attending conferences, but to our licensing partners. And they help reinforce and support the argument, supporting the use and scientific justification for H3.1 nucleosomes. These papers have been critical in answering the very detailed questions we get from licensing companies.
Speaker Change: Given this strikingly false positivity rate among healthy people.
Andy: Further information on the key cancer I can sign post <unk> recent report available on our website.
Speaker Change: And we hope to license out in conjunction with other liquid biopsy techniques to improve accuracy. We are excited to publish this further validation of our new key platform <unk>.
Andy: Brian This is Laura a great read highlighting the potential use of <unk> across the disease timeline.
Speaker Change: Presents a significant potential opportunity to disrupt the liquid biopsy market and bring a new market for improved multi cancer detection market.
Andy: Firstly.
Speaker Change: No means least from an oncology perspective, the recession development team have made some significant progress with adhesive EQ technologies in the diagnosis of solid cancers.
Speaker Change: This is a breakthrough based on 15 years of development.
Speaker Change: Scientific team installation as Cameron mentioned earlier, we are in active discussions regarding a cancer portfolio with a number of large diagnostic liquid biopsy companies.
Speaker Change: Obsequent to year end and manuscripts submitted for peer review and is available on met archives detailing the results of the study, which is an automated new key cancer Immunoassay company developments detected a range of 21 different cancers. This new test could potentially be used as a standalone pan cancer test.
Andrew Retter: All in all, very busy and very exciting times for Nukid Nets. And as I said before, 2024 was all about completing the studies. 2025 is about showcasing the data and taking the licensing deals forward.
Speaker Change: Our ambition is to sign at least one licensing agreements with these companies this year.
Andrew Retter: Before passing back to Cameron, I would also like to touch on a new QDiscover pillar led by my friend and colleague, Dr. Jasmine Quay. As Cameron mentioned at the top of the call, we've worked with more than 10 pharmaceutical companies in 2024 with new QDiscover, including a number of companies who are repeat customers. Following a successful pilot study, subsequent to year-end, we announced that our new Q-Discover biomarkers are to be utilised in a human clinical study sponsored by a leading pharmaceutical company for the first time. This is a significant milestone for our NUQ Discover programme.
Speaker Change: 2024 was also an incredibly busy and productive year for Nietzsche nets tape, we processed 14000 samples from over 3000 patients to generate significant supporting evidence for the use of our HVAC right.
Speaker Change: Given this strikingly like false positivity rate among healthy people.
Speaker Change: And we hope to license out in conjunction with other liquid biopsy techniques to create accuracy. We are excited to publish this further validation of our new key platform <unk>.
Speaker Change: 2020, strollers will about completing these studies 2035 is now about showcasing and presenting the data.
Speaker Change: Presents a significant potential opportunity to disrupt the liquid biopsy market and bring a new market for improved multi cancer detection market.
Speaker Change: Like in earning season, Martin Luther competencies and speculation, let's say prior to ALC I had the pleasure attending the international symposium on intensive cannulize et cetera.
Speaker Change: This is a breakthrough based on 15 years of development.
Speaker Change: <unk> scientific team inflation as Cameron mentioned earlier, we are in active discussions regarding a cancer portfolio with a number of large diagnostic liquid biopsy companies.
Speaker Change: One of the world's leading intent to cure.
Andrew Retter: The first human clinical study with a pharmaceutical company sponsor utilising Volition's biomarkers to measure disease progression and response to treatment in a longitudinal phase one, phase two B trial of an experimental drug. We are delighted to support the pharmaceutical company of clinical efforts in developing new drugs for the treatment of a large and unmet need. This first study is expected to generate significant revenue for Volition. We are in further discussions with this and other companies and anticipate additional clinical studies. We believe these will not only further validate the capabilities of our technology and strengthen our position in the pharmaco epigenetics market, but also generate significant future revenue.
Speaker Change: Both the conference it was phase III.
Speaker Change: The review article co authored by myself.
Speaker Change: Charlie or non unless its thing it published and critical care medicine earlier this year and now are in excess of 2000 and 250 times. It was referenced extensively throughout the meeting with <unk> in particular featuring in multiple presentations.
Speaker Change: Our ambition is to sign at least one licensing agreements with these companies this year 20.
Speaker Change: 2024 was also an incredibly busy and productive year for <unk>, we processed 14000 cell coastal over 3000 patients to generate significant supporting evidence for the use of our history.
Speaker Change: Several key opinion leaders delivered presentations thoroughly addressed alone in potential <unk> III quite minor.
Speaker Change: 20 controls all about completing these studies 2025.
Speaker Change: <unk> presented our largest study to date.
Speaker Change: Showcasing presenting the data looks like and earning season Martin Luther competencies a situation, let's say prior to ALC I had the pleasure of attending the international symposium on intensive cannulize et cetera.
Speaker Change: 1700 patients Professor Michael Power presented the study under a thousand patients with sepsis and septic shock.
Speaker Change: <unk> Italia and on presented interim findings.
Andrew Retter: From my perspective as a clinician, I think it is incredibly exciting to incorporate new Q-Discover technology and biomarkers into a sponsored studies design. Volition has been about enrichment, diagnostic enrichment, prognostic enrichment, and refined personalised care. If we improve the accuracy and specificity of diagnosis and treatment, we improve patient care, both in terms of identifying patients at risk of disease progression, enabling them to be diagnosed quicker, faster, more easily with less invasive technologies, and hopefully optimise new therapies that they might respond to as well. By identifying specific epigenetic signatures associated with disease states and treatment responses, Volition aims to help clinicians match patients with therapies most likely to benefit them, while sparing them from treatments that are unlikely to be effective.
Speaker Change: <unk> achieved record studying problems.
Speaker Change: But as the worlds leading intend to tackle.
Speaker Change: Jim is to accrete up to 500 patients and to Charlie shared data on over 500 patients.
Speaker Change: For the conference it was $3 one to review article co authored by myself.
Speaker Change: Three clinical studies <unk> test to measure circulating levels of phase III <unk> in the bloodstream. They serve as excellent surrogate markup in each frac sand that drops all three studies, clearly and consistently shape and elevated <unk> level in sepsis.
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Speaker Change: Several key opinion leaders delivered presentations thoroughly address the role in potential <unk> III playbook.
Speaker Change: Associated with an increased risk of mortality renal failure multiple organ failure disseminate casket calculation in septic shock.
Speaker Change: <unk> presented our largest study to date 1700 patients.
Speaker Change: The clinician, we hope that <unk> will be extremely helpful.
Speaker Change: Professor Michael power presented at the end of the study.
Speaker Change: 1000 patients with sepsis.
Speaker Change: Is that a $3 one levels rise rapidly in early in a patient's admission.
Speaker Change: Professor <unk> Italia non presented interim findings.
Speaker Change: It is a new tool to identify patients at greatest risk of deteriorating and deteriorating fast.
Speaker Change: <unk> achieved record studying problems.
Andrew Retter: The application of new Q-Discover in this Phase 1-2B trial demonstrates how Volition's new co-dense expertise is transitioning from research to clinical application. creating value for everyone involved, pharmaceutical partners, volition, and most importantly, patients.
Speaker Change: The aim is to accrete up to 500 patients and Charlie shared data on over 500 patients or so.
Speaker Change: This will enable us to improve triage and act faster to save lives and improve care. We are honored to be working with so many leading clinicians in the tech community, having their support and advocacy.
Preclinical studies <unk> test to measure circulating levels of phase III quite low nickel in the bloodstream they set up.
Speaker Change: Excellent surrogate markup each frac sand that drops all three studies, clearly and consistently say that elevated <unk> level in sepsis.
Andrew Retter: As this and future studies generate additional data about mucosin-based biomarkers predicting the prognostic capabilities, volition is extremely well-positioned to expand its role in precision medicine and targeted therapeutic approaches.
Speaker Change: Really important though any for connections, but supporting our ongoing discussions with a number of licensing partners looking forward. We have presentation to other important congresses I am going to the American thoracic Society in San Francisco later this year.
Speaker Change: Is associated with an increased risk of mortality renal failure multiple organ failure disseminated <unk> calculation and septic shock as a clinician, we hope that <unk> will be extremely helpful.
Andrew Retter: In closing, I'd like to make one final point. I completely appreciate that it sounds like we have an awful lot going on, and that's true. We are busy, but it's important to remember this is all based on one platform. All of our pillars are powered by NUQE nucleosome and quantification. The assays are reproducible and cost effective and have been shown to work on around half a dozen different established platforms. Both sepsis and oncology indications have generated a great deal of interest from key industry players in the diagnostic and liquid biopsy space. Both sepsis and oncology indications have certainly generated a great deal of interest from key industry players in the diagnostic and liquid biopsy space.
Speaker Change: Its neck society for crew bases in hemostasis in Q2.
Speaker Change: There are other conferences in Q3, and perhaps when in Q4 as well.
Speaker Change: Note that <unk>, one levels rise rapidly in early in a patient's submission.
Speaker Change: Importantly in addition to <unk>. We also made great progress throughout 2024, and generating and publishing scientific evidence to support the holiday Seaport one in Texas. These papers from the innovation lab.
Speaker Change: It gives us a new tool to identify patients at greatest risk of deteriorating and deteriorating fast.
Speaker Change: Hopefully this will enable us to improve triage and act faster to save lives and improve care.
Speaker Change: Part of a number of strands, though we're weaving together to improve and support the justification phase III pipeline.
Speaker Change: OLED be working with so many leading clinicians in the tech community, having their support and advocacy is really important though any for clinicians, but supporting our ongoing discussions with a number of licensing partners.
Speaker Change: And actually having the scientific work enrich and support the clinical data is critical and we're incredibly proud of the work from your innovation team.
Andrew Retter: Most importantly, they're generating increasing interest with licensing partners, too.
Speaker Change: Going forward, we have presentation to other important congresses.
Speaker Change: III papers have been published.
Cameron Reynolds: Thank you very much for listening. And I'll now pass you back to Cameron.
Speaker Change: Getting to the American thoracic Society in San Francisco later, this year and.
Speaker Change: Now I have to pay it out in Cape town, while another Paypal methods paper.
Cameron Reynolds: Thanks, Andy and Terig, for those comprehensive reports. I said at the top of the call, 2024 was about generating robust data to create a comprehensive package to convince the biggest players in the diagnostic screening and liquid biopsy world that our NUQE platform will be a big part of both the oncology and sepsis markets. I believe, as I said before, this was achieved beyond our expectations. We have completed a wide range of large independent studies strongly supporting the value of our platform. And we are already seeing a number of publications emanating from these studies.
Speaker Change: The effects society for thrombosis, and hemostasis and key to highlight that our <unk>.
Speaker Change: Company out for peer review, the scientific papers underlie physicians scientific expertise.
Speaker Change: Contract sales in Q3, and perhaps when in Q4 as well.
Speaker Change: Importantly in addition to Oscar acceptance, we also made great progress throughout 2024, and generating and publishing scientific evidence to support the holiday equivalent.
Speaker Change: Expertise and knowledge around the nucleus and technology.
Speaker Change: That proved to be significant interest not only to key opinion leaders and clinicians attending compensate but to our licensing partners and helped to reinforce and support the argument supporting the east.
Speaker Change: In the Texas These papers from the innovation lab.
Speaker Change: Part of a number of strategies, we're weaving together to improve and support the justification phase III pipeline.
Speaker Change: Scientific application for.
Cameron Reynolds: 2025 is about ensuring multiple licensing deals are signed in human space. And we're making very good progress on this. We aim to leverage the valuable insights gained from our licensing supply negotiations for NUQE VET. We have already received milestone payments of $23 million in addition to the ongoing revenue stream from every test sold. The objective to sign multiple human licensing deals is similar to what we previously achieved in the VET space with a mix of deal structures, all with ongoing revenues and some with large milestone payments. There is a strong and broad interest in our potential outliers and or supply agreements for both NUQE nets and our oncology portfolio.
<unk>. These papers have been critical in answering the very detailed questions we get from licensee companies.
Speaker Change: Actually having the scientific work enrich and support the clinical data is critical we're incredibly proud of the work from your innovation team.
Speaker Change: All in all very busy and very exciting times for <unk> and as I said before 2020 forward all about completing the studies 2025 is about showcasing the data and taking the licensing deals forward.
Speaker Change: <unk> III papers have been published.
Speaker Change: I'll ask Brad how NK for that how well another Paypal to methods paper is currently out for peer review the scientific papers underlie physicians scientific expertise.
Speaker Change: Before passing back to Kamran I'll also like to touch on our new two key discover pillar that by my friend and colleague Dr. Jasmine Kway as.
Speaker Change: Expertise and knowledge around nuclear technology.
Speaker Change: As Kevin mentioned at the top of the call. We worked with more than 10 pharmaceutical companies in 2020 full with knees can you discuss <unk>.
Speaker Change: Have proved to be a significant interest not only to key opinion leaders.
Speaker Change: Including a number of companies who are repeat customers.
Speaker Change: And clinicians attending conferences, but to our licensing partners and the help reinforce and support the argument supporting the east.
Cameron Reynolds: With a range of commercial discussions progressing well, with large companies, in addition to licensing out our IP, we're moving ever closer to having our NUQE platform being used in regular clinical settings for both oncology and natosis.
Speaker Change: Following a successful pilot study subsequent to year end, we announced a new key discover biomarkers at each site in a human clinical study sponsored by a leading pharmaceutical company for the first time.
Scientific application <unk>. These papers have been critical in answering the very detailed questions we get from licensee companies.
Cameron Reynolds: Our theme marked NUQE nets test has already been purchased by three centres of excellence in Europe, and discussions are ongoing with 10 more across six countries with the expectation of having clinically used in 2026. For NUQE cancer, as Annie covered, there are a number of potential applications. A further and likely final validation study in Taiwan is now underway. If successful, we could reasonably expect our test to be added to the national screening program in Taiwan next year. Discussions are also progressing well with several other national lung screening programs. These next few quarters are hugely exciting for our company.
Speaker Change: This is a significant milestone for Nicky discount that breakthrough the first human clinical study with <unk> <unk> co company sponsor utilizing relations biomarkers to measure of disease progression.
Speaker Change: All in all very busy and very exciting times for <unk> and as I said before 2020 forward all about completing the studies 2025, it's about showcasing the data and taking the licensing deals forward.
Speaker Change: <unk> pumps to treatment in a lumpy cheat phase.
Speaker Change: Phase one phase <unk> trial of an experiment to truck we are delighted to support pharmaceutical companies kind of classes and developing new drugs for the treatment of a large unmet need. This first study is expected to generate significant revenue from Felicia. We are in further discussions with desk and other companies.
Speaker Change: Before passing back to Cameron I would also like to touch on our new two key discover pillar led by my friend and colleague Dr. Jasmine Kway.
Speaker Change: As Kevin mentioned at the top of the call. We worked with more than 10 pharmaceutical companies in 2020 full with knees key Discovery, Inc.
Speaker Change: A number of companies who are repeat customers.
Cameron Reynolds: I think it is very fair to say that we now have developed a technology platform that has already been a breakthrough in VET oncology, and we are demonstrating how we will make a significant contribution to both human oncology and sepsis diagnosis and treatment. We now have evidence to support the use of our platforms across a range of clinical applications with high unmet needs. It is low cost, robust and reproducible.
Speaker Change: And anticipate additional clinical studies.
Speaker Change: Following a successful pilot study subsequent to year end, we announced a new key discover biomarkers RPE cells into human clinical studies sponsored by a leading pharmaceutical company for the first time.
Speaker Change: Believe these will not only further validate the capabilities of our technology and strengthened our position in the pharma epigenetics market through generate significant future revenue.
Speaker Change: From my perspective is collection I think it is incredibly exciting to incorporate new key discover technology inbound market into sponsor studies design.
Speaker Change: This is a significant milestone for Nicky discount that breakthrough the first human clinical study with <unk> pharmaceutical company sponsor utilizing relations biomarkers to measure of disease progression and response to treatment in a lumpy cheat.
Cameron Reynolds: Now we need to commercialize our technology as quickly and as well as possible to make our technology accessible worldwide. 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-dilutive funds as possible, ramp revenues, reduce expenses and fund commercial deals with large industry players. 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.
Speaker Change: <unk> has been about enrichment diagnostic can Richmond prognostic enrichment.
Speaker Change: Phase one phase <unk> trial of an experiment to truck we are delighted to support pharmaceutical companies can accomplish in developing new drugs for the treatment of a large unmet need. This first study is expected to generate significant revenue from Felicia. We are in further discussions with this and other companies.
Speaker Change: <unk> personalized cash if we improve the accuracy specificity of diagnosis and treatment, we improve patient care.
Speaker Change: <unk> to identify patients who progressed.
Speaker Change: Progression in Asia to be diagnosed quicker faster more easily with less invasive technologies, and hopefully optimize new therapies, they might respond to as well.
Speaker Change: And anticipate additional clinical studies.
Speaker Change: Believe these will not only further validate the capabilities of our technology and strengthened our position in the fall of epigenetics market through generate significant future revenue.
Speaker Change: <unk> specific epigenetic signature associated with disease States.
Cameron Reynolds: Thank you all for joining the call today. We very much appreciate it.
Speaker Change: Sponsors names to help clinicians manage patients with therapies and most likely to benefit them auspex.
Operator: I will now take your questions. Operator. Thank you.
Speaker Change: Right.
Speaker Change: My perspective is collection I think it is incredibly exciting to incorporate new key discover technology inbound market into sponsor studies design relation has been about enrichment diagnostic enrichment prognostic enrichment refined personalized cash if we improve the accuracy specificity.
Operator: If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: The online it's perfective deprecation DC discover in this phase one slash TV trial demonstrates how fallacious mucosal expertise is transitioning from research applications, creating.
Speaker Change: Creating value for everyone involved pharmaceutical partners collection, and most importantly patients.
Operator: One moment while we poll for questions.
Speaker Change: A diagnosis and treatment with <unk>.
Speaker Change: And future studies generate additional data and UK based pharma, because predictive and prognostic expertise solution is extremely well positioned to expand its role in precision medicine and targeted therapeutic approach.
Speaker Change: <unk> patient care.
Bruce Jackson: Our first question is from Bruce Jackson with the Benchmark Company. Please proceed. Hi, good afternoon. I wanted to check on the Haska feline cancer testing program. Is that something that could happen imminently or is it a project that's taking a little bit of time? Thanks, Bruce. Yes, so we've done a lot of work, obviously, on the feline side. It involved the same platform as everything. We had to reduce the cats' very similar cancers and the same nucleosomes, but we've adapted it for felines, which means a smaller amount of blood. Obviously, cats don't have as much blood as a dog.
Speaker Change: But in terms of identifying patients who missed the disease progression in Asia to be diagnosed quicker faster more easily with less invasive technologies and hopefully optimize new therapies, they might respond to as well.
Speaker Change: In closing I'd like to make one final point I completely appreciate that it sounds like we have an awful lot going on in Australia. We are busy but it's important to remember this is all based on one path for all of our pillars are powered by new key nuclear Diamide qualification cafes are reproducible and cost.
Speaker Change: <unk> specific genetic signature associated with disease states of tumor responses with names to help clinicians manage patients with therapies and most likely to benefit them.
Speaker Change: Their treatments are likely to be effective deprecation you discover in this phase one slash TV trial demonstrates how physicians because its expertise is transitioning from research applications, creating.
Speaker Change: Effective and FHA to add on around half a dozen different established platforms.
Speaker Change: In oncology indications have generated a great deal of interest from key industry players in the diagnostic and they equate biopsy space by sepsis in oncology indications has already generated a great deal of interest from key industry player.
Speaker Change: Creating value for everyone involved pharmaceutical partners volition and most importantly patients.
Cameron Reynolds: We've done a lot of adaptation work. That's gone very well, and we're in the stage now of seeing how it works in the actual animals themselves.
Speaker Change: This in future studies generate additional data about UK based biomarkers predictive and prognostic test solution is extremely well positioned to expand its role in precision medicine and targeted therapeutic approach.
Speaker Change: The diagnostic in the liquid biopsy space.
Cameron Reynolds: So what we've said publicly, and it's still on track, is to have that completed sometime this year. As you know, I guess while you're asking as well, we have another payment due from Antec of $5 million once that's completed. So it's making good progress, and as with everything else, it's on the same platform on all of what we do, but we'd expect to have that completed later this year. Okay, so you could get that milestone payment later this year. That's correct Okay, great.
Speaker Change: Importantly, they're generating increasing interest with licensee partners.
Speaker Change: Thank you very much for listening and I'll now pass you back to Cameron.
Speaker Change: In closing I'd like to thank Paul final point I completely appreciate that it sounds like we have an awful lot going on in Australia. We are busy but it's important to remember this is all based on one path for.
Cameron Reynolds: Thanks, Andy and Terry for those comprehensive reports I said at the top of the call 2024 was about generating robust data to create a comprehensive package to convince the biggest players in the diagnostic screening and liquid biopsy world that our new platform will be a big part of both the oncology and sepsis markets I believe as I said before this was achieved beyond our.
Speaker Change: All of our pillars are powered by new key New case ended qualification gas Hayes, our reproducible and cost effective and FHA to add on around half a dozen different established platforms.
Cameron Reynolds: <unk>, we have completed a wide range of large independent studies strongly supporting the value of our platform and we are already seeing a number of publications emanating from these studies running through <unk> five is about ensuring multiple licensing deals are signed and human space and we're making very good progress on this we aim to leverage the valuable insights gained.
Bruce Jackson: And then I wanted to follow up on the Leone study. On the poster, they're as excited as scientists ever get. I mean, they said that it's a complement circling tumor DNA predicts survival regardless of mutation status.
Speaker Change: In oncology indications have generated a great deal of interest from key industry players in the diagnostic and they equate biopsy space by sepsis in oncology indications have study generated a great deal of interest from key industry player.
Speaker Change: The diagnostic the liquid biopsy space.
Cameron Reynolds: From our licensing supply negotiations when you bet, we have already received milestone payments up $23 million. In addition to the ongoing revenue stream from every test sold the objective to sign multiple human licensing deals.
Speaker Change: Importantly, they're generating increasing interest with licensee partners.
Andrew Retter: Have you had any discussions with them about how this test might be employed in a screening regimen, or how it might be used in practice? And are they thinking, after you get the results published, are they actually thinking about implementing this test?
Speaker Change: Thank you very much for listening in on that policy about the Cameron. Thanks.
Speaker Change: Thanks, Andy and Terry for those comprehensive reports I said at the top of the call 2024 was about generating robust data to create a comprehensive package to convince the biggest players in the diagnostic screening and liquid biopsy world that our new platform will be a big part of both the oncology and sepsis markets I believe as I said before this was achieved beyond our.
Cameron Reynolds: Similar to what we previously achieved in the vet space with a mix of deal structures, all with ongoing revenues and some with large milestone payments. There is a strong and broad interest in a potential out license and supply agreements, both new units and our oncology portfolio with a range of commercial discussions progressing well with large companies in addition to licensing.
Andrew Retter: Yeah, Andrew, do you want to take that or shall I take it from a business point of view? Do you want to do the science and I'll go through what we've discussed with it? Bruce, can you hear me? Yes, I can hear you. Sorry, I'm a bit worried with my headphones. Yes, they are all very excited. Yes, they plan to take it forward with prospective... So the firmer result, there is a history of rapid adoption in cancer programmes, and you can see that's Canadian adoption records where it would have been taken. Obviously you can see that we worked with two large centres and there is cross talk between those centres as well.
Speaker Change: <unk>, we have completed the wide range of large independent studies strongly supporting the value of our platform and we are already seeing a number of publications emanating from these studies running 25, it's about ensuring multiple licensing deals are signed and human space and we're making very good progress on this we aim to leverage the valuable insights gained from <unk>.
Cameron Reynolds: Our IP, we're moving ever closer to having a new GPU platform being used in regular clinical settings for both oncology and devices.
Cameron Reynolds: The March units test has already been purchased by three centers of excellence in Europe and discussions are ongoing with 10 more across six countries with the expectation of having clinically used in 2026, when you cancer as Andy covered there are a number of potential applications further and likely found validate.
Speaker Change: Licensing supply negotiations when you bet, we have already received milestone payments up $23 million. In addition to the ongoing revenue stream from every test so the objective to sign multiple human licensing deals.
Cameron Reynolds: Study in Taiwan is now underway if successful we could reasonably expect our tests to be added to the national screening program in Taiwan next year discussions are also progressing well with several other national lung screening programs. These next few quarters, a hugely exciting for our company.
Speaker Change: <unk> to what we previously achieved in the vet space with a mix of deal structures, all with ongoing revenues and some with large milestone payments. There is a strong and broad interest in a potential out license and supply agreements, both new units and our oncology portfolio with a range of commercial discussions progressing well with large companies. In addition to licensing out.
Andrew Retter: Really focusing on work in Lyon, it's about disease prognostication. and following the progression of patients. Whereas the work in Taiwan is about screening. The potential for crosstalk and sort of foundation of both those results there. So we're very excited about the results generated and their future applicability and adoption in. really interesting. I can't say too much, but H3K27 is picking up a really interesting pathway, which is great.
Cameron Reynolds: It is very fair to say that we now have developed a technology platform that has already been a breakthrough in oncology and we are demonstrating and how we will make a significant contribution to both human oncology and sepsis diagnosis and treatment. We now have evidence to support the use of our platforms across a range of clinical applications with high unmet needs. It is low.
Speaker Change: Our IP, we're moving ever closer to having a new platform being used in regular clinical settings for both oncology and the choices are.
Speaker Change: The March units test has already been purchased by three centers of excellence in Europe and discussions are ongoing with 10 more across six countries with the expectation of having clinically used in 2026, when you get cancer as Andy covered there are a number of potential applications further and likely found a validation.
Cameron Reynolds: Cost robust and reproducible now we need to commercialize our technology as quickly and as well as possible to make our technology accessible worldwide. When successful. This will clearly support our mission of saving lives and improving outcomes to millions of people and animals worldwide.
Andrew Retter: And thank you, Eddie. And further to your question, so we've obviously gone a long way with the Taiwan screening program on the very fundamental question of is the polyp cancerous or benign. I can't say too much, obviously, because it's under a lot of discussions. But France is undergoing a national screening program. They've made a lot of decisions. We're in very active discussions with that national screening program on the fundamental question of screening as in Taiwan, also minimal residual disease, and also prognostic value and palliative care. So I think it's been incredibly exciting. And this is something really in the last few months, where we've really made breakthroughs into national screening programs in Asia and in Europe.
Speaker Change: That in Taiwan is now underway if successful we could reasonably expect our tests to be added to the national screening program in Taiwan next year discussions are also progressing well with several other national lung screening programs.
Cameron Reynolds: Our strategy to achieve this has been to raise as much non dilutive bundles possible ramp revenues reduce expenses and bond commercial deals with large industry players competing.
Speaker Change: Next few quarters, a hugely exciting for our company I think it's very fair to say that we now have developed a technology platform that has already been a breakthrough in oncology and we are demonstrating how we will make a significant contribution to both human oncology and sepsis diagnosis and treatment. We now have evidence to support the use of our platform across our rain.
Cameron Reynolds: 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.
Cameron Reynolds: Thank you all for joining the call today, we very much appreciate it I will now take your questions operator.
Cameron Reynolds: Thank you if he would like to ask a question. Please press star one on your.
Speaker Change: A clinical applications with high unmet needs. It is low cost robust and reproducible now we need to commercialize our technology as quickly and as well as possible to make our technology accessible worldwide. When successful. This will clearly support our mission of saving lives and improving outcomes for millions of people and animals worldwide our.
Cameron Reynolds: Keypad, a confirmation tone will indicate your line is in the question queue you May press star two.
Cameron Reynolds: And the Asian one through Taiwan, we're looking at several other countries in Asia, which we've got very active discussions in. And of course, you hopefully hear a lot more about France, I've got to be careful, because we're in quite active discussions on that. But and just for order of magnitude of size, Bruce, smaller countries like Taiwan, we're looking at 10s of 1000s of tests per year, potentially, we're looking to charge up to $50 per test. So obviously, it's a quite valuable one for us. And in the large screening programs in large countries in Asia or Europe, the potential is for 100s of 1000s of tests per year.
Jim: Jim from the Q and.
Speaker Change: For participants using speaker equipment may be necessary to pick up your handset before pressing the star keys, one moment, while we poll for questions.
Bruce Jackson: Our first question is from Bruce Jackson with the Benchmark company. Please proceed.
Speaker Change: <unk> achieved this has been to raise as much non dilutive bundles possible ramp revenues reduce expenses and bond commercial deals with large industry players.
Bruce Jackson: Hi, Good afternoon, I wanted to check on the Heska feline cancer testing program is that something that could happen.
Speaker Change: <unk> 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 all for joining the call today, we very much appreciate it I will now take your questions operator.
Bruce Jackson: Imminently or is that a project, that's taking a little bit of time.
Bruce Jackson: Thanks, Bruce Yeah. So we've done a lot of work obviously on the fee line side it involved.
Cameron Reynolds: So that would obviously be a transformational event for the company, if that's where it ends up going. As Andy said, our test works extremely well in a range of different areas with H3.1 and H3K27. So expect to hear a lot more on that later this year, both from Asia and from Europe. And we're very hopeful France will be a big part of that as well.
Speaker Change: Thank you if he would like to ask a question. Please press star one on your.
Bruce Jackson: Our same platform is everything.
Speaker Change: Keypad, a confirmation tone will indicate your line is in the question queue.
Bruce Jackson: We had to reduce the cats are very similar Kansas and decide mutually times, but we've adapted our fee lines, which means a smaller amount of blood.
Speaker Change: Hey, Presto <unk> question from the queue and for participants using speaker equipment may be necessary to pick up your handset before.
Bruce Jackson: Cats doesn't have as much blood as a dog.
Speaker Change: Pressing the star keys, one moment, while we poll for questions.
Bruce Jackson: We've done a lot of adaptation work that has gone very well.
Bruce Jackson: Okay, great. Thank you very much. Thank you. Have a great day, Bruce. Thank you.
Bruce Jackson: And when the stage now where we're seeing how it works in the actual animals themselves. So what we've said publicly and we're still on track is to have that completed sometime this year as you know I'm I guess, what youre asking is well we have another payment due from <unk> $5 million once that's completed.
Operator: Our first question is from Bruce Jackson with the Benchmark company. Please proceed.
Ilya Zubkov: Our next question is from Ilya Zubkov with Freedom Broker. Good afternoon. Good afternoon, and thank you for taking my question. sales volume in Q4 appeared somewhat volatile.
Bruce Jackson: Hi, Good afternoon, I wanted to just check on the Heska feline cancer testing program is that something that could happen.
Bruce Jackson: It's making good progress.
Bruce Jackson: Imminently or is that a project, that's taking a little bit of time.
Bruce Jackson: As with everything else that's on the same platform on the same Oh all of what we do but we'd expect to have that completed later this year.
Terig Hughes: So could you elaborate on the key drivers behind the quarterly sales trends and share some eye level outlook on the factors that may shape bad sales performance in 2025? Terig, do you want to take that? Do you want me to take that, Cameron? Yeah, sure. Yes, please. Um... Yeah, thanks for the question. So what we saw in 2024 was that the largest of our VEC company customers tended to buy stock in blocks or batches, and sometimes they'd order in one quarter and then not in the other. And so that made the revenue pretty lumpy. I remember a lot of these companies were coming online for the first time in 2024.
Speaker Change: Thanks Bruce.
Speaker Change: Yeah. So we've done a lot of commentary on the fee line side it involved.
Speaker Change: Okay. So you could get that milestone payment later this year.
Speaker Change: Our same platform is everything.
Speaker Change: We had to reduce the cats are very similar cancers and decide mutually times, but we've adapted our fee lines, which means a smaller amount of blood.
Bruce Jackson: That's correct.
Bruce Jackson: Okay, Great and then I wanted to follow up on the Li One study.
Speaker Change: Cats doesn't have as much blood as a dog.
Bruce Jackson: Yes on the poster that there.
Bruce Jackson: They're as excited a science of server get I mean, they said that let's say a complement circulating tumor DNA predicts survival regardless.
Speaker Change: We've done a lot of adaptation work that has gone very well.
Speaker Change: And when the stage now where we're seeing how it works in the actual animals themselves. So what we've said publicly and we're still on track is to have that completed sometime this year as you know I guess, what youre asking is well we have another payment due from <unk> $5 million once that's completed.
Bruce Jackson: <unk> status.
Bruce Jackson: Have you had any discussions with them about.
Bruce Jackson: How this test might be employed in a screening regimen.
Bruce Jackson: Or how it might be used in practice and how are they thinking.
Speaker Change: It's making good progress.
Speaker Change: As with everything else that's on the same platform on the same Oh all of what we do but we'd expect to have that completed later this year.
Bruce Jackson: After you get the results published are they actually thinking about implementing this test.
Bruce Jackson: Yeah.
Speaker Change: Okay. So you could get that milestone payment later this year.
Bruce Jackson: Yep.
Bruce Jackson: Andrew you want to take that I didn't want to take that or shall I take it from a business point of view, joining the science and I'll go through what we've discussed with them.
Terig Hughes: But we did manage to expand access to over 20 countries. And in the end, we did deliver solid growth with 120,000 VEC cancer tests sold, which is double of the prior year. In 2025, we'll see automation in the central labs launching, which will open up bigger opportunities with the reference labs, which account for about 80% of the testing market. And then on the point of care side, we will benefit from the rollout of Antec's Element i+, growing installed base. And I should also mention our Discover pillar, where we're starting to see larger deals materialize and repeat customers, which I think is demonstrating the value our customers derive from our technology.
Speaker Change: That's correct.
Speaker Change: Okay, Great and then I wanted to follow up on the Li One study yeah on the poster they there.
Bruce Jackson: Bruce can you hear me.
Bruce Jackson: I guess I could even find it.
Bruce Jackson: Sorry.
Bruce Jackson: Bank borrowings at Haynes.
Speaker Change: They're as excited as Sciences summary, get I mean, they said that let's say a complement circulating tumor DNA predicts survival regardless of mutation status.
Bruce Jackson:
Bruce Jackson: Yes.
Bruce Jackson: Got it.
Bruce Jackson: Yes.
Bruce Jackson: Thank you for that prospective studies.
Bruce Jackson: Finally resolved.
Speaker Change: Have you had any discussions with them about.
Bruce Jackson: His chance cockpit adoption and cancer programs and you can see that.
Speaker Change: How this test might be employed in a screening regimen or.
Bruce Jackson: That will be taken.
Speaker Change: Or how it might be used in practice and how are they thinking.
Bruce Jackson: And obviously you can see that we flagged it tuned our center in Taiwan, 19, Niall and <unk>.
Speaker Change: After you get the results published are they actually thinking about implementing this test.
Bruce Jackson: Obviously that is cross talk between those centers as well.
Bruce Jackson: Focusing on the work and Leon it's about disease prognostication.
Speaker Change: Yeah.
Speaker Change: Andrew you want to take that I didn't want to take that or shall I take it from a business point of view, joining the science and I'll go through what we've discussed with them.
Bruce Jackson: Following progression of patients right to work in Taiwan is about screening and you can see how their rates.
Speaker Change: Bruce can you hear me.
Terig Hughes: Unknown Speaker And then the key focus for 2025, of course, is on the licensing of our products and technologies in nets and oncology, where we're looking for some very large licensing deals with very major players in the industry, which we believe will be game-changing for VolitionRX.
Speaker Change: I guess I could even find gifts.
Bruce Jackson: The potential for cross talk.
Speaker Change: Sorry.
Bruce Jackson: So the foundation of FX hedging results Pat.
Speaker Change: Borrowings Brian Haines.
Bruce Jackson: We're very excited about.
Speaker Change: <unk>.
Speaker Change: Yeah.
Bruce Jackson: Without the <unk>.
Speaker Change: Yes.
Bruce Jackson: The results generated in the future.
Speaker Change: Got it.
Speaker Change: Yes, hi.
Bruce Jackson: Adoption in and Thats really interesting.
Speaker Change: Got it thank you for the prospective studies.
Speaker Change: Finally resolved.
Bruce Jackson: I can't say too much debt.
Speaker Change: His chance cockpit adoption and cancer programs and you can see.
Bruce Jackson: Okay.
Bruce Jackson: And it's picking up a very interesting pathway, which is great.
Speaker Change: The Doctor site will be taken.
Bruce Jackson: And well thank you Andy and further to your question. So we've obviously got a long way with the Taiwan screening program on a very fundamental question is the policy cancerous or benign.
Speaker Change: And obviously you can see that we flagged it seems are centered in Taiwan 19, Neil.
Cameron Reynolds: And can I just add to that, I think, um... really good thing to remember here is all the main indicators are going in the right direction. Thanks to the great work Terig has done, the costs are way down and are going to stay down. I think that's important to remember. Now that the biggest studies are all being completed, we're not going to be having those large costs again. We've made very good cuts in every aspect of the company to make sure that the burn is as low as possible as we drive to these human deals, which we think we'll get a range of this year.
Speaker Change: Obviously that is cross talk between those centers as well.
Speaker Change: Really focusing on the work and Leon it's about disease Pro classification.
Bruce Jackson: I can't say too much because it's under a lot of discussions, but France is undergoing a national screening program.
Speaker Change: <unk>.
Speaker Change: Following the progression of patients quite to work in Taiwan is about screening and you can see how that race.
Bruce Jackson: Made a lot of decisions, we're in very active discussions with that national screening program.
Bruce Jackson: The fundamental question of screening as in Taiwan also minimal residual disease and also prognostic value in palliative care.
Speaker Change: The potential for cross talk.
Speaker Change: So the foundation of FX hedging results.
Speaker Change: We're very excited about.
Speaker Change: About the pattern of ourselves generate case and that feature <unk> adoption in Seville.
Bruce Jackson: I think it's been incredibly exciting and this is something really in the last few months.
Cameron Reynolds: So with the cost down, the revenue is growing, as Terig said as well. We expect the big pop will become when the centralized labs are running in the vet space. And we're already seeing that in the discover space. You start to see that again this coming quarters, where the deals have gone from the tens of thousands to the hundreds of thousands, actually to the mid hundreds of thousands in the later ones. So that's all trending very well. But as Terig said so well, the focus this year and what's going to make the difference for the company is signing human deals as we did so well in the vet space.
Bruce Jackson: Where we've really made breakthroughs into national screening programs are in Asia, and in Europe, and Asia and I went through Taiwan, We're looking at several other countries in Asia, which people got very active discussions in and of course.
Speaker Change: It's really interesting.
Speaker Change: I'd say too much debt.
Okay.
Speaker Change: Kevin is picking up a very interesting pathway.
Speaker Change: Great.
Speaker Change: And well thank you Andy and further to your question. So we've obviously got a long way with the Taiwan screening program on a very fundamental question is the.
Bruce Jackson: We hear a lot more about France, I've got to be careful because we're in a quite active discussions on that but and just for order of magnitude of size Bruce.
Speaker Change: Paula cancerous or benign.
Speaker Change: I can't say too much obviously, because it's under a lot of discussions, but France is undergoing a national screening program they've made a lot of decisions. We're in very active discussions with that national screening program on the <unk>.
Bruce Jackson: Smaller countries like Taiwan.
Bruce Jackson: Tens of thousands of tests per year, potentially a weird looking to charge up to $50 per test. So you obviously its a quite a valuable one for us and in the large screening programs in large countries in Asia or Europe.
Terig Hughes: And also just something to keep in mind. I'm not sure it's kind of didn't get highlighted, but I think it's something will become more important for the company. We're getting the first revenue on the CE marked and the TOSIS kits as well, as groups in Europe start to buy them to do their own trials for their own launches. So expect to see that revenue start to trickle in at first and then get bigger and bigger, which is a huge milestone for the company, having people buying a regulated product in human space, which we do have on the NUQ nets.
Speaker Change: <unk> question of screening as in Taiwan also minimal residual disease and also prognostic value in palliative care. So.
Bruce Jackson: Potentially for hundreds of thousands of tests per year, so that would obviously be a transformational event for the company. If that's where it ends up going as Andy said, our test works extremely well in a range of different areas with high 3.1, and H C. K 27, So I expect to hear a lot more on that later this year, both from Asia and from Europe.
Speaker Change: I think it's been incredibly exciting and this is something really in the last few months, where we've really made breakthroughs into national screening programs in Asia and in Europe, and Asia and I went through Taiwan, We're looking at several other countries in Asia, which people got very active discussions in and of course.
Bruce Jackson: And we're very hopeful France will be big part of that as well.
Terig Hughes: So the vet space will be a little lumpy in the meantime, as Terig said, because of the nature. They often buy several quarters ahead, but it's all trending in the right direction.
Speaker Change: Hopefully you hear a lot more about France, I've got to be careful because we're in a quite active discussions on that but.
Bruce Jackson: Okay, great. Thank you very much.
Bruce Jackson: Thank you have a great day Bruce Thank you.
Speaker Change: And just for.
Bruce Jackson: Order of magnitude of size Bruce.
Speaker Change: Our next question is from <unk>.
Bruce Jackson: Smaller countries like Taiwan were looking at tens of thousands of tests per year potentially a weird looking to charge up to $50 per test I'm, sorry, obviously, its a quite a valuable one for us and in the large screening programs in large countries in Asia or Europe.
Bruce Jackson: <unk> with freedom broker. Please proceed.
Ilya Zubkov: Great, this is very helpful. Thank you.
Speaker Change: Good afternoon good afternoon.
Terig Hughes: And I have one more on the financial side. So you have several non-dilutive financing options on the horizon for 2025.
Speaker Change: Thank you for taking my question.
Bruce Jackson: Yes.
Bruce Jackson: Thank you sales, but the sales volume in Q4 appear somewhat.
Terig Hughes: So could you please share your approach to managing any timing risks associated with securing new financing? And so, as I said, Just now, I think what's most important to remember is that we have reduced the cash burn coming into the year. Our large clinical studies are now over, and the smaller studies that we've got ongoing to support the commercialization and licensing, typically with collaborators, are funded by grants from the Wolloon region. And I think just in terms of the support that we've had from the Wolloon region, that will continue. So, we've received $1.8 million so far this year.
Bruce Jackson: Potentially for hundreds of thousands of tests per year.
Speaker Change: So could you elaborate on the key drivers behind our quarterly sales trends.
Speaker Change: So that would obviously be a transformational event for the company, if that's where it ends up going as Andy said, our test works extremely well in a range of different areas with high $3, one and <unk> 27, So I expect to hear a lot more on that later this year, both from Asia and from Europe, and we're very hopeful France will be big part of that as well.
Bruce Jackson: Sure.
Bruce Jackson: High level outlook on the factors that may stay at that sales performance in 2025.
Eric: Eric do you want to take the let's take that one.
Eric: Sure Yes.
Speaker Change: Yes, thanks for the thanks for the question.
Speaker Change: Okay, great. Thank you very much.
Speaker Change: So what we saw in 2024 is that the largest at all that company customers tended to buy stock in blocks batches.
Bruce Jackson: Thank you have a great day Bruce Thank you.
Speaker Change: Our next question is from.
Bruce Jackson: Subclass with freedom broker. Please proceed.
Speaker Change: Good afternoon, good afternoon, and thank you for taking my question.
Speaker Change: Sometimes they order in one quarter and then northern Nevada.
Bruce Jackson: Yeah.
Speaker Change: And so that made the revenue.
Speaker Change: Thank you sales, but the sales volume in Q4 appear somewhat volatile so could you elaborate on the key drivers behind our quarterly sales trends.
Speaker Change: Lumpy.
Speaker Change: I remember.
Speaker Change: A lot of.
Speaker Change: These completions coming online for the first time.
Speaker Change: 2024.
Bruce Jackson: Sure.
Speaker Change: But we did manage to expand access to over 20 countries.
Bruce Jackson: High level outlook on the factors that may stay flat sales performance in 2025.
Terig Hughes: We expect that to continue. And the key focus is on driving towards those licensing agreements. And until then, we'll keep a very for a Guest Comment.
Speaker Change: And in the end, we did deliver solid growth with 120000.
Speaker Change: Eric do you want to take the let's take that one.
Bruce Jackson: Yes sure.
Speaker Change: Cancer tests sold which was double the prior year.
Speaker Change: Yeah.
Speaker Change: Yes, thanks for the thanks for.
Speaker Change: In 2025, we will see.
Speaker Change: Quick question.
Speaker Change: So what we saw in 2024 was the largest at all that company customers tended to buy stock in blocks batches.
Speaker Change: Automation in the central labs, launching which will open up bigger opportunities and with the reference labs, which account for about.
Speaker Change: About 80% of the testing market.
Speaker Change: And sometimes they order in one quarter and then northern Nevada.
Speaker Change: And then on the call.
Terig Hughes: Great. Thank you, Terig.
Speaker Change: A cat side, we will benefit from the rollout and texts and element plus and growing the installed base.
Operator: Any more questions?
Speaker Change: And so that made the revenue pretty lumpy.
Steven Ralston: As a reminder to star one on your telephone keypad if you would like to ask a question, our next question is from Steven Ralston with Zach.
Speaker Change: I remember.
Speaker Change: A lot of.
Speaker Change: These completions coming online for the first time.
Speaker Change: And I should also mention our discover pillar.
Speaker Change: 2024.
Speaker Change: We're starting to see larger deal with materialized and repeat customers, which I think is demonstrating the value our customers derive from our technology.
Steven Ralston: Good evening, Steven. Oh, good evening. Oh, one of the results of you producing so much data in 2024 is that I've noticed a tremendous step up in your sharing of data. at conferences and producing webinars. etc. Um, the final, let's say Endpoint is pursuing a licensing agreement and you have these data rooms set up. Um How many do you have, where are they, and what's been the tenor of activities when you go to a conference and say, have three different presentations, does it step up the activity at the... Data Room.
Speaker Change: But we did manage to expand access to over 20 countries and.
Speaker Change: And we did deliver solid growth with 120000.
Speaker Change: And then the key focus for.
Speaker Change: Cancer tests sold which was double the prior year.
Speaker Change: For 2025 of course is on the licensing of our products and technologies.
Speaker Change: <unk>.
Speaker Change: 2025, and we'll see.
Speaker Change: Net and oncology.
Speaker Change: Automation in the central labs launching.
Speaker Change: We're looking for.
Speaker Change: Which will open up bigger opportunities and with the reference labs, which account for about.
Speaker Change: Some very large licensing deals.
Speaker Change: Very major players in the industry.
Speaker Change: About 80% of the testing market.
Speaker Change: Which we believe will be game changing for volition.
Speaker Change: And then on the <unk>.
Speaker Change: It's a cat side, we will benefit from the rollout and texts and elements like plus.
Speaker Change: Yeah.
Speaker Change: And can I just add to that.
Speaker Change:
Speaker Change: Really good thing to remember here is all the only main indicators are going in the right direction. Thanks.
Speaker Change: Growing the installed base.
Speaker Change: And I should also mention.
Speaker Change: Discover pillar.
Speaker Change: Thanks to the great work <unk> done the costs are way down and I'm going to stay down I think that's important to remember now that.
Speaker Change: Where we're starting to see larger deals materialize and repeat customers.
Speaker Change: I think is demonstrating the value our customers derive from our technology.
Speaker Change: The biggest studies are all being completed we're not going to be having those large cost again, we've made very good cuts in every aspect of the company to make sure that the burden is as low as possible as we drive to these human deals, which we think will get a range of this year.
Cameron Reynolds: I'll just take that from a commercial point of view, then Andy can add anything on. I think the data we developed actually very much exceeded our expectations, and they were already quite high expectations, and yes, if you look at the data we've gone through, and the reason for the data now is not data for data's sake, but to energize and keep moving the several numerous discussions we're having with the biggest companies. So keeping those discussions moving, the more data you have, you can keep updating them with all the processes and all the systems that we have.
Speaker Change: And then the key focus.
Speaker Change: For 2025 of course is on the licensing of our products and technologies.
Speaker Change: Net and oncology.
Speaker Change: So were the costs down the revenue is growing as Terry said as well, we expect the big pop would become a win with centralized labs are running in the vet space and we're already seeing that in the discovery space, you'll start to see that again. This is coming quarters, where deals have gone from the tens of thousands to hundreds of thousands of them actually to the mid hundreds of thousands and in.
Speaker Change: We're looking for.
Speaker Change: Some very large licensing deals.
Speaker Change: Major players in the industry, which we believe will be game changing for physicians.
Speaker Change: Yeah.
Speaker Change: And can I, just add to that I think.
Cameron Reynolds: So as we said, we have a data room for both oncology and for mitosis, and every time some new data comes in, that's a very good way to keep the different discussions moving, and we've got a lot of different stages. And I think if we didn't have the data, it would be very hard to prove to the biggest companies in the world that we have something very, very special. But as you said, given the huge volume we have, that creates excitement. So there's several ways of getting the interest from the big companies, obviously from the top by going through what we're doing with the data rooms, with their top commercialization and licensing people, but also from the bottom, if you look at what we're also doing, and we haven't talked about this a lot, but it's been very active, and I think also very successful in getting the attention of the big companies, is our big partners, and you can see we have some of the best key opinion leaders in the planet who are very, very enamored with what we do, think it's a very big part of the solution in oncology and in mitosis, and so having them contacting, they all use different machines from different companies, having them contacting those big companies to tell them that this is the next big thing really helps our case as well.
Speaker Change: Really good thing to remember here is all the only main indicators are going in the right direction. Thanks.
Speaker Change: The later ones. So that's all trending very well, but as Terry said, so well the focus this year and what's going to make the difference for the company is signing a human deals as we did so well in the vet space.
Speaker Change: Thanks to the great work <unk> done the costs are way down and I'm going to stay down I think that's important to remember now that.
Speaker Change: And also just something to keep in mind I'm not sure. It's kind of didn't didn't get highlighted but I think it's something we will become more important for the company. We're getting the first revenue on the CE marked <unk> kits as well as guys groups in Europe start to buy them to do their own trials for the Orion launches. So expect to see that revenue start to trickle in.
Speaker Change: The biggest studies have all been completed and we're not going to be having those large cost again, we've made very good cuts in every aspect of the company to make sure that the band is as low as possible as we drive to these human dues, which we think will get a range of this year.
Speaker Change: So with the cost down the revenue is growing as Terry said as well, we expect the big pop who've become when the centralized labs are running in the vet space and we're already seeing that in the discovery space you start to see that again this coming quarters, where deals are gone from the tens of thousands to hundreds of thousands of them actually to the mid one hundreds of thousands and in.
Speaker Change: And at first and then get bigger and bigger which is a huge milestone for the company having people buying a.
Speaker Change: Regulated products and human space, which we do have them in your units. So the vet space will be a little lumpy in the meantime, as Terry said because of oven nature. They often buy several quarters ahead.
Speaker Change: The later ones. So that's all trending very well, but as Terry said, so well the focus this year and what's going to make the difference for the company is finding a human deals as we did so well in the vet space.
Speaker Change: But it's all trending in the right direction.
Speaker Change: Great. This is very helpful. Thank you and I.
Speaker Change: I have one more on the financial side. So you have several non dilutive financing options on the horizon for 2025. So could you. Please share your approach to managing any timing risks associated with securing new financing.
Speaker Change: And also just something to keep in mind I'm not sure. It's kind of didn't didn't get highlighted but I think it's something we will become more important for the company. We're getting the first revenue on the CE marked <unk> kits as well as guys groups in Europe start to buy them to do their own trials for the Orion launches. So I expect to see that revenue start to trickle in.
Cameron Reynolds: So I think it helps from the top negotiations that we have going on, the top-level discussions, but also it's bubbling along from the actual users of those machines, if a top key opinion leader in one of the countries, one of the areas, and we've had several, tells the big companies that they're very supportive of what we do and they want it on their platform, it really helps us push things along. So I think having the data has been absolutely crucial into getting as far as we have in the wide range of discussions on the licensing side, and I think we expect to get several, it'll be a very big part of that success, having this data and then just a continual updating of all this data really, really helps.
Speaker Change: Yeah.
Speaker Change: And that first and then get bigger and bigger which is a huge milestone for the company having people buying a regulated product in human space.
Speaker Change: So.
As I said.
Speaker Change: Just now.
Speaker Change: I think what's most important for members that we have reduced.
Speaker Change: We do have them in your units so the vet space will be a little lumpy in the meantime, as Terry said because of the nature of the offer.
Speaker Change: Cash burden coming into the year.
Speaker Change: We have a large clinical studies.
Speaker Change: And by several quarters ahead.
Speaker Change: Hello, everyone and the smaller studies that we've got ongoing to support the commercialization and licensing.
Speaker Change: But it's all trending in the right direction.
Speaker Change: Great. That's very helpful. Thank you.
Speaker Change: And typically with collaborators.
Andrew Retter: Andy, do you want to add to that in any way, the excitement from the conference? Yeah, I repeatedly got stopped when I was queuing up for lunch and asked questions by people interested around me, et cetera. So certainly at the Ithacam conference, there were six presentations where H3.1 in particular was referenced directly, and the review article that was referenced has now been accessed over 2,300 times. It's only been published about two months ago, so that's a phenomenal rate of interest. The data in the data rooms I'm going to appreciate that some is shared under confidentiality agreements.
Speaker Change: I have one more on the financial side. So you have several non dilutive financing options on the horizon for 2025. So could you. Please share your approach to managing any timing risks associated with securing new financing.
Speaker Change: Funded by grants from the Walloon region.
Speaker Change: And.
Speaker Change: I think.
Speaker Change: Just in terms of.
Speaker Change: The.
Speaker Change: The support that we've had will emerge and that that will continue so.
Speaker Change: We received $1 million.
Speaker Change: Okay.
Speaker Change: So far this year.
Speaker Change: We expect that to continue and then.
Speaker Change: So.
As I said.
Speaker Change: Just now.
Speaker Change: The key focus is on driving towards those licensing agreements and.
Speaker Change: I think what's most important to remember that we have reduced the cash burn coming into the year.
Len will keep a very.
Speaker Change: We have a large clinical studies.
Speaker Change: That's very very.
Speaker Change: Tight grip on expenses and cash flows.
Speaker Change: Hello, everyone and the smaller studies that we've got ongoing to support the commercialization of the licensee.
Speaker Change: We will continue to go along as we had in the last quarter or two.
Andrew Retter: And so there's actually much more data supporting the science behind the test. the Complex techniques behind it, ideas around technology transfer, stuff that you don't ever really publish around normal ranges, and how those are interpreted and how those were produced, and lots of other basic science too. So the data rooms are very carefully curated to try and show all our data. There's an overwhelming principle, it's about putting patients first. and sharing the data and showing how it's interpreted. been very, very helpful in the licensing discussions. And as Cameron has referenced, we are in discussion with that.
Speaker Change: And typically with collaborators.
Speaker Change: Funded by grants from the balloon region.
Terri: Great. Thank you Terri any more questions. Thank you.
Speaker Change: And.
Speaker Change: I think.
Speaker Change: As a reminder, the star one on your telephone keypad, if he would like to ask a question. Our next question is from Steven Ralston with Zacks. Please proceed.
Speaker Change: Just in terms of.
Speaker Change: The.
Speaker Change: Support that we've had from our religion that that will continue so.
Speaker Change: Okay.
Speaker Change: Good evening Steven.
Speaker Change: So far this year.
Steven Ralston: Good evening.
Speaker Change: We expect that to continue and.
Steven Ralston: Oh, one of the results that you're producing so much data in 2024 is a.
Speaker Change: The key focus is on driving towards those licensing agreements and.
Speaker Change: I've noticed the tremendous step up in your sharing of data.
Speaker Change: Until then we'll keep it fairly.
Speaker Change: At conferences.
Speaker Change: <unk>.
Speaker Change: It's very very tight.
Speaker Change: Producing webinars.
Speaker Change: Tight grip on expenses and cash flows.
Speaker Change: Etcetera.
Speaker Change: Hum.
Andrew Retter: and a significant number of major large-data groups.
Speaker Change: We will continue to go along as we had in the last quarter or two.
Speaker Change: Arnold.
Speaker Change: Let's see.
Endpoint is pursuing a licensing agreement and you've had these data rooms set up.
Cameron Reynolds: And I think it's also important to mention they're also, we mentioned this, but also probably the first time we've mentioned it publicly, the CMAR kit. We've targeted over a dozen different groups in Europe who can use it for different questions. We're focused like a laser beam on the FDA side and the large company side on sepsis for natosis. But natosis can be incredibly useful in a range of other areas, as varied as cardiac, as varied as things like COVID, as varied as trauma, organ transplants. So I think there's a very good chance we'll have multiple uses for our CMAR kit in Europe.
Speaker Change: Great. Thank you Terri any more questions. Thank you.
Speaker Change:
Speaker Change: How many do you have.
Speaker Change: Thank you.
Speaker Change: Where are there where are they and.
Speaker Change: Under the Star one on your telephone keypad, if he would like to ask a question. Our next question is from Steven Ralston with Zacks. Please proceed.
Speaker Change: What's been the tenor of activities when you go to a conference and say.
Speaker Change: Have three different presentations.
Speaker Change: Step up the activity at the.
Steven Ralston: Good evening Steven.
Good evening.
Speaker Change: Data rooms.
Speaker Change: Oh, one of the results that you're producing so much data and 2024 is a.
Speaker Change: I'll just take that from a commercial point of view then Andy can add anything on I think the data we developed I'm actually.
Speaker Change: I've noticed the tremendous step up in your sharing of data.
Speaker Change: Very much exceeded our expectations and they were already quite high expectations and yes.
Cameron Reynolds: They're testing it now, they've paid for it for the CMAR kit from our suppliers and be launching that for a lot of different uses in Europe as well this So from our key opinion leaders, from large companies, from different institutions, I think there's been a really, really loud and growing drumbeat as to how important our Natosis kit will be.
Speaker Change: At conferences.
Speaker Change: If you look at the data we've gone through and the reason for the data now is not data for data sake, but to energize and keep moving the several numerous discussions we're having with the biggest companies. So.
Speaker Change: Producing webinars.
Speaker Change: Et cetera.
Speaker Change: The final let's say.
Speaker Change: Endpoint is pursuing a licensing agreement.
Speaker Change: So keeping those discussions moving the more data you have you can keep operating them with all the processes and all the systems that we have so as we said we have a data room for both oncology and from the choices and every time some new data comes in it's a very good way to keep.
Speaker Change: These data room was set up.
Speaker Change: Hum.
Cameron Reynolds: And on the cancer side, the publication of the paper, we've got it working now as well in liquid tumors in dogs as well as solid tumors in humans on the oncology side. And then you add the screening programs into that. It's just quite remarkable what this one platform can do in all these different areas. So, yeah, we're very excited for the rest of the year.
Speaker Change: How many do you have.
Speaker Change: Where are there where are they in.
Speaker Change: What's been the tenor of activities when you go to a conference and say.
Speaker Change: Have three different presentations does it step up the activity at the.
Speaker Change: The different discussions moving and we've got a lot of different stages.
Speaker Change: And I think.
Speaker Change: Data rooms.
Speaker Change: If we didn't have the data it would be very hard to prove to the biggest companies in the world that we have something very very special but as you said given the huge volume we have that creates excitement. So there's several ways of getting the interest from the big companies, obviously from the top by going through what we're doing with the data rooms with their top commercialized.
Speaker Change: I'll just take that from a commercial point of view then Andy can add anything on I think the data we developed I'm actually.
Unknown Executive: I, you, uh, just trying to new cue discovery. I you've alluded to both a step up in activity and the quality of activity, particularly in this human study contract that you've landed.
Speaker Change: Very much exceeded our expectations and they were already quite high expectations and yes.
Speaker Change: If you look at the data we've gone through and the reason for the data now is not data for data sake, but to energize and keep moving the several numerous discussions we're having with the biggest companies. So.
Unknown Executive: Unknown Speaker I'm going to try to address it in a different way. A few quarters ago, you mentioned that your average contract that you could discover was around $200,000. The human study one you said is larger and probably more profitable.
Speaker Change: And licensing people.
Speaker Change: But also from the bottom if you look at our what we're also doing and we haven't talked about this a lot, but it's been very active and I think also very successful in getting the attention of the big companies is a big partners and you can see we have some of the best key opinion leaders in the planet, who are very very enamored with what we do think it's a very big part of the solution in oncology.
Speaker Change: So keeping those discussions moving the more data you have you can keep updating them with all the processes and all the systems that we have so as we said we have a data room for both oncology and from the choices and every time some new data comes in that's a very good way to keep it keep the different discussions moving and we've got a lot of.
Speaker Change: And in the Texas, and so having them contacting they all use different machines from different companies, having them contacting those big companies to tell them that this is the next big thing I really helps our case as well. So I think it helps from the top negotiations that we have going on the top level discussions, but also its bubbling along from the.
Unknown Executive: How can you give us a. an idea of what the average contract is now. Yeah, so the smaller contracts, at the start of the process, they usually want you to run samples as a sort of proof of concept, and that's in the small tens of thousands. The next level, we get, as you said, to perhaps 300,000. The next step beyond that is up to 500,000 or more. And then obviously, if you're part of a companion diagnostic, you get very profitable and much, much higher figures, well into the millions. So New Q Discover, I think, is incredibly important at the moment as a big part of our revenue, but also really getting out there in front of all these different companies.
Speaker Change: Different stages.
Speaker Change: And I think if.
Speaker Change: If we didn't have the data it would be very hard to prove to the biggest companies in the world that we have something very very special but as you said given the huge volume we have that creates excitement.
Speaker Change: Several ways of getting the interest from the big companies, obviously from the top by going for what we're doing with the data rooms with their top commercialization and licensing people.
Speaker Change: From the actual users of those machines, if a top key opinion leader and in one of the countries one of the areas and we've had several tells the big companies, they're very supportive of what we do when they want it on their platform. It really helps us push things along.
Speaker Change: But also from the bottom if you look at our what we're also doing and we haven't talked about this a lot, but it's been very active and I think also very successful in getting the attention of the big companies is a big partners and you can see we have some of the best key opinion leaders in the planet, who are very very enamored with what we do think it's a very big part of the solution in oncology.
Speaker Change: I think having the data it's been absolutely crucial into getting as far as we have in the wide range of discussions on the licensing side I don't think we expect to get several it'll be a very big part of that success, having this data and then just to continue.
Unknown Executive: Now, I would expect in two or three or four years' time, it's still a lot of money, but not a big percentage of what we do, because I think the Nets product has been hit out of the park, and will become a very big mainstay of the diagnostic world. But in the short term, the contracts in this stage, in the hundreds of thousands, and we're moving into the mid-hundreds of thousands, I've got to be a little careful, because we're under confidentiality on all these. You notice the press releases can sometimes be a little vague. That's purely because we're under confidentiality with these very large pharma companies, and we obviously want to stick within the contracts.
Speaker Change: And the choices and so having them contacting they all use different machines from different companies, having them contacting those big companies to tell them that this is the next big thing I really helps our case as well. So I think it helps from the top negotiations that we have going on the top level discussions, but also it's bubbling along from that.
Speaker Change: Updating of all of US don't really really helps and you're doing it right.
Speaker Change: The excitement from our conferences.
Speaker Change:
Speaker Change: Yeah.
Speaker Change: I've repeatedly got stopped when I was carried out for lunch and asked questions by people interested.
Speaker Change: Around me et cetera.
Speaker Change: From the actual usage of those machines.
Speaker Change: Certainly at Essakane conference six presentations were $3, one take care of as referenced directly and I review article that dispersion is now open.
Speaker Change: Key opinion leader in one of the countries one of the areas and we've had several.
Unknown Executive: But expect to see some in the more mid-hundreds of thousands of dollars this year, and that's what we're discussing with several partners. And then that would move to a step above that, into the millions on the next stage.
Speaker Change: Tells the big companies. They are very supportive of what we do and they want it on their platform. It really helps us push things alone. So I think having the data.
Tom: Thanks, Tom.
Tom: The 2300 times, St and published about Sky.
Unknown Executive: So very important to us in the short term, both for credibility and having a dozen different companies using our product, and giving that kind of money to us, starting in the tens And my last question, obviously, you've had two huge pillars, have a lot of information data coming out during 2024, specifically nets concerning sepsis and in oncology. Not to get really into the weeds, but Could you just add a little color or expand on? the what you expect from the validation study, this new 500 patient study that's happening at the National Taiwan University Hospital. Yeah, actually, we've had updates from them.
It's been absolutely crucial into getting as far as we have in the wide range of discussions on the licensing side I don't think we expect to get several it'll be a very big part of that success, having this data and then just to continue.
Tom: That's a phenomenal rates of interest.
Tom: The gain from the data revenues.
Tom: Hi.
Tom: Everyone I appreciate there's some shed.
Speaker Change: Confidentiality agreements and say that is actually much more data.
Speaker Change: Updating of all at least I don't really really helps Andy joining Reggie.
Speaker Change: And anyway, the excitement from our conferences.
Speaker Change: Porting the science behind the test.
Speaker Change: [laughter] yeah.
Speaker Change: Complex techniques behind that.
Speaker Change: Our attention on technology transfer and stuff.
Speaker Change: I've repeatedly got stopped when I was COO for lunch.
Speaker Change: Stuff that you don't really publish around.
Speaker Change: <unk> by people interested.
Speaker Change: Normal ranges.
Speaker Change: About me et cetera.
Speaker Change: And how they use their interpretation have Isa <unk> and LASA.
Speaker Change: Certainly at the <unk> conference.
Speaker Change: Six presentations were $3, one take care of us reference directly.
Speaker Change: The basic science to say to date trends very carefully curated to try and show all our all our data and.
Speaker Change: And I review article on that.
Speaker Change: <unk> has now been.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: <unk> thousand 300 times taken published about two months ago.
Speaker Change: That's an overwhelming and still they stopped putting patients first.
Speaker Change: Sharing the data in Shanghai and temperature at Aneth and been very very helpful and the licensing discussions.
Andrew Retter: It's going very well. They expect it to be finished this year. And they've only started just very recently, and they've actually done a lot of patients already. So that's progressing very, very well. What we're hoping is actually very simple, Steven, is it replicates the data. So we've had two levels of data, and the data was outstanding. It tells benign from cancerous nodules very, very well. We can cut back up to 50% of biopsies, which is incredibly important. Obviously, biopsies are not something you want to do with a needle in your lung, unless you really need to do it.
Speaker Change: Phenomenal rates of interest.
Speaker Change: The gain from the data revenues.
<unk>.
Speaker Change: Hi.
Speaker Change: Cameron has referenced we are in discussion with that.
Speaker Change: Everyone I appreciate there's some shed.
Speaker Change: Confidentiality agreements and say that it's actually much more data.
Speaker Change: Significant number of major large diagnostic companies.
Speaker Change: Importantly, the science behind the test.
Speaker Change: And I think it's also important to mention that also we mentioned this but also probably the first time, we've mentioned publicly.
Speaker Change: Context techniques behind that.
Speaker Change: Our attention on technology transfer.
Speaker Change: Stuff that you don't really publish around.
Speaker Change: C market, we've targeted about over a dozen different groups in Europe, who can use it for different questions. We're focused like a laser beam on the FDA side in the large company side on sepsis for <unk>, but the <unk> pit.
Speaker Change: Normal ranges.
Speaker Change: And how they use their interpretation have Isa <unk>.
Cameron Reynolds: So it has the potential of making a low-dose CT scanning a viable screening program in a lot of countries. So all this study is doing is replicating, potentially and hopefully, and that's certainly what we expect, replicating the data from the studies also carried out there. But something to really keep in mind, the group doing the study and the same lab are the same place it would be done as in the National Screening Program. So if it does continue to go well, we could have interim data this year, really supporting that, and we expect to be finished by the end of the year, is that it would be added to the National Screening Program.
Speaker Change: So the basic science to say.
Speaker Change: It can be incredibly useful in a range of other areas.
Speaker Change: <unk> very carefully curated team.
Speaker Change: As Barry just cardiac as varied as it seems like COVID-19 as varied as trauma organ transplants. So I think there's a very good chance, we'll have multiple uses for IC market in Europe, they're testing it now that paid for it after the same market from our suppliers and be launching that for a lot of different uses in Europe as well this year sorry from our.
Speaker Change: All our all our data.
Speaker Change: And so.
Speaker Change: There's an overwhelming install it its about putting patients first.
Speaker Change: And sharing the data in Shanghai and temperature.
Speaker Change: <unk> been very very helpful and the licensing discussions.
Speaker Change: Cameron has referenced we are in discussion with us.
Speaker Change: A number of major large diagnostic companies.
Speaker Change: Key opinion leaders from large companies from different institutions, I think there's been a really really loud and growing drumbeat as to how important on the choices kit will be.
Speaker Change: And I think it's also important to mentioned they're also we mentioned this but also probably the first time, we mentioned it publicly.
Speaker Change: And on the cancer side, the publication of the paper, we've got working now as well in liquid tumors in dogs as well as solid tumors in humans on the oncology side and then you had the screening programs into that it is quite remarkable what this one platform can do in all these different areas.
Cameron Reynolds: And there's no more studies, there's not another FDA route. It would be used in the same lab from the study and put into the screening program quite quickly if it goes as well as we would expect it to go. So very, very exciting.
Speaker Change: See my kids, we've targeted about over a dozen different groups in Europe, who couldn't use it for different questions. We're focused like a laser beam on the FDA side in the large company side on sepsis ties, but and it takes us.
Andrew Retter: And Taiwan's a great test market. There are a couple of much bigger countries in Asia we're talking to, and as we discussed, some very big countries in Europe as well. But it's not just benign nodules versus cancerous nodules. As you've seen the data from France, it's also very useful in minimal residual disease. It's also on whether you need palliative care or not. So H3K27 is seen to be a very good marker in lung cancer. And also a lot of the DISCOVER projects, or at least one big one, is also in human cancer as well. So, and that's something which we talked about, could be a much higher value test per test because there's two markers, one of which is a histone modification as we talked about.
Speaker Change: It can be incredibly useful in a range of other areas.
Speaker Change: Yeah, we're very excited for the rest of the year.
Speaker Change: Various cardiac is very it is things like COVID-19 as varied as trauma organ transplants. So I think there's a very good chance, we'll have multiple uses for a C market in Europe.
Speaker Change: Okay.
Speaker Change: Turning to new to discover.
Speaker Change: You've alluded to both the step up in activity and the quality of activity, particularly.
Speaker Change: They're testing it now that paid for it after the same market from our suppliers and are launching that for a lot of different uses in Europe as well this year.
Speaker Change: Particularly in the human study contracts that you've landed.
Speaker Change:
Speaker Change: From our key opinion leaders from large companies from different institutions.
Speaker Change: I'm going to try to address it in a different way.
Speaker Change: A few quarters ago, you mentioned that your average contract.
Speaker Change: There's been a really really loud and growing drumbeat is how important on the choices kit will be.
Speaker Change: Discover was around $200000.
Speaker Change: And on the cancer side, the publication of the paper, we've got working now as well in liquid tumors in dogs as well as solid tumors in humans.
Speaker Change: The human study one you said is larger and probably more profitable.
Andrew Retter: So very exciting, and expect to see some of that data later this year, we hope, and it should be finished this year.
Speaker Change: On <unk> side, and then you had the screening programs into that it just quite remarkable what this one platform can do in all these different areas.
Got it.
Speaker Change: Can you give us a.
Andrew Retter: So it's all really, really speeding up.
Speaker Change: An idea of what the average contract is now.
Speaker Change: Yes, we're very excited for the rest of the year.
Unknown Executive: Thank you for taking my questions. Thank you, Steven.
Speaker Change: Yeah, so the smaller contracts at the start of the south.
Speaker Change: Okay.
Speaker Change: The process that they usually want you to run samples as they sort of proof of concept and that's in the small tens of thousands the next level.
Operator: There are no further questions.
Speaker Change: Turning to new to discover.
Cameron Reynolds: I would like to turn the conference back over to Cameron for closing. Thank you, everyone. I'll just give a very quick summary. So, obviously, in the vet side, we've seen solid organic growth, and we're hoping for that pop from the centralized labs being completed. The first contract's now been signed, and we're hoping to have it several others later this year, and that should allow the large quantities of tests to be run efficiently that we would expect from being part of wellness programs. Also, NUQ Discover, we've reached the next level, and we're starting to get much larger contracts in there with the very large pharma companies and diagnostic companies, so look for a lot there.
Speaker Change: You've alluded to both a step up in activity and the quality of the activity.
Speaker Change: You get as you said to perhaps 300000 the.
Speaker Change: Particularly in the human study contracts that you've landed.
Speaker Change: The next step beyond that is up to 500000 or more and then obviously if you're part of a companion diagnostic you'd get a very profitable and a much much higher figures willing to vermilions. So nuclear discover I think is incredibly important at the moment as a big part of our revenue, but also really getting out there in front of all these different companies now I would expecting.
Speaker Change:
Speaker Change: I'm going to try to address it in a different way.
Speaker Change: A few quarters ago, you mentioned that your average contract.
Speaker Change: Discover was around $200000.
Speaker Change: The human study one you said is larger and probably more profitable.
Speaker Change: In two or three or four years' time, I mean, it's still a lot of money, but not a big percentage of what we do because I think the net product has been hit out of the park and will become a very big mainstay here of the diagnostic world, but in the short term contracts in this stage in the hundreds of thousands and we're moving into the mid hundreds of thousands are probably a little careful because we are.
Speaker Change: Got it.
Speaker Change: How can you give.
Speaker Change: Give us.
Speaker Change: An idea of what the average contract is now.
Cameron Reynolds: We had some fantastic breakthroughs in NUQ Cancer. It is now working as well in solid tumors in humans as in liquid tumors in dogs, which is really quite remarkable for such a low-cost test. We're in very active licensing discussions in a range of NUQ Cancer areas, as we are in NUQ Nets. The data we have come, I think, has been absolutely fantastic. It's exactly what we wanted, and it's got the interest of the biggest companies in the world at a very high level, and also from a large amount of key opinion leaders who think this is a big part of the solution, as outlined by Andy.
Speaker Change: Yeah, so the smaller contracts that started with some of the.
Speaker Change: The process the company they usually want you to run samples as they sort of proof of concept and that's in the small tens of thousands the next level, we get as you said to perhaps 300000 net.
Speaker Change: The conference you're already going to leave you noticed the press releases can sometimes be a little vague that's purely because we're under confidentiality with these very large pharma companies and we obviously want to stick within the contracts, but I'd expect to see some in the more mid one hundreds of thousands of dollars. This year and that's what we're discussing with several partners and then that would move to a step above that into the millions.
Speaker Change: The next step beyond that is up to 500000 or more and then obviously if you're part of a companion diagnostic you'd get a very profitable and a much much higher figures willing to vermilions. So nuclear discover I think is incredibly important at the moment as a big part of our revenue, but also really getting out there in front of all these different companies now I would expect.
Speaker Change: On the next stage, so very important Washington short term, both for credibility and having a dozen different companies using our product and giving that kind of money to us starting in the tens of thousands or hundreds is obviously a big deal.
Cameron Reynolds: So, 2024 was about getting the data. 2025 is about licensing in the human space, which is what we're really focused on now. And finally, just to remember one more time, this is all the same platform. We do not do four or five different things. We do one thing, and we do it very well, which is measuring circulating nucleosomes and chromatin fragments in circulation, and the platform is now extremely robust, reproducible, reliable, and it can be run on a range of different machines and plates and point of care. So, it should be a very exciting 2025, and we look forward to updating you in all of these as they all come through throughout the year.
Speaker Change: In two or three or four years' time, it's still a lot of money, but not a big percentage of what we do because I think the next product is being hit out of the park and we will become a very big mainstay here of the diagnostic world, but in the short term the.
Speaker Change: And my last question, obviously, you've had two huge pillars.
Speaker Change: We have a lot of information and data coming out.
Speaker Change: The contracts in this stage and there's hundreds of thousands and we're moving into the mid hundreds of thousands are probably a little careful because we're under confidentiality.
Speaker Change: During 2024.
Speaker Change: Specifically nets concerning sepsis and in oncology.
Speaker Change: You noticed the press releases can sometimes be a little vague that's purely because we're under confidentiality with these very large pharma companies and we obviously want to stick within the contracts, but I'd expect to see some in the more mid one hundreds of thousands of dollars. This.
Not.
Speaker Change: Not to get really into the weeds, but.
Speaker Change: Could you just add a little color or expand on it.
Speaker Change: The what you expect from the validation study this new 500 patient study.
Speaker Change: This year and Thats, what we are discussing with several partners and then that would move to a step above that into the millions on the next stage. So very important to us in the short term both for credibility and having a dozen different companies using our product and giving that kind of money to us starting in the tens of thousands or hundreds is obviously a big deal.
Cameron Reynolds: So, thank you very much for your time. Thank you.
Speaker Change: Happening at the National Taiwan University Hospital.
Operator: This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.
Speaker Change: Yeah actually we've had updates from them, it's going very well and I expect it to be finished this year and if any thought of just very recently and they've actually done a lot of patients already so that's progressing very very well.
Speaker Change: I think it's actually very simple Steven is it replicates the data. So we've had two levels of data and the data was outstanding at Telus benign from cancerous nodule was very very well, we can cut back up to 50% of our biopsies, which is incredibly important obviously biopsies are not something you want to do with the Midland.
Speaker Change: And my last question, obviously, you've had two huge pillars are have a lot of information and data coming out.
Speaker Change: During 2024 are specifically nets concerning sepsis and in oncology.
Speaker Change:
Speaker Change: Not to get really into the weeds, but.
Speaker Change: Along unless you really want you really need to do it.
Speaker Change: Could you just add a little color or expand on it.
Speaker Change: So it has the potential of making a low dose <unk> scanning I a viable screening program in a lot of countries.
Speaker Change: The what you expect from the validation study this new 500 patient study that's happening at the National Taiwan University Hospital.
Speaker Change: So all of this study is doing is replicating potentially not and hopefully and that's certainly what we expect replicating the data from the studies also carried out there, but something to really keep in mind. The group doing the study and the same lab at the same place it would be done as in the national screening program. So if.
Speaker Change: Yeah actually we've had updates from them its going very well and I expect it to be finished this year and they've already started just very recently and they've actually done a lot of patients already so that's progressing very very well.
Speaker Change: I think it's actually very simple David is it replicates the data. So we've had two levels of data and the data was outstanding at it tells benign from cancerous not doing very very well and we can cut back up to 50% of our biopsies, which is incredibly important obviously biopsies are not something you want to do with the needle.
Speaker Change: It does continue to go well, we could have interim data this year really supporting that and would expect to be finished by the end of the year is that it would be added to the national screening program and there's no more studies, there's not another FTA route it would be using the same lab from the study and put into the screening program quite quickly if it goes as well as we would expect it to go.
Speaker Change: Along unless you really you really need to do it. So it has the potential of making a low dose C. T scanning I a viable screening program in a lot of countries.
Speaker Change: So very very exciting and Taiwan is a great test market. There are a couple of much bigger countries in Asia, we're talking to.
Speaker Change: And as we discussed some very big countries in Europe as well.
Speaker Change: So all this study is doing is replicating potentially not and hopefully and that's certainly what we expect replicating the data from the studies also carried out there, but something to really keep in mind. The group doing the study and the same lab at the same place it would be done as in the national screening program. So if.
Speaker Change: But it's not just benign nodules versus.
Speaker Change: Cancerous nodules as you've seen the data from France. It's also very useful and minimum residual disease is also on whether you need palliative care on up so it's a high 327 as it seemed to be a very good market in lung cancer.
Speaker Change: And also a lot of the discover projects or at least one big one is also in human cancer as well.
Speaker Change: It does continue to go well, we could have interim data this year really supporting that and would expect to be finished by the end of the year is that it would be added to the national screening program and there's no more studies, there's not another FDA route it would be using the same lab from the study and put into the screening program quite quickly if it goes as well as we would expect it to go.
Speaker Change: So and that's something which we talked about could be a much high value tests to protest because there's two markets one of which is the histone modification as we talked about the very exciting and expect to see some of that data later this year, we hope and it should be finished this year, that's all really really speeding up.
Speaker Change: So very very exciting and Taiwan is a great test market.
Speaker Change: Couple of much bigger countries in Asia, we're talking to.
Speaker Change: Thank you for taking my questions.
Speaker Change: And as we discussed some very big countries in Europe as well.
Steven Ralston: Thank you Steven.
Speaker Change: But it's not just benign nodules versus a cancerous nodules as you've seen the data from France. It's also very useful and minimum residual disease is also on whether you need palliative care on them. So it's a high 327 as it seemed to be a very good market in lung cancer.
Cameron Reynolds: There are no further questions I would like to turn the conference back over to Cameron for closing remarks.
Cameron Reynolds: Thank you everyone I will just give a very quick summary.
Cameron Reynolds: So obviously in the wet side, we've seen solid organic growth and we're hoping for that that pop from a centralized labs are being completed are the first contracts now being signed and we're hoping to have it several others. Later this year and that should allow the large quantities of tests to be run efficiently that we would expect from being as part of.
Speaker Change: And I also love them to discover projects or at least one big one is also in human cancer as well.
Speaker Change: So and that's something which we talked about could be a much high value tests to protest because there's two markets one of which is that he started modification as we talked about the very exciting and expect to see some of that data later this year, we hope and it should be finished this year, that's all really really speeding up.
Cameron Reynolds: Wellness programs.
Cameron Reynolds: Also Nick you discover them we've reached the next level and we're starting to get much larger contracts in there with the very large pharma companies.
Cameron Reynolds: And diagnostic companies. So look for a lot there we had some fantastic breakthroughs in Youku cancer. It is now working as well in solid tumors in humans as in liquid tumors in dogs, which is really quite remarkable for such a low cost test I weren't very active licensing discussions in a range of new cancer areas.
Speaker Change: Thank you for taking my questions.
Steven Ralston: Thank you Steven.
Steven Ralston: There are no further questions I would like to turn the conference back over to Cameron for closing remarks.
Cameron: Thank you everyone I will just give a very quick summary.
Cameron: So obviously in the wet side, we've seen solid organic growth and we're hoping for that that pop from the centralized labs are being completed and the first contract has now been signed and we're hoping to have it several others. Later this year and that should allow the large quantities of tests to be run efficiently that we would expect from being as part of.
Cameron Reynolds: As we are in EQ nets.
Cameron Reynolds: The data we have come I think has been absolutely fantastic. It's exactly what we wanted and it's got the interest of the biggest companies in the world at a very high level and also from a large amount of key opinion leaders, who think this is a big part of the solution as outlined by Andy Sorry, 2024. It was about getting the data 2025 is about.
Cameron: Wellness programs.
Cameron: Also Nick you discover them we've reached the next level and we're starting to get much larger contracts in there with the very large pharma companies.
Cameron Reynolds: Licensing in the human space, which is what we're really focused on now and finally just to remember them. One more time. This is all the same platform, we do not do four or five different things. We do one thing and we do it very well, which is measuring circulating neutral times and climate and fragrance and fragrance in circulation and the platform is now extremely well.
Cameron: And diagnostic companies so look for a lot there we had some fantastic breakthroughs in <unk> cancer.
Cameron: It is now working as well in solid tumors in humans as in liquid tumors in dogs, which is really quite remarkable for such a low cost test our very active licensing discussions in a range of new cancer areas as we are in EQ nets.
Cameron Reynolds: Robust reproducible reliable and it can be run on a range of different machines, and and plates and point of care.
Cameron Reynolds: So it should be a very exciting 2025, and we look forward to updating you on all these is they all come through throughout the year. Okay. Thank you very much for your time.
Speaker Change: The data we have come I think has been absolutely fantastic. It's exactly what we wanted and it's got the interest of the biggest companies in the world at a very high level and also from a large amount of key opinion leaders, who think this is a big part of the solution as outlined by Andy Sorry, 2024. It was about getting the data 2025 is about.
Speaker Change: Thank you. This will conclude today's conference you may disconnect. Your lines at this time and thank you for your participation.
Speaker Change: Licensing in the human space, which is what we're really focused on now and finally just to remember them. One more time. This is all the same platform. We did not do four or five different things. We do one thing and we do it very well, which is measuring circulating neutral times and climate and climate in fragrance in circulation and the platform is now extremely.
Speaker Change: Robust reproducible reliable and it can be run on a range of different machines and lights and point of care. So it should be a very exciting 2025, and we look forward to updating you on all of these as they all come through throughout the year. Okay. Thank you very much for your time.
Thank you. This will conclude today's conference you may disconnect. Your lines at this time and thank you for your participation.
Speaker Change: Oh sure.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: [music].