Q3 2025 VolitionRx Ltd Earnings Call

Both are multi-billion dollar companies and worldwide leaders in their specialized fields and we are delighted to report that both have very much hit the ground running.

Now, taking each intern worthin is a global leader in the field of in vitro diagnostics for hemostasis and thrombosis among others where neutral extracellular traps Nets. Play such an important role and of course we have the only approved tests to measure Nets.

So, this agreement fits extremely well into our strategy of leveraging the installed base of machines, specific disease knowledge, and customer reach of our partners combined with our unique NETS platform.

Under this agreement win will gain access to the components of its proprietary. Newq h3.1 Nets assay and will investigate its clinical utility in the management of APs patients on its platforms.

Win also has an option to negotiate terms with vishen for it to launch the product commercially under an exclusive license.

We have already successfully transferred, the newq Nets assay.

To their ACL acq Star platform.

Early results in NETS levels detection in APS patients, with new tests, are encouraging.

We are excited to validate further and complete a clinical utility study to determine the potential role of this marker as a risk indicator of thrombosis in APS patients, allowing for better management of this very complex syndrome.

This could open the possibility to enlarge weapons, portfolio in APS testing.

Just to provide a bit of background about the condition. As we haven't previously discussed this in detail, APS is a complex disorder of the autoimmune system, affecting around 4 million people worldwide. It causes increased risk of blood clots and their Associated complications such as stroke heart attack pulmonary embolism, or deep vein through,

Trombosis is also associated with recurrent miscarriages and pregnancy complications.

It is currently diagnosed through a panel of blood tests.

requiring two positive results at least 12 weeks apart and is often a lifelong condition requiring regular monitoring.

Emerging evidence suggests increased net formation appears to be a central mechanism in thrombosis in APS.

And that targeting net Pathways could provide future therapeutic avenues, for thrombotic complications.

We believe that positions new Nets test is the first CV. Ivd assay being investigated in APS,

And could provide not only improved diagnostic information to aid clinical decision-making and personalized care.

APS diagnosis and monitoring represents a total addressable Market.

Of approximately 85 million annually, so it is a very good early target for our Nets platform.

It is exciting to achieve this major milestone with Worth, and we are already working with them on study design, etc.

The second agreement, we announced this quarter is with hologic diagenode for the co-marketing of its newq discover service.

the new Q, discover service provides drug developers and scientists with a range of state-of-the-art assays for Rapid epigenetic profiling in disease, model development, preclinical testing and clinical studies from Discovery to being Market ready

Healogics has extensive experience, recording revenues of over $4 billion in 2024.

From a large client base and international reach.

Providing tools to biotech and Pharma companies and also to academic and government organizations.

We have seen strong growth in interest from our new Q, discover services and believe this partnership with logic will further accelerate the expansion of New Q services to a wider base of customers to drive Revenue.

The inclusion of our nuclear-based biomarkers in Hologic's portfolio demonstrates a strong validation of their value in clinical development.

Hit the ground running and have already presented the new Q discover offering at several International conferences.

Have launched a digital marketing campaign, including emails and Linkedin advertising and have a webinar plan for next quarter.

They've also received a lot of inbound interest from existing customers. So definitely an exciting start to what we hope will be a long and fruitful relationship. We are continuing our discussions with around 10 of the world's leading Diagnostic and liquid biopsy companies and are at various stages, of this process, across our different pillars, ranging from due diligence, to Tech transfer to evaluation of clinical samples to term sheet and contract negotiations. We are very confident of further licensing deals with a range of large companies, and will update on progress as they are completed.

We believe that our positive emerging clinical evidence supports the broad applicability of our new technology in critical areas such as cancer and sepsis.

Including as I buy a marker of interest to epigenetic drug development and expanding area of focus for big pharma.

Beyond licensing as discussed on our previous calls, another prong of our new Net's. Commercialization strategy is to leverage our granted seamark approved in the EU for any gnosis related diseases with the product undervaluation in 14s in 5 European countries as Dr. Andrew Reddit has discussed on previous calls. Nets are implicated in a wide range.

Of diseases. We anticipate the presentation and publication of results regarding the clinical utility of the nucle Nets H supereon assay across a range of diseases in the coming months and quarters. So, please keep an eye out. In fact, we have made significant progress on several Publications in recent months and anticipate peer-reviewed Publications across all pillars in the coming quarters.

One such paper, recently submitted for peer review, concerns our groundbreaking capture seek technology. We believe the ability to concentrate chromatin fragments and therefore tumor DNA has the potential to be a game-changer in the liquid biopsy field. It is an exciting prospect from a licensing perspective, and I am pleased to report that we are currently in active discussions with third parties. To provide more detail, I'm delighted to pass over to Dr. Jake Milif, our Chief Science Officer, to share a more thorough update on scientific and clinical progress. Jake.

Thanks very much, Cameron, and good morning, everyone. I'd like to start by providing a little more color and detail to the Capture Seek project. We've recently submitted a paper on this, describing an entirely new liquid biopsy method to analyze blood samples to find DNA from cancer cells.

This is not a new way to Target the same cancer. Derived, DNA, targeted by other tests instead we target an entirely new class of cancer. Derived DNA, this represents an entirely new class of cancer biomarkers with hundreds or possibly thousands of new targets, all of which are ignored by current methods.

We have isolated this previously ignored DNA from blood and removed the background DNA.

This is important because background DNA is the single biggest problem. In current liquid, biopsy methods, and nobody has ever previously managed to remove this background.

However, our new method isolates, just the DNA. We are looking at with 180 fold concentration, that's an 18,000% enrichment and removes more than 99.5% or almost all of the background DNA.

This is a great result but it would be easy to throw away the baby with the bath water.

That didn't happen. We retained 48% of the target material for analysis with almost all the background DNA removed. This is the first it's never previously been achieved in liquid biopsy.

Our new capture seek method is extremely exciting, and I personally believe it may become commonly used worldwide, both in the detection of cancer and in cancer patient management.

The focus of the paper submitted is scientific rather than clinical and showcases what we believe is a revolutionary new liquid biopsy method for detecting cancer DNA in blood.

so,

Some transcription factors bind to different DNA locations in the genome or DNA sequences in the cells of cancer patients. However, their isolation from blood has never previously been successful.

And consequently, the different transcription factor binding that occurs in cancer has never previously been measured in blood samples.

We have now succeeded in isolating transcription factors from blood plasma and found hundreds of transcription factor-bound DNA sequences in the plasma of cancer patients that are not present in the plasma of healthy people.

As I said, these new sequences represent an entirely new class of cancer biomarkers with hundreds or or maybe thousands of new targets available to science for the first time and capture seek is an entirely new way to analyze blood samples to find them.

so the next step was then to establish a proof of concept for cancer detection by transcription Factor occupancy measurement in Blood using capture seek,

Details will be published in the paper when it comes out. But the transcription factor we've worked on is called CTCF. We have shown in a small number of patients that a panel of plasma CTCF chips identifies patients with cancer with 100% sensitivity and specificity. In lay terms, we detected all the cancers with no false positives.

False positives.

That was very encouraging and we have good reason to believe capture seek will be accurate and economic in routine use

Although we focused on 1 particular, transcription Factor ctcf, this may be a Pathfinder for many other. Similar tests using other transcription factors that are important in particular, Cancers and easy example, would be the estrogen receptor as a transcription factor in breast cancer. And perhaps most importantly, this new transcription Factor DNA method may be used alone or in combination with other existing methods to bring multiomics cancer. DNA testing to patients for patient management and for early cancer detection.

As Cameron mentioned, we're in many confidential discussions and this is certainly proving a Hot Topic. So scientifically a great step forward and hopefully 1 which will translate into real world clinical benefits for patients.

We will, of course update you more fully once the paper is out.

I also wanted to take the opportunity to update you on a few other Q3 activities. I was very fortunate this quarter to visit our key collaborators in our lung cancer product development programs. In August. I met with Professor Chen and his team as well as the screening program leaders at the national Taiwan University Hospital in Taipei. During the visit the idsi 10 analyzer, which is

The automated platform for our tests was installed in end to use laboratory and training was provided by 2 of our team to progress their validation study for lung cancer, screening.

They've also performed some analysis regarding use of the new queue h3k, 27 trythall, test in prognostication of diagnosed lung cancer patients in studies similar to our previous collaborative, studies in France. I also visited our colleagues in France who are continuing their work, using a new Q h3k 27 trythall in lung cancer. And then now expanding into other cancers,

The clinical lung cancer patient management results in France are consistently excellent, and we're preparing for the introduction of new Q3 K27 trimethyl tests in clinical practice in a group of hospitals in France. There will also be quite a few upcoming publications in cancer in the near future. In August, we published a paper showing the utility and reliability of our new QET assay, and we expect further publications from ourselves and from collaborators over the coming months in NET. So, a lot of activity. And with that, I'll hand over to Terry for the finance.

Thanks, Jake, for that thorough and exciting update.

Now, on to the finance report.

revenue for the third quarter, grew 32%, over the same quarter last year, coming in at 0.6 million at this early stage of commercialization revenues remain fairly lumpy and difficult to predict from 1 quarter to the next

So we will not be providing Revenue guidance. At this point in time. Operating expenses for the quarter were down, 10% year-on-year and down, 18% for the first 3 quarters primarily reflecting lower Personnel costs and lower research and development expenses.

Cost management. Net cash used in operating activities was 3.6 million for the quarter down 33% over the same period prior year.

Net loss was down 8% for the quarter and down 20% for the first three quarters compared to the prior year. Receipts during this third quarter included $1.2 million from a registered direct offering, which included participation by some of our directors.

And subsequent quarter end. We received net proceeds of approximately 6.1 million from a confidentially marketed, public offering including partial exercise of the underwriters over a lot option.

This raise also included inside the participation demonstrating once more strong managerial commitment.

So to summarize, the quarter revenues were higher by 32% versus prior year. Total operating costs lower by 10%. Cash used in operations, was lower by 33%, net loss improved by 8%. And as Cameron reported at the top of the call, we are excited to have signed our first agreements with WFAN and her logic.

1 of our key. Financial goals is to be cash neutral, meaning income, including licensing receipts matches expenditure on a cash basis.

We have made significant progress on cost reductions; however, to fully realize our ambition, we need to execute several significant licensing agreements in the human space and secure existing milestone payments in the vets space.

I'm happy to say we continue to make solid progress against each of these targets. With that, I will pass back to Cameron for closing remarks. Cameron.

Thanks, Derek. Before summing up, I'll provide a quick update on New Q Vet.

Expanding the global reach of our new vet cancer test remains a key priority, enabling veterinarians worldwide to improve K9 cancer screening and outcomes.

Our supplier agreements with leading industry players, including Antec, part of Mars Science and Diagnostics, Fujifilm Vet Systems, and IDEXX, are instrumental in achieving this to further accelerate revenue growth and ensure consistent delivery. We have focused on centralized lab automation.

At the end of the first quarter, Fujifilm, vet systems expanded, their contract with us to validate and then Implement a centralized automated platform. Using the IDS. I 10 analyzing

I am delighted to report that the Fuji team has made great progress this quarter in validating and verifying the new Q Vet cancer test on the automated platform.

We believe the automation of centralized labs is crucial to accelerating our growth rate. So, this is a particular area of focus for us.

We aim to enable all our large customers to be automated so that they can easily and effectively handle the much larger numbers of tests that would result from having our tests in annual pet wellness, panels.

Putting our tests into wellness panels would greatly increase sales volumes and will be a key target for 2026.

Notably. This automated platform is the same technology utilized for our human diagnostic products, new cancer, new Nets and new discover

Terrific work from the Fuji team, who continue to see steady growth in the use of the new cue test in Japan.

On the research and development front, we continue to make progress towards securing the final milestone payment of $5 million related to our feline cancer products in the second quarter. A peer-reviewed paper regarding pre-analytical data is expected in the coming months.

In drawing the call to a close, our goal is to secure a wide range of licensing agreements in the human diagnostic space, mirroring our successful strategy in the veterinary market. We anticipate, similar to the veterinary market, diverse deal structures with potential for upfront and milestone payments, as well as future recurring revenue.

We believe we have developed a unique and widely a political platform that will be a big part of both oncology and the ptosis for decades to come for hundreds of millions of people and animals, worldwide.

Cancer and sepsis diagnostics alone represent a combined total addressable market of approximately $25 billion annually, offering substantial revenue opportunities for Volition and our partners.

I believe that these next few quarters will be transformative for our company. Our laser focus is on executing license agreements and we will update you as they complete.

Take your questions, operator.

Thank you. 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. If you would like to remove your question from the queue, for a participant using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Our first question is from Justin Walsh with Jones trading, please proceed.

Hi, thanks for taking the question. Um, can you provide some additional color on the size of the anti phospholipid syndrome market and how it compares to, uh, to other potential new qet applications? You guys are looking at

Yeah, Justin. Thanks. That's a good question. So um, obviously the next Market is, is huge. Um, if you the big big ones are things like sepsis and icky and I mean obviously they're the the biggest of the big um, and for us to start of the program, the first cab off the rank, we're very happy that starting with the. These are kind of diseases which are, um, big worldwide there are 4 million people who have uh, APS. So it's considerable. It's not 1 of the biggest markets but that's a very good 1 to start with and the Tam where we've calculated is something in the 85 to 90 million dollars per year. Um so uh autoimmune diseases are obviously very important for a whole lot of reasons and it's something which is very tough to diagnose. So we we think this is a great first cab off the rank something, as I said 85 or 90 million Mark. Sorry Tam is a very good way.

Market size to start with and, um, and at the currently, the way it's diagnosed is far from ideal. And it is very much Nest related. Um, and as you know, the, the revity, um, revity is selling our, um, assays in Europe now, and they're analyzing 21 different uses Beyond APS. So, there's a large range of ones coming up, but, um, that's the size of the first 1. And we, as we said, we strongly expect to see a range of others.

Great. Thanks for taking the question.

Thank you.

Our next question is from Why Chin with HC Wayne Wright. Please proceed.

Good morning, and thank you for taking my question. Uh, my first question is, could you tell us whether the, uh, worth and partnership has, uh, made any contribution to the third quote revenue? And also, how do you expect the ore from, and the hierarchical Partnerships to shed the, uh, tough tough line, revenue Trend in 2026.

Yes, so the weapon have not agreed to the revenue. They're in the process of validating it on a clinical samples for clinical utility. Um, they absolutely hit the ground running, I think we'll end up with a broader agreement with win. Um, they've got it working on their machine, so and the Machine is quite, they're 1 of the biggest in the order of immune space in coagulation. So I think they will be a big part of what we have going forward. I think, um, our plan has always

We've been, and still remain to be, that we will be on a range of different platforms. So, um, these coagulation companies like Win Systemx and DGO are a very good way to start. Um, they're all, you know, large multi-billion dollar companies, but our specialists in certain pieces of the netosis market.

So I think work and uh the first off the rank and they've hit the ground running um and I think we'll broaden the relationship. Um, as far as hologic, um actually I can I can help today, they've actually made their first sale, obviously it's not on the last quarter's Revenue because that's that's come and gone. But um, there will be some on on this quarter's Revenue. Um, we could not be happy with that relationship as well. They've got a very uh well compared to us. There are a multi-billion dollar company at a logic as you know, they're very excited about our epigenetics offerings. Um, they presented it at quite a few conferences. I've done a lot of social media and marketing. Um, they've trained their Workforce. They've also visited our Laboratories in Belgium and in California already to really understand it. And yeah, as I heard today, they've made their first sale.

So um I think both are very important to our growth. I think the great thing with both agreements as well. We are in a lot of other discussions as we as you know, it does. Give everyone else a bit of a nudge to when you make deals with their competitors. Um, so I I think it's been transformative in our relationships with power, the 10 other people we're talking to to have been taken, so seriously by such

Um, and this is the start of that process. Expect to see a lot more in the coming months and quarters.

Got it. And with respect to those ongoing discussions with additional partnerships, how many do you expect to close in 2026?

um,

Have you been on top of it, the timing of which ones will happen when it's always tough. These are very important deals for us. But if you are the largest company in the world or the largest companies in the world, they can speed up and slow down, but I'd strongly expect. We'll have a range more. I do expect, I mean, we've got some very active discussions going and some of which are in hopefully, the, the latter and final stages. But exactly, which ones will happen when it's very hard to say. But I would be very surprised if there wasn't a bunch more um, through this year and through next year because I think that what gives me that confidence, our gnosis test is. Uh, the only way we know measuring Nets, Nets are the next big things have been associated with dozens and dozens of different conditions and processes, um, on the oncology side, our basic newq platform in h3.1 and H3. K27 is the biggest seller in the vet Market. It's making a Big Splash in the lung Market in, in, in France, and Taiwan and moving to other countries. And as you've heard today, the first time again, very, very exciting.

Um, our ovarian Dr. McCall has cracked uh concentration of Chromatin which is just uh um 1 of the Holy Grails in an oncology the issue. With all the companies in the liquid biopsy space is a very red target. So being able to concentrate uh, chromatin fragments and we've started with transcription factors which are the Pinnacle of epigenetics. They are the most important factor in all that is is just huge.

So I, I think between all of that, I'm very confident, we'll be getting some deals signed with different groups. We have something very special, um, but as we've said many times it's, it's bigger than us. There's no way we can commercialize, all the different things we're doing. And, and I think, obviously, the first companies you've seen are, are, are realize that. And I think it's, uh, it's really starting to pick up with the other companies as well. And the more we find the easier, they've become to sign because our credibility and track record, go up and up, and up.

Thank you.

Thank you.

Our next question is from Stephen Ralston with Zach. Please proceed.

Uh, good morning or good afternoon.

Uh, first of all, congratulations on the uh traction. You gained on the revenue line in the products?

And also on the, uh, significant reduction of expenses this quarter.

And I, I'd like to dig dig into both of those

um,

First of all, can you give some sort of breakdown of the uh product revenues? Uh, I know it consists of the uh New Q vet tests and the Discover kits. Um,

In the, in the vet, was there any, uh, like stocking of for Fuji or, um, was there some lumpiness in the uh, discover side?

um, so this is this is Terence Steven um,

Yeah, that that there is still a lot of lumpiness, which is makes it uh, a bit difficult to predict and then, you know, and discover is very Project based. So that's up and down each month and each quarter, um,

What what I would say is that um as you can see, both both services and um, product Revenue had a very good quarter. And um, on the on the pillars side, every pillar made some progress and, uh, we'd expect to continue to make progress through the balance of the year. Um, we we don't provide sort of individual, um, growth growth numbers.

And we're going to focus next year on trying to get the getting the big companies to automate. And then there's a very real Prospect of them, putting them this in Wellness panels. So, if you see them starting to go in a wellness panel for the big companies, that means it's, it's finally taking more of a vertical lift off than the steady, sort of slow, ramp which we've been having. Um, so we're very excited about that. You 2 discover, um, has actually has actually outperformed what we expected. It's been, um, we've had, you know, I think dozens of clients now for different uses, including all the research users and the commercialization the the big companies and logic getting their first customer is very exciting for us because they're out there. Um they've got far more reach than we could ever have of course. And um they're taking an extremely seriously and and very energized by this and then on the new Q Net side

Um the very big companies and the big milestone payments, take time. But in the meantime uh the the prong we have in Europe of all those different hospitals, 14 Hospital networks using the system in 5 countries for I think it's 23 different Nets related uses. Now now they're all just buying them now. Initially to work out, a cut off for what each use is, but we'd expect them to start the clinical utility, um, you know, in in the next year as well. And so that they should really start to take off as well and distribute it by remedy. So that's makes it much easier. And we do expect the first clinical use of the oncology platform in Europe uh in France as we talked about uh in Leon sometime in the next.

Quarter or 2 as well. So everything's getting there. It's been um it's 1 of those things. We've got a lot of things going on and they always take some luck and Aeroplane taking off sometimes. It takes some time to get off the ground and then we're really hoping um, at least some of those happen in the next few months and quarters and we can really turbocharge the revenue and the vet space and the Discover space in the net space and the uh lung space. Um and we're we're doing everything we can to put those things in place so that it it comes from something where we're getting good sort of organic growth to a real liftoff, which is what we all want.

Does that make sense? I actually like to pursue the revenue line, a little more because as an analyst you know I have to do Financial modeling and I'm looking at it my product line and the addressable markets that they have

and um, I realize it's a very nasty in stage and of in terms of Revenue right now and and it's um,

But in thinking about it, long term, I mean right now, uh, 75% of, well, actually over 80% of the revenues in this quarter were on the product line. And, um, you know, looking at accounting rules and that sort of thing, you know, segments usually break down by when they achieve over 10%.

Do you think there'll be a time where you'll actually break it down? That you'll see, we'll see product lines, you know, like, in the vet space and discover and each 1 of your pillars, having a separate Revenue line, um, uh, or sub segments, Revenue line,

Yeah, I I think as the, uh, as a as the pillars mature and, uh, and the, the each Revenue line becomes more meaningful. I think it would make sense to then provide that, uh, that that level of detail, um, at the moment. Um, it's that each each pillar in of itself is still relatively small and, um, like I said, quite lumpy and so, um, you know, for the for the foreseeable future I think uh, This Is How we'll report it, but as soon as I think we get um, some some uh, significant growth. So for example, um, as Cameron mentioned in the, uh, in the event space. Um, if if that starts start to get adopted, um, into the Wellness plans and takes off, I think it would be, uh, good to split that out. And, and report that pillar separately, um, or, or likewise any of the others when they, when they cross, uh, certain Milestones. But, um, in in the meantime, um, we we're happy to give you

IES and Licensing revenues rather than the process. So, I think if you're looking to how it fits together in the short term, it'll be more product based because we're showing them works, and these kind of relatively smaller sales, but once it really takes off and I think I'm very, very excited with the potential in oncology space and also in the ptosis space. Um, that's when it'll the, the licensing Revenue will dwarf the product Revenue because there's, you know, these big companies have a reach that we're never going to want to have. Um, so does that make sense? Even and so it'll it'll change from a lot of product Revenue to overwhelmingly licensing Revenue. If it goes the way we expect,

No, thank you. Moving on to the expenses, uh, the sequent. Well, but actually year over year and the sequential Improvement was dramatic, um, much more than I expected. And somehow, I had some sort of an indication that like the the second quarter relative, uh, expenses, uh, were like going to be the, the, the floor now. But you made the such a huge jump here in the third, uh, quarter. Um, and actually it's kind of apropos. It is about like the 1 year anniversary since you announced the uh cost cutting program.

Do you think you've, uh, come to the end of the calls cutting and this is more of the baseline? Or is there still more to come?

So, I would certainly say it, it gets more difficult to beat the prior year because we we we started making progress, um, in the, the third and fourth quarter of last year on the cost Savings Program. And so, yeah, you're you're battling against a, a tough comparative. Um, but, uh, I, yeah, I certainly, um, hope that we can continue to make programs, um, but it may not be as, as steep as, uh, we, we made, um, a year to date.

And Stephen. That's it's a lot been listed to our investors as well. Obviously we've been having to raise money and it's a tough market. So we really want to spend and we have I think we've developed some of the most remarkable Technologies um, with that money. But we're also aware that the Market's horrible at the moment. So we need to save every single penny. So, Terry's been an extremely good at, but it's, it's a balancing act. You're not going to become a successful company, just by cutting, you've got to deliver the deals and products, which were in the process of doing. So we've drastically cut our Workforce and our expenditures but at the same time we managed to launch a range of products and that's a balance we we we take every day because I mean the cutting has been crucial. Um, we had to listen to the market and had to listen to what's going on and tough but we also have to deliver so it's something we we sort of that needle every day. Um, but um, I yeah, so we'll see how that goes on the on the deals being signed.

But the big difference now, I think the value of the company now isn't necessarily from cost cutting its from delivering deals and Licensing, arrangements and sales.

So um but in those situation are we going to allow the expenses to blow out, um we've got to keep it tight, it's very hard to raise Capital at the moment and and as as we all know, so we uh, we have to do as as much as we can as little but we do have to deliver at the same time so it's a balance.

And last question, uh hopefully this is a short 1. Um, I noticed that in a recent conference. Uh, it was mentioned that some preliminary results from the ongoing uh, lung cancer study were presented, who was there any new information there?

um no that's um there's actually a lot going to be presented at the conference in Chicago in December the North American Loan know, this is the 1 in

Chicago. Yeah. No. They're they're getting there. So there's a lot of new data being prepared in nil and we expect it to be in routine. Use this will be the first time, our tests have been reaching use in, humans that's coming up in the short term. Um, and the time is done, a lot of work as well. So expect to see you later this year and early next year, but, um, there's nothing I believe nothing new in that. No, there's nothing new in that process, but they are, that's not a lack of activity. They are in the process of doing a huge amount. And, um, so that's our basic newq platform and then we hope to be able to add on Arrangements, in in the more

Complicated slightly more complicated areas of capture and process. But both are progressing well.

Uh, thank you for taking my questions.

Thank you, Stephen. Have a good day.

Our next question is from Bruce Jackson with the Benchmark Company. Please proceed.

Hi, good morning. Thanks for taking my questions.

Um if we could hey um so if we could start with the um, I know the terms of the agreements with work and and logic were confidential. But um just broad brush, were there any upfront payments? Um,

Yes, they were in weapon. Um, not as we said we start we we start smaller and they we expect them to get bigger and bigger with every deal, but yes, they were upfront payments and ongoing payments from working. Um, so to the earlier question, there were some not product income from them but uh, when did have some up front, I can't discuss that too much more their confidential, but yes, they were and there are ongoing and, um, hologic. Uh, it's a co-marketing so it's not um, there's not up front but they are very active and I have made their first sale, so it will contribute to our Revenue in the short term.

Okay. And then um second question um the uh the milestone for the feline cancer testing where do you think that might, um, hit

So it's in the process so we're just in the the final stages of getting the last cats, which is actually taken longer than we thought. Finding cats with cancer isn't isn't an easy process, but we're getting there. Um so upon that under the terms agreement, um it will be due on a I'm not sure it's public so we can save the time to go but they're time to go in in the agreement with uh with antec. Um but as soon as the papers published um that is the process where we can if you want to go through that to what can we say? I'm not sure exactly what we're understanding.

Um, well, I what what I would say is that the the the conditions to meet the Milestone is we need to get a paper published. And then, um, the payment follows thereafter depending on again, um, either the, uh, the the launched, the first commercial, uh, sale of a test, um, or, um, there's a there's also a timeline by which they have to pay it to us. So, um,

What we're we we we'd hope, um, that once we've completed the study got the paper published um, that uh, shortly after that we would be looking for, um, that Milestone payment to be paid.

So may I hear. So the only reason we that it's up to the finishing the paper and as you know, son doesn't take some time sometimes. But I'm very uh, I'm very hope, very hope that we are close to getting that, uh, across the line. And then, yeah, then we're in a position to to ask for that payment.

So, publishing the paper triggers the milestone. Is that correct?

That's correct.

Okay, got it. Um, um, then last question. There were some Series A warrants that were out there, um, that were milestone-based. Has that milestone been met with the announcement of the agreements, or is it? No, it is... You know, what are the conditions for that?

Um the conditions were an aggregate of Milestone payments Which is higher than the Milestone payments that we have so it has not been triggered yet.

Got it. All right. Um, that's it for me. Thank you.

Thank you. Thanks for your time.

There are no further questions. I would like to turn the conference back over to Cameron for closing remarks.

But thank you everyone for coming on the call today. Um, I really appreciate your time. It's obviously a lot going on as valian in all of our pillars. I'm obviously, it's a very tough Market at the moment for our shelters and I, we do understand that. So we're doing everything we can to deliver what's going to make us a very successful company. Um, if we achieve them all things, we are making very strong progress, uh, as I said in the vet market, we've got the I 10 validators. Now for centralized Labs, which we're hoping will lead to other companies, doing centralized labs, and wellness tests, which would be transformative for our Revenue in the Vets space. Um, the new Q Nets. Uh, we're making a lot of progress in Europe with our fantastic Partners at revity who are selling them to 14 Hospital networks. Now uh the working on the cutoffs in a range of a couple of dozen different uses for Nets. We signed our first 2, human deals uh in the net, space starting with APS which as we said, has like a 90 million 85, 90 million dollar Tam. So it's a good start.

But we do expect a lot more Jake. As as announced, uh, he has submitted for publication on the capture side which is very exciting. We're making strong progress on the lung cancer side in both France and in Taiwan and we expect it to be used in the first clinical sense, uh, in in the short to medium term as well. So, um, huge amount going on. And I'd like to thank you all for having me interest in the company and keeping track of what we have expect to see a lot of news on all those fronts in the coming months as well as we continue to deliver on the commercialization plan. So thank you very much for your time today.

Thank you. This box include today's conference. You may disconnect at this time and thank you for your participation.