The following is a summary of the VolitionRx Limited (VNRX) Q1 2024 Earnings Call Transcript:
Financial Performance:
VolitionRx reported Q1 revenue of approximately $170,000, a 15% increase compared to the same period last year, mainly generated from Nu.Q Vet operations.
The company finished the first quarter with cash/cash equivalents of approximately $11.8 million.
A goal to become cash flow neutral by 2025 has been set, through the reduction of expenditure by $10 million annually, revenue growth, and procuring non-dilutive funding and licensing payments from Nu.Q NET and Capture-PCR.
Business Progress:
The company has made significant headway with the Nu.Q NET, Capture-PCR, and Nu.Q lung cancer technologies.
VolitionRx expects to complete data in two key areas, Nu.Q NET and Capture-PCR by next month, potentially leading to royalties and milestone payments within a year.
Progress continues in lung cancer studies, and successful results are soon to be released.
In veterinary operations, the rollout of the Nu.Q Vet canine test continues in the U.S., Europe, and Japan. Feedback has been positive.
Expansion into sepsis diagnosis shows significant progress, with plans to introduce a sepsis product under a licensing model.
The company intends to expand the application of their Capture-PCR test in the broader biopharma R&D market.
Preliminary discussions to extend the use of the Nu.Q Vet for monitoring purposes to veterinarians have begun.
Cost-saving measures are in place, including executive salary cuts, with a goal to reduce operating costs by $10 million in the next year.
More details: VolitionRX IR
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