The following is a summary of the VolitionRx Limited (VNRX) Q2 2024 Earnings Call Transcript:

Financial Performance:

• VolitionRx reported Q2 2024 revenue of approximately $396,000, which is an 83% increase from the same period last year. First half 2024 revenue was $567,000, up 55% from the first half of 2023.

• The company has managed to reduce operating expenses by 24% compared to the same quarter last year.

• Subsequent to quarter end, the company completed a financing of up to $21.5 million in gross proceeds to support ongoing operations and research.

Business Progress:

• VolitionRx has sold over 60,000 Nu.Q Vet cancer tests in the first half of 2024, which exceeds the total sales of 2023.

• Antech Diagnostics launched Nu.Q Vet tests in multiple regions including the U.S., Europe, Australia, India, and Singapore.

• The company continues to expand its patent portfolio, now comprising 53 patent families, 86 granted patents, and a further 128 pending patents.

• Engaged PharmaVentures to secure licensing deals in the human space, aiming to leverage their advisory expertise in the commercialization of their oncology and Capture PCR portfolio.

Opportunities:

• Expansion of Nu.Q Vet cancer tests into new markets including Australia, India, and Singapore as well as the countrywide launch in Japan indicates potential for significant market expansion.

• The planned negotiation for the company's first licensing deal in the human medical space presents a substantial opportunity to monetize their patented technologies.

Risks:

• The company notes that the revenue growth from the Nu.Q Vet tests can be lumpy, reflecting irregular ordering patterns by distributors which might affect financial projections.

• Financial challenges associated with being cash flow positive by 2025 while managing significant operational and R&D expenses.

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