Good morning, everyone. Welcome to Volition's webinar this morning. The title is: A Look at the Future of Cancer Diagnostic. I'm Gael Forterre, the Chief Commercial Officer of Volition. It's a pleasure to be here this morning. I'll start with a few words about Volition and our commercial strategy before handing it over to Andy for a discussion on our recent clinical evidence, and Jake for a discussion about the science behind our test, followed by a Q&A. Volition. The company is an epigenetic diagnostic company. Epigenetic means it sits on top of the gene, it regulates the genes. Investment highlights. We have a large IP, which we started monetizing in 2021, focusing first on the animal side. You can see some of the key achievements that we accomplished so far. Licensing agreements with major vet companies, IDEXX, Antech Diagnostics, initially was Heska Corporation, which has been acquired, and Fujifilm, to just name the biggest one. We also received $23 million in milestone payments and are working on getting another $5 million later this year. In terms of sales, we sold more than 120,000 tests and components added to the test. On the human side, which we're starting to monetize, our activity splits between 2 main pillars, oncology and NET. I mentioned we started the discussion in the fall of 2024 and are progressing with a good number of leads on both pillars. Those discussions are based on recent clinical evidence and papers that have been published or are pending publication. In parallel, we're running an early access program with early adopters and hospital system in N.Y., both on the oncology and NET side. It's just worth mentioning that the overall strategy, which I'll expand on a little bit later, is a low OPEX for Volition and low CapEx for partners. I'll explain what it means in a few minutes. Our human pillars are focused on large unmet needs and addressable markets. Just to name a couple, on the lung cancer side, whether it's screening or disease management, we're talking about billion-dollar opportunities. Sepsis, the testing and monitoring of ICU patients alone is again, another billion-dollar market. Obviously we have other additional markets that we're looking at. Broadly, this is a very large addressable market, we are expecting that we will take significant shares. Now, a few quick words about our technology. Our tests are very cost-effective and can be adapted to a large number of existing platforms, both on the point of care and reference laboratory. That allows for large market access. This is one of the reasons the licensing route makes a lot of sense for us. Go-to-market strategy. In terms of go-to-market, Volition focuses on the R&D, nurtures the KOL, and launches those early access programs that I mentioned. We monetize the core of our IP with large commercial licensing contracts, which include both upfront milestones, but also royalties and the sale of key components. Now, taking the example of the vet market, we led with clinical evidence, papers, then we had an early access program with Texas A&M University, followed by a series of licensing and distribution agreements. I mentioned Heska Corporation, now part of Antech Diagnostics, Fujifilm, IDEXX, again, to name just the biggest one. A similar process has been put in motion on the human side. I mentioned in a previous webinar the KOL and early adopter programs we have on the NET and sepsis side. We're following that same strategy with cancer, although with a few nuances. Those programs allow us to continue to build clinical evidence, onboard new KOL, and drive adoption. As importantly, if not more, those KOLs are also working with us to support our licensing discussion and the adoption in national screening programs. On the oncology licensing side, our discussion are progressing on multiple fronts, including Capture-Seq and Nu.Q Cancer. Regarding Nu.Q, I separate screening and disease management because those are really different indications and categories of indication. On the screening side, we're in active discussion with two national programs, and obviously, you heard about Taiwan in a recent press release. As far as disease management, the body of evidence is growing, and with it, the interest of large player with significant install base, as we fit nicely into their existing menu. We believe we have a unique value proposition in term of cost, workflow, clinical utility, and can add a lot of value to their current standard of care. I know Andy and Jake will share more about this in a few minutes. Our goal is to sign a few agreements this year. Some may be exclusive, other non-exclusive. It will depend on the indication, the level of clinical evidence, the development stage of the product, as well as the competitive landscape. With that said, I now hand it over to Dr. Andy Retter, our Chief Medical Officer. Andy? Good morning, everybody. Thank you, Gael, and welcome to our cancer webinar. I'm delighted to pick up and expand on data Volition's collected related to lung cancer and pick up from references I made in the earnings call a few days ago. One in six deaths worldwide are caused by cancer. That's over 20 million cases a year and approximately 10 million deaths. One in five people will develop cancer in their lifetime. Within cancer, lung cancer is the leading cause of all cancer-related deaths, with about 1.8 million deaths a year. Unfortunately, we all know lung cancer is often diagnosed late. At a stage where it's inoperable, and only palliative therapies can be started. There's a lot of interest, and many countries are starting to develop lung cancer screening programs. I'll pick up on that in a minute. We believe that Volition has developed a product with potentially a unique place to help with the screening of these patients. Volition's area of expertise is nucleosome technology. Understanding modifications and changes in nucleosomes that occur through the cell cycle can reveal deep insights into the biology of the cell and what's going on. We've been able to interpret these signals to help us in the cancer space with the diagnosis, monitoring, and screening of patients with cancer. That principle is picked up in this slide here, showing where we can apply nucleosome Nu.Q technology. In the early detection, screening of cancer, that's particularly important for lung cancer. In the molecular profiling, we can detect and determine a very interesting new signature related to lung cancer. We can also use this signature to track minimal residual disease and spot when patients' disease is recurring too. Finally, we can use it as a measure to assess treatment response in patients as well. It's a tremendously broad application of this technology, hopefully empowering clinicians to facilitate patient care. Many countries are now starting screening programs for lung cancer. This screening focuses predominantly on low-dose CT scanning. Although this is a powerful technology and has improved the rate of early diagnosis, there are a number of problems and wrinkles to iron out in the process. There is a relatively high rate of false positives. Understandably, this can lead to distress and anxiety for patients and the potential for further interventions, be it repeat CT scans or, more invasively, biopsies. Oncologists need a reliable, simple, reproducible, fast, cost-effective test to help improve specificity for lung cancer screening and help provide a tailored treatment which can detect disease early and detect disease recurrence early and help assess the response to treatment. This information will potentially revolutionize treatment decisions and the timing of treatment decisions. Volition has conducted a range of studies from retrospective to, more recently, prospective blinded longitudinal studies in lung cancer. The cohort sizes range from 70 to just over 1,000 patients, and they cover the detection of lung cancer at diagnosis and its monitoring during treatment. Key outcome measures demonstrate the clinical utility, and we'll expand on those in a moment, specifically with the sensitivity and specificity, positive predictive values, aiding rule-in and rule-out diagnosis, overall survival, minimal residual disease, and the prediction of recurrence. This information is invaluable, adding to the clinician's knowledge of the patient's condition and the patient's trajectory. This slide summarizes our key research objectives and centers that we're working with and publications that we've produced and publications that are works in progress with estimated times for publication listed. In summary, our lung cancer package, there are three products. Product 1, a screening tool including H3.1 nucleosomes and H3K27me3 in combination with low-dose CT. This package improves the specificity of low-dose CT scanning and can avoid up to 50% of biopsies in patients. Product 2 is used to first diagnose a patient. The Nu.Q technology serves as a prognostic indicator, identifying a subset of patients who may benefit from immunotherapy. It also identifies a subset of patients with an improved prognosis, and therefore, this can help tailor treatment decisions. The third product, again based on Nu.Q technology, is about the detection of recurrent disease and response to treatment. Now this is the exciting part, looking at the real data. We're diving into the NTU Taiwan lung cancer screening data now. This is the combination of H3.1 nucleosomes and H3K27me3, sorry, it is a bit of a mouthful that name, to help in the combination with a low-dose CT scan to diagnose lung cancer. You can see the ROC curve, Receiver Operating Characteristic curve here, generating an area under the curve of patients with lung cancer. The most important thing to identify is the methylation model, that's the Nu.Q-powered model, and the improved area under the curve for detection of lung cancer here. We've compared it to a model from the Mayo Clinic and the Department of Veterans Affairs' model, all of which are standard practice. You can see some very raw data in the middle panel of this slide, and shows how we were able to identify our cutoff between benign and malignant nodules. Finally, this is some very raw data on the right-hand side of the slide, showing how we were able to calculate the positive predictive and negative predictive values for our Nu.Q-powered model. This data is published in a peer-reviewed journal and is available on Volition's website. Our colleagues at NTU are so excited by this data that they've adopted it in a prospective study in their screening program. We're tremendously excited to be working with them to try and help the diagnosis of lung cancer and improve the care of patients. I find this next slide incredibly interesting. This is product 2, our next use case, and it's really picking up the value of H3K27 trimethyl here. What you can see is the difference in the H3K27 level between those patients with potentially curative disease and those patients who are potentially for disease palliation. Here, we can see that Nu.Q is predicting survival among patients with non-small cell lung cancer. In this study, all the patients had been considered for palliative care at the end stage of disease. This shows the different trajectories the patients followed, and that trajectory is determined or influenced, at least in part, by H3K27 trimethyl. This is potentially extremely valuable to clinicians and to patients. It enables us to bring extra data into the clinical arena, so when you're sitting down talking to patients, you can give a more reliable, more accurate information about a patient's prognosis and trajectory. You can see the potential for this to be directly taken into treatment decisions and determining potentially future or not future therapies for patients. Again, this links back to Volition's key aim of diagnostic enrichment and prognostic enrichment, really getting the right therapies and the right treatments to the right patients. Again, this slide relates to Product 2, and it's just picking up and expanding on the comments I made a few moments ago. H3K27 trimethyl is independently predictive of survival and mutational status in patients with non-small cell lung cancer. It's an easy-to-track marker which alerts on the risk of early disease progression, again, as I said, it allows us to pick up a subset of patients who may benefit from immunotherapy. We're tremendously excited by this data, and you can see how, with our colleagues in Lyon, we're continuing to build on it. This poster was presented at the European Lung Cancer Congress just a few days ago. It is our most recent publication. What you can see is we're building on the earlier exploratory work. We have an increased number of patients. What's reassuring and really positive, and gives us great energy, is that we're showing consistent signal that we identified earlier. H3K27 is predictive of survival in patients, certainly based on molecular profiling results related to circulating tumor DNA. This is a tremendously powerful tool. We continue to build on it with further studies. The data completion from the poster I just showed you is complete. The study's now being written up and will be submitted to a peer review journal as soon as possible. just picking up from the slide here, we're showing a clear separation in the titer or level of H3K27 between patients with disease and without disease. You can see that with a higher level of H3K27, sadly, patients have a lower probability of survival. This diagram is trying to show how H3K27 nucleosome levels could help determine and inform personalized patient care. If the molecular patient of a profile is ctDNA negative and corresponds with a low level of H3K27, the patient's overall survival is 20 months. Whereas if their circulating tumor DNA is negative but they have a high level of H3K27, their survival is shortened to less than 15 months. You can see how the similar findings are true with circulating tumor DNA when it's positive. A low and high level of H3K27 has a distinct impact on a patient's prognosis, and you can see how this will inform treatment decisions and allow patients and their relatives to plan. This data has given us and our colleagues in Lyon the confidence to take forward a 100-patient prospective validation study, which will be completed by the end of this year. This is the third application of H3K27 trimethyl. We will walk from left to right across this slide. You have a patient who has non-small cell lung cancer and has received treatment, and the first question is: do they have circulating tumor DNA that we can identify, yes or no? If their circulating tumor DNA is negative, we will assess their H3K27 for circulating Nu.Q. If circulating H3K27 is low, we'll continue with the current therapy. If it's positive or increasing, you will consider a change in the patient's therapy. Likewise, if their circulating tumor DNA is positive and you're showing an increased level of H3K27, you may consider that the patient has progression of disease, and you'll consider a change in treatment to a second-line therapy. There is a strong relationship between H3K27 and the cellular pathway mediated by EZH2 in cells. This is extremely exciting to us as there are EZH2 inhibitors coming to market. You can see how we're using an evolving Nu.Q technology to really support that core principle of individualized patient care. We are extremely excited about the link between H3K27 and EZH2, and this has been the focus of a large amount of work by our Nu.Q Discover team. We will be able to share this data in an upcoming webinar in May. We're looking forward to being able to share that data with you, and we hope it will be transformative for patient care. This final slide summarizes our lung cancer package. Looking back, this is a tremendous moment for Volition. Volition has focused for many, many years now on trying to identify a biomarker to help with cancer diagnosis, screening, and treatment. We're very much there with the combination of H3.1 nucleosomes and H3K27 trimethyl. We're building tremendous momentum with our existing publications and as you can see, a series of planned publications going forward. This slide is just trying to summarize some of those publications going forward. You can see that we've started work with Gustave Roussy, the largest and one of the most famous cancer centers in the whole of Europe, and we're tremendously excited to be working with them. I hope you can understand from the previous slides where we can apply our technology in the very earliest stages of diagnosis of lung cancer. We can adapt and use the technology to help doctors tell patients and inform patients about treatment decisions and prognosis, and finally, pick up monitoring of disease and detection of minimal residual disease. We think this is tremendously powerful technology shared in our data rooms, and we are very much using it as part of our discussions as we take licensing discussions forward. Gael will pick up more about the licensing discussions. That's it for our clinical data today, and I'd like to hand you over to Jake, our chief scientific officer. Thank you for listening. Really exciting times for Volition, and most importantly, it's the technology we can bring to doctors and bring to patients to improve their care. Thank you. I'm going to tell you a little bit now about some very recent developments in Volition on a new technology measuring nucleosomes, which is, we think, particularly useful for screening. This new technology is very exciting because it detects cancer with very few false positives, it's very specific, and it detects most cancers. We've recently submitted an article describing the technology in detail so anybody can read how it works, and it's available publicly on medRxiv. This slide looks a little complicated, but actually, it's quite simple. The green dots on the left represent the nucleosome levels measured using our new technology in 150 healthy volunteers of all different ages. The black dots are people who have a blood cancer, for example, a leukemia. The blue dots represent people who have a solid cancer, particularly the first four that you can see are lung, colorectal, breast, and prostate cancer. Essentially, all of the blue dots and the black dots that are above the line, we can detect with this new technology as a cancer, and the ones below not. What that means in reality is that we can detect half of all cancers. More importantly, we can detect all of the four big common cancers, lung cancers, colorectal cancers, breast cancers, and prostate cancers. What have we done differently to make this work? The assay itself is exactly the same. What we have done differently is used a different blood collection tube, and this particular blood collection tube stabilizes nucleosomes so that we can better measure them when we eventually do our test. The really exciting part is on this slide. What this slide shows, again, the green dots are healthy people and the blue dots are people with cancer. Instead of separating it out by different cancer diseases, this time it's separated out by stage. We've got stage 1 early cancer that is by and large curable, stage 2, stage 3, and eventually, of course, metastatic cancer in stage 4, which is largely incurable. What is remarkable is that with a simple immunoassay, a rapid low-cost test, we can detect more than a third of stage 1 solid cancers, and that's a revolutionary breakthrough. This is something we're really excited about. Detecting early stage 1 cancer is an ultimate goal in oncology, and we've been working towards this for many years. We've now succeeded, and we think this is a low-cost, accessible test that can be used worldwide. Moving on to the science, this is a picture of a nucleosome. What I'd like you to take from this picture is that the nucleosome is quite unlike any other analyte that we measure in blood. It has a massive charge. This means it can be unstable in solution, especially if it's damaged. In research, nucleosomes are normally cross-linked to stabilize them. What cross-linking means is effectively that they're chemically tied up to stop them falling apart and to retain its shape. Nucleosomes in cancer patients are often damaged and can be unstable. If they are unstable, we won't be able to measure them. Stabilizing them by cross-linking means that they're preserved to be measured later on. What that stabilization means for the assay is that we can detect early stage 1 cancer in many patients. This new development also allows us to distinguish nucleosomes that come from cancer from nucleosomes that come from other sources. I'd just like to turn now to what does that mean for patients. Using these cross-linking tubes and preserving the nucleosomes so that they don't degenerate means that we can take a sample anywhere, as well as lots of other advantages. For example, lung cancer screening often takes place on trucks in supermarket car parks, for example, and it would be very, very simple to take a blood sample there, and the blood sample can be stored and later taken to a lab for analysis. Turning to the assay itself, this, as I said before, is unchanged. We just use a slightly different sample. The assay itself is available as a research use only assay. It's fully developed and analytically valid. It's automated and takes 47 minutes on an automatic system. We think this new way of measuring nucleosomes will have a lot of applications in the future. We think it will form the basis of a low-cost detection method for finding cancer early before it's spread around the body. It will also be useful for monitoring patients for residual disease after treatment and further applications as well. I'd like to briefly mention something about Capture-Seq, which is another exciting technology that we've recently developed at Volition. This also is looking at circulating chromosome fragments in the blood. In this case, rather than nucleosomes, we're looking at transcription factor DNA complexes. I'm personally very excited with all of our recent developments because they really validate what we've been doing at Volition over the past 10 years, which is based on a philosophy that rather than looking at only the DNA, we look at the whole chromosome fragment that circulates. Both of these technologies are now the subject of licensing discussions. With that, I'd like to hand back to Gael. Thank you. Thank you, Jake. Here you can see a summary of our licensing portfolio with the different indications and where we are in the value curve. Obviously, this is what we are discussing with our licensing partners. In summary, Volition is a publicly listed NYSE company. We are at the commercial stage. We develop low-cost and early detection and treatment monitoring diagnostic, both for human and animal health. The disease area represent large unmet needs and they're global killers, cancer, sepsis. We have a very significant market opportunity ahead of us. We so far received $23 million in milestone payments. For 2025, we have the following targets. On Nu.Q Vet, we have already eight licensing deals that are already selling, and we're going to grow those sales. On Discover side, we're also going to grow sales on that front. This is a program that is focusing on therapy company and helping them through clinical trials. On the NET and cancer side, you're going to see early access program generating early sales as well as licensing. This is the core for this year. We're focusing on licensing contracts, and you'll hear more about it as they come. With that, I'll hand it over for Q&A. Thank you very much. Thanks very much, team, and good morning and good afternoon, good evening, everybody. I'm Louise Batchelor. I'm the Group Chief Marketing Communications Officer for Volition and your host for today's Q&A. I can see there's quite a few already queuing up, and I'd also received some in the background. Yes, I'm sorry, Ethel, there was indeed some background noise, but I had no power to control that. Apologies for the background noise at one point. Andy, I'm going to come to you with the first question. The question was, Nu.Q has been proven to be effective in detecting canine cancers. What gives you the confidence that Nu.Q can be similarly effective in human cancer detection? Thank you, Louise. I think my answer to that question splits down to a number of parts, if I may. nucleosome biology is incredibly consistently conserved across animal species and across eukaryotic cell lines. It's kind of like a fundamental, basic component of the cells, and we know that the structure exists that way. There's a lot of biological plausibility to say that it will transfer from one sphere to another one. Two, we have validated all our work in the animal sphere, and we're very confident. It's understanding the biology, particularly there is real interest in the disruption of the EZH2 pathway, which we mentioned in the webinar, and that has a really well-described link to H3K27 trimethyl. I have to practice saying that because it looks a bit of a mouthful. That really strong biological link, which allows us to envisage and see cellular disruption at a very detailed level, I think is tremendously powerful, and it's why we're exploring that. It's really exciting and reassuring to see the signal coming through, particularly in the data that we demonstrated from Taiwan with our colleagues in Lyon as well. Thank you. Yeah. Certainly, I think the fact that the study size is also increasing now as we go through these studies, I think it's given us a lot more confidence from a human perspective. Gael, a tricky one for you, I know, but we have it on most of these calls now. The question is, without revealing names or identifying details, obviously people know that, could you characterize a little, anything about the commercial discussions that you're having with potential partners on the cancer side? Specifically, what data do they need to see and what sort of questions are they asking? Maybe I'll come to you first, and then Jake, I'll also come to you on this one. Yep. Thank you, Louise. We're progressing well. We have more than 10 ongoing discussions with large actors, split between vets and oncology. There are different tracks, if you will, because you're not discussing the same thing when it comes to national screening program, whether it's an improvement of their test or effectively disease management. If you're talking about the actors are interested in the improvement of their existing test, effectively it's a technology evaluation to see how it performs within their version. For the disease management, it's really based on the current papers and the series of papers that we discuss. Same thing, we have a few ongoing discussion there. Obviously the national screening program, again, different type of discussions. The only one that is public right now is Taiwan, so didn't want to mention, but you can see it's an evaluation trials prospective and with the goal to put it in or to include it in the program soon. Those are the three different tracks. We're progressing well and obviously our goal is to get deals on the book this year. Sure. Jake, from your perspective, what kind of data are you feeling that these companies are asking for and what kind of questions are you receiving? All right. Thanks, Louise. Yeah, it's a good question. I think it varies quite a lot between companies. One of the first things, of course, is how complementary what we do, how does it fit with what other companies are doing, and we fit quite well with many. Obviously we need good data demonstrating that the test works both analytically, but more importantly perhaps that it works clinically. It's particularly good, I think, when the data doesn't come from us. All of the lung cancer data, for example, that Andy shared, that all comes from other people. It's produced by hospitals in France and in Taiwan, so that's particularly good. The other side, I guess, is evaluation. One obvious answer to those sorts of questions is, well, we've got an automated system and we've got kits. Why don't you just have a go? That's where we are with a number of companies now. Right. Great progress indeed. Just to answer a couple of questions on the chat as well. The replay will be available after the call, so you can use the same link to access the replay, and we will also place on our website, a copy of the slide deck from some of the information that was included in today's discussion. A question from one of our long-term shareholders, great to have you on the call, Mike, is, "Which therapy area do you think will be first to be outlicensed?" Now, you can all take your pick on this one, but I'll throw it to Gael first. Oh, it's really a difficult one. I don't think I want to take a bet. They're progressing. Yeah. Okay. I think that that would be a consistent answer from all of our panel actually, is we really are progressing on all fronts at quite a pace. We'll just have to wait and see. Along a similar line, one of the questions I was sent in advance was, "5 years from now, what do you expect will be the biggest segment for Volition? Will it be vet, sepsis, or human cancer?" I think that's worth each of you answering, if you don't mind me putting you on the hot seat. Dr. Retter first. Okay. I'm going to give you a political answer. Volition's expertise is around nucleosomes and nucleosome biology. We're very confident and increasingly seeing really positive signals across cancer, across vet, and across sepsis too. We can obviously see the questions in the chat, we're desperate to commercialize this product. I'm desperate as a doctor to bring this product to market so it can help patients. If we do the right things for patients, that will be the right thing going forward and that will enable us to generate significant cash flow, significant revenues. All of the markets are huge. The sepsis market is unbelievably large. It's potentially $billions and hundreds of millions of patients across the world. Ultimately, if the test became extremely established and successful, that probably would be the largest revenue stream. H3K27 is extremely exciting for how it reveals disruption at a cellular level, as I mentioned a few moments ago. I think that we're already aware that's picking up quite a lot of interest with partners and I think that's tremendously exciting too, and hopefully we'll be very successful. We understand the anxiety and we too are desperate to make this a commercial success as soon as possible. Thank you. Okay. Jake, do you want to take it next in terms of which you think will be the biggest segment, vet, sepsis or cancer? Okay. I think human will be bigger than vet. I think that's fairly easy. As for the other two, I think that's very difficult. If I had to choose, I might choose sepsis and NETosis, because I think that it would be used more often in every patient than for cancer. Even if it might be more patients and it might be more often. Difficult question. Yeah. Especially given, I'm going to guess that Gael might come on to the pricing, which will also shape the revenue potential. Gael, what are your thoughts? Yeah. I think human has globally more money, obviously that should be the bigger market. I think the product market fit in all those areas, vet, human oncology and human NETosis are big. In terms of sheer number, I think Andy is correct, the number of tests and patients on the NETosis side will be bigger. The pricing will also be important, and I think on the oncology side, you see prices that are not in even the same category than on oncology. Between all those different factors, it is really difficult to know which one. I think they all will be significant business line in five years. Yeah. Thank you to all of you for your honesty. Jake, a question for you was, for the first technology that you spoke about, it sounds quite early stage. How far is it from the market, do you feel? I think it's much further forward than you might expect, actually, because the test itself is a done deal. It's done and it's on the market and available, as I said. Really it's just about what tube you take the blood sample in, and those tubes are also available and on the market today. So far we've tested about 400 people, something like 350 with cancer and 150 others. On that level, it's reasonable numbers, but it's not big numbers yet. Looking at it from a sort of commercial perspective, that technology, we have an evaluation agreed with a large cancer company. Actually, we have an evaluation agreed with the second technology as well. Although it might not be on sale in the market tomorrow, we are very well progressed with licensing discussions. Fantastic. Thanks. Yeah. Then one, I think possibly I'll come to you first, Andy, and then maybe Gael, you'll also want to answer. Are there opportunities to partner with immunotherapy companies, for example, as a companion diagnostic? Andy, do you want to take that first? Yes. Yes and yes. Yes and yes. Thank you for the question. Yes, there is. I can't say too much at the moment, but Gael referenced it in his part of the webinar. We are obviously in active discussions with a large number of interested partners. Actually, as I mentioned in my previous answer, really it's a testament to Volition's understanding of nucleosome biology and the tests and the work we've done, particularly in Belgium and particularly in the innovation laboratory in California, have enabled us to work hand in glove, really, with a number of companies to look at their products and test their products. That's a really interesting area for us and hopefully will become a very valuable revenue stream for us. Thank you. Yeah. Certainly just to give a little advert, the intention is very much to have a webinar focused around Nu.Q Discover as things have really started to take shape on Nu.Q Discover this year. We hope to have another webinar in May or June around that. Just to add these so everyone can see. We've published at least four papers from the innovation laboratory in the last 14, 15 months, which speak testament to that biology, and that has drawn a lot of attention and attracted interest from pharmaceutical companies and others, et cetera. It's a really powerful testament to multiple peer review publications, speaks to biology, and hopefully helps with it definitely does help when we have licensing discussions and genuine discussions about technology transfer and the science that supports the tests going forward. Thank you. Sure. Gael, do you want to add anything around Nu.Q Discover and as a companion diagnostic? I think we have those discussions ongoing. It's clearly an area of interest for therapeutic companies, whether it's NETs, because we're talking about treatable traits as one of the characteristic of a test, oncology as well. I think it's definitely reinforced the licensing discussions. When you do have therapy company coming and say, "I really want to engage with you for phase I, phase II, phase III, and potentially more," that's very helpful. Yeah. Absolutely. I would also just sign people to the next webinar. Another question from the chat is, will it be necessary to perform more validation studies for other screening programs? Or is the validation study for Taiwan enough to take it into discussions with other countries. I think I could come to you first, Andy, if you'd like on that or? It's not a simple answer to that question. Yes, it is enough to take it forward in Taiwan. Indeed, the team there have given a commitment that if the prospective study going forward, which they're really actively recruiting to and recruiting at quite a high rate, works, they will adopt it into their national program. Different to Europe, and different to the U.S., they don't have to go through the FDA or European Medicines Agency, et cetera. Sorry. There's some noise on the line. In terms of other study, in terms of other countries or regions, they would have to look at the data and make their own decision. Hopefully it can be adapted really quite quickly into practice. Thank you. Yeah. Certainly one thing I would add to that is actually there's a lot of collaboration there across the different sites that have been doing studies. For example, whilst we were at the European Lung Cancer Congress recently, there was a great meeting with the Taiwan and the Lyon team where they're cross-sharing learnings and things. Hopefully that helps us move forward as well. One of the things that's slightly easier in cancer as well is the ability to develop a laboratory-developed test. Clearly there is huge appetite for novel diagnostics to be taken forward if they improve the care that you can deliver to patients. Research is utterly embedded into oncology, so the barriers to adoption are significantly reduced. Yeah, sure. Was there anything you wanted to add on that, Gael, before we Maybe just that it helps having one country and then more coming and using it can build the credibility. We see that in the discussions. The large national screening program always want to do something from their own country as well. I think it helps. Maybe down the line we'll see some countries adopting it without further because you'll have multiple countries having conducted some of their trial. Usually some level of local clinical evidence is required. Okay, thanks. Then Andy, a slightly more technical question, and it's from one of our new analysts, so if we need to arrange a follow-up call then outside of this call, I'm happy to do that. He's just asking, please could we provide details about the specificity of LDCT versus Nu.Q Cancer? Is the test meant to work similarly in clinical trajectory as, for example, Cologuard? We probably will need to follow up slightly offline because I personally am not desperately familiar with Cologuard. Okay. Certainly in the screening population, the combination test, so you're adding a blood test to a CT scan, and that increases the sensitivity and increases the specificity of the scan. Screening programs are really significantly increasing, and there's a real challenge for clinicians in looking at the density of the nodules in people's lungs, how solid they are, how much ground glass opacity they have in them, and their sort of density. It's an incredibly difficult decision sometimes to decide if you watch and wait, if you scan again, or if you biopsy. That's really where the test is helping to provide information. It should reduce the number of biopsies that patients require. That's reassuring for patients, it's reassuring for clinicians, and actually enables more targeted allocation of resource to do biopsies in the patients that need biopsies. That's absolutely how we see it moving forward, and that's why our colleagues in Taiwan are so interested. Thank you. Yeah. No, that's clear. Thank you. Another question, Gael, for yourself. What specific products are CE marked and what is the commercial traction or feedback that we're getting from clinicians? We only have one effectively, your Nu.Q NETs IVD assay. It's available on the technology, the platform that we operate with IDS. It is at the stage where we are onboarding sites for evaluation with the purpose of commercial outcome. It's paid evaluation. We have, I don't know if we can say it publicly, Louise, the number of sites or do we wait for the queue? I would say it is a handful- Okay of sites in Europe is probably what I would go with at the moment. It's progressing every month. We're getting more sites. It's exciting because it brings a hospital system starting to use it and build the clinical evidence. That's a positive feedback loop with us. They come with use cases, we discuss. Good progress on that front. Yeah. It certainly is. I think for me, one of the things I reflect on is it takes me back to when we first launched the Nu.Q Vet Cancer Test. We started out with our colleagues out of Texas A&M. They obviously generated a lot of the clinical evidence. The test was available through their GI lab first. That actually in itself really gave the product some validation. Also our licensing partners the confidence, et cetera. I think it's having the sense of excellence around Europe for both oncology and for NETs, specifically sepsis, but also for the use cases within NETosis, I think is really valuable. Yeah. Users, they really love us and they are advocates. They are actually actively promoting it to potential licensing partners. It's interesting to see that dynamic. Mm-hmm. Yeah. Absolutely. Well, I'm very conscious of time. I'd like to thank everybody for attending today. There is a great deal of data that we've gone through within this webinar. As I said earlier, the replay will be available just through the same link. We'll also post a short deck to the website. The clinical papers are housed within the resources section on our website as well. If you're wanting to have a look through some of the clinical papers. If you do ever have any questions, then please don't hesitate to email mediarelations@volition.com or investorrelations@volition.com. We'll do our best to answer them. I thank all the panelists today. What I would say is that, as with the sepsis, the next webinar that we had last month. This one this month, we really are starting to see a great body of clinical evidence now becoming available in the public domain, published in peer-reviewed journals, with more to come. All of our clinical studies are now either completed or in progress. We're in a really great position to kind of finish off the licensing deals that are in discussion at the moment. We look forward to see. I think it'll probably be the Nu.Q is our next element. After the Nu.Q, we'll do a Discover webinar. Thanks very much, everybody, for attending today.