Strong Revenue Growth in 2025
Full year 2025 revenue of $1.7M, up 40% year‑over‑year; Q4 2025 year‑over‑year growth of 133%. First revenue recognized from CE‑marked Nu.Q NETs product in Europe.
Operating Cost Reductions and Improved Cash Burn
Operating expenses reduced by $4.8M (17% decline vs. 2024). Net cash used in operating activities fell to $19.7M (down 24% YoY from $25.9M). Management is targeting a further 25%–30% reduction in cash OpEx during 2026.
Post‑Year‑End Financing Bolsters Liquidity
Cash and cash equivalents were ~$1.1M at year‑end; subsequent net proceeds through March 25 included ~$5.4M from the ATM facility and $1.9M from a convertible note. Additional nondilutive funding of ~$2.3M was announced, taking total nondilutive funding from inception to date to >$25M.
Government‑Backed Real‑World Program for Sepsis (DETECSEPS)
Nu.Q NETs (H3.1) included as sole biomarker in the DETECSEPS real‑world interventional early sepsis detection program backed by the French government (~$7.3M program), moving the test into interventional clinical use.
Clinical and Peer‑Reviewed Validation Momentum
Multiple peer‑reviewed and independent clinical studies published/announced: large studies with UMC Amsterdam (>1,700 ICU patients) and Jena (971 patients) showing H3.1 discriminates sepsis vs noninfectious inflammation and provides prognostic power exceeding APACHE II and SOFA; Mayo Clinic publication (674 trauma patients) showing elevated nucleosome levels predict complications.
Nu.Q Capture‑Seq Scientific Breakthrough
Capture‑Seq produced >99% pure circulating tumor DNA sequencing sets. Blinded validation cohort (81 subjects: 59 colorectal/lung cancer, 22 controls) detected >95% of Stage 1 and 2 cancers in the study, indicating strong early‑stage detection potential and generating significant partner interest.
Commercial & Partnership Progress Across Pillars
Signed human licensing/co‑marketing agreements (e.g., Werfen for APS/NETs; Hologic co‑marketing; Revvity/PerkinElmer CE‑marked kit); Nu.Q Discover now serving ~100 clients, including top pharma/diagnostics; first pharma sponsor using Nu.Q Discover biomarkers in a longitudinal Phase I/IIb study. Management reports active discussions with ~10 leading diagnostic/liquid biopsy companies.
Veterinary Market Leadership and Automation Milestones
Nu.Q Vet Cancer Test is the #1 canine cancer screening blood test in >20 countries. Fujifilm Vet Systems extended contract to implement centralized automated platform; ChLIA (chemiluminescent immunoassay) validation completed with Fuji Vet Systems in Japan enabling full automation and higher throughput.
Feline Assay Breakthrough and Milestone Trigger
Clinical study showed Nu.Q Vet feline assay detected >80% of feline lymphomas at 100% specificity. Peer‑reviewed publication is expected to unlock a $5M milestone payment and enable entrance into a large U.S. cat population market opportunity.
Point‑of‑Care Lateral Flow Development
Demonstrated lateral flow quantification of nucleosomes in whole blood in minutes; second phase research underway comparing whole blood and capillary blood in critically ill patients—potential for low‑resource/POC deployment.