Revenue Growth (YoY)
Revenue for Q1 FY2026 was approximately $1.0M versus $0.2M in Q1 FY2025, an increase of ~300% year-over-year, primarily driven by a $0.7M increase in deferred revenue recognition related to the Nu.Q Vet Heska agreement.
Improved Cash Position via Financing and Grants
Cash and cash equivalents rose to ~ $3.1M at quarter end from $1.1M at 31 Dec 2025 (up ~$2.0M, ~182%). Receipts included ~$5.4M net from ATM facility, ~$1.9M net from a convertible note, and ~ $1.0M of non-dilutive funding received (with ~$0.9M expected in tranches).
Operating Loss Slightly Improved
Management reported operating loss was 3% lower year-on-year despite higher operating expenses, reflecting progress on cost reduction and revenue recognition adjustments.
Nu.Q Vet: Automation & Feline Assay Milestone
Completed validation/verification of the chemiluminescent immunoassay (ChLIA) Nu.Q Vet test with Fujifilm Vet Systems in Japan enabling full central-lab automation (world first for the company). Feline prototype assay submitted for peer review detected 86% of feline lymphomas at 97% specificity; publication is expected to trigger a $5.0M contractual milestone payment.
Nu.Q NETs: Strong Clinical Publications and Point-of-Care Breakthroughs
Published Mayo Clinic trauma study (n=674) showing marked nucleosome elevations (H3.1: healthy 22.3 ng/mL → trauma 359.7 → VTE 828.4, ~37x healthy) supporting prognostic utility. DETECSEPS sepsis program is on track (first patient expected Q3). Demonstrated finger-prick lateral-flow detection of nucleosomes in capillary blood — a major technical milestone for point-of-care and low-resource settings.
Capture-Seq: High Purity ctDNA and Early Detection Results
Reported a novel 2-step CTCF Capture-Seq method producing >99% pure circulating tumor-derived DNA sequencing sets. Blinded validation cohort (n=81) showed detection of over 95% of Stage 1 and 2 colorectal and lung cancers in that set. Manuscript resubmitted and patents filed; strong inbound interest (preprint downloaded ~2,700 times).
Nu.Q Discover & rNuQ Webshop Commercial Expansion
Expanded collaborator network with a nonexclusive agreement with MBL in Japan; serving ~100 clients globally. Launched rNuQ webshop offering ISO 13485 manufactured recombinant nucleosomes as a new potential revenue stream.
Progress on Regulatory and Reimbursement Pathways
Clinical validation recruitment for Nu.Q Lung (Ulysses MAP) completed; IVDR-related documentation ahead of schedule and reimbursement dossier pre-submission activities underway with Hospices Civils de Lyon, aiming for potential clinical routine use in France late this year.