Aug 14, 2026 earnings call — Nu.Q NETs lateral flow progress and collaborations
Lateral flow fingerprint Nu.Q NETs prototype shows 90% correlation with lab assay.
Revenue $0.0B (est $0.0B) · EPS $-0.85 (est $-0.57)
Key quotes
"The ability to rapidly identify high-risk patients at the point of care by quantifying their nucleosome levels using a fingerprint sample and simple lateral flow device aims to enable quicker clinical decision-making and consequently better patient outcomes."
"We believe the potential use cases for Capture-Seq represent a significant commercial opportunity with a total addressable market on an annualized basis of approximately $23 billion for the human multi-cancer early detection use and should it prove useful over $13 billion for MRD use."
"We participated in our first pre-submission meeting with the authorities and anticipate a follow-up meeting and ultimately a submission by the third quarter of this year."
Analyst Q&A 6
lateral flow test and cat cancer
Q (Michael Okunewitch · Maxim Group): He asked how the lateral flow NETosis test would be used versus the CE Mark central lab test and whether the lateral flow format could apply to other Nu.Q tests. He also asked how the feline cancer screening market and breed distribution could affect adoption.
A: Management said the lateral flow test correlates about 90% with the lab test and would not replace lab testing but would expand use at point-of-care, at home, and in developing countries. They said the lateral flow approach could be applied across their nucleosome assays and veterinary and human markets. On cats, they said there is no current feline cancer test, the lymphoma data showed 97% specificity and 86% sensitivity, and the cat market is likely smaller than dogs but still millions of eligible animals worldwide.
"So a 90% correlation is obviously going to be very good in all those areas." — Cameron Reynolds (CEO)
reimbursement process in France
Q (Justin Walsh · JonesTrading): He asked about the reimbursement approval process for Nu.Q Lung Cancer in France, the risks, and how it compares to other regions. He wanted to know timing and potential issues.
A: Management said the French process is different from the U.S. and that reimbursement always carries risk, so nothing is guaranteed. They had a pre-submission meeting a few weeks ago, are hopeful for the first level approval, and expect first news later this year with reimbursement helping patients in France next year.
"We had our first pre-submission meeting a few weeks ago, and we're still very hopeful of getting this first level approved." — Cameron Reynolds (CEO)
revenue mix and predictability
Q (H.C. Wainwright): They asked how much of first-half growth was deferred revenue versus product revenue and what underlying run-rate growth to expect. They also asked if quarterly revenue will be lumpy or smooth out and whether specific deals will change H2.
A: Management said the quarter had roughly a 50-50 split between deferred revenue and actual product revenue, with the deferred revenue coming from the Heska agreement, and they expect similar performance through the year while not providing line-item guidance. They said revenue is lumpy, not expected to smooth out soon due to timing of large orders and project delivery, but they have a pipeline and expect full-year growth even if quarter-to-quarter timing is hard to predict.
"We -- in the quarter, we did have probably a 50-50 split between deferred revenue and actual product revenue." — Terig Hughes (CFO)
Taiwan study and feline milestone timing
Q (Bruce Jackson · StoneX): He asked for an update on the ongoing projects in Taiwan and asked when the feline milestone payment might be received.
A: Management said the Taiwan team focused on prognostication ahead of surgery and have been writing up that paper, so screening data analysis is not yet reported; that paper should be submitted in the next couple of weeks and posted as a preprint. For the feline milestone, they said the relevant paper has been submitted and is in peer review, reviewers' comments are pending and taking longer than hoped, and publication would complete their milestone obligations.
"That paper should be submitted within the next couple of weeks, and we'll put it up on a preprint service so people can see, but that's why we haven't yet reported the data on the screening study." — Louise Batchelor Day
regulatory path and co-development deals
Q (Steven Ralston · Zacks): He asked whether clinical trials will be required and what the regulatory pathway will be for the lateral flow/fingerprint test. He also asked whether co-development funding discussions have advanced.
A: Management said the SUMMIT program will move from feasibility to research-use-only status, undergo quality checks, and then be tested in 3 independent hospitals for clinical validation starting early 2027. They said there will still be regulatory work but strong correlation with the Revvity lab test helps; on partnerships, they said several confidential co-development discussions are underway and they currently have 4 signed agreements with Werfen, Sysmex, Revvity and Hologic while engaging many other large companies and governments.
"That will then be the clinical validation stage that we hope to start in early 2027." — Louise Batchelor Day
timing of Discover Service projects
Q (Ilya Zubkov · Freedom): He asked whether the Discover Service projects that produced zero revenue in Q2 were simply pushed into Q3 or if the underlying pipeline size or conversion has changed.
A: Management said projects were not necessarily expected in Q2 and it's always difficult to predict when projects will start because timing depends on partners starting clinical trials or projects. They said that uncertainty remains, they have a pipeline of projects and expect some to start, but it's hard to predict which quarters those will fall into.
"But as I said, it is always a challenge to predict when some of these projects will start." — Terig Hughes (CFO)