to this Form 6-K. This discussion and analysis contains forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, unce

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

should read the following discussion and analysis of our financial condition and results of operations together with our financial statements

and the related notes to those statements included in Exhibit 99.2 to this Form 6-K. This discussion and analysis contains forward-looking

statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve

risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections.

Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements

as a result of several factors, including those set forth under the section titled "Risk Factors" and elsewhere in our

Annual Report for the Year ended December 31, 2024 on Form 20-F, filed with the U.S. Securities and Exchange Commission on March 31,

2025. You should carefully read the "Risk Factors" to gain an understanding of the important factors that could cause actual

results to differ materially from our forward-looking statements.

and Overview of Operations

develop and sell in-vitro diagnostic ("IVD") tests for the early detection of cancer. Our flagship ColoAlert product is being

marketed and sold in European markets. We are currently developing our next generation colorectal cancer screening product and intend

to launch that product in the future in the United States and in Europe. In addition, we conduct research and development to increase

and diversify our product portfolio. Since 2020 we have also been developing a IVD test for the early detection of pancreatic cancer.

During July 2024 and October 2024, we restructured

our operations to focus on our ColoAlert business in Europe, the development of our next generation product, the development of PancAlert,

and the Early Detect 2 clinical study in the U.S. In line with that focus, we implemented cost reduction efforts which included the reduction

of our operating costs, including the reduction of personnel by 65%, reduction of external consulting costs, and the sale of our

European Oncology Lab ("EOL") business in St. Ingbert, Germany to a related party. Additionally, we amended the employment

contracts of our CEO and CFO, reducing the salaries of those officers to 60% and 50% of their then current salaries, respectively,

effective November 1, 2024. During the six months ended June 30, 2025 and 2024, we recorded expenses of $113,113 and $186,601, respectively,

for the cost of royalties and other associated costs owed to ColoAlert AS (and its successor, Uni Targeting Research AS, collectively

"ColoAlert AS"), the company from which we exclusively licensed the ColoAlert product. A non-executive director of the Company

is also an owner of ColoAlert AS. During the six months ended June 30, 2025 and 2024, we paid ColoAlert AS $113,113 and $155,450,

December 3, 2024, we effectuated a 1:40 reverse stock split of our ordinary shares. All share and per share amounts in this discussion

and analysis account for this reverse stock split.

of the Six Months Ended June 30, 2025 and 2024

following table provides certain selected financial information for the periods presented:

revenue for the six months ended June 30, 2025 was $286,717 as compared to $520,773 for the six months ended June 30,

2024, a decrease of 45%. This decrease was attributable to our strategic decisions to cease direct to consumer sales and to sell our

EOL business in 2024. The result of these decisions decreased revenue by approximately $234,000. During the six months ended June

30, 2025 sales to lab partners increased by approximately $60 thousand, or 30%, compared to the six month period ended June 30, 2024.

of revenue for the six months ended June 30, 2025 was $97,128 as compared to $201,735 for the six months ended June 30, 2024, a 52% decrease.

This decrease was the result of decreased ColoAlert sales volume stemming from our decision to cease selling online direct to consumer,

which drove efficiencies across our fixed costs, lowering overall unit costs.

profit decreased by $129,449 to $189,589 in the six months ended June 30, 2025 compared to $319,038, for the six months

ended June 30, 2024. This gross profit decrease, resulting in an improvement of gross margin from 61% to 66%, was attributable to

improved profits resulting from lowered unit cost of goods sold attributable to economies of scale with increased sales volumes and

the improved margin profile generated in our sales to lab partners.

and Development Expenses

and development expenses for the six months ended June 30, 2025 were $3,055,088 compared to $3,242,622 for the six months ended June

30, 2024, a decrease of $187,534. This decrease was driven by the reduction of staffing levels from our 2024 restructuring efforts, which

reduced payroll and related expenses of $1.4 million. Additionally, our costs related to clinical studies increased by $1.2 million for

the six months ended June 30, 2025 compared to the same period 2024 as the result of our eAArly Detect 2 study in the U.S. which began

and Marketing Expenses

and marketing expenses for the six months ended June 30, 2025, were $2,349,005 compared to $2,361,105 for the six months ended June 30,

2024, a decrease of $12,100. This small change was the result of an increase in our marketing and advertising expense of $1.0 million

as the result of non-cash equity expenses related to marketing campaigns in 2025, mitigated by a $0.9 million decrease in labor costs

(salary and consulting) in line with our shift in focus away from consumer sales.

and Administrative Expenses

and administrative expenses for the six months ended June 30, 2025 were $2,876,845 compared to $4,522,639 for the six months ended

June 30, 2024, a decrease of $1,645,794. The decreased expenses were primarily the result of a decrease of $1.1 million in payroll and

consulting fees driven by the reduction of staffing levels from our 2024 restructuring efforts. Additionally, non-cash stock option expense

for the six months ended June 30, 2025 decreased $0.4 million compared to the same period in 2024.

expense, net for the six months ended June 30, 2025 was $252,862 compared to $1,216,434 for the six months ended June 30, 2024, resulting

in decreased other expenses (net) of $963,572. This decrease was primarily the result of decreased interest expense of $0.4 million from

our lower convertible debt balances and the decrease in the fair value adjustment of $0.5 million.

and Capital Resources

principal liquidity requirements are for working capital and operating losses. We fund our liquidity requirements primarily through cash

on hand, cash flows from operations and, debt and equity financing. As of June 30, 2025, we had $1,911,069 of cash and cash equivalents,

with $6,235,670 as of December 31, 2024.

following table summarizes our cash flows from operating, investing and financing activities:

Flow from Operating Activities

the six months ended June 30, 2025, cash flows used in operating activities was $6,531,975 compared to $8,144,745 used during the six

months ended June 30, 2024. The improvement in cash flows used in operating activities of $1,612,770 was primarily the result of our

smaller operating loss for the six months ended June 30, 2025, net of non-cash stock-based compensation, depreciation and amortization,

and timing differences for the settlement of assets and liabilities, as compared to the six months ended June 30, 2024.

Flows from Investing Activities

the six months ended June 30, 2025, we used $451,123 in investing activities compared to $420,660 used during the six months ended

June 30, 2024. The cash flows used in investing activities were primarily related to payments for the acquisition of intellectual property

for our PancAlert product under development and the acquisition of the ColoAlert intellectual property.

Flows from Financing Activities

the six months ended June 30, 2025, we had cash flow provided by financing activities of $2,675,458 compared to cash flow provided by

financing activities of $2,551,325 for the six months ended June 30, 2024, an increase of $124,133. During the six months ended June

30, 2025 the cash flows from the sale of ordinary shares and warrants increased by approximately $3.0 million compared to the same period

in the prior year while cash flows (net) from the issuance and repayments of convertible debt decreased by approximately $2.8 million.

had recurring losses, accumulated deficit totaling approximately

$99.3 million and negative cash flows used in operating activities of approximately

$6.5 million as of and for the six months ended June 30, 2025. We also had approximately

$1.9 million of cash on hand on June 30, 2025, and a working capital deficit, of approximately

conditions are indicators that impact our ability to continue as a going concern for a period of one year from the date of

these financial statements. If we are unable to obtain funding, we could be forced to further delay, reduce or eliminate our research

and development, regulatory, and commercial efforts which could adversely affect our future business prospects and our ability to continue

plan to fund our cash flow and working capital needs through current cash on hand and future debt and/or equity financings which we may

obtain through one or more public or private equity offerings, debt financings, government or other third-party funding, strategic alliances

or collaboration agreements. During 2022, we raised $24.2 million of net proceeds from common stock sales and warrant proceeds.

During 2023, we raised $16.5 million from a combination of sale of shares and warrants as well as the issuance of convertible debt.

During 2024, we raised $18.2 million from a combination of sale of shares and warrants as well as the issuance of convertible debt.

During the first half of 2025, we raised $4 million through the sale of units including ordinary shares and warrants. In August 2025,

we raised an additional $3 million through the sale of units including ordinary shares and warrants.

believe that we will be able to raise additional funds through a combination of the sale of ordinary shares, the sale and/or conversion

of warrants, and use of our access to capital through our Controlled Equity Offering and our Pre-Paid Advance Agreement. We also have

the ability to defer certain costs, especially those related to clinical studies, to match financing inflows. During July 2024 and October

2024, we restructured our operations to focus on our ColoAlert business in Europe, the development of our next generation product, the

development of PancAlert and planning for the Early Detect 2 clinical study in the U.S. in 2025. In line with that focus, we implemented

cost reduction efforts which included the reduction of our operating costs, including the reduction of personnel by 65%, reduction of