DXR

Mission and Vision

• Mission: Optimal blood volume for all patients, focusing on commercializing products to enable optimal patient care around blood volume management.

Financial Highlights

• Operating division revenue increased 116.5% year-on-year in 2024, with first two months of 2025 over 100% higher than same period in 2024.
• Kits sold rose 60.1% year-on-year in 2024; 12 new accounts signed in 2024, with 3 new accounts in first two months of 2025.

FDA and Product Development

• FDA reviewed 510(k) submission for next-generation analyzer, will resubmit after additional testing data. Next-generation analyzer has potential to be a point-of-care device, faster, simpler, and battery-powered.
• Entered agreement to acquire IP from key supplier to bring manufacturing in-house for Volumex kits and added Glo-fil as a kidney function marker.

Clinical进展

• Expanded clinical areas, partnerships with academic institutions and community hospital systems, broader use of BVA in multiple disciplines.

Forward-looking Statements

• Anticipates upon approval of next-generation analyzer, significant interest and uptake. Acquisition of IP from key supplier expected to be immediately cash flow positive and accretive to earnings. Plans to file for SEC reclassification as an operating company by end of 2025.

As of December 31st, 2024, Daxor's net assets were $36,789,893 or $7.25 per share compared to $34,010,384 or $7.08 per share at December 31st, 2023. The increase in net asset value was primarily due to the appreciation of the operating division. For the year ended December 31st, 2024, net dividend income was $104,115 and net realized gains on investment security activity were $1,359,163, with a net decrease in unrealized appreciation on investments of $1,148,350. There was a non-cash stock-based compensation expense of $1,245,583 included in the net increase in net assets from operations. The operating division had a net investment of $1,614,124 for research and development, sales team ramping, and production facilities for new products. Revenue in the operating company increased 116.5% year-on-year from 2024 to 2023, and the first two months of 2025 had over 100% higher revenue than the same period in 2024. Kits sold rose 60.1% year-on-year in 2024.

Risks

• Forward-looking statements involve risks and factors that may cause actual results to differ materially. Refer to risk factors in Daxor's most recently filed annual report on Form N-CSR and subsequent periodic reports for more information.

Q: Can you speak to the company parent's transfer to the operating company?

A: The company parent transferred $1.6 million to the operating company to cover capital expenditure, inventory build, research and development. The operating company has been cash flow positive in the first two months of 2025 net of certain expenses.

Q: Please discuss the competitive landscape.

A: The competitive landscape in care volume management is focused on indirect proxy measures, whereas Daxor's technology is a more accurate gold standard method of directly measuring volume and capillary well permeability, providing a substantial competitive advantage.