VolitionRX (VNRX) Q2 2026 earnings summary

Executive summary

• Achieved significant clinical and commercial progress across all product pillars, including Nu.Q NETs, Nu.Q Cancer, Capture-Seq, and Nu.Q Vet, with multiple collaborations and technical breakthroughs reported, including a collaboration with Sysmex Corporation and submission of a clinical manuscript for the Nu.Q Vet feline assay, potentially unlocking a $5 million milestone payment upon publication.

• Capture-Seq technology published in a peer-reviewed journal, showing a novel approach to isolating pure circulating tumor DNA, with active licensing discussions underway.

• Nu.Q Vet feline assay achieved high accuracy for lymphoma detection, opening a new market in feline cancer diagnostics and unlocking a $5 million milestone payment upon publication.

• Four agreements signed with major diagnostic companies, with over a dozen additional licensing and co-development discussions ongoing.

• The company remains in a commercialization phase, with ongoing product launches and licensing agreements in both human and veterinary diagnostics.

Financial highlights

• First half 2026 revenue reached $1.4 million, up 112% year-over-year, with Q2 2026 revenue at $0.4 million, flat year-over-year.

• Operating expenses for Q2 2026 were $4.6 million, a 32% reduction year-over-year, reflecting cost-saving measures including a 27% reduction in headcount.

• Q2 2026 operating loss was $4.2 million, a 34% improvement year-over-year.

• Net loss for Q2 2026 was $7.3 million, up from $6.3 million in Q2 2025, primarily due to $3 million in non-cash charges related to convertible notes; net loss for the six months was $14.0 million, up from $11.8 million in the prior year.

• Cash and equivalents at quarter-end were $2.8 million, bolstered by $1.2 million from an ATM facility and $4.1 million from a public offering.

Outlook and guidance

• Focused on commercializing Nu.Q Vet feline assay, advancing Capture-Seq studies, and achieving reimbursement for Nu.Q Lung Cancer in France.

• Actively negotiating licensing agreements expected to generate upfront milestone payments, royalties, and recurring revenue.

• No revenue guidance provided for 2026 due to ongoing revenue lumpiness and project timing; expects continued year-over-year growth, but quarterly revenue will remain inconsistent.

• Management expects continued losses and negative cash flows as commercialization and development activities progress; additional funding will be required to sustain operations.