VolitionRX (VNRX) Q4 2025 earnings summary

Executive summary

• Achieved first clinical orders for Nu.Q Cancer assays, including certification for lung cancer, and inclusion of Nu.Q NETs in a $7.3M French government-backed sepsis program.

• Signed two major human diagnostic licensing agreements and expanded discussions with 10+ leading diagnostic and liquid biopsy companies, progressing through due diligence and contract negotiations.

• Nu.Q Vet Cancer Test became the top canine cancer screening blood test globally, with automation breakthroughs for canine and feline assays.

• Capture-Seq technology demonstrated >99% pure circulating tumor DNA and strong early-stage cancer detection, with active licensing discussions.

• Shifted company focus from R&D to commercialization, with cost reductions and a pipeline of commercial products.

Financial highlights

• Q4 2025 revenue grew 133% year-over-year; full-year 2025 revenue reached $1.7M, up 40% from 2024.

• Operating expenses reduced by $4.8M (17%) compared to 2024; net cash used in operations down 24% to $19.7M.

• Net loss reduced by 14% versus 2024.

• Cash and equivalents at year-end were $1.1M; subsequent funding included $5.4M from ATM facility/equity sales, $1.9M from convertible note, and $2.3M non-dilutive funding.

• Expecting a $5M milestone payment in the vet segment upon publication of feline cancer study.

Outlook and guidance

• No revenue guidance for 2026 due to early commercialization stage and revenue lumpiness.

• Anticipate multiple new licensing deals in 2026 across cancer, NETs, and companion diagnostics.

• Ramp-up in Nu.Q Cancer assay volumes expected after reimbursement approval, targeted for Q4 2026 in France.

• Continued cost reduction efforts targeting 25–30% lower cash OpEx by year-end 2026.

• Expects continued transformation and progress in the next few quarters.