READ THE FULL VNRX RESEARCH REPORT
EXECUTIVE OVERVIEW
Management’s key priorities for 2025 are to secure licensing agreements in the human space in the Nu.Q NETs pillar (targeting the diseases/conditions of cancer and sepsis) and achieve cash neutrality by the end of the year. Management anticipates signing the first Nu.Q NETs supply agreement in the human space during the third quarter. Currently, the company is in confidential discussions with over 10 companies. Executing licensing agreements with substantial upfront payments would help the company achieve cash neutrality when layered on top of the significant reduction in operating expenses that have already been implemented (operating costs declined 21.8% YOY in the first half of 2025).
In addition, within Nu.Q NETs pillar, the commercial strategy to utilize the CE Mark has brought on 11 hospital networks in Europe that are ordering and re-ordering Nu.Q products for human application with just as many other hospital networks in queue toward the evaluation process. Furthermore, Nu.Q Discover, which caters to disease research and drug development, posted strong results in the second quarter in both the Product and Service revenue segments. Nu.Q Discover is and will continue to benefit from contract on supplying an ongoing longitudinal Phase 1/2b study that will continue through 2026. Some of the strength in Nu.Q Discover can be attributed to the publication of a peer reviewed paper confirming Nu.Q usefulness across biological samples and disease models, but also Volition’s (NYSE:VNRX) publication of three (3) Application Notes on Nu.Q Discover.
Work continues on the final validation study being conducted at the National Taiwan University. With the study planned for completion in late 2025, a positive validation study, the Nu.Q test could be considered for use in future national lung cancer screening programs. Management is already in discussions with several national lung screening programs.
2Q 2025 Highlights
Volition reported total revenues of $406,488, up 2.8% YOY and above expectations of $375,720. Service revenue (contract lab services) increased 39.4% to $166,778 (a record high for a first quarter was driven by strong Nu.Q Discover service revenues). Product revenues from sales of the Nu.Q Vet cancer screening and H3.1 kits declined 12.4% to $244,910; however, product revenues improved 87% sequentially versus the first quarter of 2025.
Operating expenses decreased 9.2% YOY as R&D expenses declined 26.8% and Sales and marketing expenses decreased 42.7% though G&A expenses increased 28.8% to approximately $2.94 million primarily due to higher stock-based compensation (since some executives are receiving stock in compensation for reduced salaries which is a non-cash expense).
Net cash used in operating activities has been reduced by 30% YOY to roughly $1.77 million a month during the first half of 2025.
Recent Funding: In May 2025, Volition issued a $7,500,000 Senior Secured Convertible Promissory Note to Lind Global Asset Management XII LLC. Net proceeds were $5,802,799. Subsequent to the end of the second quarter, Volition received gross proceeds of $1.21 million from a registered direct offering. Cash and cash equivalents totaled approximately $2.256 million as of June 30, 2025.
Synopsis of R&D-related Advancements
(Papers, Posters, Application Notes, Press Releases, etc.)
Since the beginning of April 2025, Volition–related clinical papers, posters, and Application Notes consisted of:
- Two (2) presentations featuring Volition’s Q Vet Cancer Test at AMAMS 2025
- Three (3) Application Notes, one (1) peer reviewed clinical paper and one (1) press release concerning Q Discover. The plethora of supporting information bolstered this pillar and sparked the significant expansion of Nu.Q Discover in the second quarter
- Two (2)Q NETs posters related to traumatic injury; one at the SHOCK Society conference and the other at the ISTH Congress
- One (1)Q NETs clinical paper and one (1) poster concerning sepsis, the being published in Critical Care, and the poster presented at the ATS International Conference
- Three (3) cancer-related posters presented at ISMRC
- One (1) press release announcing that Volition achieved the ability to quantitatively determine nucleosome levels (a marker of NETosis) in whole venous blood utilizing a bedside lateral flow test.
Details of each item in the Advancement List above follow below under their respective pillars.
In addition, the poster presented at the European Society for Medical Oncology’s European Lung Cancer Congress in March (“H3K27Me3-nucleosome is a strong prognostic biomarker in non-small cell lung cancer” is currently being written up as a clinical study paper for peer review.
Furthermore, work continues on the final validation study being conducted at the National Taiwan University. Patients continue to be enrolled in a 500-patient study, which is planned for completion in late 2025. If the findings of the validation study align with the previous results (i.e., patients can be bifurcated into high and low risk so that low-risk patients can avoid unnecessary biopsies), the Nu.Q test could be considered for use in future national lung cancer screening programs. Interim findings are expected to be ready for presentation at ESMO (European Society of Clinical Oncology) meeting in October.
Nu.Q Vet Update
In mid-March 2025, the supply agreement with Fujifilm Vet Systems was extended to include an automated central reference lab platform, the Immunodiagnostic Systems (IDS) i10automated analyzer, which will enable a more rapid turnaround and a higher throughput level of assays. During the second quarter, Fujifilm Vet Systems validated the test results on the IDS i10 in-house and the automated platform is on track to launch in the third quarter.
The company continues to work on expanding the Nu.Q Vet Cancer test to the feline species, which would trigger a $5 million milestone payment that is associated with the supply agreement signed with Heska (an Antech/Mars company). Progress was made in the first quarter of 2025 with VolitionRx announcing that nucleosomes have been detected in cats in the publication of a study entitled “Evaluation of plasma nucleosome concentrations and the effect of pre-analytical variables in healthy cats” in BMC Veterinary Research.
Nu.Q NETs: Commercialization Effort in Human Diagnostics
Volition continues to be in confidential discussions for licensing the company’s Nu.Q NETs human diagnostic applications with more than 10 companies, seven of which are large cap companies. Volition’s management is currently in active negotiations with two (2) major companies are currently in active negotiations relative to Nu. Q and Capture Sequence technologies.
A data room that contains all clinical studies and other data related to Capture-PCR (human cancer detection method) and Nu.Q NETs for human sepsis has been set up (and continually being updated with data and publications) to support the licensing discussions and negotiations with interested parties. Management’s goal is to enter into multiple licensing agreements during 2025, emulating the strategy employed with the Nu.Q Veterinary Canine Cancer Test, which resulted in many licensing agreements with upfront and milestone payments (thus far $23 million for Nu.Q Vet), along with reoccurring revenue streams.
Interest in the NETs space is expanding dramatically as reflected in the increasing number of publications and citations on NETosis.
Nu.Q NETs:Commercialization Effort to Leverage CE Mark
The second prong of the Nu.Q NETs commercial strategy is to utilize the CE Mark (Conformitè Europëenne) certification to expand the use of the Nu.Q H3.1 NETs assay under its broad claim for detecting and monitoring diseases for any NETosis-related disease (e.g. sepsis, COVID-19, influenza, autoimmune diseases and cancer).
During 1Q 2025, Volition recorded its first revenue from the sales of a regulated, clinically approved product (CE Marked) in humans and sales continued to be made during 2Q 2025 with some hospital networks re-ordering several times. During 2Q, two additional European hospital networks placed orders, bringing the total to 11. Furthermore, VolitionRx is in discussions with at least an additional 11 hospital networks, where some evaluations are anticipated to begin in the second half of 2025. The CE Mark certification process was completed in late May 2022.
Nu.Q Discover: First human clinical study sponsored by a pharmaceutical company
In March 2025, VolitionRx made a significant milestone announcement that, for the first time, Nu.Q Discover biomarkers will be utilized in a human clinical study to measure disease progression and treatment response. An unnamed leading pharmaceutical company is using two Nu.Q Discover biomarkers in a longitudinal Phase 1/2b clinical study. Importantly, the use of Nu.Q Discover assays has transitioned from preclinical research to a clinical trial. Initial revenues from the contract were booked in the second quarter. The project is expected to generate hundreds of thousands of dollars through its completion in 2026. If the project continues thereafter, one could expect the contract to further expand in 2027.
The pharmaceutical company’s decision to incorporate Volition’s Nu.Q biomarkers comes after a successful pilot study, in which two of Volition’s Nu.Q assays obviously appear to provide biological insights that enhance the stratification of patients in order to personalize therapeutic treatments, to measure disease progression and to improve outcomes. The Phase 1/2b clinical study is expected to be conducted over 12-to-18 months.
Major Financial Goal: Be Cash Neutral for 2025
Management’s key financial goal for 2025 is to be cash neutral on a full year basis. In other words, revenues (both product and service) and licensing fees (including upfront payments and milestone payments) should equal cash expenditures during the year. Management has made significant progress over the last 12 months with R&D expenses, along with sales and marketing expenses, which are declining over 30% YOY. Net cash used in operating activities declined 30% from $2.524 million a month in 1H 2024 to $1.767 million a month in 1H 2025.
Nu.Q Milestones Achieved Thus Far in 2025
- During 1Q 2025, the first revenue recorded from the sales of a regulated, clinically approved product, specifically CE MarkedQ NETs product from hospital networks in Europe.
- During 1Q 2025, Volition completed the first commercial sale of High Throughput Synthetic Sepsis Model that enables real-time measurement of NETs activation and inhibition in whole blood, which supports the development of new NETs-related disease therapeutics.
- During 2Q 2025, the first study to report the detection of nucleosomes in cats was completed; this pre-analytics work paves a path for the potential of cancer screening and monitoring in cats.
- During 2Q 2025, for the first time,Q Discover biomarkers will be utilized in a human clinical study, namely in a Phase 1/2b clinical trial by an unnamed leading pharmaceutical company
Expected Nu.Q Milestones in the Remainder of 2025
- Management anticipates securing multiple licensing agreements for Nu.Q NETs in diagnostic applications in human cancer and sepsis
- Two major companies are currently evaluating Volition’s Nu.Q and Capture-Seq technologies; first results expected in the second half of 2025.
- National Taiwan University Hospital team is progressing with a pivotal final validation lung cancer screening study. Interim analysis is anticipated to be presented at the European Society of Medical Oncology (ESMO) Congress in October 2025.
- Potentially, the development of the Q Vet Feline Cancer Test could trigger a $5 million milestone payment in late 2025 or the first half of 2026.
RECENT DEVELOPMENTS, PAPERS & POSTERS
Nu.Q Foundational Breakthrough
On July 8, 2025, Volition announced that it has achieved the ability to quantitatively determine nucleosome levels (a marker of NETosis) in whole venous blood utilizing a bedside lateral flow test. The blinded study of 25 hospital patients at the point-of-care demonstrated that strongly correlated with results from Nu.Q nucleosome assays processed at a central laboratory. This new ability allows for diagnostic assessment of nucleosome levels at doctors’ offices, emergency rooms and ICUs without the time delay inherent in sending a blood sample to laboratory for testing.
Nu.Q Vet
Progress Toward Nu.Q Vet Feline Cancer Test
Nu.Q Vet Milestone: On May 19, 2025, VolitionRx announced the completion of an essential pre-analytic step toward the development of Nu.Q Vet products for felines with the publication of “Evaluation of plasma nucleosome concentrations and the effect of pre-analytical variables in healthy cats” in BMC Veterinary Research. This study is the first to report the detection of H3.1 nucleosomes in healthy cats, which opens the path for the potential of monitoring nucleosome levels in cats for screening for cancer. Data was also collected regarding an optimal collection and processing protocol.
VolitionRx’s first target is feline lymphoma, which is the most common cause of cancer in cats. The enrollment of subjects in the following clinical study for the detection of feline lymphoma started several months ago.
Two (2) Presentations Featuring the Nu.Q Vet Cancer Test at AMAMS
Nu.Q Vet (Presentations): Two (2) presentations featuring Volition’s Nu.Q Vet Cancer Test occurred at the Asian Meeting of Animal Medicine Specialties (AMAMS 2025), which was held in Thailand between June 4th and 6th, 2025. The presentations featured results from two clinical studies conducted by Dr Masahiko Sato, DVM, PhD, in conjunction with FujiFilm Vet Systems.
“Diagnostic Utility of Plasma Nucleosome Concentration in Differentiating Canine Chronic Enteropathy from Gastrointestinal Lymphoma,” speaker – Kentaro Nabeshima
“Evaluation of Plasma Nucleosome Concentrations as a Biomarker for Canine Nasal Tumors,” speaker – Chihoko Takahashi
Nu.Q Discover
Nu.Q Discover (Application Note): On May 12, 2025, Volition posted a Nu.Q Discover Application Note titled “Nu.Q® Discover: Immunoassay enables fast and reproducible monitoring of EZH2 inhibitor performance.” The document describes that Volition has developed and validated the Nu.Q® H3K27Me3 immunoassay, which enables normalizing results with the Nu.Q H3.1 assay, thereby supporting real-time assessment during preclinical and clinical development, which is particularly useful in advancing cancer therapies.
https://volition.com/nuq-h3k27me3-assay-ezh2-inhibitor-performance/
Nu.Q Discover (Application Note): On June 23, 2025, Volition posted a Nu.Q Discover Application Note titled “Nu.Q Discover: Building a better NET model for drug development – High-throughput (HT-NETs) assay to measure NET formation in whole blood.” The document explains that Volition has developed the first ex vivo high-throughput screening model (HT-NETs) that uses whole blood and enables rapid processing. The Application Note further highlights the advantage of the HT-NETs solution over other NET models.
https://volition.com/high-throughput-assay-netosis-screening-whole-blood/
Nu.Q Discover (clinical paper): On July 7, 2025, the Nu.Q platform was again validated by a clinical paper titled: “High-throughput epigenetic profiling immunoassays for accelerated disease research and clinical development,” which was published in a peer-reviewed publication (Journal of Biological Chemistry).
https://volition.com/high-throughput-epigenetic-profiling-immunoassays/
Nu.Q Discover (Application Note): On July 7, 2025, Volition posted a Nu.Q Discover Application Note titled “Nu.Q Discover: Nu.Q® H3.1: A Breakthrough Immunoassay for Reliable and Robust NETs Quantification.” The document is a general overview of the fundamentals of NETosis, the techniques to detect NETs, and how Volition’s Nu.Q H3.1 chemiluminescent immunoassay was engineered and developed to quantify circulating H3.1 nucleosomes in human plasma. The Nu.Q H3.1 assay has distinct attributes (high specificity & reproducibility) that make it a strong tool to track NETs formation in order to assess the severity of NETs-related pathologies(such as sepsis and COVID-19), which enables clinicians to identify, stratify, and monitor patient risk.
https://volition.com/nuq-h3-1-immunoassay-nets-quantification/
Nu.Q Discover Update: On July 16, 2025, VolitionRx provided an update on Nu.Q Discover: With a portfolio of 14 immunoassays, Nu.Q Discover serves over 20 clients, helping them accelerate disease research and drug development by offering epigenetic tools to aid in assessing disease severity, monitoring treatment response and understanding disease mechanisms.
Nu.Q Discover (clinical paper): On August 6, 2025, a paper titled “Quantification of H3.1-nucleosomes using a chemiluminescent immunoassay: A reliable method for neutrophil extracellular trap detection” by M. Wargnies et al was published in PLOS One. The study developed and analytically validated that a chemiluminescent immunoassay can measure the level of circulating H3.1-nucleosomes in plasma and further concluded that the detection of H3.1-nucleosomes by any immunoassay is a potential breakthrough method for “objective, robust, reproducible and quantitative” detection of NETs.
Nu.Q Discover (Operational Results in 2Q/2025): On August 14, 2025, VolitionRx reported financial results for the second quarter ending June 30, 2025. Nu.Q Discover had a strong quarter with demand for Nu.Q assays being used as exploratory biomarkers in clinical trials, driving revenue growth in both the product and service categories. The demand was bolstered by repeat customers.
Going forward, a project with an unnamed leading pharmaceutical company that will use two (2) Nu.Q Discover biomarkers in a longitudinal Phase 1/2b clinical study that was initially announced on March 4th is now Nu.Q Discover’s largest project and is expected to generate revenue of hundreds of thousands of dollars. Furthermore, for the first time, Nu.Q Discover biomarkers will be utilized in a human clinical study to measure disease progression and treatment response. In addition, the use of Nu.Q Discover assays has transitioned from preclinical research to a clinical trial. The target for completion of the Phase 1/2b study is in 2026.
Nu.Q NETs
Nu.Q NETs – sepsis (clinical paper): On May 19, 2025, a paper titled: “Plasma H3.1 nucleosomes as biomarkers of infection, inflammation and organ failure” by Daan F. L. Filippini et al was published in Critical Care, BMC (biomedicalcentral.com). Since NETs are part of the body’s innate immune response, the level of H3.1 nucleosomes has emerged as a potential biomarker for sepsis, organ dysfunction and hyperinflammatory host response Conducted by the Mars consortium, this study evaluated 3,671 plasma samples from 1,713 critically ill patients and determined that H3.1 nucleosome concentrations were closely associated sepsis and organ failure, and, in particular, predicted the need for renal replacement therapy. The paper concludes that the Nu.Q H3.1 is a clinically meaningful, biologically specific biomarker of NETosis.
Nu.Q NETs – sepsis (poster – ATS International Conference): A poster titled “Plasma H3.1 nucleosomes as biomarkers of infection, inflammation and organ failure,” by Daan F. L. Filippini et al was presented at the ATS (American Thoracic Society) International Conference between May 17 and 21, 2025, in San Francisco. Usually, about 14,000 pulmonary, critical care, and sleep professionals attend this conference.
https://volition.com/plasma-h31-nucleosomes-biomarkers-infection-infammation-organ-failure/
Nu.Q NETs (poster – SHOCK Society conference – traumatic injury): A poster titled: “Quantification of circulating nucleosomes using novel assays shows elevated levels in patients after traumatic injury: a pilot study” by Sergio M Navarro et al was presented at the 48th Annual SHOCK Society conference between May 31 and June 3, 2025 in Boston.
Nu.Q NETs – (poster – ISTH Congress – traumatic injury): A poster titled: “Profiling cell-free DNA To Better Understand Clinical Pathologies Immune Response and Disease Progression,” by Theresa K Kelly et al was presented at the ISTH (International Society on Thrombosis and Haemostasis) Congress between June 21 and 25, 2025 in Washington DC. The poster concludes that nucleosome levels and cfDNA correlate with disease state.
Nu.Q Cancer
Three (3) Volition-sponsored posters were presented at the ISMRC (14th International Symposium on Minimal Residual Cancer) Conference held between May 7 and 9, 2025, in Nice, France. The conference’s byline was “Liquid Biopsy: From Discovery to Clinical Implementation.” There were 434 delegates and exhibitors from 38 countries in attendance. In addition to scientific sessions, 133 posters were presented in eight (8) guided poster tours.
Nu.Q Cancer (poster – ISMRC conference): A poster titled “Advances in Liquid Biopsy for Glioblastoma Diagnosis and Monitoring through Nucleosome Epigenetic Modifications Tracking,” by Priscilla Van den Ackerveken et al was presented that concerns developing a liquid biopsy for the diagnosis and monitoring of patients with Glioblastoma (GBM), an aggressive cancerous brain tumor. The poster’s findings include that the Nu.Q H3.1 immunoassay allows for the tracking of epigenetic biomarkers, which mirror the clinical course of GBM patients.
https://volition.com/liquid-biopsy-glioblastoma-nucleosome-epigenetic-modifications-tracking/
Nu.Q Cancer (poster – ISMRC conference): A poster titled “Liquid biopsy: measuring circulating H3K27Me3-nucleosomes in Lung Cancer patients is a strong prognostic biomarker and a potential aid in treatment selection,” by Marie Piecyk et al, was presented that investigated the relationship between lung cancer and H3K27Me3-nucleosome levels. The poster concludes that the level of circulating H3K27Me3-nucleosomes in lung cancer patients is a “strong prognostic biomarker” and has the potential to aid in personalized treatment decisions that should improve the overall survival (OS) rate.
https://volition.com/liquid-biopsy-h3k27me3-nucleosomes-lung-cancer-biomarker-treatment/
Nu.Q Cancer (poster – (poster – ISMRC conference): A poster titled “Recombinant nucleosomes as promising key reference materials for liquid biopsy next-generation sequencing,” by Priscilla Van den Ackerveken et al, was presented that concludes that recombinant nucleosomes (rNuc-Ref) could be promising key reference materials for liquid biopsy next-generation sequencing.
RECENT FINANCIAL EVENTS
2Q 2025 Financial Results
On August 14, 2025, after the market close, VolitionRx reported financial results for the second quarter ending June 30, 2025. Total revenues increased 2.8% YOY to $406,488 compared to $395,797 in the second quarter of 2024. Service revenue (contract lab services) increased 39.4% to $166,778 (a record high for a first quarter was driven by strong Nu.Q Discover service revenues, including from repeat customers, while product revenues from sales of the Nu.Q Vet cancer screening and H3.1 kits declined 12.4% to $244,910. Of note, product revenues improved 87% sequentially versus the first quarter of 2025.
Operating expenses decreased 9.2% from $7.39 million to $6.70 million. R&D expenses declined 26.8% to approximately $2.72 million, primarily due to a reduction in personnel expenses (full-time employees decreased from 62 to 48) and lower direct R&D expenses. G&A expenses increased 28.8% to approximately $2.94 million primarily due to higher stock-based compensation (since some executives are receiving stock in compensation for reduced salaries, which is a non-cash expense) and higher legal & professional fees; full-time employees (FTE) decreased from 20 to 19. Sales and marketing expenses decreased 42.7% from 1.39 million to 1.04 million due to lower personnel expenses and stock-based compensation, which was partially offset by higher direct marketing & professional fees. FTE decreased from 19 to 11. Interest expense increased 51.9%.
For the second quarter, VolitionRx reported a net loss of $6.28 million (or $0.06 per diluted share for stockholders) versus a net loss of approximately $7.06 million (or $0.08 per diluted share) in the comparable quarter last year.
Year-to-date, shares outstanding increased by 8.% to 103,982,020 shares from 96,097,485 shares on December 31, 2025. As of June 30, 2025, Volition had approximately $2.26 million cash-on-hand.
2025 Financings: Registered Direct Offerings Pursuant to Shelf Registrations
In late March 2025, 2,363,636 shares were issued to several purchasers in a registered direct offering pursuant to a shelf registration statement (Form S-3) effective on November 8, 2021. The offering price was $0.55 per share, which included 5-year common stock purchase warrants exercisable at $0.66 per share to purchase up to 1,739,087 common shares. The Insiders that participated in the offering did not receive any warrants. Net proceeds were $2,380,103.
In late April 2025, Volition entered into an ATM (at the market) Sales Agreement with JonesTrading
Institutional Services LLC to sell the company’s shares from time to time pursuant to a shelf registration statement (Form S-3) filed on November 8, 2024, and amended on April 11, 2025. Between April 22, 2025, and June 30, 2025, inclusive, 321,562 shares were issued for approximately $161,075 pursuant to this ATM sales agreement, which is capped at aggregate offering proceeds of $7.5 million.
On August 1, 2025, VolitionRx entered into a securities purchase agreement for the issuance of 156,250 shares at an offering price of $0.64 per share to certain insiders (directors and executive officers) and 1,734,375 shares with accompanying 5-year stock purchase warrants exercisable into 1,734,375 shares at $0.768 per share until August 5, 2030. To clarify, the insiders did not receive any warrants. Gross proceeds were $1.21 million.
Financing: Senior Secured Convertible Note
On May 15, 2025, an agreement was finalized to issue a $7,500,000 Senior Secured Convertible Promissory Note to Lind Global Asset Management XII LLC. Net proceeds were $5,802,799.The monthly payments on the convertible promissory note are $416,666 cash payments or shares over 18 months after an initial 6-month repayment holiday. The transaction includes a 5-year stock purchase warrant exercisable into 13,020,834 common shares at a price of $0.672 per share. A commitment fee of $218,750 will be deducted from the gross proceeds. The Lind Note is convertible into common shares at a conversion price of $0.72 per share, subject to adjustment.
Non-Dilutive Financings During 2025
During the first quarter of 2025, VolitionRx secured a total of $1.98 million in non-dilutive funding, of which $121,566 was in the form of grant income, $1,570,176 in long-term debt financing, and $294,603 in a 9-month loan agreement.
During the second quarter of 2025, VolitionRx received a total of $75,991 in the form of grant income.
VALUATION
Utilizing a financial model based on DCF methodology, which forecasts out to 2031, and uses a 10% discount rate (based on CAPM), a 2% terminal growth rate, and a terminal P/S multiple of 0.53, the indicated value of VNRX is $3.00 per share.
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