VolitionRX Q1 Earnings Call Highlights

VolitionRX (NYSEAMERICAN:VNRX) reported higher first-quarter revenue and outlined progress across its veterinary, sepsis, cancer and research-services programs, while management said commercialization discussions with potential partners remain a central focus.

On the company’s first-quarter 2026 earnings call, Group CFO Terig Hughes said revenue for the quarter ended March 31 was approximately $1 million, compared with approximately $0.2 million in the same period of 2025. Hughes said the increase was primarily driven by a $0.7 million increase in deferred revenue recognition tied to the company’s Nu.Q Vet agreement with Heska, following a periodic review under its accounting policies.

“At this stage of commercialization, revenues remain fairly lumpy and difficult to predict from one quarter to the next,” Hughes said, adding that the company is not providing revenue guidance for 2026.

Operating expenses rise, but operating loss improves

Operating expenses totaled $6.3 million in the first quarter, up from $5.8 million a year earlier. Hughes attributed the increase in part to severance costs related to cost-reduction actions, as well as higher research and development costs connected to Capture-Seq work and the completion of certain lung cancer studies.

Hughes said VolitionRx continues to operate at “significantly lower levels of expenditure” compared with the past two years and will continue taking steps to reduce costs in 2026. Net cash used in operating activities was $5.3 million, compared with $4.3 million in the first quarter of 2025, partly reflecting the timing of supplier payments.

The company ended the quarter with approximately $3.1 million in cash and cash equivalents, up from $1.1 million at the end of December 2025. First-quarter receipts included approximately $5.4 million in net proceeds from the company’s at-the-market facility and $1.9 million in net proceeds from the issuance of a convertible note to Lind Global Asset Management LLC.

Hughes also pointed to continued non-dilutive funding from agencies of the Walloon region in Belgium. The company received approximately $1 million and expects an additional approximately $0.9 million in tranches over the next 12 months, subject to time and event milestones. Hughes said total non-dilutive funding support from all sources since inception now exceeds $25 million.

Nu.Q Vet advances in dogs and cats

Group CEO Cameron Reynolds said VolitionRx made progress in its veterinary business, including the completion of validation and verification of the chemiluminescent immunoassay version of the Nu.Q Vet cancer test with Fujifilm Vet Systems in Japan. Reynolds said the central-lab automation capability is a “world first” for the company and is expected to improve turnaround times and throughput.

Reynolds also highlighted progress in feline cancer testing. After the quarter ended, the company announced submission for peer review of a manuscript reporting results from a prototype Nu.Q Vet Feline assay for lymphoma in cats. According to Reynolds, at 97% specificity, the assay detected 86% of feline lymphomas.

Publication of the feline study in a peer-reviewed journal is expected to unlock a $5 million contractual milestone payment, Reynolds said. During the question-and-answer session, Hughes said that payment has not yet been received and would initially be recorded as deferred revenue when collected.

Nu.Q NETs data expands beyond sepsis

Reynolds said the Nu.Q NETs program continues to generate data across multiple indications. He cited a clinical study in hidradenitis suppurativa, or HS, a chronic immune-mediated disease affecting approximately 1% of the global population. Reynolds said the findings showed Nu.Q NETs could be used to classify patients and serve as a surrogate for response to treatment.

In response to an analyst question from Justin Walsh of JonesTrading, Group Chief Marketing and Communications Officer Louise Batchelor said the assay has been used to help identify patients who may be experiencing flare-ups and could potentially be used in clinical studies of new therapeutics.

Reynolds also discussed a Mayo Clinic trauma study published in Shock. The study included 674 trauma patients and found that nucleosome levels measured by VolitionRx’s Nu.Q H3.1 and Nu.Q H3R8 Citrulline assays were elevated in trauma patients and higher in those who later developed complications. Reynolds cited average H3.1 levels of 22.3 ng per milliliter in healthy individuals, 359.7 in trauma patients and 828.4 in patients who went on to develop venous thromboembolism.

The company also provided an update on DETECSEPS, a French government-sponsored real-world evaluation of early sepsis detection in which the Nu.Q NETs assay is the sole biomarker. Reynolds said the program is on track, with first patient recruitment hoped for in the third quarter, likely September.

Subsequent to quarter end, VolitionRx also reported detection of nucleosomes in capillary blood from critically ill sepsis patients using a lateral-flow prototype. Reynolds said the finger-prick approach could expand the potential market for sepsis testing beyond centralized laboratories.

Cancer, Capture-Seq and licensing discussions remain priorities

In lung cancer, Reynolds said the first clinical use of Nu.Q Cancer is “now imminent.” He said clinical evidence from collaborators in Taiwan and Lyon supports a reimbursement submission being prepared with Hospices Civils de Lyon. The company hopes to participate in pre-submission meetings with authorities in the coming weeks and anticipates routine clinical use in France late this year if reimbursement is achieved.

Batchelor said during the Q&A session that a final clinical validation study known as Ulysses Map is ongoing at Hospices Civils de Lyon, with recruitment completed. The company hopes to report results later this year at ESMO 2026. She also said certification of the product for use at the hospital has been completed.

Reynolds described Capture-Seq as an area of significant commercial interest. He said VolitionRx has demonstrated isolation and analysis of greater than 99% pure circulating tumor-derived DNA and has released data from a blinded validation cohort of 81 subjects, including colorectal and lung cancer patients and healthy controls. Reynolds said the company detected more than 95% of stage 1 and stage 2 cancers in that cohort.

Management said licensing remains a key focus. Reynolds said VolitionRx is in discussions with more than a dozen leading diagnostic and liquid biopsy companies across its product areas. In response to a question from H.C. Wainwright, he said the most advanced discussions involve technical validation and partners’ own trials, while potential deal structures could include upfront payments, milestones and recurring revenue through royalties or other mechanisms.

Reynolds closed the call by saying the company is working to execute commercialization agreements and expects to provide updates as discussions progress.

About VolitionRX (NYSEAMERICAN:VNRX)

VolitionRX, traded as VNRX on the NYSE American exchange, is a pioneering life sciences company focused on the development and commercialization of minimally invasive diagnostic tests for the early detection of cancer and other diseases. Utilizing proprietary technology to analyze circulating nucleosomes in blood samples, the company’s platform identifies disease-specific epigenetic and biochemical signatures. By offering blood-based screening solutions, VolitionRX aims to deliver alternatives to invasive, costly and time-consuming procedures, potentially improving patient outcomes through earlier diagnosis.

The company’s flagship product suite, branded as Nu.Q, comprises assays designed to detect biomarkers associated with a range of malignancies, including colorectal, lung and pancreatic cancers, as well as other systemic conditions.