VolitionRx Limited (VNRX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VNRX SEC filings page.
VolitionRx Limited (VNRX) reported $2.5M in revenue over the twelve months to Jun 30, 2026, up 86.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue is growing from a tiny base, but development spending still dominates and financing—not operations—supports the balance sheet.
The business remains development-stage: revenue more than doubled from FY2023 to FY2025 while research and development stayed several times larger than annual sales, so commercial growth has not yet displaced the investment model.
Cash conversion broadly matches the accounting result: FY2025 operating cash flow was
Balance-sheet pressure has intensified: FY2025 total liabilities of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of VolitionRx Limited's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
VolitionRx Limited held $1.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $19.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and VolitionRx Limited scores 3/100 among other emerging companies.
VolitionRx Limited had 158M shares outstanding at the end of fiscal year 2025, against 97M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and VolitionRx Limited scores 23/100 among other emerging companies.
VolitionRx Limited spent $10.1M on research and development in fiscal year 2025, which was 43.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and VolitionRx Limited scores 73/100 among other emerging companies.
VolitionRx Limited reported revenue of $1.7M in fiscal year 2025, against $1.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and VolitionRx Limited scores 78/100 among other emerging companies.
VolitionRx Limited's operations used $19.7M of cash in fiscal year 2025, against $25.9M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and VolitionRx Limited scores 40/100 among other emerging companies.
VolitionRx Limited's cash, cash equivalents and investments came to $1.1M at the end of fiscal year 2025, against $42.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and VolitionRx Limited scores 6/100 among other emerging companies.
VolitionRx Limited scores -63.12, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.1M) relative to total liabilities ($42.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
VolitionRx Limited passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
VolitionRx Limited reported a net loss of $23.4M while operations used $19.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
VolitionRx Limited generated $399K in revenue in Q2 2026. This represents a decrease of 2.0% from the same quarter a year earlier. Against the prior quarter it is down 59.5%.
VolitionRx Limited's EBITDA was -$4.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.4% from the same quarter a year earlier. Against the prior quarter it is up 22.8%.
VolitionRx Limited reported -$7.3M in net income in Q2 2026. This represents a decrease of 16.6% from the same quarter a year earlier. Against the prior quarter it is down 9.9%.
VolitionRx Limited earned -$0.85 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 12.4%.
Cash & Balance Sheet
VolitionRx Limited recorded an outflow of $5.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 18.6% from the same quarter a year earlier. Against the prior quarter it is up 2.4%.
VolitionRx Limited held $2.8M in cash against $6.0M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
VolitionRx Limited invested $1.8M in research and development in Q2 2026. This represents a decrease of 33.8% from the same quarter a year earlier. Against the prior quarter it is down 36.9%.
VolitionRx Limited invested $2K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 97.7% from the same quarter a year earlier. Against the prior quarter it is down 80.6%.
Not reported for Q2 2026.
VNRX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $399K-2.0% | $985K+299.8% | $447K+133.2% | $627K+32.2% | $407K+2.8% | $246K+43.6% | $192K-21.4% | $475K+187.2% |
| R&D Expenses | $1.8M-33.8% | $2.9M+9.4% | $2.5M-4.6% | $2.3M-34.2% | $2.7M-26.8% | $2.6M-43.7% | $2.6M-43.1% | $3.5M-25.3% |
| SG&A Expenses | $2.2M-25.0% | $2.6M+17.2% | $1.8M-15.9% | $2.5M+36.8% | $2.9M+28.8% | $2.2M-0.5% | $2.1M-16.0% | $1.8M-30.2% |
| Operating Income | -$4.2M+34.0% | -$5.3M+3.1% | -$4.8M+16.7% | -$5.1M+13.1% | -$6.3M+9.9% | -$5.5M+34.1% | -$5.8M+33.9% | -$5.9M+32.2% |
| EBITDA | -$4.0M+34.4% | -$5.1M+2.4% | -$4.6M+16.4% | -$4.9M+13.1% | -$6.0M+10.1% | -$5.3M+35.1% | -$5.5M+35.0% | -$5.6M+33.2% |
| Interest Expense | $740K+500.2% | $126K+30.2% | N/A | N/A | $123K | $97K | N/A | N/A |
| Net Income | -$7.3M-16.6% | -$6.7M-22.9% | -$6.3M-8.2% | -$5.4M+7.6% | -$6.3M+10.0% | -$5.4M+35.2% | -$5.8M+34.2% | -$5.8M+31.1% |
| EPS (Diluted) | -$0.85 | -$0.97+13.4% | N/A | -$0.05+28.6% | -$1.22 | -$1.12 | -$0.06 | -$0.07 |
| Diluted Shares (Avg) | 9M | 7M+42.6% | N/A | 108M+23.1% | 5M | 5M | N/A | 88M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax, EPS (Basic).
VNRX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.3M-4.6% | $9.0M+6.1% | $6.9M-26.6% | $6.4M-49.1% | $8.7M-33.4% | $8.5M-56.2% | $9.4M-66.4% | $12.7M-29.7% |
| Current Assets | $4.1M+25.4% | $4.5M+37.1% | $2.1M-49.2% | $1.3M-80.4% | $3.3M-55.6% | $3.3M-75.5% | $4.1M-81.4% | $6.8M-44.2% |
| Cash & Equivalents | $2.8M+21.7% | $3.1M+19.3% | $1.1M-65.8% | $200K-96.3% | $2.3M-61.7% | $2.6M-77.9% | $3.3M-84.3% | $5.4M-49.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $277K+46.3% | $252K+34.3% | $318K+187.4% | $309K-1.1% | $190K+14.0% | $188K+40.7% | $111K-54.4% | $313K+807.7% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $41.8M+0.1% | $42.4M+12.9% | $42.5M+19.7% | $42.4M+20.0% | $41.8M+16.2% | $37.5M+4.1% | $35.5M-3.2% | $35.3M+69.1% |
| Current Liabilities | $13.5M+46.0% | $13.6M+64.0% | $12.2M+57.0% | $11.4M-62.3% | $9.2M-70.2% | $8.3M-73.7% | $7.8M-12.9% | $30.3M+71.5% |
| Non-Current Liabilities | $28.3M-12.9% | $28.8M-1.5% | $30.3M+9.2% | $31.0M+514.5% | $32.6M+552.5% | $29.3M+541.6% | $27.7M+474.4% | $5.0M+55.7% |
| Long-Term Debt | $6.0M+3.6% | $6.4M+14.8% | $5.8M+47.2% | $5.6M+45.0% | $5.8M+49.3% | $5.5M+64.0% | $4.0M+9.0% | $3.8M+84.0% |
| Total Equity | -$32.2M-1.1% | -$32.0M-15.1% | -$34.2M-37.5% | -$34.6M-61.1% | -$31.8M-45.9% | -$27.8M-78.0% | -$24.9M-219.2% | -$21.5M-952.7% |
| Retained Earnings | -$267.4M-10.8% | -$259.6M-10.5% | -$252.9M-10.2% | -$246.6M-10.2% | -$241.3M-10.7% | -$235.0M-11.4% | -$229.5M-13.3% | -$223.8M-15.4% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
VNRX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.2M+17.6% | -$5.3M-22.9% | -$5.5M-1.1% | -$3.6M+32.6% | -$6.3M+7.0% | -$4.3M+48.5% | -$5.4M-184.2% | -$5.4M+36.0% |
| Depreciation & Amortization | $188K-25.6% | $207K-17.7% | $231K-21.9% | $248K-12.9% | $253K-6.2% | $252K-4.3% | $296K-0.3% | $285K-3.6% |
| Stock-Based Compensation | N/A | $225K-50.2% | N/A | N/A | N/A | $451K+9.8% | N/A | $324K-39.9% |
| Capital Expenditures | $2K-97.7% | $9K+409.6% | $11K-84.9% | $0-100.0% | $77K+95.1% | $2K-93.7% | $73K-76.5% | $137K-49.9% |
| Free Cash Flow | -$5.2M+18.6% | -$5.3M-23.0% | -$5.5M0.0% | -$3.6M+34.3% | -$6.3M+6.4% | -$4.3M+48.6% | -$5.5M-189.7% | -$5.5M+36.4% |
| Investing Cash Flow | -$2K+97.7% | -$9K-409.6% | -$11K+94.5% | $0+100.0% | -$77K+52.1% | -$2K+97.7% | -$198K+35.9% | -$137K+49.9% |
| Financing Cash Flow | $5.0M-12.2% | $7.6M+107.7% | $6.2M+168.8% | $1.6M-71.4% | $5.7M+482.5% | $3.7M+1851.2% | $2.3M-39.3% | $5.6M+2139.4% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
VNRX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1042.5% | -543.0% | -1077.8% | -813.2% | -1548.6% | -2241.1% | -3016.5% | -1236.8% |
| Net Margin | -1837.7% | -676.6% | -1402.8% | -857.4% | -1545.2% | -2201.3% | -3022.8% | -1226.8% |
| Return on Assets | -88.3%-16.1pp | -73.8%-10.1pp | -90.9%-29.2pp | -83.4%-37.5pp | -72.2%-18.7pp | -63.7%-20.6pp | -61.6%-30.1pp | -45.9%+1.0pp |
| Current Ratio | 0.300.0x | 0.33-0.1x | 0.17-0.4x | 0.12-0.1x | 0.35+0.1x | 0.400.0x | 0.52-1.9x | 0.22-0.5x |
| Asset Turnover | 0.050.0x | 0.11+0.1x | 0.060.0x | 0.10+0.1x | 0.050.0x | 0.030.0x | 0.020.0x | 0.040.0x |
| FCF Margin | -1294.7% | -537.0% | -1231.0% | -578.8% | -1558.8% | -1745.2% | -2872.0% | -1164.2% |
Not reported in any period shown, so not listed: Gross Margin, Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$34.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.17), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| VolitionRx Limited VNRX | FY2025 | $1.7M | -$23.4M | N/A | $7.1M | 37/100 |
| IceCure Medical Ltd. ICCM | FY2025 | $3.4M | -$15.1M | N/A | $7.3M | 47/100 |
| Pulmonx Corporation LUNG | FY2025 | $90.5M | -$54.0M | -59.7% | $78.6M | 54/100 |
| TELA Bio, Inc. TELA | FY2025 | $80.3M | -$38.8M | -48.3% | $51.5M | 46/100 |
| Apyx Medical Corporation APYX | FY2025 | $52.8M | -$11.2M | -21.2% | $107.4M | 43/100 |
| Cytosorbents Corp. CTSO | FY2025 | $37.1M | -$8.2M | -22.1% | $12.8M | 37/100 |
Where VolitionRx Limited Ranks
Frequently Asked Questions
What is VolitionRx Limited's annual revenue?
VolitionRx Limited (VNRX) reported $1.7M in total revenue for fiscal year 2025. This represents a 40.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is VolitionRx Limited's revenue growing?
VolitionRx Limited (VNRX) revenue grew by 40.0% year-over-year, from $1.2M to $1.7M in fiscal year 2025.
Is VolitionRx Limited profitable?
No, VolitionRx Limited (VNRX) reported a net income of -$23.4M in fiscal year 2025.
What is VolitionRx Limited's EBITDA?
VolitionRx Limited (VNRX) had EBITDA of -$20.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does VolitionRx Limited have?
As of fiscal year 2025, VolitionRx Limited (VNRX) had $1.1M in cash and equivalents against $5.8M in long-term debt.
What is VolitionRx Limited's free cash flow?
VolitionRx Limited (VNRX) recorded an outflow of $19.8M in free cash flow during fiscal year 2025. This represents a 24.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is VolitionRx Limited's operating cash flow?
VolitionRx Limited (VNRX) recorded an outflow of $19.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are VolitionRx Limited's total assets?
VolitionRx Limited (VNRX) had $6.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are VolitionRx Limited's capital expenditures?
VolitionRx Limited (VNRX) invested $90K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does VolitionRx Limited spend on research and development?
VolitionRx Limited (VNRX) invested $10.1M in research and development during fiscal year 2025.
What is VolitionRx Limited's current ratio?
VolitionRx Limited (VNRX) had a current ratio of 0.17 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is VolitionRx Limited's return on assets (ROA)?
VolitionRx Limited (VNRX) had a return on assets of -338.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is VolitionRx Limited's P/E ratio?
VolitionRx Limited (VNRX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $7.1M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is VolitionRx Limited's price-to-sales ratio?
VolitionRx Limited (VNRX) trades at 2.9x sales, its market capitalization divided by revenue of $2.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $7.1M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does VolitionRx Limited's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, VolitionRx Limited (VNRX) held $1.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $19.7M over that year. Dividing the one by the other, the reported balance equals about 1 month of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is VolitionRx Limited's debt-to-equity ratio negative or not reported?
VolitionRx Limited (VNRX) has negative shareholder equity of -$34.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is VolitionRx Limited's Altman Z-Score?
VolitionRx Limited (VNRX) has an Altman Z-Score of -63.12, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is VolitionRx Limited's Piotroski F-Score?
VolitionRx Limited (VNRX) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are VolitionRx Limited's earnings high quality?
VolitionRx Limited (VNRX) reported a net loss of $23.4M while operations used $19.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is VolitionRx Limited?
VolitionRx Limited (VNRX) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.