Volitionrx Financials
Volitionrx (VNRX) reported $1.7M in revenue for fiscal year 2025, up 40.0% from the prior fiscal year. 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).
VolitionRx remains a financing-dependent development-stage business, with operating cash burn still far larger than commercial revenue.
From FY2023 to FY2025, revenue rose to only$1.7M while operating cash flow improved from-$18.1M to-$19.7M and R&D fell from$19.6M to$10.1M ; the narrower losses therefore look driven more by spending restraint than by a self-funding revenue engine. That matters because FY2025 financing inflows of$17.1M still did not fully cover operating cash use of-$19.7M .
The balance sheet is tight in a very specific way: cash ended FY2025 at
This is an asset-light cash consumer: FY2025 capital spending was only
Financial Health Signals
Scored against operating 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'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's reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 22/100.
Volitionrx's revenue surged 40.0% year-over-year to $1.7M, reflecting rapid business expansion. This strong growth earns a score of 92/100.
Not available for Volitionrx, and counted as zero in the overall score.
Volitionrx's current ratio of 0.17 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Volitionrx's reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Volitionrx scores -63.13, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.1M) 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 passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Volitionrx 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 generated $1.7M in revenue in fiscal year 2025. This represents an increase of 40.0% from the prior year.
Volitionrx's EBITDA was -$20.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.9% from the prior year.
Volitionrx reported -$23.4M in net income in fiscal year 2025. This represents an increase of 13.4% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Volitionrx recorded an outflow of $19.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 24.4% from the prior year.
Volitionrx held $1.1M in cash against $5.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Volitionrx invested $10.1M in research and development in fiscal year 2025. This represents a decrease of 30.0% from the prior year.
Volitionrx invested $90K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 67.7% from the prior year.
Not reported for fiscal year 2025.
VNRX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5M | $1.7M+40.0% | $1.2M+59.1% | $775K+153.0% | $306K+240.3% | $90K+570.3% | $13K-21.4% | $17K | N/A | N/A | N/A | N/A | $15K | N/A | $55K | $0 |
| R&D Expenses | $9.4M | $10.1M-30.0% | $14.4M-26.3% | $19.6M+27.5% | $15.3M+17.7% | $13.0M-10.4% | $14.5M+40.2% | $10.4M-5.0% | $10.9M+35.9% | $8.0M+1.5% | $7.9M+29.6% | $6.1M+50.9% | $4.0M+61.5% | $2.5M-9.7% | $2.8M+82.3% | $1.5M |
| SG&A Expenses | $9.1M | $9.5M+11.5% | $8.5M-18.1% | $10.4M+1.9% | $10.2M-12.8% | $11.7M+106.5% | $5.7M+19.5% | $4.7M-18.7% | $5.8M-0.2% | $5.8M+39.6% | $4.2M+524.4% | $669K+123.7% | $299K-31.1% | $434K-3.1% | $448K+81.1% | $247K |
| Operating Income | -$19.4M | -$21.7M+19.6% | -$27.0M+24.9% | -$36.0M-13.2% | -$31.8M-12.2% | -$28.3M-33.3% | -$21.2M-32.4% | -$16.0M+10.4% | -$17.9M-21.8% | -$14.7M-18.2% | -$12.4M-24.2% | -$10.0M-68.1% | -$6.0M-30.1% | -$4.6M-12.1% | -$4.1M-56.5% | -$2.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $156K+20.0% | $130K+2.5% | $127K+214.1% | -$111K-251.7% | $73K+258.9% | $20K | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$5K | N/A | N/A | N/A | N/A |
| Net Income | -$25.6M | -$23.4M+13.4% | -$27.0M+24.4% | -$35.7M-16.6% | -$30.6M-13.4% | -$27.0M-32.3% | -$20.4M-26.7% | -$16.1M+10.6% | -$18.0M-21.9% | -$14.8M-24.1% | -$11.9M-24.9% | -$9.5M-16.0% | -$8.2M-121.4% | -$3.7M+9.1% | -$4.1M-56.5% | -$2.6M |
| EPS (Diluted) | — | N/A | -$0.31+38.0% | -$0.50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VNRX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.9M-26.6% | $9.4M-66.4% | $28.0M+52.8% | $18.3M-33.4% | $27.5M+5.1% | $26.2M+22.8% | $21.3M+21.7% | $17.5M+19.6% | $14.6M-40.9% | $24.7M+220.7% | $7.7M+124.6% | $3.4M+65.8% | $2.1M-6.6% | $2.2M-1.3% | $2.2M |
| Current Assets | $2.1M-49.2% | $4.1M-81.4% | $21.9M+79.5% | $12.2M-44.6% | $22.0M+8.1% | $20.3M+15.8% | $17.6M+26.3% | $13.9M+31.6% | $10.6M-52.0% | $22.0M+253.7% | $6.2M+166.4% | $2.3M+132.3% | $1.0M+44.6% | $695K-0.6% | $699K |
| Cash & Equivalents | $1.1M-65.8% | $3.3M-84.3% | $20.7M+90.8% | $10.9M-47.2% | $20.6M+5.8% | $19.4M+14.6% | $17.0M+26.4% | $13.4M+32.7% | $10.1M-53.3% | $21.7M+266.4% | $5.9M+176.6% | $2.1M+140.7% | $889K+136.1% | $376K+8.2% | $348K |
| Accounts Receivable | $318K+187.4% | $111K-54.4% | $243K+234.1% | $73K+480.4% | $13K+75.8% | $7K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Total Liabilities | $42.5M+19.7% | $35.5M-3.2% | $36.7M+71.1% | $21.4M+119.3% | $9.8M-0.9% | $9.9M+39.0% | $7.1M+32.6% | $5.3M+14.6% | $4.7M+31.2% | $3.6M+113.3% | $1.7M-45.6% | $3.1M+120.5% | $1.4M+0.5% | $1.4M+19.6% | $1.2M |
| Current Liabilities | $12.2M+57.0% | $7.8M-12.9% | $8.9M-48.6% | $17.4M+166.8% | $6.5M+4.5% | $6.2M+61.6% | $3.9M+65.4% | $2.3M+1.9% | $2.3M+12.6% | $2.0M+81.6% | $1.1M-58.7% | $2.7M+183.4% | $957K+28.0% | $748K+39.9% | $534K |
| Long-Term Debt | $5.8M+47.2% | $4.0M+9.0% | $3.6M+30.4% | $2.8M+22.4% | $2.3M-12.9% | $2.6M+18.7% | $2.2M+10.6% | $2.0M+51.1% | $1.3M+203.9% | $432K+2021.2% | $20K | N/A | N/A | N/A | N/A |
| Total Equity | -$34.2M-37.5% | -$24.9M-219.2% | -$7.8M-203.0% | -$2.6M-114.5% | $17.7M+8.8% | $16.3M+14.8% | $14.2M+17.0% | $12.1M+21.9% | $10.0M-53.0% | $21.2M+250.3% | $6.0M+1541.7% | $368K-45.9% | $681K-18.4% | $834K-23.4% | $1.1M |
| Retained Earnings | -$252.9M-10.2% | -$229.5M-13.3% | -$202.6M-21.1% | -$167.3M-22.1% | -$137.0M-24.3% | -$110.2M-22.7% | -$89.8M-21.8% | -$73.7M-32.3% | -$55.7M-36.1% | -$40.9M-41.0% | -$29.0M | N/A | N/A | N/A | N/A |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.6M | -$19.7M+24.0% | -$25.9M-43.4% | -$18.1M-18.2% | -$15.3M+26.7% | -$20.9M-26.7% | -$16.5M-29.2% | -$12.7M+13.5% | -$14.7M-20.8% | -$12.2M-37.5% | -$8.9M-3.7% | -$8.5M-106.4% | -$4.1M-34.3% | -$3.1M-33.3% | -$2.3M-40.1% | -$1.7M |
| Capital Expenditures | $22K | $90K-67.7% | $277K-74.4% | $1.1M-31.0% | $1.6M+61.3% | $974K-49.8% | $1.9M+279.7% | $511K+69.4% | -$302K-78.8% | $1.4M+243.4% | $415K+437.7% | $77K-74.5% | $303K+42335.4% | $714-99.2% | $91K+160.1% | $35K |
| Free Cash Flow | -$19.6M | -$19.8M+24.4% | -$26.2M-36.7% | -$19.1M-13.6% | -$16.8M+22.8% | -$21.8M-18.6% | -$18.4M-38.9% | -$13.3M+11.9% | -$15.0M-10.4% | -$13.6M-46.8% | -$9.3M-7.6% | -$8.6M-94.1% | -$4.4M-44.0% | -$3.1M-28.3% | -$2.4M-42.6% | -$1.7M |
| Investing Cash Flow | -$22K | -$90K+84.4% | -$574K+47.0% | -$1.1M+31.0% | -$1.6M-61.3% | -$974K+40.9% | -$1.6M-222.3% | -$511K-69.4% | -$302K+78.8% | -$1.4M-243.4% | -$415K-214.0% | -$132K+56.4% | -$303K-42335.4% | -$714+99.2% | -$91K-160.1% | -$35K |
| Financing Cash Flow | $20.4M | $17.1M+97.4% | $8.7M-70.1% | $29.0M+317.7% | $6.9M-69.6% | $22.9M+10.8% | $20.6M+21.8% | $16.9M-5.8% | $18.0M+813.4% | $2.0M-92.2% | $25.2M+102.4% | $12.4M+116.9% | $5.7M+59.7% | $3.6M+45.3% | $2.5M+24.8% | $2.0M |
| Share Buybacks | N/A | N/A | $0-100.0% | $32K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VNRX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -1258.5% | -2190.9% | -4641.8% | -10372.4% | -31469.0% | -158176.3% | -93840.2% | N/A | N/A | N/A | N/A | -40258.4% | N/A | -7428.1% | N/A |
| Net Margin | -1352.2% | -2186.3% | -4601.7% | -9986.7% | -29977.0% | -151859.5% | -94168.6% | N/A | N/A | N/A | N/A | -55553.1% | N/A | -7428.1% | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | -152.3%-27.1pp | -125.2%-11.8pp | -113.4%+35.0pp | -148.3%0.0pp | -148.3%-92.1pp | -56.2%+101.4pp | -157.7%+2073.2pp | -2230.8%-1685.8pp | -545.1%-55.4pp | -489.7%-250.1pp | -239.5% |
| Return on Assets | -338.4%-51.5pp | -286.9%-159.3pp | -127.6%+39.6pp | -167.3%-69.1pp | -98.2%-20.2pp | -78.0%-2.4pp | -75.6%+27.4pp | -103.0%-2.0pp | -101.0%-52.8pp | -48.1%+75.4pp | -123.6%+115.7pp | -239.3%-60.1pp | -179.2%+5.0pp | -184.2%-68.0pp | -116.2% |
| Current Ratio | 0.17-0.4x | 0.52-1.9x | 2.44+1.7x | 0.70-2.7x | 3.37+0.1x | 3.26-1.3x | 4.55-1.4x | 5.96+1.3x | 4.61-6.2x | 10.82+5.3x | 5.56+4.7x | 0.86-0.2x | 1.05+0.1x | 0.93-0.4x | 1.31 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 0.130.0x | 0.160.0x | 0.150.0x | 0.160.0x | 0.13+0.1x | 0.020.0x | 0.00-8.3x | 8.32+6.3x | 2.04+0.4x | 1.66+0.6x | 1.06 |
| FCF Margin | -1144.7% | -2121.7% | -2469.6% | -5498.8% | -24243.3% | -137015.6% | -77507.7% | N/A | N/A | N/A | N/A | -30056.2% | N/A | -4375.8% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
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.
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Where Volitionrx Ranks
Frequently Asked Questions
What is Volitionrx's annual revenue?
Volitionrx (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's revenue growing?
Volitionrx (VNRX) revenue grew by 40.0% year-over-year, from $1.2M to $1.7M in fiscal year 2025.
Is Volitionrx profitable?
No, Volitionrx (VNRX) reported a net income of -$23.4M in fiscal year 2025.
What is Volitionrx's EBITDA?
Volitionrx (VNRX) had EBITDA of -$20.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Volitionrx have?
As of fiscal year 2025, Volitionrx (VNRX) had $1.1M in cash and equivalents against $5.8M in long-term debt.
What is Volitionrx's free cash flow?
Volitionrx (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's operating cash flow?
Volitionrx (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's total assets?
Volitionrx (VNRX) had $6.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Volitionrx's capital expenditures?
Volitionrx (VNRX) invested $90K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Volitionrx spend on research and development?
Volitionrx (VNRX) invested $10.1M in research and development during fiscal year 2025.
What is Volitionrx's current ratio?
Volitionrx (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's return on assets (ROA)?
Volitionrx (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's cash runway?
Based on fiscal year 2025 data, Volitionrx (VNRX) had $1.1M in cash against an annual operating cash burn of $19.7M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Volitionrx's debt-to-equity ratio negative or not reported?
Volitionrx (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's Altman Z-Score?
Volitionrx (VNRX) has an Altman Z-Score of -63.13, 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's Piotroski F-Score?
Volitionrx (VNRX) has a Piotroski F-Score of 3 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's earnings high quality?
Volitionrx (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?
Volitionrx (VNRX) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), 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.