Volitionrx Financials
This page shows Volitionrx (VNRX) financial statements, including the 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 cash-funded development-stage business, with expense cuts doing more than sales growth to narrow losses.
Revenue rose to$1.7M in FY2025, but operating cash burn was still-$19.7M , close to prior years despite higher sales. Cash shrank from$20.7M in FY2023 to$1.1M in FY2025 even after repeated financing, showing commercial progress has not yet changed the funding model and external capital still carries day-to-day operations.
The smaller operating loss looks driven mainly by cost discipline, not by scale. R&D fell from
The liquidity cushion has thinned quickly: current ratio dropped from 2.4x in FY2023 to 0.2x in FY2025, leaving little short-term flexibility. Equity moved from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 has an operating margin of -1258.5%, meaning the company retains $-1258 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -2190.9% the prior year.
Volitionrx's revenue surged 40.0% year-over-year to $1.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Volitionrx carries a low D/E ratio of -0.17, meaning only $-0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
Volitionrx's current ratio of 0.17 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Volitionrx generated -$19.7M in operating cash flow, capex of $90K consumed most of it, leaving -$19.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Volitionrx passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Volitionrx generates $0.84 in operating cash flow (-$19.7M OCF vs -$23.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
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.
Cash & Balance Sheet
Volitionrx generated -$19.8M in free cash flow in fiscal year 2025, representing cash available 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.
Volitionrx had 6M shares outstanding in fiscal year 2025. This represents a decrease of 93.5% from the prior year.
Margins & Returns
Volitionrx's operating margin was -1258.5% in fiscal year 2025, reflecting core business profitability. This is up 932.4 percentage points from the prior year.
Volitionrx's net profit margin was -1352.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 834.1 percentage points from the prior year.
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.
VNRX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $985K+120.4% | $447K-28.7% | $627K+54.2% | $407K+65.1% | $246K+28.6% | $192K-59.6% | $475K+19.9% | $396K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $2.9M+15.6% | $2.5M+8.0% | $2.3M-16.0% | $2.7M+4.3% | $2.6M+0.8% | $2.6M-25.5% | $3.5M-6.5% | $3.7M |
| SG&A Expenses | $2.6M+46.5% | $1.8M-27.7% | $2.5M-15.5% | $2.9M+31.1% | $2.2M+5.1% | $2.1M+17.5% | $1.8M-20.5% | $2.3M |
| Operating Income | -$5.3M-11.0% | -$4.8M+5.5% | -$5.1M+19.0% | -$6.3M-14.1% | -$5.5M+4.5% | -$5.8M+1.5% | -$5.9M+16.0% | -$7.0M |
| Interest Expense | $126K | N/A | N/A | N/A | $97K | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$6.7M-6.3% | -$6.3M-16.6% | -$5.4M+14.4% | -$6.3M-15.9% | -$5.4M+6.4% | -$5.8M+0.5% | -$5.8M+16.7% | -$7.0M |
| EPS (Diluted) | $-0.97 | N/A | $-0.05+16.7% | $-0.06+94.6% | $-1.12 | N/A | $-0.07+12.5% | $-0.08 |
VNRX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.0M+30.9% | $6.9M+7.0% | $6.4M-25.9% | $8.7M+2.2% | $8.5M-9.4% | $9.4M-25.9% | $12.7M-3.0% | $13.1M |
| Current Assets | $4.5M+119.1% | $2.1M+54.7% | $1.3M-59.2% | $3.3M-0.9% | $3.3M-18.8% | $4.1M-40.3% | $6.8M-7.4% | $7.3M |
| Cash & Equivalents | $3.1M+177.8% | $1.1M+458.5% | $200K-91.3% | $2.3M-11.5% | $2.6M-20.4% | $3.3M-39.7% | $5.4M-9.7% | $6.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $252K-20.6% | $318K+2.8% | $309K+63.0% | $190K+0.9% | $188K+69.9% | $111K-64.6% | $313K+88.0% | $166K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $42.4M-0.2% | $42.5M+0.2% | $42.4M+1.4% | $41.8M+11.3% | $37.5M+5.7% | $35.5M+0.5% | $35.3M-1.8% | $36.0M |
| Current Liabilities | $13.6M+10.9% | $12.2M+7.1% | $11.4M+23.6% | $9.2M+11.7% | $8.3M+6.2% | $7.8M-74.3% | $30.3M-2.2% | $31.0M |
| Long-Term Debt | $6.4M+9.2% | $5.8M+4.5% | $5.6M-3.6% | $5.8M+4.3% | $5.5M+40.0% | $4.0M+3.0% | $3.8M-0.7% | $3.9M |
| Total Equity | -$32.0M+6.6% | -$34.2M+1.1% | -$34.6M-8.9% | -$31.8M-14.6% | -$27.8M-11.5% | -$24.9M-15.8% | -$21.5M+1.4% | -$21.8M |
| Retained Earnings | -$259.6M-2.6% | -$252.9M-2.5% | -$246.6M-2.2% | -$241.3M-2.7% | -$235.0M-2.4% | -$229.5M-2.6% | -$223.8M-2.7% | -$217.9M |
VNRX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.3M+3.9% | -$5.5M-51.3% | -$3.6M+42.0% | -$6.3M-45.7% | -$4.3M+20.9% | -$5.4M-0.8% | -$5.4M+20.0% | -$6.7M |
| Capital Expenditures | $9K-16.0% | $11K | $0-100.0% | $77K+4146.8% | $2K-97.5% | $73K-46.9% | $137K+247.5% | $39K |
| Free Cash Flow | -$5.3M+3.9% | -$5.5M-51.6% | -$3.6M+42.7% | -$6.3M-47.4% | -$4.3M+21.9% | -$5.5M+0.4% | -$5.5M+18.4% | -$6.8M |
| Investing Cash Flow | -$9K+16.0% | -$11K | $0+100.0% | -$77K-4146.8% | -$2K+99.1% | -$198K-44.7% | -$137K+14.8% | -$160K |
| Financing Cash Flow | $7.6M+23.7% | $6.2M+284.8% | $1.6M-71.8% | $5.7M+54.6% | $3.7M+60.1% | $2.3M-59.1% | $5.6M+475.6% | $973K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
VNRX Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -543.0%+534.8pp | -1077.8%-264.6pp | -813.2%+735.4pp | -1548.6%+692.5pp | -2241.1%+775.4pp | -3016.5%-1779.7pp | -1236.8%+529.4pp | -1766.2% |
| Net Margin | -676.6%+726.2pp | -1402.8%-545.4pp | -857.4%+687.8pp | -1545.2%+656.2pp | -2201.3%+821.4pp | -3022.8%-1796.0pp | -1226.8%+538.1pp | -1764.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -73.8%+17.1pp | -90.9%-7.5pp | -83.4%-11.2pp | -72.2%-8.5pp | -63.7%-2.0pp | -61.6%-15.7pp | -45.9%+7.5pp | -53.5% |
| Current Ratio | 0.33+0.2 | 0.17+0.1 | 0.12-0.2 | 0.35-0.0 | 0.40-0.1 | 0.52+0.3 | 0.22-0.0 | 0.24 |
| Debt-to-Equity | -0.20-0.0 | -0.170.0 | -0.16+0.0 | -0.18+0.0 | -0.20-0.0 | -0.16+0.0 | -0.180.0 | -0.18 |
| FCF Margin | -537.0%+694.0pp | -1231.0%-652.2pp | -578.8%+980.0pp | -1558.8%+186.4pp | -1745.2%+1126.8pp | -2872.0%-1707.8pp | -1164.2%+546.7pp | -1710.8% |
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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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% 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, with a net profit margin of -1352.2%.
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 operating margin?
Volitionrx (VNRX) had an operating margin of -1258.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Volitionrx's net profit margin?
Volitionrx (VNRX) had a net profit margin of -1352.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Volitionrx's free cash flow?
Volitionrx (VNRX) generated -$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) generated -$19.7M in operating cash flow during fiscal year 2025, representing cash generated from 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 debt-to-equity ratio?
Volitionrx (VNRX) had a debt-to-equity ratio of -0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
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 unusual?
Volitionrx (VNRX) has negative shareholder equity of -$34.2M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Piotroski F-Score?
Volitionrx (VNRX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.84x, considered low quality (accrual-driven). 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 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.