VolitionRx Highlights Commercial Momentum and Multi-Pillar Execution Across $27+ Billion Total Addressable Markets

Rhea-AI Summary

Volition (NYSE AMERICAN: VNRX) reported strong commercial and clinical progress across multi-billion-dollar markets. Q1 2026 revenue reached $1 million, a 300% year-over-year increase, supported by momentum in cancer detection, companion animal health, and sepsis/NETosis applications.

Highlights include a Capture-Seq™ cancer manuscript with >95% sensitivity and 95% specificity in early-stage cancers, a Nu.Q® Vet feline lymphoma study expected to unlock a $5 million milestone upon publication, inclusion of Nu.Q® NETs in the $7.3 million DETECSEPS sepsis program, and progress toward French reimbursement for lung cancer testing. Volition cites annualized TAMs of $23B for Capture-Seq™ cancer detection, $3.8B for Nu.Q® NETs, and $1.0B+ for Nu.Q® Vet canine/feline.

Positive

• Q1 2026 revenue of $1 million, a 300% year-over-year increase
• Expected $5 million Nu.Q® Vet feline lymphoma milestone upon manuscript publication
• Capture-Seq™ validation cohort showed >95% sensitivity and 95% specificity in early-stage cancers
• Inclusion of Nu.Q® NETs in $7.3 million DETECSEPS sepsis program starting Q3 2026
• Nu.Q® Vet canine test already commercially available in more than 20 countries
• Annualized TAMs: $23B Capture-Seq™ cancer, $3.8B Nu.Q® NETs, $1.0B+ Nu.Q® Vet

Negative

• None.

Market Context

This announcement underscores VolitionRx’s progress across several pillars, including Nu.Q Vet, Nu.Q...

Analysis

This announcement underscores VolitionRx’s progress across several pillars, including Nu.Q Vet, Nu.Q NETs and Capture‑Seq™, with Q1 2026 revenue reaching $1M and a potential $5 million feline milestone tied to manuscript publication. The company highlights large addressable markets in cancer detection, sepsis and companion animal health. In parallel, recent SEC filings describe ongoing losses, a stockholders’ deficit and reliance on external financing. Watching licensing deals, reimbursement timelines and cash resources remains important.

Key Figures

Q1 2026 revenue: $1M Revenue growth: 300% Feline milestone: $5 million +5 more

8 metrics

Q1 2026 revenue $1M First quarter 2026, 300% year-over-year growth

Revenue growth 300% Q1 2026 vs Q1 2025 revenue growth rate

Feline milestone $5 million Payment anticipated after Nu.Q Vet feline manuscript publication

Capture-Seq sensitivity over 95% Stage I & II cancer sensitivity in blinded validation cohort

Capture-Seq specificity 95% Specificity in blinded validation cohort for early-stage cancers

Feline lymphoma specificity 97% Nu.Q Vet Feline prototype assay specificity for feline lymphoma

Feline lymphoma detection 86% Proportion of feline lymphomas detected by Nu.Q Vet Feline assay

Global sepsis cases 166 million Estimated annual worldwide sepsis cases as addressable market

Historical Context

5 past events · Latest: May 14 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 14	Q1 2026 earnings	Neutral	-9.1%	Q1 2026 results with revenue growth but continued operating losses and cash burn.
May 11	Earnings call notice	Neutral	-8.9%	Announcement of timing for first quarter earnings and business update call.
May 06	Feline cancer manuscript	Positive	+6.9%	Nu.Q Vet feline lymphoma assay manuscript submission with 86% detection at 97% specificity.
Apr 29	Sepsis finger-prick data	Positive	-5.0%	Breakthrough finger‑prick nucleosome detection in ICU sepsis patients via lateral flow prototype.
Apr 23	NYSE plan accepted	Positive	-8.7%	NYSE American acceptance of compliance plan extending deadline to regain listing standards.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows frequent negative price reactions, even to operationally positive or neutral announcements.

Recent Company History

Over the last month, VolitionRx has reported Q1 2026 revenue of about $1.0M with ongoing losses, secured NYSE American compliance via a plan running to August 6, 2027, and announced several technical milestones, including Nu.Q® Vet feline lymphoma data and finger‑prick nucleosome detection in sepsis. Despite these clinically and commercially positive updates, shares often declined after news, with only the feline manuscript submission on May 6 seeing a positive reaction, underscoring a pattern of market skepticism toward the story.

Key Terms

liquid biopsy, cfDNA, chip-seq, ctcf, +4 more

8 terms

liquid biopsy medical

"diagnostic and liquid biopsy companies, including for technical evaluations."

A liquid biopsy is a laboratory test that looks for tiny pieces of tumor or disease-related material — such as DNA, proteins, or cells — circulating in blood or other body fluids, allowing detection and monitoring without a surgical tissue sample. For investors, it matters because these tests can speed diagnosis, guide treatment choices, enable easier repeat testing, and create recurring revenue streams if adopted widely, affecting a medical company's growth and regulatory risk profile.

cfDNA medical

"direct analysis of transcription factor protected cfDNA in plasma by ChIP-seq"

Cell-free DNA (cfDNA) is short fragments of genetic material that float freely in the bloodstream after cells die and release their contents. Investors care because cfDNA can be sampled with a simple blood draw to reveal signs of pregnancy complications, organ damage, or cancer without invasive procedures, making it the basis for high-growth diagnostic tests, monitoring tools and companion products that can change how diseases are detected and treated.

chip-seq medical

"cfDNA in plasma by ChIP-seq: Measurement of altered CTCF binding in cancer"

ChIP‑seq is a laboratory method that maps where specific proteins bind to DNA across the genome by isolating those DNA fragments and reading their sequences. For investors, it matters because the results reveal regulatory “on/off” sites that guide gene activity, helping drug developers identify targets, validate mechanisms, or create diagnostic markers—like a city map showing where key workers operate during rush hour.

ctcf medical

"Measurement of altered CTCF binding in cancer is a novel biomarker"

CTCF is a protein in cells that binds DNA and helps organize the genome, acting like an architectural manager or traffic controller that determines which genes are accessible to be turned on or off. Investors care because changes to CTCF—through mutations or drugs that affect its function—can alter disease pathways, create diagnostic markers, or become therapeutic targets, which may materially affect the prospects and value of biotech and pharmaceutical firms.

multi-cancer early detection medical

"CTCF Capture-Seq™ could contribute to Multi-Cancer Early Detection (MCED)"

A multi-cancer early detection test is a medical screening tool—often a simple blood test—that looks for biological signals, such as abnormal DNA or protein patterns, that could indicate many different cancers before symptoms appear. For investors it matters because successful tests can reshape demand for diagnostics, influence healthcare spending and insurance coverage, and create new revenue streams or risks for companies across diagnostics, treatment and screening services; think of it as a smoke alarm that can warn of problems throughout an entire house rather than just one room.

minimal residual disease medical

"potential additional $13 billion should it also prove useful in the detection of Minimal Residual Disease"

Minimal residual disease (MRD) is the tiny number of cancer cells that remain in the body after treatment, often too few to show up on standard scans but detectable with very sensitive tests. For investors, MRD is important because it predicts the risk of relapse and can determine whether a therapy is seen as effective, influences regulatory and reimbursement decisions, and affects the size and timing of a drug’s market opportunity—like spotting the last weeds that can make a garden regrow if not removed.

lateral flow technical

"using our lateral flow prototype. This finger prick sample test could be used at the bedside"

A lateral flow test is a small, disposable diagnostic device that detects the presence of a substance (like a virus protein or antibody) in a liquid sample by letting it flow across a paper strip with embedded reagents, similar to a home pregnancy test. Investors care because these tests are cheap, fast, and easy to scale and distribute, making them a major revenue source during health events, subject to regulatory approval, manufacturing capacity, and changing demand.

ce-marked regulatory

"Nu.Q® NETs (Sepsis/Chronic) | $3.8 Billion | CE-Marked / Clinically Available"

CE-marked indicates a product meets European Union requirements for safety, performance and legal compliance, allowing it to be sold across the European Economic Area. For investors, a CE mark is like a passport or safety stamp — it reduces regulatory and market-entry risk, can speed sales and adoption across many countries, and signals the maker completed required testing and documentation, which can affect revenue forecasts and valuation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Update Highlights 300% Q1 Revenue Growth, Advance Toward $5 Million Veterinary Milestone, and Active Licensing Discussions with More Than a Dozen Global Diagnostic Leaders

HENDERSON, Nev., May 27, 2026 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company, today provided a comprehensive corporate update highlighting the significant clinical and commercial progress achieved over recent months.

Key Highlights:

• First Quarter Revenue Growth: Reported $1M of revenue in the first quarter of 2026, representing a 300% increase year-over-year.
• Feline Lymphoma Manuscript Submission: Formally submitted the clinical manuscript for the Nu.Q® Vet cancer test in cats; $5 million milestone payment anticipated subsequent to publication.
• Global Licensing Momentum: Company confirms active discussions with more than a dozen of the world's leading diagnostic and liquid biopsy companies, including for technical evaluations.
• Capture-Seq™ Platform: Paper submitted for peer review; validation cohort detected over 95% of Stage I and II cancers²; underscores a $23 billion¹ annualized opportunity in cancer detection.
• Sepsis & NETosis Validation: Inclusion of the Nu.Q® NETs assay in the $7.3 million government-backed DETECSEPS program in France.
• Breakthrough Finger-Prick Detection of Nucleosomes: Expanding global market potential for sepsis testing using lateral flow.
• European Lung Cancer Reimbursement: Formal reimbursement submission in France remains on schedule, with routine clinical use expected by end of 2026.

Capture-Seq™ Breakthrough in Cancer Detection.

We were delighted to submit for peer review a manuscript entitled "Direct analysis of transcription factor protected cfDNA in plasma by ChIP-seq: Measurement of altered CTCF binding in cancer is a novel biomarker for liquid biopsy". This paper showcases both a new method, Capture-Seq™, and new biomarkers for the detection of cancer, holding the promise of accurate, low-cost tests for a wide range of cancers.

We also announced over 95% sensitivity for stage I & II cancers with 95% specificity in a blinded validation cohort². For patients, the potential significance is huge. If validated in larger cohorts, CTCF Capture-Seq™ could contribute to Multi-Cancer Early Detection (MCED) fulfilling a significant unmet clinical need.

This scientific breakthrough has generated a lot of interest with potential licensing partners. We believe that this technology could, with further development, become very widely used and we are actively advancing structured discussions with potential commercial partners to accelerate the integration and launch of this technology as soon as possible. We are delighted to have grown the commercial interest in the first quarter, with an increase in discussions, including technical evaluations.

We believe MCED represents a significant commercial opportunity with Total Addressable Markets on an annualized basis of approximately $23 billion  and a potential additional $13 billion should it also prove useful in the detection of Minimal Residual Disease¹

Companion Animal Health: Nu.Q® Vet Feline Milestone

We announced the submission of a clinical manuscript³ reporting the high accuracy of our Nu.Q® Vet Feline prototype assay in detecting lymphoma in cats, the most common cancer in the species⁴. At 97% specificity the assay detected 86% of feline lymphomas³ . This breakthrough marks the development of what we expect to be the world's first simple, affordable blood-based liquid biopsy test for feline cancer, a significant unmet need in veterinary medicine.

This represents a tremendous commercial opportunity for Volition:

• The publication of this study in a peer reviewed journal is expected subsequently to unlock a $5 million contractual milestone payment.
• We will also generate ongoing revenue,  in this large and growing market where our technology meets an unmet need.

The Nu.Q® Vet Canine test is already available in more than 20 countries, and we believe the addition of a feline equivalent could potentially double our total addressable market in the companion animal space¹.

Sepsis & NETosis Validation

The inclusion of our Nu.Q® NETs assay in a real-world interventional evaluation of early detection of sepsis, in a government-backed (~$7.3 million) program in France remains on track to start in the third quarter of 2026. The DETECSEPS program provides an opportunity to receive individualized or personalized care, adjusted to the risk of deterioration and progression to sepsis.

We reported two new, potentially large, clinical use cases for our Nu.Q® NETs assay beyond sepsis. In conjunction with the Mayo Clinic⁵, we demonstrated Nu.Q® NETs' potential clinical utility in aiding early risk identification which could inform targeted preventive strategies in acute trauma care. We also demonstrated potential use for patient management of a chronic disease, Hidradenitis Suppurativa,⁶ which affects about 1% of the world's population⁷. Both use cases have the potential to be large markets.

Breakthrough Finger-Prick Detection of Nucleosomes

We also announced a major technical milestone with the successful detection of nucleosomes in capillary blood from critically ill sepsis patients using our lateral flow prototype. This finger prick sample test could be used at the bedside, in the ER, or even at home in a self-test lateral flow kit, similar to COVID-19 or pregnancy testing, thereby greatly expanding the potential market beyond centralized lab testing.

With recent estimates indicating approximately 166 million cases of sepsis worldwide the addressable market is huge. All-cause sepsis related deaths in 2021 represented 31.5%⁸ of total global deaths, with the highest burden of mortality in lower-middle-income countries.

Lung Cancer Reimbursement Submission

In the fourth quarter of 2025, we received our first order for the Nu.Q® Cancer assays for clinical certification ahead of routine clinical use in lung cancer and in January were delighted to announce that preparation of the reimbursement submission is underway, actively supported by the Hospices Civils de Lyon (HCL), France's second largest university hospital system. Reimbursement will be a major milestone for Volition in the commercialization and licensing of Nu.Q® in the human cancer field. Once achieved, we anticipate the introduction into routine clinical use in France by the end of 2026.  

Our Goal and Vision

We have developed a truly remarkable, versatile platform and have further strengthened our Intellectual Property portfolio as we continue our licensing discussions with more than a dozen of the world's leading diagnostic and liquid biopsy companies. Our goal is to enter into licensing agreements and other arrangements that will bring revenue in the form of up front milestone payments, royalties and/or other recurring revenue.

We are delighted to have grown the commercial interest in the first quarter, particularly with regards to our Capture-Seq™ technology, with an increase in discussions, including for technical evaluations. Discussions are at various stages of the negotiation process across all our different pillars; our laser focus is on executing licensing agreements and we will update you as they progress.

Our vision is for our technologies to be incorporated into tests that will be used first by millions,  and ultimately, hundreds of millions of people and animals a year, with our platform licensed to a range of large diagnostic and liquid biopsy companies (and governments) worldwide. Combining our groundbreaking technology with their installed base of laboratories, analyzer machines and sales forces around the world will achieve the optimal outcome for us – large companies have the resources to realize the opportunities better than Volition.

The Total Addressable Markets¹ (TAMs) for our technologies, on an annualized basis, are multi-billion-dollar opportunities, not only for Volition, but for our licensing partners. Volition has made strong progress, both clinically and commercially, and our technology is now poised to be used very widely in a broad range of clinical utilities.

Summary of Addressable Markets (TAM)¹

Pillar	Estimated Annualized TAM	Status
Capture-Seq™ Cancer Detection	$23 Billion	Manuscript in Peer Review
Nu.Q® NETs (Sepsis/Chronic)	$3.8 Billion	CE-Marked / Clinically Available
Nu.Q® Vet (Canine/Feline)	$1.0+ Billion	Canine is Commercially Available Manuscript in Peer Review

1. Data on File: Volition TAM Model
2. Data on File: Volition
3. Canale, Annalisa et al. Evaluation of Circulating H3.1 Nucleosomes in the Plasma of Cats with Intermediate-large Cell Lymphoma, 2026, Available at SSRN: http://dx.doi.org/10.2139/ssrn.6657098
4. Vail D, Thamm D, Liptak J, eds. Withrow and MacEwen's Small Animal Clinical Oncology. 6th ed. Elsevier Health Sciences; 2019.
5. Navarro, Sergio M. et al. . Circulating Nucleosomes Are Elevated In Trauma Patients With Venous Thromboembolism: A Prospective Case-Cohort Study. Shock, 2026.DOI: 10.1097/SHK.0000000000002807
6. Styliani Theohar et al. Plasma H3.1-Nucleosomes to Classify Severity and Surrogate Response to Treatment in Hidradenitis Suppurativa : A Cohort Study. medRxiv https://doi.org/10.64898/2026.01.13.26343988
7. Bouazzi D, Nielsen SM, Hagan PG, et al. JAMA Dermatol. 2025. https://doi.org/10.1001/jamadermatol.2025.2373
8. Gray, Authia P et al.  Global, regional, and national sepsis incidence and mortality, 1990–2021: a systemic analysis. The Lancet Global Health, 2025; 13(12): e2013-e2026. doi: 10.1016/s2214-109x(25)00356-0

About Volition

Volition is a multi-national company focused on advancing the science of epigenetics. Volition is dedicated to saving lives and improving outcomes for people and animals with life-altering diseases through earlier detection, as well as disease and treatment monitoring.

Through its subsidiaries, Volition is developing and commercializing simple, easy to use, cost-effective blood tests to help detect and monitor a range of diseases, including some cancers and diseases associated with NETosis, such as sepsis. Early detection and monitoring have the potential not only to prolong the life of patients, but also to improve their quality of life.

Volition's research and development activities are centered in Belgium, with an innovation laboratory and office in the U.S. and an office in London.

The contents found at Volition's website address are not incorporated by reference into this document and should not be considered part of this document. Such website address is included in this document as an inactive textual reference only.

Media Enquiries: Louise Batchelor, Volition, mediarelations@volition.com +44 (0)7557 774620

Safe Harbor Statement

Statements in this press release or associated video or link may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. Words such as "expects," "anticipates," "intends," "plans," "aims," "targets," "believes," "seeks," "estimates," "optimizing," "potential," "goal," "suggests," "could," "would," "should," "may," "will" and similar expressions identify forward-looking statements. These forward-looking statements relate to, among other topics, Volition's expectations related to revenue opportunities and growth, the effectiveness and availability of Volition's blood-based diagnostic, prognostic and disease monitoring tests, Volition's ability to develop and successfully commercialize such test platforms for early detection of cancer and other diseases as well as serving as a diagnostic, prognostic or disease monitoring tools for such diseases, Volition's expectations regarding future publications, Volition's success in securing licensing and/or distribution agreements with third parties for its products, and Volition's expectations regarding the terms of such agreements. Volition's actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties, including, without limitation, results of studies testing the efficacy of its tests. For instance, if Volition fails to develop and commercialize diagnostic, prognostic or disease monitoring products, it may be unable to execute its plan of operations. Other risks and uncertainties include Volition's failure to obtain necessary regulatory clearances or approvals to distribute and market future products; a failure by the marketplace to accept the products in Volition's development pipeline or any other diagnostic, prognostic or disease monitoring products Volition might develop; Volition's failure to secure adequate intellectual property protection; Volition will face fierce competition and Volition's intended products may become obsolete due to the highly competitive nature of the diagnostics and disease monitoring market and its rapid technological change; downturns in domestic and foreign economies; and other risks, including those identified in Volition's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Volition files with the Securities and Exchange Commission. These statements are based on current expectations, estimates and projections about Volition's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are made as of the date of this release, and, except as required by law, Volition does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.

rNuq™, Nucleosomics™, Capture-PCR™, Capture-Seq™ and Nu.Q® and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release or associated video or link are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of the United States of America.

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SOURCE VolitionRx Limited

FAQ

How did Volition (VNRX) perform in Q1 2026 revenue growth?

Volition reported Q1 2026 revenue of $1 million, a 300% year-over-year increase. According to Volition, this growth reflects early commercial traction for its Nu.Q® and Capture-Seq™ platforms across cancer detection, veterinary diagnostics, and sepsis-related applications in large addressable markets.

What is the significance of Volition’s Nu.Q® Vet feline lymphoma milestone for VNRX investors?

Publication of the Nu.Q® Vet feline lymphoma manuscript is expected to trigger a $5 million contractual milestone. According to Volition, this assay may address a major unmet need and could roughly double the companion animal total addressable market when combined with its canine test.

What cancer detection results did Volition’s Capture-Seq™ platform show for VNRX?

Volition reported that a Capture-Seq™ validation cohort detected over 95% of Stage I and II cancers with 95% specificity. According to Volition, this supports development of low-cost liquid biopsy tests and underpins an estimated $23 billion annualized multi-cancer early detection market.

How is Volition (VNRX) expanding its sepsis and NETosis market opportunities?

Volition’s Nu.Q® NETs assay is included in the $7.3 million DETECSEPS sepsis program in France, expected to start Q3 2026. According to Volition, additional trauma and chronic disease applications and a finger-prick lateral flow prototype could broaden its $3.8 billion NETs TAM.

What progress has Volition made toward lung cancer reimbursement in France for VNRX?

Volition has begun preparing a formal reimbursement submission for its Nu.Q® lung cancer assays in France, supported by Hospices Civils de Lyon. According to Volition, reimbursement could enable routine clinical use in France by the end of 2026, aiding commercialization and licensing.

What are Volition’s key total addressable markets (TAMs) across its platforms for VNRX?

Volition cites annualized TAMs of about $23 billion for Capture-Seq™ cancer detection, $3.8 billion for Nu.Q® NETs, and $1.0 billion+ for Nu.Q® Vet. According to Volition, these figures reflect multi-pillar opportunities in human oncology, sepsis, and companion animal health.