VolitionRx Highlights Commercial Momentum and Multi-Pillar Execution

Rhea-AI Summary

Volition (NYSE AMERICAN: VNRX) reported commercial and clinical progress across multiple pillars, including a peer‑review submission for the new Capture‑Seq cancer method (TAM $23B), imminent lung cancer reimbursement in France (routine use expected Q4 2026), inclusion in a $7.3M sepsis program, CE‑marked Nu.Q® NETs availability, and a feline lymphoma test achieving 100% specificity with a $5M milestone expected.

Positive

• Capture‑Seq TAM estimated at $23 billion annualized
• Lung cancer reimbursement submission in France; routine use expected Q4 2026
• Nu.Q® NETs included in $7.3M DETECSEPS government program
• Feline lymphoma assay achieved 100% specificity and >80% sensitivity
• Expected $5M milestone payment tied to feline study publication
• Nu.Q® NETs is CE‑Marked and clinically available in EU/EEA/UK

Negative

• Commercial revenue remains contingent on successful reimbursement, licensing and milestone realization

Key Figures

Capture-Seq TAM: $23 billion Nu.Q NETs TAM: $3.8 billion Nu.Q Vet TAM: $1.0+ billion +5 more

8 metrics

Capture-Seq TAM $23 billion Estimated annualized Total Addressable Market for cancer detection

Nu.Q NETs TAM $3.8 billion Estimated annualized TAM for sepsis and chronic NETosis indications

Nu.Q Vet TAM $1.0+ billion Estimated annualized TAM for canine/feline companion animal tests

DETECSEPS funding $7.3 million Government‑backed DETECSEPS sepsis program in France including Nu.Q NETs

Feline milestone $5 million Contractual milestone payment expected after feline lymphoma study publication

Feline lymphoma specificity 100% specificity Nu.Q Vet Feline assay in clinical study, no false positives reported

Feline lymphoma detection Over 80% detected Proportion of feline lymphomas detected by Nu.Q Vet Feline assay

HS prevalence Approximately 1% Share of world population affected by Hidradenitis Suppurativa (HS)

Market Reality Check

Price: $0.1936 Vol: Volume 1,177,053 vs 20-da...

low vol

$0.1936 Last Close

Volume Volume 1,177,053 vs 20-day average 1,877,638 (relative volume 0.63) ahead of this update. low

Technical Shares at 0.1936 are trading below the 200-day moving average of 0.49 and far below the 52-week high of 0.94.

Peers on Argus

VNRX was up 0.05% pre‑announcement, while peers showed mixed moves: ICCM +0.43%,...

1 Up

VNRX was up 0.05% pre‑announcement, while peers showed mixed moves: ICCM +0.43%, LUNG +1.34%, TELA +0.77%, APYX -0.56%, CTSO +0.15%. Momentum scanner only flagged one other stock (WOK, +4.48%), supporting a stock‑specific rather than sector‑wide move.

Historical Context

5 past events · Latest: Feb 10 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 10	Distributor expansion	Positive	-3.0%	New non‑exclusive Nu.Q® Discover distributor appointed in Japan.
Feb 09	Listing deficiency	Negative	+2.7%	NYSE American notice of non‑compliance with stockholders’ equity standards.
Feb 04	HS symposium data	Positive	-4.5%	Clinical HS data for Nu.Q® NETs presented at European HS Foundation conference.
Jan 30	Reimbursement prep	Positive	+13.5%	French reimbursement submission preparation for Nu.Q® Cancer assays.
Jan 27	New HS indication	Positive	-0.2%	Study showing Nu.Q® NETs utility in managing Hidradenitis Suppurativa.

Pattern Detected

Recent news has mostly been positive/commercial, yet price reactions often diverged, with only one clear aligned move on reimbursement progress.

Recent Company History

Over the past month, VolitionRx has reported distributor expansion in Japan, HS and sepsis clinical data for Nu.Q® NETs, and preparation of a French reimbursement submission for Nu.Q® Cancer. It also disclosed NYSE American non‑compliance and related 8‑K and proxy actions. The reimbursement news on Jan 30, 2026 coincided with a +13.5% move, while several other clinically positive updates saw modest negative or flat reactions, highlighting inconsistent trading responses to fundamentally similar announcements.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2026-02-09

An effective S-3 shelf dated 2026-02-09 registers 17,968,090 existing‑investor shares for resale, including shares from prior private placements and a secured convertible note with related warrants. The company receives no proceeds from these secondary sales, but the registered block could contribute to share overhang if sold into the market.

Market Pulse Summary

This announcement consolidates VolitionRx’s recent progress across Capture‑Seq cancer detection, Nu....

Analysis

This announcement consolidates VolitionRx’s recent progress across Capture‑Seq cancer detection, Nu.Q® NETs in sepsis and HS, and Nu.Q® Vet in companion animals. It highlights multi‑billion‑dollar TAMs, CE‑marked NETosis diagnostics, and an expected $5 million feline milestone. In context of recent NYSE American non‑compliance notices and an effective resale registration, investors may watch for tangible licensing deals, reimbursement decisions, and real‑world utilization data to gauge how this broad opportunity set translates into revenue and balance‑sheet stability.

Key Terms

capture-seq, cfdna, chip-seq, liquid biopsy, +4 more

8 terms

capture-seq medical

"This paper showcases both a new method, Capture-Seq™, and new biomarkers..."

Capture-seq is a laboratory method that pulls out and reads only selected pieces of DNA or RNA instead of sequencing an entire genome, making the process faster, cheaper and more sensitive. For investors, it matters because this targeted approach underpins many diagnostic tests, clinical research programs and precision medicines—improving the chance of detecting relevant genetic signals and reducing costs and time to market much like using a fishing net tuned to catch a particular species instead of trawling the whole ocean.

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.

liquid biopsy medical

"...is a novel biomarker for liquid biopsy."

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.

netosis medical

"Nu.Q® NETs is a simple, low-cost, accessible test to detect diseases associated with NETosis."

Netosis is a process where a type of white blood cell ejects a sticky web-like mesh to trap germs, sacrificing itself in the process. While intended as a protective response, these nets can also spark inflammation, blood clots or tissue damage, so they matter to investors because drugs that alter netosis can become new therapies or safety risks, affect clinical trial outcomes, and influence regulatory and market value for companies working on related diagnostics or treatments.

ce-marked regulatory

"The Nu.Q® NETs assay is CE-Marked to detect diseases associated with NETosis..."

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.

total addressable market financial

"We believe this represents a significant commercial opportunity with a Total Addressable Market..."

Total addressable market is the total potential sales opportunity for a product or service if it were to reach every possible customer. It helps investors understand the maximum size of the market and the growth potential for a business. Think of it as the entire pie available to be shared, indicating how big the opportunity could be.

nucleosomes medical

"circulating H3.1-nucleosomes is a new blood marker in HS..."

Nucleosomes are the basic units of DNA packaging in cells, where long strands of DNA are wrapped around small protein “spools” called histones, like thread wound on a bobbin. They matter to investors because how tightly DNA is wound affects which genes are turned on or off, making nucleosomes central to drug targets, diagnostics and epigenetic therapies that can alter gene activity and influence the value of biotech and pharma pipelines.

AI-generated analysis. Not financial advice.

HENDERSON, Nev., Feb. 25, 2026 /PRNewswire/ -- VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company, is pleased to provide a consolidated update on the significant clinical and commercial progress achieved over recent months.

Key Highlights:

• Capture-Seq™ Platform: Paper recently submitted for peer review, underscores a $23 billion^[1] annualized opportunity in cancer detection.
• Lung Cancer: Reimbursement submission in France on track; routine clinical use expected by Q4 2026.
• Veterinary Breakthrough: 100% specificity achieved in Feline Lymphoma study; $5M milestone payment anticipated.
• Sepsis & NETosis Validation: Inclusion of the Nu.Q® NETs assay in the $7.3 million government-backed DETECSEPS program in France.
• Licensing Momentum: Company confirms active discussions with ~10 global diagnostic leaders.

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.

This scientific breakthrough has generated a lot of interest with potential licensing partners. We feel that this technology could, with further development, become very widely used and are actively seeking large commercial partner/s to work with us to accelerate the integration and launch of this technology as soon as possible.

We believe this represents a significant commercial opportunity with a Total Addressable Market on an annualized basis of approximately $23 billion^[1].

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 fourth quarter, 2026.

Government Funded Interventional Sepsis Study

In December, we also announced 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. The DETECSEPS program provides an opportunity to receive individualized or personalized care, adjusted to the risk of deterioration and progression to sepsis.

Consequently, our tests are expected to be used this year in cancer and sepsis, both devastating diseases, to help save lives in real world hospital settings: an extremely proud moment for our entire team.

Cancer and sepsis are leading causes of death, accounting for approximately a third of deaths worldwide^[2-4]. With the first clinical use now imminent, we are about to be part of the solution, through simple, easy to use, low-cost tests.

New Clinical Utility in Hidradenitis Suppurativa

In January, we announced data demonstrating the use of our Nu.Q® NETs assay in patient management for Hidradenitis Suppurativa (HS), a lifelong disease which affects approximately 1% of the world's population^[5].

Professor Evangelos J. Giamarellos-Bourboulis, M.D., PhD. co-author of the paper said:

"The findings described in the manuscript demonstrate that for the first time an easy-to-measure blood test, Nu.Q® NETs, can be used to classify patients and to surrogate response to treatment. 

"In addition, given the various biologic therapies being investigated, circulating H3.1-nucleosomes is a new blood marker in HS that may be used to initiate trials where treatment guidance for both initiation and early cessation of treatment will be studied."

The Nu.Q® NETs assay is CE-Marked to detect diseases associated with NETosis and is therefore approved and commercially available for clinical use in 27 European Union (EU) member states, the three European Economic Area (EEA) countries not in the EU (Iceland, Liechtenstein, and Norway) and the U.K.

Nu.Q® NETs is a simple, low-cost, accessible test to detect diseases associated with NETosis. The market opportunity for such indications is significant, with a Total Addressable Market of $3.8 billion^[1].

Breakthrough Cat Results

We have also reported breakthrough results from a clinical study demonstrating the high accuracy of our Nu.Q® Vet Feline assay in detecting lymphoma in cats, the most common cancer in the species^[6]. At 100% specificity, i.e. no false positives, the assay detected over 80% of feline lymphomas^[7]. 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 space^[1].

Our Goal and Vision

Our goal is to secure a wide range of licensing agreements in the human diagnostics space, mirroring our successful strategy in the veterinary market, and we anticipate diverse deal structures, with potential for up-front and milestone payments, and future recurring revenue.

We have developed a truly remarkable, versatile platform and have further strengthened our Intellectual Property portfolio as we continue our licensing discussions with around 10 of the world's leading diagnostic and liquid biopsy companies. These discussions are at various stages of the negotiation process across all our different pillars, and we anticipate announcing additional agreements during 2026.

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 realise the opportunities better than Volition.

The Total Addressable Markets^[1] (TAMs) for our technologies, on an annualised 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

 

1. Data on File: Volition TAM Model.
2. 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.
3. Haem Rahimi M, et al. Association of pronounced elevation of NET formation and nucleosome biomarkers with mortality in patients with septic shock. Ann Intensive Care. 2023 Oct 17;13(1):102. doi: 10.1186/s13613-023-01204-y.
4. Morimont, L., et al. (2022). NETosis and Nucleosome Biomarkers in Septic Shock and Critical COVID-19 Patients: An Observational Study. Biomolecules, 12(8), 1038. doi: 10.3390/biom12081038
5. Bouazzi D, Nielsen SM, Hagan PG, et al. JAMA Dermatol. 2025. https://doi.org/10.1001/jamadermatol.2025.2373.
6. Vail D, Thamm D, Liptak J, eds. Withrow and MacEwen's Small Animal Clinical Oncology. 6th ed. Elsevier Health Sciences; 2019.
7. Data on File, Volition.

About Volition

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.

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.

View original content:https://www.prnewswire.com/news-releases/volitionrx-highlights-commercial-momentum-and-multi-pillar-execution-302696927.html

SOURCE VolitionRx Limited

FAQ

What did Volition (VNRX) announce about the Capture‑Seq cancer method on February 25, 2026?

They submitted a peer‑review manuscript describing Capture‑Seq, a new cfDNA method with a claimed $23 billion annualized TAM. According to the company, the paper highlights novel biomarkers and early licensing interest from potential partners.

When does Volition (VNRX) expect Nu.Q® lung cancer tests to enter routine clinical use in France?

Volition expects routine clinical use in France by Q4 2026. According to the company, a reimbursement submission is being prepared with support from Hospices Civils de Lyon, following initial clinical certification orders in Q4 2025.

What are the results and commercial implications of the Nu.Q® Vet feline lymphoma study for VNRX?

The Nu.Q® Vet Feline assay reported 100% specificity and detected over 80% of lymphomas; a $5M milestone payment is expected. According to the company, publication in a peer‑reviewed journal will trigger the contractual payment and support commercialization.

How is Volition (VNRX) involved in sepsis detection programs as of February 25, 2026?

Volition’s Nu.Q® NETs assay was included in the government‑backed $7.3M DETECSEPS interventional program in France. According to the company, this provides a real‑world evaluation for early sepsis detection and potential clinical adoption this year.

What licensing and commercial partnerships did Volition (VNRX) report on February 25, 2026?

The company said it is in active discussions with about 10 global diagnostic and liquid biopsy companies. According to the company, negotiations vary by pillar and may include up‑front, milestone and recurring revenue structures expected to continue through 2026.