VolitionRx Limited Announces First Quarter 2026 Financial Results and Business Update
Rhea-AI Summary
Volition (NYSE AMERICAN: VNRX) reported first quarter 2026 revenue of approximately $1.0 million, up from $0.2 million in 2025, with operating loss down 3%.
Net cash used in operations was $5.3 million. The company raised $5.4 million via its at-the-market facility, $1.9 million from a convertible note and warrant, and received $1 million in non-dilutive Walloon funding, with about $0.9 million more expected over 12 months.
Volition highlighted progress across Nu.Q® Vet (including a feline lymphoma assay manuscript linked to a potential $5 million milestone), Nu.Q® Lung Cancer reimbursement work, and new potential Nu.Q® NETs use cases in acute trauma risk identification and Hidradenitis Suppurativa.
Positive
- Q1 2026 revenue about $1.0 million vs $0.2 million 2025
- Operating loss reduced by 3% versus prior-year quarter
- Potential $5 million Nu.Q Vet feline milestone on publication
- $1.0 million non-dilutive Walloon funding plus expected ~$0.9 million
- $5.4 million net proceeds from equity sales via ATM facility
- $1.9 million net proceeds from a convertible note and warrant
Negative
- Net cash used in operating activities was $5.3 million in quarter
- Capital raises via equity ATM and convertible note imply dilution
News Market Reaction – VNRX
In the May 15 session, VNRX declined 9.09%, reflecting a notable negative market reaction. Argus tracked a peak move of +4.1% during that session. Argus tracked a trough of -8.6% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | FY 2025 results | Positive | -1.0% | Reported 2025 revenue growth, cost reductions, and lower net loss. |
| Nov 13 | Q3 2025 results | Positive | -6.6% | Q3 revenue growth, lower expenses and cash burn, new commercial deals. |
| Aug 14 | Q2 2025 results | Positive | +7.9% | Q2 revenue growth and reduced net loss with active commercialization. |
| May 15 | Q1 2025 results | Positive | -5.2% | Higher revenue, sharply lower cash burn, and new Nu.Q® NETs sales. |
| Mar 31 | FY 2024 results | Positive | -9.0% | FY 2024 revenue growth, cost reductions, and global Nu.Q® Vet expansion. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings updates have generally been operationally positive but followed by weak stock performance, with an average move of -2.78% on prior earnings releases.
Across recent earnings events, VolitionRx has reported rising revenue and reduced losses, including $1.2M revenue in 2024 and $1.7M in 2025 with cost cuts and lower cash burn. Despite these improvements, four of the last five earnings releases saw negative next‑day moves, indicating a pattern where financial progress and commercialization updates have not consistently translated into positive price reactions ahead of this Q1 2026 report.
Key Terms
at-the-market facility financial
convertible note financial
warrant financial
hidradenitis suppurativa medical
liquid biopsy medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Conference call to discuss financial and operational results scheduled for
Friday, May 15 at 8:30 a.m.
Cameron Reynolds, President and Group Chief Executive Officer, said:
"We have made strong progress across all of our product pillars during the first quarter and indeed subsequent to quarter end.
"We announced the submission for peer review of a clinical manuscript reporting the high accuracy of our Nu.Q® Vet feline prototype assay in detecting lymphoma in cats, our third species. The publication of this study in a peer reviewed journal is expected subsequently to unlock a
"We are working with our long-term collaborators at the Hospices Civils de
"We reported two new, potentially large, clinical use cases for our Nu.Q® NETs assay beyond sepsis. In conjunction with the Mayo Clinic[1], 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,[2] which affects about
"We are currently in discussions with more than a dozen of the world's leading diagnostic and liquid biopsy companies where 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."
Financial Highlights
- Revenue for the first quarter was approximately
$1.0 million $0.2 million - Operating loss was down
3% for the quarter versus the comparable quarter in 2025. - Net cash used in operating activities was
$5.3 million - Receipts in the quarter included:
$5.4 million $1.9 million $1 million $0.9 million
Event: VolitionRx Limited First Quarter 2026 Earnings and Business Update Conference Call
Date: Friday, May 15, 2026
Time: 8:30 a.m.
Toll/International: 1-201-493-6779
Conference ID: 13760656
Louise Batchelor, Group Chief Marketing & Communications Officer of Volition will host the call along with Cameron Reynolds, President and Group Chief Executive Officer and Terig Hughes, Group Chief Financial Officer. The call will provide an update on important events that have taken place in the first quarter of 2026, subsequent events and upcoming milestones.
A live audio webcast of the conference call will also be available on this link. In addition, a telephone replay of the call will be available until May 29, 2026. The replay dial-in numbers are 1-844-512-2921 (toll-free) in the
- Navarro, Sergio M. et al, Circulating Nucleosomes Are Elevated In Trauma Patients With Venous Thromboembolism: A Prospective Case-Cohort Study. SHOCK Journal, March 2026
- PrePrint
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
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 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 receipt of funding based on certain milestones, 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 are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of
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SOURCE VolitionRx Limited