VolitionRX (VNRX) Q2 2026 earnings summary

Executive summary

• Achieved significant scientific and clinical milestones across all product pillars, including Nu.Q NETs, Nu.Q Cancer, Capture-Seq, and Nu.Q Vet, with strong progress in assay development, validation, and licensing discussions with major diagnostic and liquid biopsy companies.

• Nu.Q NETs demonstrated high accuracy in sepsis detection and strong correlation with disease severity, with a lateral flow prototype showing 90% correlation to the CE-marked assay.

• Strategic collaborations advanced with Sysmex and Werfen for NETosis-related diseases, and reimbursement submission for Nu.Q Lung Cancer in France is underway, nearing first routine clinical use.

• Capture-Seq technology published in a peer-reviewed journal, showing a novel approach to liquid biopsy with high purity of circulating tumor DNA.

• Nu.Q Vet feline assay achieved high specificity and sensitivity for lymphoma detection, with a milestone payment expected upon publication.

Financial highlights

• First half 2026 revenue reached $1.4 million, up 112% year-over-year, with Q2 revenue at $0.4 million, flat year-over-year.

• Operating expenses for Q2 2026 were $4.6 million, a 32% reduction year-over-year, reflecting cost-saving measures including a 27% headcount reduction.

• Q2 2026 operating loss was $4.2 million, a 34% improvement year-over-year.

• Net loss for Q2 2026 was $7.3 million, up from $6.3 million in Q2 2025, mainly due to $3 million in non-cash charges related to convertible notes; net loss for the first half was $14.0 million.

• Cash and equivalents at quarter-end were $2.8 million, bolstered by $5.3 million in net proceeds from equity offerings.

Outlook and guidance

• Focused on commercializing Nu.Q Vet feline assay and advancing Capture-Seq with additional studies and publications.

• Targeting reimbursement and clinical use for Nu.Q Lung Cancer in France, with further validation studies and publications expected.

• Actively negotiating licensing agreements expected to generate upfront milestone payments, royalties, and recurring revenue.

• No revenue guidance provided for 2026 due to revenue unpredictability; growth expected over the full year.

• Management expects continued losses and negative cash flows as commercialization and development activities progress; additional funding will be required.