VolitionRX (VNRX) Q4 2025 earnings summary

Executive summary

• Achieved first order for Nu.Q® Cancer assays for clinical certification in lung cancer and inclusion of Nu.Q® NETs assay in a $7.3M French government-backed sepsis program.

• Engaged in licensing discussions with about 10 leading diagnostic and liquid biopsy companies, with progress across due diligence, tech transfer, and contract negotiation stages.

• Positioned 2025 and early 2026 as transformational periods, with expectations for further licensing deals.

Financial highlights

• Q4 revenue grew 133% year-over-year; full-year 2025 revenue reached $1.7M, up 40% from prior year.

• Operating expenses decreased by $4.8M (17%) year-over-year.

• Net loss reduced by 14% versus 2024.

• Net cash used in operating activities was $19.7M, down 24% year-over-year.

• Post year-end, received $5.4M from equity sales, $1.9M from convertible note and warrant, and $1M in non-dilutive funding, with $0.9M more expected.

Outlook and guidance

• Anticipates additional human diagnostics licensing agreements in the near term.

• Expects continued transformation and progress in the next few quarters.