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    VNRX
    Earnings call· Jun 2026(Q2 FY26)

    VOLITIONRX Q2 FY26 earnings call VNRX

    Aug 14, 2026 Source

    Executive summary

    VolitionRx Q2 FY26 — Rapid Progress in Nu.Q NETs and Cancer Diagnostics

    VolitionRx reported mixed Q2 FY26 results with flat quarterly revenue but strong first-half growth, driven by significant progress across its diagnostic product pillars. The company highlighted advancements in its Nu.Q NETs lateral flow assay for sepsis, the Capture-Seq technology for cancer detection, and a highly accurate feline cancer test, all aimed at expanding addressable markets and securing licensing agreements. Management continues to focus on cost reduction and advancing clinical and commercial milestones.

    Highlights

    5

    • Nu.Q NETs lateral flow prototype demonstrated 90% correlation with CE Mark automated assay, expanding market potential.

    • Operating expenses reduced by 32% year-on-year to $4.6 million.

    • First-half total revenue grew 112% year-on-year to $1.4 million.

    • Nu.Q Vet feline prototype assay showed high accuracy (97% specificity, 86% sensitivity) for lymphoma detection in cats.

    • Capture-Seq technology demonstrated isolation of >99% fewer circulating tumor-associated DNA, addressing a key liquid biopsy challenge.

    Concerns

    3

    • Q2 revenue was $0.4 million, flat year-on-year, reflecting subdued performance compared to Q1.

    • Net loss for the quarter increased to $7.3 million from $6.3 million in Q2 2025, primarily due to $3 million in non-cash accounting charges.

    • No revenue guidance provided for 2026 due to uneven and difficult-to-predict quarterly revenue.

    Operational metrics

    31
    Revenue
    $1.0M300% YoY growth
    Q1 FY26
    Revenue
    $0.4Mflat YoY
    Q2 FY26

    Compared to $0.4 million in Q2 2025.

    Revenue
    $1.4M112% YoY growth
    H1 FY26
    Q2 Revenue Split
    50%
    Q2 FY26

    The other 50% was actual product revenue.

    Operating Expenses
    $4.6M32% YoY reduction
    Q2 FY26
    Operating Expenses
    $6.7M
    Q2 FY25

    Operating expenses in the comparable period last year.

    Operating Expense Reduction
    $2.1M
    Q2 FY26

    Reduction in operating expenses compared to the prior year, partially offsetting net loss increase.

    Headcount Reduction
    27%YoY
    Q2 FY26

    Compared to the same point in 2025, reflecting cost reduction program savings.

    Net Loss
    $7.3Mvs $6.3M in Q2 2025
    Q2 FY26

    Primarily due to non-cash accounting charges.

    Non-Cash Accounting Charges
    $3.0M
    Q2 FY26

    Related to the Lind convertible notes, contributing to the net loss increase.

    Operating Loss Reduction
    34%YoY
    Q2 FY26
    Net Cash Used in Operating Activities
    $5.2Mvs $6.3M in Q2 2025
    Q2 FY26

    Reflecting partial impact of cost savings.

    Cash and Cash Equivalents
    $2.8Mvs $1.1M as of Dec 31, 2025
    Q2 FY26
    Net Proceeds from ATM Facility
    $1.2M
    Q2 FY26

    Receipts in the second quarter.

    Net Proceeds from Public Offering
    $4.1M
    Q2 FY26

    Receipts in the second quarter from a confidentially marketed public offering of shares and warrants.

    Sepsis Cases Worldwide
    166M
    annual

    Recent estimates for the potential addressable market for Nu.Q NETs.

    Sepsis-Related Deaths
    31.5%
    2021

    Percentage of total global deaths caused by sepsis.

    Capture-Seq Circulating Tumor DNA Isolation
    >99%
    current

    Volition is the first company to demonstrate this isolation analysis, addressing a key challenge in liquid biopsy.

    Capture-Seq TAM (Multi-Cancer Early Detection)
    $23B
    annualized

    Potential commercial opportunity for Capture-Seq.

    Capture-Seq TAM (Minimal Residual Disease)
    >$13B
    annualized

    Potential commercial opportunity for Capture-Seq.

    Feline Lymphoma Assay Specificity
    97%
    current

    Accuracy of Nu.Q Vet feline prototype assay in detecting lymphoma in cats.

    Feline Lymphoma Assay Sensitivity
    86%
    current

    Accuracy of Nu.Q Vet feline prototype assay in detecting lymphoma in cats.

    Feline Lymphoma Milestone Payment
    $5M
    future

    Expected upon publication of the clinical manuscript.

    Cats in US
    >60M
    current

    Total number of cats in the U.S. alone.

    Senior Cats in US
    25%
    current

    Percentage of cats suitable for an annual check, representing a commercial opportunity.

    Trauma Patients Admitted in US
    40M
    annual

    Number of people admitted for trauma in the U.S. per year, indicating a large market for Nu.Q NETs in trauma.

    Mayo Clinic Trauma Patients
    2,200
    annual

    Estimated number of trauma patients seen by Dr. Park's clinic annually.

    H3.1 Levels (Healthy)
    22.3
    current

    Average H3.1 nucleosome levels in healthy people from Mayo Clinic study.

    H3.1 Levels (Trauma)
    359.7
    current

    Average H3.1 nucleosome levels in trauma patients from Mayo Clinic study.

    H3.1 Levels (Trauma with VTE)
    828.4>37x healthy levels
    current

    Average H3.1 nucleosome levels in trauma patients who developed venous thromboembolism (VTE) from Mayo Clinic study.

    Lateral Flow Prototype Correlation
    90%
    current

    Correlation demonstrated for the lateral flow prototype assay in critically ill sepsis patients.

    Industry KPIs

    1
    MetricValueDetails
    Installed base system placements1 unitunit

    Deals & partnerships

    5
    Sysmex CorporationCollaboration for Nu.Q NETs assay on Sysmex's platform

    Sysmex is a global leader in in vitro diagnostics. They have commenced the optimization phase in diseases associated with NETosis.

    Werfen's Immunoassay Technology CenterAgreement concerning NETs-related disease, antiphospholipid syndrome (APS)

    Werfen is a worldwide leader in specialized diagnostics.

    HeskaAgreement for shipping tests in the vet spaceover the life of the agreement

    Revenue recognized over the life of the agreement as tests are shipped.

    RevvityCo-marketing CE Mark kits for Nu.Q NETs

    Revvity is co-marketing CE Mark kits to dozens of hospitals in Europe. Volition is looking for a bigger agreement.

    HologicCo-marketing Nu.Q Discover

    Hologic is a very large company.

    Risks & headwinds

    4
    Inconsistent and lumpy quarterly revenueNear-term, not expected to smooth out anytime soon.

    Q2 revenue flat YoY at $0.4 million, despite H1 growth of 112%.

    Mitigation: Focus on full-year growth, good pipeline of large projects, but dependent on partners' timelines.

    Increased net loss due to non-cash chargesQ2 FY26

    Net loss of $7.3 million in Q2 FY26 vs $6.3 million in Q2 FY25.

    Mitigation: Partially offset by operating expense reductions; non-cash nature of charges.

    Regulatory and reimbursement approval process for Nu.Q Lung Cancer in FranceUntil approval is granted (expected later this year for first news, clinical use next year)

    always a risk in reimbursement

    Mitigation: Actively engaged in pre-submission meetings with French authorities, positive outlook on the process.

    Timing of feline milestone paymentPaper submitted, peer review taking longer than hoped.

    $5 million payment contingent on peer-reviewed publication.

    Mitigation: Awaiting reviewer comments, confident in eventual publication.

    What to watch in Q3 FY26

    5

    Nu.Q Lung Cancer reimbursement status in France

    Later this year (Q3/Q4 FY26)
    CurrentPre-submission meeting completed.
    TargetFirst news on approval.

    Why it matters

    Reimbursement is a major milestone for commercialization and introduction into routine clinical use.

    Reimbursement will be a major milestone for Volition in the commercialization and licensing of Nu.Q in the human cancer field. And assuming achievement, we anticipate introduction into routine clinical use in France and then we'll set our sights on rolling it out in other countries.

    Q&A highlights

    7

    How will the point-of-care lateral flow NETosis test be applied given its slightly lower accuracy compared to the CE Mark central lab test, and how does it fit into the market strategy?

    The central lab test will likely be common in many places as part of normal blood work. The lateral flow test, despite a 90% correlation, expands the market by enabling rapid, point-of-care testing (finger-prick) for quick clinical decisions, especially in developing countries or for at-home use. It doesn't replace the lab test but opens new avenues, particularly where infrastructure is weak or time is critical. Its strong correlation with the gold standard CE Mark test will aid regulatory approval.

    “The point of care opens up, it doesn't, by any means, replace a lab. That's the easiest, quickest way for most people to have the test, but I think it opens up a lot of other aspects.”

    asked by Michael Okunewitch · answered by Cameron Reynolds

    2 min read5 chapters

    Detailed Narrative

    01

    Nu.Q NETs Advancements

    VolitionRx has amassed significant scientific and clinical evidence for its Nu.Q NETs products, particularly for sepsis, demonstrating accurate distinction from noninfectious systemic inflammation, correlation with disease severity, and prognostic utility. Rapid progress has been made in the lateral flow prototype assay development, enabling detection in capillary blood (finger-prick) with 90% correlation to the CE Mark automated assay. This innovation expands potential use cases beyond traditional hospital infrastructure, especially for underserved low-income countries. Collaborations with Sysmex Corporation and Werfen's Immunoassay Technology Center are progressing for NETs-related diseases.

    02

    Nu.Q Cancer & Capture-Seq Innovation

    The Nu.Q Cancer technology, specifically Nu.Q Lung Cancer, is advancing towards clinical use, with research demonstrating its utility in treatment selection and monitoring. The company is pursuing reimbursement in France, having completed a pre-submission meeting and anticipating a submission by Q3 2026. Capture-Seq technology represents a novel liquid biopsy method that overcomes the challenge of background non-tumor DNA by isolating CTCF-DNA, which is almost entirely cancer-derived in patients. This technology shows potential for multi-cancer early detection and minimal residual disease (MRD) detection.

    03

    Nu.Q Vet Progress

    Solid progress has been made in feline cancer diagnostics, with a clinical manuscript submitted for peer review. The paper reports high accuracy (97% specificity, 86% sensitivity) for lymphoma detection in cats. This breakthrough is expected to unlock a $5 million contractual milestone payment upon publication and addresses a significant unmet need in veterinary medicine, opening up a potentially lucrative market for cancer screening and monitoring in cats.

    04

    Strategic Collaborations and Commercialization

    VolitionRx is actively engaged in discussions with over a dozen large liquid biopsy and diagnostic companies for licensing agreements across its product pillars. The company currently has four signed agreements with multi-billion dollar companies, including Werfen, Sysmex, Revvity, and Hologic. The strategic focus is on leveraging partners' installed bases and sales forces for optimal market penetration, recognizing the multi-billion dollar total addressable markets for its technologies.

    05

    Mayo Clinic Collaboration

    The company continues its work with the Mayo Clinic on Nu.Q NETs beyond sepsis, specifically in trauma patients. A study of 674 trauma patients demonstrated significantly elevated nucleosome levels (H3.1) in trauma patients, particularly in those with complications like venous thromboembolism. VolitionRx is supplying an IDS i10 automated analyzer to the Mayo Clinic this quarter to further develop a trauma patient model, aiming for early risk identification and targeted preventive strategies.

    AI-generated summary of the company’s earnings call. Not investment advice.