VolitionRX (NYSEAMERICAN:VNRX) reported higher third-quarter revenue and a narrower loss while outlining plans to reduce cash burn and pursue licensing agreements for its diagnostic technologies.
The company reported revenue of approximately $1.6 million for the quarter ended Sept. 30, up 157% from about $0.6 million a year earlier. The increase reflected higher Nu.Q Vet revenue from accelerated recognition of deferred revenue, partly offset by lower Nu.Q Discover revenue tied to the timing of projects, Group Chief Financial Officer Terig Hughes said on the earnings call.
VolitionRx’s net loss narrowed to $3.8 million from $5.4 million a year earlier. Operating expenses fell 14% to $4.9 million, while the operating loss declined 35% to $3.3 million.
Cost Cuts and Debt Repayment
Hughes said VolitionRx is targeting operating costs and cash burn below $1 million a month in 2027. Cost-reduction measures include headcount cuts, a 50% salary reduction for Group Chief Executive Officer Cameron Reynolds until a substantial deal is signed, and reductions of at least 50% in cash fees for the board and chairman.
Headcount was 28% lower than at the same point in 2025. Hughes cautioned that some of the recent cost actions will take time to be fully reflected in financial results.
Cash and cash equivalents totaled approximately $2.4 million at quarter-end, compared with $1.1 million at the end of 2025. Third-quarter receipts included approximately $5.2 million in net proceeds from the company’s at-the-market financing facility. Net cash used in operating activities was $4.6 million, down for a third consecutive quarter but above the $3.6 million reported a year earlier, which Hughes attributed mainly to the timing of supplier payments in the prior period.
The company completed repayment and extinguishment of a $7.5 million convertible note in September. After an October partial prepayment of another note, about $0.7 million remained outstanding. Hughes said repayments on the remaining balance have been deferred until January and that the company intends to retire the note.
For the first nine months of 2026, revenue rose 134% to $3 million. Hughes said revenue remains uneven at this early stage of commercialization and that the company was not providing 2026 revenue guidance.
Sepsis Test Development
Reynolds said VolitionRx is working toward routine European use of its Nu.Q NETs test in sepsis and hopes to provide an update during the current quarter. The company has also developed a lateral-flow prototype intended to measure nucleosomes from a finger-prick blood sample.
VolitionRx recently signed a letter of intent with Missionpharma to evaluate the prototype, with an initial focus on triage and prognosis for sepsis in newborns and young infants. Reynolds said the collaboration aims to improve access in resource-constrained countries and humanitarian settings. The prototype has been correlated with VolitionRx’s established CE-marked automated assay in samples from critically ill patients with confirmed sepsis, he said.
Reynolds also highlighted DETECSEPS, a French government-sponsored real-world evaluation of early sepsis detection in which Nu.Q NETs is the sole biomarker. The company expects the first participants to be recruited soon. If the study is successful, Reynolds said, VolitionRx hopes it could support a rollout in France and subsequently across Europe.
The company is working with Sysmex on its Nu.Q NETs assay for diseases associated with NETosis. Reynolds said Sysmex has begun an optimization phase and that VolitionRx aims to begin a commercialization phase in the first quarter of 2027. He also said work with Werfen on antiphospholipid syndrome is progressing.
Cancer and Veterinary Programs
For Nu.Q Lung Cancer, VolitionRx is working toward an initial reimbursement submission in France with support from Hospices Civils de Lyon. Reynolds said the review process can take up to six months and described the initial reimbursement being sought as temporary coverage lasting five years at participating hospitals.
VolitionRx is also discussing potential licenses for its Nu.Q Capture-Seq technology with several large liquid biopsy and diagnostic companies, Reynolds said. He said the company is in discussions with more than a dozen leading diagnostic and liquid biopsy companies across its product portfolio, with negotiations at various stages.
In veterinary diagnostics, the company has submitted a feline cancer manuscript for peer review. Reynolds said the Nu.Q Vet prototype detected 86% of feline lymphomas at 97% specificity in the study. Publication in a peer-reviewed journal is expected to unlock a $5 million contractual milestone payment, he said, while further assay development is planned ahead of commercialization.
About VolitionRX (NYSEAMERICAN:VNRX)
VolitionRx Limited is a biotechnology company developing blood-based diagnostic tests intended to support the early detection and management of disease. Its technology platform, Nu.Q, analyzes nucleosomes—small structures released into the bloodstream when cells die—to identify biological signals associated with cancer and other conditions. The company’s products and development programs serve human and veterinary health markets. Its Nu.Q Vet platform is designed to help veterinarians screen for and monitor cancer in companion animals, while the company is also developing Nu.Q-based applications for human cancer, infectious diseases, and other medical conditions.
