VolitionRX (VNRX)
:VNRX
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VolitionRX
(VNRX)
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Rating:45Neutral
Price Target:
$2.50
▲(1288.89% Upside)
Action:Reiterated
Date:05/23/26
The score is held down primarily by weak financial performance—large operating losses, heavy cash burn, and negative equity—implying ongoing reliance on external funding. Technicals also reflect a broader downtrend (below key moving averages with negative MACD). Offsetting these, the earnings call conveyed meaningful product/scientific progress and strong YoY revenue growth, but uncertainty remains due to revenue lumpiness and funding/milestone dependence, reinforced by the negative covenant-waiver corporate event.
Positive Factors
Capture‑Seq clinical/technology validation
A proprietary Capture‑Seq approach with >99% ctDNA purity and >95% early-stage detection in a blinded cohort represents a durable technical moat if replicated and expanded. Patents and strong inbound interest indicate potential platform licensing and long-term diagnostic differentiation versus competitors.
Negative Factors
Large cash burn and negative equity
Sustained multi‑year cash burn and negative shareholders' equity materially constrain strategic flexibility. Even with revenue gains, recurring large operating outflows require continued capital raises, creating long-term refinancing risk and limiting ability to fund commercialization without dilutive or costly financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Capture‑Seq clinical/technology validation
A proprietary Capture‑Seq approach with >99% ctDNA purity and >95% early-stage detection in a blinded cohort represents a durable technical moat if replicated and expanded. Patents and strong inbound interest indicate potential platform licensing and long-term diagnostic differentiation versus competitors.
Read all positive factors
VolitionRX (VNRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.99M
Dividend YieldN/A
Average Volume (3M)19.46M
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue Growth88.49%
EPS Growth21.17%
CountryUS
Employees85
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-4.25
Shares Outstanding8,330,270
10 Day Avg. Volume55,156,196
30 Day Avg. Volume19,458,360
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)-0.80
Price to Sales (P/S)15.80
P/FCF Ratio-1.38
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue9.62
Enterprise Value/Gross Profit10.73
Enterprise Value/Ebitda-1.20
Forecast
1Y Price Target
$22.00Price Target Upside12122.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.84
Revenue Forecast (FY)$6.87M
VolitionRX Business Overview & Revenue Model
Company Description
VolitionRx Limited, a multi-national epigenetics company, engages in the development of blood tests to help diagnose a range of cancers and other diseases worldwide. It sells Nu.Q that detect cancer; Nu.Q Nets, monitoring the immune system; Nu.Q V...
How the Company Makes Money
VolitionRx makes money primarily by commercializing its Nu.Q® nucleosome-based assays and related products. Revenue is generated through (1) sales of diagnostic tests and/or testing services where available (including sales made via partners that ...
VolitionRX Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call presented substantial scientific and commercial progress across multiple product pillars (Nu.Q Vet automation and feline assay, Nu.Q NETs publications and point-of-care finger-prick breakthrough, Capture-Seq >99% pure ctDNA claims, Nu.Q Discover expansion), alongside improving headline revenue (+300% YoY) and a stronger quarter-end cash balance driven by financing and grants. However, important caveats include revenue lumpiness driven in part by deferred recognition, rising operating expenses and cash burn, reliance on milestone payments and external financing, and the need for broader validation, publications, and regulatory/reimbursement approvals to convert technical advances into predictable commercial revenue. On balance, the call signals strong technical momentum and growing commercial interest but with execution and timing risks to monetize those advances in the near term.Positive Updates
Revenue Growth (YoY)
Revenue for Q1 FY2026 was approximately $1.0M versus $0.2M in Q1 FY2025, an increase of ~300% year-over-year, primarily driven by a $0.7M increase in deferred revenue recognition related to the Nu.Q Vet Heska agreement.
Negative Updates
Revenue Lumpiness and No 2026 Guidance
Company reiterated that revenues remain 'lumpy and difficult to predict' and will not provide revenue guidance for 2026, highlighting uncertainty in near-term top-line visibility despite strong YoY percentage growth largely driven by deferred revenue accounting.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth (YoY)
Revenue for Q1 FY2026 was approximately $1.0M versus $0.2M in Q1 FY2025, an increase of ~300% year-over-year, primarily driven by a $0.7M increase in deferred revenue recognition related to the Nu.Q Vet Heska agreement.
Read all positive updates
Company Guidance
Volition gave no formal 2026 revenue guidance but outlined near-term operational and financial milestones and metrics: Q1 revenue was about $1.0M (vs $0.2M in Q1 2025, +300% YoY), operating expenses were $6.3M (vs $5.8M), operating loss was ~3% lower YoY, net cash used in operations was $5.3M (vs $4.3M), and cash & equivalents stood at ~$3.1M (vs $1.1M at Dec‑2025); Q1 receipts included ~$5.4M of ATM proceeds and ~$1.9M from a convertible note, non‑dilutive funding of ~$1.0M was received with ~ $0.9M expected in tranches over 12 months and >$25M non‑dilutive to date. Timelines and commercial milestones: first DETECSEPS patient expected in Q3 (likely September), reimbursement pre‑submission meetings imminent with anticipated clinical routine use in France late this year, a $5M vet milestone tied to feline paper publication (submitted), Capture‑Seq blinded validation (n=81: 59 cancer, 22 controls) detected >95% of Stage 1–2 cancers, Mayo trauma study (n=674) showed H3.1 levels 22.3 ng/ml (healthy) vs 359.7 (trauma) vs 828.4 (VTE, ~37×), feline Nu.Q Vet prototype showed 97% specificity and 86% detection of lymphoma, Nu.Q Discover serves ~100 clients and the Capture preprint has ~2,700 downloads; management reiterated ongoing cost‑reduction efforts.VolitionRX Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
10
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.73M | 1.23M | 775.30K | 306.39K | 90.03K |
| Gross Profit | 1.73M | 1.23M | 775.30K | 306.39K | 90.03K |
| EBITDA | -19.80M | -25.58M | -34.04M | -29.24M | -25.69M |
| Net Income | -23.36M | -26.97M | -35.32M | -30.27M | -26.81M |
Balance Sheet | |||||
| Total Assets | 6.90M | 9.40M | 27.95M | 18.30M | 27.49M |
| Cash, Cash Equivalents and Short-Term Investments | 1.12M | 3.26M | 20.73M | 10.87M | 20.58M |
| Total Debt | 11.46M | 5.82M | 5.86M | 4.97M | 4.02M |
| Total Liabilities | 42.49M | 35.51M | 36.66M | 21.42M | 9.77M |
| Stockholders Equity | -34.25M | -24.91M | -7.80M | -2.57M | 17.94M |
Cash Flow | |||||
| Free Cash Flow | -19.77M | -26.47M | -19.15M | -16.85M | -21.83M |
| Operating Cash Flow | -19.68M | -25.89M | -18.06M | -15.28M | -20.85M |
| Investing Cash Flow | -89.56K | -573.85K | -1.08M | -1.57M | -973.56K |
| Financing Cash Flow | 17.09M | 8.66M | 28.98M | 6.94M | 22.86M |
VolitionRX Technical Analysis
Neutral
0.18
Price Trends
3.07
Negative
4.00
Negative
6.72
Negative
Market Momentum
-0.04
Negative
53.73
Neutral
74.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VNRX, the sentiment is Neutral. The current price of 0.18 is below the 20-day moving average (MA) of 2.48, below the 50-day MA of 3.07, and below the 200-day MA of 6.72, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.73 is Neutral, neither overbought nor oversold. The STOCH value of 74.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VNRX.
VolitionRX Risk Analysis
VolitionRX disclosed 35 risk factors in its most recent earnings report. VolitionRX reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
VolitionRX Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $41.72M | -44.09 | -6.73% | ― | 28.97% | 75.43% | |
56 Neutral | $161.64M | -4.93 | -2101.40% | ― | 29.05% | 29.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $14.34M | -0.21 | -71.38% | ― | 0.96% | 91.13% | |
45 Neutral | $23.99M | -0.75 | 76.82% | ― | 88.49% | 21.17% | |
44 Neutral | $106.23M | -1.19 | -9.93% | ― | 4.69% | 84.60% | |
40 Underperform | $13.61M | -0.35 | 80.66% | ― | -28.57% | 28.35% |
* Healthcare Sector Average
VNRX
VolitionRX
2.67
-7.39
-73.46%
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0.70
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PRPO
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22.80
13.36
141.53%
BNGO
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1.24
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-66.21%
BNR
Burning Rock Biotech
9.32
6.22
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BDSX
Biodesix
16.32
10.28
170.20%
VolitionRX Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
VolitionRx Secures Waiver on Convertible Note Covenant Breach
Negative
May 22, 2026
On May 21, 2026, VolitionRx and Lind Global Asset Management XII LLC entered into a waiver and consent after the company breached a covenant requiring it to maintain a minimum market capitalization under senior secured convertible notes issued in ...
Executive/Board ChangesShareholder Meetings
VolitionRx Announces Board Streamlining as Director Departs
Neutral
May 15, 2026
On May 12, 2026, VolitionRx Limited disclosed that board member Mickie Henshall, who has served since August 2022, will not stand for re-election at the company’s 2026 Annual Meeting of Stockholders, with the company noting that her decision...
Regulatory Filings and ComplianceShareholder MeetingsStock Split
VolitionRx Enacts One-for-Twenty Reverse Stock Split
Neutral
Apr 28, 2026
At a special meeting held on March 31, 2026, VolitionRx stockholders authorized the board of directors to implement a reverse stock split of the company’s common shares at a ratio to be set within an approved range. The board subsequently se...
Business Operations and StrategyShareholder MeetingsStock Split
VolitionRx Sets One-for-Twenty Reverse Stock Split
Neutral
Apr 17, 2026
At a special meeting held on March 31, 2026, shareholders of VolitionRx Limited authorized the board to implement a reverse stock split of its common stock, and the board has now set the ratio at one-for-twenty. The move, linked in part to financi...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and ComplianceShareholder MeetingsStock Split
VolitionRx Shareholders Approve Stock Issuance and Reverse Split
Neutral
Apr 1, 2026
On March 31, 2026, VolitionRx Limited shareholders met in London and approved the issuance of additional common shares exceeding 20% of shares outstanding to Lind Global Asset Management XII LLC, in order to comply with NYSE American listing requi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.