VolitionRX (VNRX) AI Stock Analysis

• Market Cap: $41.75M
• Dividend Yield: N/A
• Average Volume (3M): 2.22M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.62
• Revenue Growth: 14.48%
• EPS Growth: 36.83%
• Country: US
• Employees: 85
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.05
• Shares Outstanding: 122,801,575
• 10 Day Avg. Volume: 2,528,210
• 30 Day Avg. Volume: 2,219,593
• PEG Ratio: 0.05
• Price to Book (P/B): -2.08
• Price to Sales (P/S): 42.09
• P/FCF Ratio: -1.96
• Enterprise Value/Market Cap: 1.99
• Enterprise Value/Revenue: 56.52
• Enterprise Value/Gross Profit: 56.52
• Enterprise Value/Ebitda: -4.11
• 1Y Price Target: $2.25
• Price Target Upside: 603.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.12
• Revenue Forecast (FY): $8.71M

• Rating: 49 Neutral
• Price Target: $0.35 ▲(10.00% Upside)

The score is held down primarily by weak financials—large ongoing losses, heavy cash burn, and a balance sheet with negative equity that heightens financing and dilution risk. Offsetting this, the earnings call pointed to improving commercialization momentum and cost control through partnerships, while technicals show a short-term rebound but not a confirmed long-term trend reversal. Valuation remains constrained by lack of profitability and no dividend support.

Positive Factors

Veterinary product breakthrough

A validated, high‑accuracy blood test for feline lymphoma materially expands Volition's addressable market into veterinary diagnostics, creating a new recurring revenue stream and diversification that can provide more stable test-volume income and partnerships less correlated with human diagnostic reimbursement cycles.

Werfen partnership (APS)

The Werfen agreement grants commercial option rights into an ~ $85M annual APS market, providing a pathway to third‑party distribution and validation. Such an OEM/licensing route can scale adoption faster than direct sales, leveraging an established lab channel to convert Nu.Q into sustained commercial revenues.

Hologic co-marketing agreement

A co-marketing tie with a major diagnostics company like Hologic provides distribution reach, clinical credibility, and potential recurring service revenue. This kind of channel partnership supports more efficient commercialization and can materially shorten sales cycles across clinical labs and hospital networks.

Negative Factors

Negative equity

Negative shareholders' equity signals accumulated losses and weak solvency metrics, constraining the company's ability to raise debt on favorable terms and increasing dilution risk from equity financing. This structural weakness limits long‑term financial flexibility and heightens dependency on external capital.

Persistent cash burn

Sustained large negative operating and free cash flows mean the business cannot self‑fund growth or commercialization. Over the medium term this necessitates repeat capital raises or licensing monetization; both can dilute shareholders or delay product rollouts if funding conditions tighten.

Lumpy revenue and licensing timing

Unpredictable, lumpy revenue and uncertain timelines for closing licensing deals impair planning, make cash flows volatile, and hinder progress toward break‑even. For a commercialization‑stage diagnostics firm, reliable licensing and recurring test volumes are essential to sustain operations and justify ongoing investment.

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 Vet cancer screening test for veterinary applications; Nu.Q Capture capturing and concentrating samples for more accurate diagnosis; and Nu.Q Discover, a solution to profiling nucleosomes. The company operates Nucleosomics a technology platform for blood test. VolitionRx Limited is based in Austin, Texas.

How the Company Makes Money

VolitionRX generates revenue primarily through the commercialization of its cancer diagnostic tests, which are sold to laboratories and healthcare providers. The company has established partnerships with various laboratories and healthcare institutions to facilitate the adoption of its tests in clinical settings. Additionally, VolitionRX may receive funding through grants and collaborations with research organizations or pharmaceutical companies, further supporting its product development and market expansion efforts. The revenue model is centered on test sales, with potential for recurring revenue as more healthcare providers adopt their diagnostics.

VolitionRX Financial Statement Overview

Summary

VolitionRX is facing significant financial challenges across all verticals. The company shows growth in revenue but struggles with profitability and cash flow management. The balance sheet reflects financial instability with negative equity, and cash flow statements indicate ongoing cash burn. While there are minor improvements in certain areas, the overall financial health remains weak, requiring strategic interventions to stabilize and improve financial performance.

Income Statement

VolitionRX's income statement reveals a challenging financial position with consistently negative net profit margins and EBIT margins over the years. Despite a positive revenue growth trend, the company struggles with profitability, as indicated by negative EBIT and EBITDA margins. The TTM data shows a slight improvement in net profit margin compared to previous years, but the overall profitability remains weak.

Balance Sheet

The balance sheet indicates significant financial instability, with negative stockholders' equity and a concerning debt-to-equity ratio. The negative equity suggests potential solvency issues, and the high return on equity is misleading due to negative equity values. The equity ratio is also negative, highlighting the company's reliance on debt financing.

Cash Flow

Cash flow analysis shows persistent negative operating and free cash flows, indicating cash burn issues. The free cash flow to net income ratio is slightly above 1, suggesting that cash flow is somewhat aligned with net income, albeit negative. The TTM data shows a minor improvement in free cash flow growth, but overall cash flow health remains poor.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.47M	1.23M	775.30K	306.39K	90.03K	13.43K
Gross Profit	1.47M	1.23M	775.30K	306.39K	90.03K	13.43K
EBITDA	-20.26M	-25.58M	-34.04M	-29.24M	-25.69M	-19.23M
Net Income	-22.88M	-26.97M	-35.32M	-30.27M	-26.81M	-20.35M
Balance Sheet
Total Assets	6.45M	9.40M	27.95M	18.30M	27.49M	26.15M
Cash, Cash Equivalents and Short-Term Investments	199.41K	3.26M	20.73M	10.87M	20.58M	19.44M
Total Debt	11.26M	5.82M	5.86M	4.97M	4.02M	4.44M
Total Liabilities	42.40M	35.51M	36.66M	21.42M	9.77M	9.86M
Stockholders Equity	-34.64M	-24.91M	-7.80M	-2.57M	17.94M	16.34M
Cash Flow
Free Cash Flow	-19.74M	-26.47M	-19.15M	-16.85M	-21.83M	-18.41M
Operating Cash Flow	-19.47M	-25.89M	-18.06M	-15.28M	-20.85M	-16.46M
Investing Cash Flow	-276.45K	-573.85K	-1.08M	-1.57M	-973.56K	-1.65M
Financing Cash Flow	13.09M	8.66M	28.98M	6.94M	22.86M	20.62M

VolitionRX Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.32
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 0.32 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.31, and below the 200-day MA of 0.52, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.88 is Neutral, neither overbought nor oversold. The STOCH value of 63.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VNRX.

VolitionRX Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNR	61 Neutral	$252.44M	-14.97	-19.87%	―	5.44%	72.17%
PRPO	56 Neutral	$45.66M	-30.80	-9.76%	―	30.95%	59.67%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BDSX	50 Neutral	$64.28M	-1.84	-302.55%	―	22.29%	31.93%
VNRX	49 Neutral	$41.75M	―	―	―	14.48%	36.83%
TRIB	41 Neutral	$13.28M	-0.30	―	―	-4.35%	-6.31%
BNGO	40 Underperform	$16.18M	-0.10	-78.22%	―	-13.84%	88.80%

VolitionRX Corporate Events

VolitionRX Announces CEO Departure Amid Cost Realignment

On December 5, 2025, Volition Veterinary Diagnostics Development, a subsidiary of VolitionRx Limited, announced the termination of its employment agreement with CEO Dr. Salvatore Thomas Butera, effective January 31, 2026. This decision is part of the company’s cost-realignment efforts, leading to the elimination of the CEO position and redistribution of duties within the company. Dr. Butera is expected to continue with the company on a part-time consulting basis after the termination.

The most recent analyst rating on (VNRX) stock is a Buy with a $1.50 price target. To see the full list of analyst forecasts on VolitionRX stock, see the VNRX Stock Forecast page.

VolitionRX Amends Underwriting Agreement for Stock Offering

On October 10, 2025, VolitionRx Limited entered into an Underwriting Agreement with Newbridge Securities Corporation for a public offering of 11,550,000 shares of common stock, along with warrants for an equal number of shares. The offering was priced at $0.52 per share, including a $0.01 warrant, with a 7% underwriting discount. On November 7, 2025, an amendment to the agreement allowed the underwriter to exercise an over-allotment option for 1,194,000 shares and 1,732,500 warrants at the same price, enhancing flexibility in the offering.

The most recent analyst rating on (VNRX) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on VolitionRX stock, see the VNRX Stock Forecast page.