VolitionRX (VNRX) AI Stock Analysis

• Market Cap: $34.65M
• Dividend Yield: N/A
• Average Volume (3M): 2.06M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• 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: 130,993,590
• 10 Day Avg. Volume: 2,591,168
• 30 Day Avg. Volume: 2,064,233
• 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: 1.07
• Enterprise Value/Revenue: 25.12
• Enterprise Value/Gross Profit: 25.12
• Enterprise Value/Ebitda: -1.83
• 1Y Price Target: $2.25
• Price Target Upside: 733.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $0.25 ▼(-8.52% Downside)

The score is held down primarily by weak financial fundamentals—large ongoing losses, heavy cash burn, and negative equity that increases financing/dilution risk. Technicals are mixed with only modest near-term improvement against a weak longer-term trend, while valuation is constrained by losses and no dividend support. The latest earnings call adds some support due to partnership-driven commercialization progress and improved cost control, but uncertainty around revenue timing and licensing closures remains a key risk.

Positive Factors

Sustained revenue growth

Consistent year-over-year top-line growth from a small base indicates early commercialization traction for Nu.Q tests. If sustained, this growth helps scale test volumes, improves unit economics, and supports a path toward covering fixed R&D and G&A costs over the medium term.

Strategic commercial partnerships

Deals with established lab and diagnostics players expand distribution and credibility, accelerating adoption without full internal sales buildout. These partnerships can produce recurring license/service revenue and shorten commercialization cycles, bolstering durable market access.

Proprietary technology advancement (Capture-Seq)

Advances in Capture-Seq and Nucleosomics can create a differentiated product pipeline with higher sensitivity and novel indications. A stronger IP-backed platform increases competitive barriers and long-term upside via new assays, licensing, and higher-margin service offerings.

Negative Factors

Heavy cash burn and negative cash flow

Sustained negative operating and free cash flow necessitates recurring external financing. That reliance constrains strategic flexibility, risks dilution for existing shareholders, and can force short-term funding-driven decisions that undermine long-term R&D and commercial investment plans.

Strained balance sheet and negative equity

Negative equity and limited asset base weaken solvency optics, reducing access to traditional credit and increasing financing costs. This structural capital weakness elevates refinancing and dilution risk, complicating multi-quarter investments needed to scale diagnostics operations.

Lumpy revenue and licensing timing uncertainty

Irregular revenue streams and uncertain licensing closures undermine forecastability of cash generation and delay breakeven. That unpredictability impairs strategic planning, partner confidence, and the company’s ability to steadily scale lab capacity and commercial operations over the medium term.

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

Revenue is growing from a small base (~$1.47M TTM), but profitability and cash generation remain very weak (TTM net loss ~$22.9M; operating cash flow about -$19.5M; free cash flow about -$19.7M). The balance sheet is strained with negative equity (~-$34.6M), elevating dilution/financing risk despite only moderate absolute debt (~$11.3M).

Income Statement

TTM (Trailing-Twelve-Months) revenue rose to ~$1.47M with solid growth versus the prior year, showing improving commercialization traction. However, profitability remains very weak: the company is running large operating losses (TTM net loss of ~$22.9M) and deeply negative margins, implying the cost base is far ahead of the current revenue scale. While losses have narrowed versus 2023–2024 levels, the business is still far from breakeven and earnings quality remains the key overhang.

Balance Sheet

The balance sheet is the biggest pressure point: stockholders’ equity is negative in TTM (about -$34.6M) and total assets are modest (~$6.4M), which limits financial flexibility and increases refinancing/dilution risk. Debt is moderate in absolute dollars (TTM total debt ~$11.3M), but with negative equity the capital structure is strained and traditional leverage ratios are less meaningful. Overall, solvency optics are weak even though the company is not carrying extremely high debt relative to its historical losses.

Cash Flow

Cash burn remains heavy: TTM operating cash flow is about -$19.5M and free cash flow about -$19.7M, indicating the company still requires external funding to sustain operations. A positive near-term sign is that cash outflow improved versus 2024 (smaller operating and free-cash losses), but free cash flow still deteriorated slightly versus the prior period and remains meaningfully negative. Until revenue scales materially, cash runway and financing conditions are likely to drive volatility.

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	-275.28K	-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: Negative
• Last Price: 0.27
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VNRX, the sentiment is Negative. The current price of 0.27 is below the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.28, and below the 200-day MA of 0.51, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.27 is Neutral, neither overbought nor oversold. The STOCH value of 24.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VNRX.

VolitionRX Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNR	57 Neutral	$425.60M	-20.90	-19.87%	―	5.44%	72.17%
PRPO	56 Neutral	$43.36M	-29.05	-9.76%	―	30.95%	59.67%
BDSX	52 Neutral	$81.86M	-2.06	-302.55%	―	22.29%	31.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VNRX	47 Neutral	$34.65M	-1.20	―	―	14.48%	36.83%
TRIB	46 Neutral	$15.26M	-0.33	―	―	-4.35%	-6.31%
BNGO	44 Neutral	$12.92M	-0.08	-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.