VolitionRX (NYSEAMERICAN:VNRX) reported second-quarter 2026 revenue of approximately $400,000, unchanged from the prior-year period, as higher Nu.Q Vet revenue was offset by lower revenue from Nu.Q Discover services. For the first half of 2026, revenue totaled $1.4 million, representing 112% year-over-year growth.
Group Chief Financial Officer Terig Hughes said quarterly revenue remains uneven at the company’s current stage of commercialization, reflecting the timing of product orders and project delivery. He said VolitionRx would not provide 2026 revenue guidance, though management expects growth for the full year.
Net loss widened to $7.3 million from $6.3 million a year earlier, primarily due to approximately $3 million in non-cash accounting charges related to Lind convertible notes. Cash and cash equivalents totaled approximately $2.8 million at June 30, compared with $1.1 million at the end of 2025. During the quarter, the company received approximately $1.2 million in net proceeds from its at-the-market facility and approximately $4.1 million from a confidentially marketed public offering of shares and warrants through Maxim Group.
Nu.Q NETs development and sepsis programs
Group Chief Executive Officer Cameron Reynolds highlighted continued development of VolitionRx’s Nu.Q NETs assays, which are designed to measure nucleosomes associated with neutrophil extracellular traps, or NETs. The company said its published data indicate that its Nu.Q NETs H3.1 assay can distinguish sepsis from non-infectious systemic inflammation and may provide prognostic information related to organ failure and mortality.
Subsequent to the quarter, VolitionRx announced that its lateral-flow prototype assay correlated with its CE-marked automated Nu.Q NETs assay in samples from critically ill patients with confirmed sepsis. The prototype is intended to quantify nucleosome levels from finger-prick blood samples, potentially supporting faster point-of-care testing. Reynolds said the lateral-flow format is not expected to replace laboratory testing but could broaden use in settings requiring rapid results or with limited laboratory infrastructure.
The company expects to move the lateral-flow assay into research-use-only status for additional quality work before clinical validation at three independent hospitals, a stage management said it hopes to begin in early 2027. VolitionRx is also pursuing NGO partnerships and collaborations in lower-income countries for the technology.
Management said it expects to finalize an ongoing study involving more than 1,000 patients with Professor Djillali Annane’s team and begin the DetectSep program in September. DetectSep is a French government-sponsored real-world evaluation of early sepsis detection in which Nu.Q NETs is the sole biomarker, according to the company.
VolitionRx also discussed a Mayo Clinic trauma study involving 674 patients. The study found that nucleosome levels measured by the company’s Nu.Q H3.1 and Nu.Q H3R8 Citrulline assays were higher in trauma patients and higher still among patients who developed complications. The company is supplying Mayo Clinic with an Immunodiagnostic Systems i10 automated analyzer, which Reynolds said is expected to be placed during the current quarter.
Human cancer initiatives
For Nu.Q Lung Cancer, VolitionRx is pursuing reimbursement in France, which management described as the next step toward initial clinical use. The company held its first pre-submission meeting with French authorities during the quarter and expects a follow-up meeting and a potential submission in the third quarter. Reynolds said the company expects initial news later this year and hopes the test could begin helping patients in France next year, while noting reimbursement approval is not assured.
Research collaborators in Taiwan and Lyon, France, have been studying Nu.Q Cancer in lung cancer treatment selection, monitoring and prognostication. Louise Batchelor, group chief marketing and communications officer, said the Taiwan team has focused on risk stratification before surgery and is preparing a paper on the use of H3K27 measurements to identify patients requiring closer follow-up. The team has not completed analysis of the screening portion of its study, she said.
The company also reported progress in its Capture-Seq liquid-biopsy technology. VolitionRx said a peer-reviewed paper published after quarter-end described a two-step approach to enrich circulating tumor-associated DNA and remove most non-tumor cell-free DNA sequences. Management said it is conducting further studies with larger sample sets and competing conditions, and is in technical evaluations and discussions with potential diagnostic and liquid-biopsy licensing partners.
Veterinary and partnership updates
In veterinary diagnostics, VolitionRx submitted for peer review a clinical manuscript on its feline lymphoma prototype assay. The company said the assay detected 86% of feline lymphomas at 97% specificity. Publication of the paper is expected to trigger a $5 million contractual milestone payment, though Hughes said the timing depends on completion of peer review.
Hughes said approximately half of second-quarter revenue came from deferred revenue and half from product revenue. Deferred revenue relates to the Heska agreement and is recognized as tests are shipped over the life of that agreement.
VolitionRx also said it has transferred its Nu.Q NETs assay to Sysmex Corp.’s platform, with Sysmex beginning optimization work in diseases associated with NETosis. The company continues work under an existing agreement with Werfen’s Immunoassay Technology Center involving antiphospholipid syndrome. Reynolds said VolitionRx has signed agreements with Sysmex, Werfen, Revvity and Hologic and remains in discussions with more than a dozen diagnostic and liquid-biopsy companies regarding potential licensing and commercialization arrangements.
About VolitionRX (NYSEAMERICAN:VNRX)
VolitionRX, traded as VNRX on the NYSE American exchange, is a pioneering life sciences company focused on the development and commercialization of minimally invasive diagnostic tests for the early detection of cancer and other diseases. Utilizing proprietary technology to analyze circulating nucleosomes in blood samples, the company’s platform identifies disease-specific epigenetic and biochemical signatures. By offering blood-based screening solutions, VolitionRX aims to deliver alternatives to invasive, costly and time-consuming procedures, potentially improving patient outcomes through earlier diagnosis.
The company’s flagship product suite, branded as Nu.Q, comprises assays designed to detect biomarkers associated with a range of malignancies, including colorectal, lung and pancreatic cancers, as well as other systemic conditions.
