VolitionRx Limited Announces Full Fiscal Year 2024 Financial Results and Business Update
VolitionRx (NYSE: VNRX) reported its full fiscal year 2024 results, achieving $1.2 million in revenue, a 59% increase from the previous year. The company's Nu.Q® Vet revenue grew 75% while Nu.Q® Discover revenue increased 40% compared to 2023.
Key operational highlights include the sale of approximately 120,000 Nu.Q® Vet Cancer Tests in 2024 and expansion to over 20 countries. Operating expenses decreased by 23% year-over-year, with second-half expenses down 31%. The company ended 2024 with $3.3 million in cash and subsequently received $1.8 million in non-dilutive funding from Belgian institutions and raised $2.3 million through a registered direct offering.
The company is advancing commercial discussions with major players in human diagnostics and liquid biopsy for sepsis and oncology markets, aiming to secure multiple licensing deals in 2025. Volition targets cash neutrality in 2025, expecting income, including licensing receipts, to match expenditure.
VolitionRx (NYSE: VNRX) ha riportato i risultati dell'intero anno fiscale 2024, raggiungendo 1,2 milioni di dollari di fatturato, con un aumento del 59% rispetto all'anno precedente. I ricavi di Nu.Q® Vet sono cresciuti del 75%, mentre quelli di Nu.Q® Discover sono aumentati del 40% rispetto al 2023.
I punti salienti operativi includono la vendita di circa 120.000 test per il cancro Nu.Q® Vet nel 2024 e l'espansione in oltre 20 paesi. Le spese operative sono diminuite del 23% su base annua, con una riduzione del 31% nella seconda metà dell'anno. L'azienda ha chiuso il 2024 con 3,3 milioni di dollari in contanti e ha successivamente ricevuto 1,8 milioni di dollari in finanziamenti non diluitivi da istituzioni belghe e ha raccolto 2,3 milioni di dollari tramite un'offerta diretta registrata.
L'azienda sta portando avanti discussioni commerciali con importanti attori nel campo della diagnostica umana e della biopsia liquida per i mercati della sepsi e dell'oncologia, puntando a garantire più contratti di licenza nel 2025. Volition mira a raggiungere la neutralità di cassa nel 2025, prevedendo che i ricavi, inclusi i proventi delle licenze, corrispondano alle spese.
VolitionRx (NYSE: VNRX) reportó sus resultados del año fiscal completo 2024, logrando 1.2 millones de dólares en ingresos, un aumento del 59% en comparación con el año anterior. Los ingresos de Nu.Q® Vet crecieron un 75%, mientras que los ingresos de Nu.Q® Discover aumentaron un 40% en comparación con 2023.
Los aspectos operativos clave incluyen la venta de aproximadamente 120,000 pruebas de cáncer Nu.Q® Vet en 2024 y la expansión a más de 20 países. Los gastos operativos disminuyeron un 23% interanual, con una reducción del 31% en la segunda mitad del año. La empresa finalizó 2024 con 3.3 millones de dólares en efectivo y posteriormente recibió 1.8 millones de dólares en financiamiento no dilutivo de instituciones belgas y recaudó 2.3 millones de dólares a través de una oferta directa registrada.
La empresa está avanzando en discusiones comerciales con actores importantes en diagnósticos humanos y biopsia líquida para los mercados de sepsis y oncología, con el objetivo de asegurar múltiples acuerdos de licencia en 2025. Volition tiene como objetivo alcanzar la neutralidad de efectivo en 2025, esperando que los ingresos, incluidos los recibos de licencias, igualen los gastos.
VolitionRx (NYSE: VNRX)는 2024 회계연도 전체 결과를 보고하며 120만 달러의 수익을 달성했으며, 이는 전년 대비 59% 증가한 수치입니다. Nu.Q® Vet의 수익은 75% 증가했으며, Nu.Q® Discover의 수익은 2023년 대비 40% 증가했습니다.
주요 운영 하이라이트로는 2024년에 약 120,000개의 Nu.Q® Vet 암 검사를 판매하고 20개 이상의 국가로 확장한 것입니다. 운영 비용은 전년 대비 23% 감소했으며, 하반기 비용은 31% 감소했습니다. 회사는 2024년을 330만 달러의 현금으로 마감했으며, 이후 벨기에 기관으로부터 180만 달러의 비희석 자금을 받았고, 등록된 직접 제안을 통해 230만 달러를 모금했습니다.
회사는 패혈증 및 종양학 시장을 위한 인간 진단 및 액체 생검의 주요 플레이어와 상업적 논의를 진행 중이며, 2025년까지 여러 라이센스 계약을 확보하는 것을 목표로 하고 있습니다. Volition은 2025년까지 현금 중립성을 목표로 하며, 라이센스 수입을 포함한 수익이 지출과 일치할 것으로 예상하고 있습니다.
VolitionRx (NYSE: VNRX) a annoncé ses résultats pour l'année fiscale complète 2024, atteignant 1,2 million de dollars de revenus, soit une augmentation de 59 % par rapport à l'année précédente. Les revenus de Nu.Q® Vet ont augmenté de 75 %, tandis que ceux de Nu.Q® Discover ont progressé de 40 % par rapport à 2023.
Les points saillants opérationnels comprennent la vente d'environ 120 000 tests de cancer Nu.Q® Vet en 2024 et l'expansion dans plus de 20 pays. Les dépenses d'exploitation ont diminué de 23 % d'une année sur l'autre, avec une baisse de 31 % des dépenses au cours de la deuxième moitié de l'année. L'entreprise a terminé 2024 avec 3,3 millions de dollars en espèces et a ensuite reçu 1,8 million de dollars de financement non dilutif d'institutions belges et a levé 2,3 millions de dollars par le biais d'une offre directe enregistrée.
L'entreprise avance dans des discussions commerciales avec des acteurs majeurs dans le domaine du diagnostic humain et de la biopsie liquide pour les marchés de la sepsie et de l'oncologie, visant à sécuriser plusieurs accords de licence en 2025. Volition vise la neutralité de trésorerie en 2025, s'attendant à ce que les revenus, y compris les recettes de licence, correspondent aux dépenses.
VolitionRx (NYSE: VNRX) hat die Ergebnisse des gesamten Geschäftsjahres 2024 veröffentlicht und einen Umsatz von 1,2 Millionen US-Dollar erzielt, was einem Anstieg von 59% im Vergleich zum Vorjahr entspricht. Der Umsatz von Nu.Q® Vet wuchs um 75%, während der Umsatz von Nu.Q® Discover im Vergleich zu 2023 um 40% zunahm.
Wichtige betriebliche Höhepunkte umfassen den Verkauf von etwa 120.000 Nu.Q® Vet Krebs-Tests im Jahr 2024 und die Expansion in über 20 Länder. Die Betriebskosten sanken im Jahresvergleich um 23%, wobei die Kosten in der zweiten Jahreshälfte um 31% zurückgingen. Das Unternehmen schloss das Jahr 2024 mit 3,3 Millionen US-Dollar in bar ab und erhielt anschließend 1,8 Millionen US-Dollar an nicht verwässernder Finanzierung von belgischen Institutionen und sammelte 2,3 Millionen US-Dollar durch ein registriertes Direktangebot.
Das Unternehmen führt kommerzielle Gespräche mit großen Akteuren im Bereich der menschlichen Diagnostik und der Flüssigbiopsie für die Märkte der Sepsis und Onkologie, mit dem Ziel, mehrere Lizenzvereinbarungen im Jahr 2025 zu sichern. Volition strebt für 2025 eine Cash-Neutralität an und erwartet, dass die Einnahmen, einschließlich Lizenzgebühren, den Ausgaben entsprechen.
- Revenue increased 59% to $1.2 million in 2024
- Nu.Q® Vet revenue grew 75% year-over-year
- Nu.Q® Discover revenue increased 40% versus 2023
- Operating expenses reduced by 23% compared to prior year
- Expanded Nu.Q® Vet Cancer Test availability to over 20 countries
- Secured $4.1 million in additional funding post-year-end
- cash position of $3.3 million as of December 31, 2024
- Required additional fundraising through registered direct offering
- Still working towards cash neutrality, not yet achieved
Insights
VolitionRx's FY2024 results reveal a company in transition with revenue growth of 59% year-over-year to
Despite the growth, Volition's absolute revenue remains modest relative to its
The company's stated goal of reaching cash neutrality in 2025 is ambitious but would represent a significant milestone if achieved. This objective depends heavily on successfully converting ongoing commercial discussions into revenue-generating licensing deals—particularly in the lucrative sepsis and oncology markets.
The veterinary business shows promise as a growing revenue stream with approximately 120,000 Nu.Q® Vet Cancer Tests sold in 2024 and expanded market access to over 20 countries. However, the company's long-term value proposition hinges on successfully monetizing its technology platform in human applications through the licensing deals currently under negotiation.
Volition's strategy of establishing commercial proof-of-concept through the veterinary market while pursuing higher-value human diagnostic opportunities is now showing measurable progress. The company has executed a classic "stepping stone" approach—validating their Nu.Q® technology platform in the more accessible veterinary space before pursuing the more complex and regulated human diagnostic market.
The mention of "active commercial discussions with significant players" in both sepsis and oncology diagnostics signals potential inflection points ahead. These markets represent multi-billion dollar opportunities, and the right partnership structures could transform Volition's commercial trajectory. The company's explicit goal to replicate their veterinary deal structures—with ongoing revenue streams plus milestone payments—suggests they're pursuing sustainable commercial models rather than one-time technology transfers.
The reinforcement of their Board with industry veterans Timothy Still and Dr. Ethel Rubin demonstrates strategic foresight in preparing for potential commercial scaling. Both bring critical experience in diagnostics commercialization and financing—skills that will be essential if the company secures the partnerships they're pursuing.
The completion of independent studies validating their technology platform addresses a critical hurdle in the diagnostics industry, where third-party validation is often necessary to convince larger commercial partners. The planned publication of these studies in 2025 could serve as catalysts for partnership discussions, potentially accelerating deal timelines if the data is compelling.
Conference call to discuss financial and operational results scheduled for Monday, March 31 at 4:30 p.m.
Highlights
- Sold approximately 120,000 Nu.Q® Vet Cancer Tests in 2024.
- Expanded access to the Nu.Q® Vet Cancer Test – now available for purchase in over 20 countries worldwide.
- A range of independent studies completed, demonstrating the value of our Nu.Q® platform in both sepsis and oncology.
- Advancing several active commercial discussions with significant players in the human diagnostic and liquid biopsy space for sepsis and oncology, constituting multibillion dollar markets.
- Strengthened the Board of Directors in the appointment of experienced chair, Timothy Still and Independent Director, Dr. Ethel Rubin, both of whom bring significant commercial and financing experience in the diagnostic sector.
Cameron Reynolds, President and Group Chief Executive Officer, said:
"Our focus in 2024 was on generating sufficient clinical data to convince the biggest players in the diagnostic, screening, and liquid biopsy world that our Nu.Q® platform will play a significant role in both the oncology and sepsis markets. I believe this was achieved beyond our expectations: a range of independent studies demonstrating the value of our platform have been completed. We built impressive data rooms in 2024, and 2025 will see the publication of many of these studies.
"2025 is about signing multiple licensing deals for human indications, and we are making good progress on this.
There is a strong and broad interest in potential out-licensing and/or supply agreements for both Nu.Q® NETs and our oncology portfolio, with a range of commercial discussions progressing well with multiple large companies.
We aim to replicate what we previously achieved in the vet space: a range of deal structures, all with ongoing revenue and some to include large milestone.
"We have made excellent progress in 2024 and I look forward to sharing more progress in the coming months."
Financial Highlights
$1.2 million 59% over the prior year.- Nu.Q® Vet revenue up
75% and Nu.Q® Discover revenue up40% versus 2023. - Operating expenses were down by
23% vs prior year as cost reduction measures took effect, with second half expenses down by31% . - Cash and cash equivalents as of December 31, 2024, totaled approximately
$3.3 million - Subsequent to year end received
$1.8 million - Subsequent to year end raised approximately
$2.3 million - Goal to be cash neutral in 2025, meaning income, including licensing receipts, matches expenditure on a cash basis.
Event: VolitionRx Limited Full Fiscal Year 2024 Earnings and Business Update Conference Call
Date: Monday, March 31, 2025
Time: 4:30 p.m.
Toll/International: 1-201-493-6779
Conference ID: 13752134
Louise Batchelor, Group Chief Marketing & Communications Officer will host the call along with Cameron Reynolds, President and Group Chief Executive Officer of Volition, Terig Hughes, Group Chief Financial Officer and Dr. Andrew Retter, Chief Medical Officer. The call will provide an update on important events that have taken place in 2024 and upcoming milestones.
A live audio webcast of the conference call will also be available on this link. In addition, a telephone replay of the call will be available until April 14, 2025. The replay dial-in numbers are 1-844-512-2921 (toll-free) in the
About Volition
Volition is a multi-national company focused on advancing the science of epigenetics. Volition is dedicated to saving lives and improving outcomes for people and animals with life-altering diseases through earlier detection, as well as disease and treatment monitoring.
Through its subsidiaries, Volition is developing and commercializing simple, easy to use, cost-effective blood tests to help detect and monitor a range of diseases, including some cancers and diseases associated with NETosis, such as sepsis. Early detection and monitoring have the potential not only to prolong the life of patients, but also to improve their quality of life.
Volition's research and development activities are centered in
The contents found at Volition's website address are not incorporated by reference into this document and should not be considered part of this document. Such website address is included in this document as an inactive textual reference only.
Media Enquiries:
Louise Batchelor, Volition, mediarelations@volition.com +44 (0)7557 774620
Investor Relations:
Jeremy Feffer, LifeSci Advisors, jfeffer@lifesciadvisors.com +1-212-915-2568
Safe Harbor Statement
Statements in this press release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. Words such as "expects," "anticipates," "intends," "plans," "aims," "targets," "believes," "seeks," "estimates," "optimizing," "potential," "goal," "suggests," "could," "would," "should," "may," "will" and similar expressions identify forward-looking statements. These forward-looking statements relate to, among other topics, the exercise of the milestone-linked warrants upon the achievement of such milestone events or otherwise prior to their expiration, Volition's expectations related to revenue opportunities and growth, the timing, completion, success and delivery of data from clinical studies, the timing of publications, the effectiveness of Volition's cost reduction measures, the effectiveness and availability of Volition's blood-based diagnostic, prognostic and disease monitoring tests, Volition's ability to develop and successfully commercialize such test platforms for early detection of cancer and other diseases as well as serving as a diagnostic, prognostic or disease monitoring tools for such diseases, and Volition's success in securing licensing and/or distribution agreements with third parties for its products. Volition's actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties, including, without limitation, results of studies testing the efficacy of its tests. For instance, if Volition fails to develop and commercialize diagnostic, prognostic or disease monitoring products, it may be unable to execute its plan of operations. Other risks and uncertainties include Volition's failure to obtain necessary regulatory clearances or approvals to distribute and market future products; a failure by the marketplace to accept the products in Volition's development pipeline or any other diagnostic, prognostic or disease monitoring products Volition might develop; Volition's failure to secure adequate intellectual property protection; Volition will face fierce competition and Volition's intended products may become obsolete due to the highly competitive nature of the diagnostics and disease monitoring market and its rapid technological change; downturns in domestic and foreign economies; and other risks, including those identified in Volition's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Volition files with the Securities and Exchange Commission. These statements are based on current expectations, estimates and projections about Volition's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are made as of the date of this release, and, except as required by law, Volition does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Pursuant to the disclosure requirements of the NYSE American Company Guide Section 610(b), Volition is reporting that its audited consolidated financial statements for the fiscal year ended December 31, 2024, included in Volition's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2025, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to Volition's ability to continue as a going concern. This announcement does not represent any change or amendment to Volition's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Nucleosomics™, Capture-PCR™, Capture-Seq™ and Nu.Q® and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of
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SOURCE VolitionRx Limited
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