VolitionRx Limited Announces Third Quarter 2024 Financial Results and Business Update
VolitionRx (VNRX) reported strong Q3 2024 results, with revenue reaching $475,000, up 187% year-over-year. Year-to-date revenue hit $1 million, a 96% increase from the previous year. The company sold over 110,000 Nu.Q® Vet Cancer Tests in the first three quarters of 2024, with the test now available in 17 countries. Cash position stood at $5.4 million as of September 30, with an additional $2.2 million in non-dilutive funding secured from the Walloon Region, Belgium. The company aims to achieve cash neutrality in 2025.
VolitionRx (VNRX) ha riportato risultati solidi per il terzo trimestre del 2024, con entrate che hanno raggiunto $475.000, in aumento del 187% rispetto all'anno precedente. Le entrate dall'inizio dell'anno hanno toccato $1 milione, un incremento del 96% rispetto all'anno scorso. L'azienda ha venduto oltre 110.000 Nu.Q® Vet Cancer Tests nei primi tre trimestri del 2024, con il test ora disponibile in 17 paesi. La posizione di liquidità ammontava a $5,4 milioni al 30 settembre, con ulteriori $2,2 milioni di finanziamento non diluente assicurati dalla Regione Vallonia, Belgio. L'azienda punta a raggiungere la neutralità di cassa entro il 2025.
VolitionRx (VNRX) reportó excelentes resultados en el tercer trimestre de 2024, con ingresos que alcanzaron los $475,000, un aumento del 187% en comparación con el año anterior. Los ingresos acumulados hasta la fecha alcanzaron $1 millón, un incremento del 96% respecto al año pasado. La empresa vendió más de 110,000 Nu.Q® Vet Cancer Tests en los primeros tres trimestres de 2024, con la prueba ahora disponible en 17 países. La posición de efectivo era de $5.4 millones al 30 de septiembre, con $2.2 millones adicionales en financiamiento no dilutivo asegurados de la Región de Valonia, Bélgica. La empresa tiene como objetivo lograr la neutralidad de efectivo en 2025.
VolitionRx (VNRX)는 2024년 3분기 성과를 보고했으며, 수익이 $475,000에 달해 전년 대비 187% 증가했습니다. 올해 누적 수익은 $1백만으로, 지난해 대비 96% 증가했습니다. 이 회사는 2024년 첫 세 분기에 걸쳐 110,000개 이상의 Nu.Q® Vet Cancer Tests를 판매했으며, 이 검사는 현재 17개국에서 이용 가능합니다. 현금 보유액은 9월 30일 기준으로 $5.4백만이며, 추가로 벨기에 왈로니아 지역으로부터 확보한 비희석 자금이 $2.2백만 있습니다. 이 회사는 2025년까지 현금 중립성을 목표로 하고 있습니다.
VolitionRx (VNRX) a annoncé de bons résultats pour le troisième trimestre 2024, avec des revenus atteignant 475 000 $, en hausse de 187 % par rapport à l'année précédente. Les revenus cumulés depuis le début de l'année ont atteint 1 million de dollars, soit une augmentation de 96 % par rapport à l'année dernière. L'entreprise a vendu plus de 110 000 Nu.Q® Vet Cancer Tests au cours des trois premiers trimestres de 2024, le test étant désormais disponible dans 17 pays. La position de trésorerie s'élevait à 5,4 millions de dollars au 30 septembre, avec un financement non dilutif supplémentaire de 2,2 millions de dollars obtenu de la Région wallonne, en Belgique. L'entreprise vise à atteindre la neutralité de trésorerie d'ici 2025.
VolitionRx (VNRX) hat starke Ergebnisse für das dritte Quartal 2024 gemeldet, mit Einnahmen von $475.000, was einem Anstieg von 187 % im Jahresvergleich entspricht. Die Einnahmen seit Jahresbeginn betrugen $1 Million, was einem Anstieg von 96 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verkaufte in den ersten drei Quartalen 2024 über 110.000 Nu.Q® Vet Cancer Tests, die nun in 17 Ländern erhältlich sind. Die Liquiditätsposition betrug zum 30. September $5,4 Millionen, zusätzlich wurden $2,2 Millionen nicht verwässernder Finanzierung aus der Wallonischen Region, Belgien, gesichert. Das Unternehmen hat zum Ziel, bis 2025 eine Cash-Neutralität zu erreichen.
- Revenue increased 187% YOY to $475,000 in Q3 2024
- YTD revenue up 96% to $1 million
- Nu.Q® Vet revenue grew 307% in Q3 and 100% YTD
- Secured $2.2 million in non-dilutive funding
- Operating cash burn reduced by 36% YOY
- Operating cash burn of $5.4 million in Q3
- cash position of $5.4 million as of September 30
Insights
The Q3 results show promising commercial traction with
The
The clinical progress in sepsis diagnostics is noteworthy, with Nu.Q® NETs test data from over 3,000 intensive care patients demonstrating predictive capability for sepsis deterioration. This represents a potential breakthrough in sepsis management, where early intervention is critical. The expansion of Nu.Q® Vet Cancer Test to 17 countries and strong adoption with 110,000 tests sold indicates market validation of the underlying technology platform.
The company's dual-track strategy in both veterinary and human diagnostics provides multiple commercialization pathways. The ongoing discussions for licensing in human clinical applications, particularly in sepsis and oncology liquid biopsy, could lead to significant market opportunities given the large addressable markets in these areas.
Conference call to discuss financial and operational results scheduled for
Friday, November 15 at 8:30 a.m.
Highlights
- Sold over 110,000 Nu.Q® Vet Cancer Tests in the first three quarters 2024.
- Expanded access to the Nu.Q® Vet Cancer Test – now available for purchase in 17 countries worldwide.
- Hosted Satellite Symposium at European Society of Intensive Care Medicine 2024 and issued a report showcasing Nu.Q® NETs test data from over 3,000 intensive care sepsis patients.
- Made significant progress across a number of clinical and research programs within our cancer pillar.
- Advancing several active commercial discussions with significant players in the diagnostic space for both human and animal health, including large markets such as sepsis and oncology liquid biopsy.
- Opened Data Rooms for potential near-term licensing opportunities.
- 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:
"I am delighted that we have sold more than 110,000 Nu.Q® Vet Cancer Tests in the first nine months of 2024; not only is this a significant commercial achievement but means that so many families now have access to early cancer detection for their dogs."
"In the human space, we were proud to showcase positive data at a Satellite Symposium at the world's largest intensive care conference held in October. Data from three large, independent studies involving more than 3,000 sepsis patients demonstrated that Nu.Q® NETs could be used to predict patients at greater risk of deteriorating from sepsis. It is hoped that using the Nu.Q® NETs test to measure elevated H3.1 nucleosome levels as a treatable trait could provide a therapeutic target in sepsis management, and be a game changer in modifying a patient's trajectory."
"Our near term focus is to secure our first licensing deal in the human clinical space and I am pleased to report, that given the strong data, the team continues to make good progress with key industry players."
Financial Highlights
$1 million 96% over the prior YTD.$475,000 187% over the same period in the prior year.- Nu.Q® Vet revenue up
100% YTD and307% for the third quarter versus the same periods in 2023. - Cash used in operating activities was
$5.4 million 36% YOY as cost reduction measures took effect. - Cash and cash equivalents as of September 30, 2024, totaled approximately
$5.4 million - Subsequent to quarter end received commitment of over
$2.2 million Belgium , with more funding anticipated in quarter one 2025. - Goal to be cash neutral in 2025, meaning income matches expenditure on a cash basis.
Event: VolitionRx Limited Third Quarter 2024 Earnings and Business Update Conference Call
Date: Friday, November 15, 2024
Time: 8:30 a.m.
Toll/International: 1-201-493-6779
Conference ID: 13750104
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, Dr Tom Butera, Chief Executive Officer of Volition Veterinary Diagnostics Development LLC and Dr. Andrew Retter, Chief Medical Officer. The call will provide an update on important events that have taken place in the third quarter of 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 November 29, 2024. 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 diagnose and monitor a range of diseases, including some cancers and diseases associated with NETosis, such as sepsis. Early diagnosis 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.
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.
Nucleosomics™, Capture-PCR™ 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
Media Enquiries:
Louise Batchelor/Debra Daglish, Volition, mediarelations@volition.com +44 (0)7557 774620
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SOURCE VolitionRx Limited
FAQ
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