Monitor for definitive licensing agreements or the $5M milestone payment from the feline lymphoma study publication — these are the key catalysts. Cash runway is being extended via ATM and convertible note, but without a revenue inflection, dilution risk remains. The next catalyst is the peer-reviewed publication unlocking the milestone.
Price Chart
Executive Summary
VolitionRx reported Q1 2026 revenue of ~$1.0M, up from $0.2M a year ago, but operating loss was only down 3% and net cash used in operations was $5.3M. The company highlighted progress on licensing discussions and a potential $5M milestone payment from a feline lymphoma test publication, but no definitive revenue-generating agreements were announced. The EPS miss vs consensus is mechanically driven by a tiny base and is not a meaningful deterioration signal for this pre-revenue diagnostics company.
Key Financial Metrics
Key Facts
- Q1 2026 revenue ~$1.0M vs $0.2M in Q1 2025
- Operating loss down 3% vs prior year quarter
- Net cash used in operating activities was $5.3M
- Raised $5.4M net from ATM equity sales, $1.9M from convertible note and warrant
- Received $1M non-dilutive funding from Walloon Region; ~$0.9M more expected over 12 months
- Potential $5M milestone payment contingent on publication of feline lymphoma study
- Discussions ongoing with >12 diagnostic/liquid biopsy companies for licensing
- EPS of -$1.04 vs consensus -$0.73 (miss driven by tiny base, not fundamental deterioration)
Financial Impact
Revenue grew 5x YoY to ~$1.0M but operating cash burn of $5.3M continues; no material revenue inflection yet
Risk Factors
- No definitive licensing agreements announced despite ongoing discussions
- Continued cash burn of $5.3M per quarter requires ongoing capital raises
- EPS miss vs consensus, though on a tiny base, may pressure the stock near-term
- Dilution from ATM sales ($5.4M in Q1) and convertible note ($1.9M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001477932-26-003126 |
| Document: vnrx_ex991.htm | 0001477932-26-003126 |
| Document: 0001477932-26-003126-index-headers.html | 0001477932-26-003126 |
| Document: 0001477932-26-003126-index.html | 0001477932-26-003126 |
| Document: 0001477932-26-003126.txt | 0001477932-26-003126 |
| 8-K Data (Synthetic) | 0001477932-26-003126 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $0.2529 | awaiting T+60 | — | $0.1823 (+27.92%) |
Sep 16, 2026 5w ago | SC 13D/A | $0.2849 | awaiting T+60 | — | $0.1823 (−36.01%) |
Sep 15, 2026 5w ago | 8-K | $0.2749 | awaiting T+60 | — | $0.1823 (+33.68%) |
Sep 11, 2026 6w ago | EFFECT | $0.3102 | awaiting T+60 | — | $0.1823 (+41.23%) |
Sep 8, 2026 6w ago | S-3/A | $0.3400 | awaiting T+60 | — | $0.1823 (+46.38%) |
Sep 1, 2026 7w ago | 8-K | $0.3800 | awaiting T+60 | — | $0.1823 (+52.03%) |
Aug 24, 2026 9w ago | 8-K | $0.3846 | awaiting T+60 | — | $0.1823 (+52.60%) |
Aug 7, 2026 11w ago | 8-K | $0.7700 | awaiting T+60 | — | $0.1823 (+76.32%) |
Jul 20, 2026 14w ago | EFFECT | $1.13 $0.1847 | ▲ +83.65% | ▲ +88.50% | $0.1823 (+83.87%) |
Jun 18, 2026 18w ago | 8-K | $1.34 | awaiting T+60 | — | $0.1823 (+86.40%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers