Company Summary: VolitionRx Limited

Overview

VolitionRx Limited is a multi-national epigenetics company focused on developing simple, cost-effective blood tests for the early detection and monitoring of life-altering diseases, including certain cancers and diseases associated with NETosis (such as sepsis). The company's innovative technologies leverage epigenetic biomarkers, particularly chromosomal structures like nucleosomes and transcription factors, circulating in the blood to identify characteristic changes indicative of early disease presence.

Core Technologies & Product Portfolio

• Nu.Q® Technology Platforms:
  • Nu.Q® Vet: Cost-effective, easy-to-use blood tests for animals, specifically dogs. The Nu.Q® Vet Cancer Test is commercially available for cancer screening in dogs.
  • Nu.Q® NETs: Detects neutrophil extracellular traps (NETs) associated with diseases like sepsis, which is a leading cause of death worldwide.
  • Nu.Q® Discover: Provides comprehensive profiling of nucleosomes, supporting drug discovery, clinical research, and epigenetic studies.
  • Nu.Q® Cancer: A multi-stage approach for cancer detection, staging, therapy planning, and monitoring, capable of early detection based on characteristic epigenetic changes.
• Capture-PCR™ & Capture-Seq™: Technologies for isolating tumor-derived circulating tumor DNA (ctDNA) from blood plasma, enabling early cancer detection through physical segregation of tumor DNA fragments followed by PCR or sequencing.

Company Growth & Infrastructure

• Originated from a small lab at the University of Namur, Belgium.
• Operates a purpose-built 17,000 sq ft laboratory and 10,000 sq ft manufacturing facility in Gembloux, Belgium.
• Maintains an innovation lab in California, with offices in California, London, and Nevada.
• Employs over 80 employees across various disciplines.
• Established partnerships with academic institutions, clinical centers, diagnostic and pharmaceutical companies, and financial institutions globally.

Business Strategy

• Focus on licensing and distribution through partnerships with established diagnostic companies:
  • Heska/Antech: Exclusive worldwide rights to sell Nu.Q Vet Cancer Test in point-of-care settings; received upfront payment of $10 million plus milestones.
  • IDEXX: Launched Nu.Q Canine Cancer Test in January 2023, leveraging IDEXX’s global laboratory network.
• Geographical market expansion into Europe, UK, Japan, and Asia via regional distributors.
• Plan to monetize via upfront fees, milestone payments, royalties, and licensing/naming rights.
• Tests are platform-agnostic, adaptable for manual, reference laboratory, or point-of-care workflows.

Market & Customer Base

• Veterinarian diagnostic market: Nu.Q Vet Cancer Test targets dogs over 7 years old or breeds at higher risk.
• Human diagnostics: Aims to serve hospitals, clinics, and research institutions globally for cancer and sepsis detection.
• Number of customers: Distributors and veterinary clinics; exact customer count not specified.
• Employees: Over 80 across research, manufacturing, sales, and administrative functions.
• Revenue (2024): Approximately $1.23 million (from product sales and services).
• Revenue (2023): Approximately $775,300.
• Net Loss (2024): About $27.3 million, an improvement from a net loss of $35.7 million in 2023.

Financial Highlights

• Revenue Sources: Product sales (Nu.Q Vet tests, research kits), service revenue, and licensing income.
• Expenses: Significant focus on research & development, general & administrative, and sales & marketing.
• In 2024, R&D expenses were $14.4 million, reduced from $19.6 million in 2023.
• Net loss decreased in 2024 compared to 2023, reflecting reduced operating costs and ongoing commercialization efforts.
• Cash & cash equivalents (Dec 31, 2024): Approximately $3.3 million.
• Total employees: 85 as of December 31, 2024.

Summary

VolitionRx Limited operates primarily in the diagnostic space, using novel epigenetic biomarkers to provide early detection tools for cancer and sepsis in both humans and animals. It has developed and commercialized veterinary diagnostic tests, formed key partnerships for distribution, and continues to develop innovative platform technologies for broader medical application. Its financial results show ongoing losses with recent revenue growth driven by product sales and licensing agreements.