VolitionRX Ltd

Second-quarter revenue was approximately $0.4 million, broadly in line with approximately $0.4 million in the same period of 2025. First-half revenue was $1.4 million, with year-over-year growth of 112%. Total operating expenses were $4.6 million in Q2 versus $6.7 million last year, a 32% reduction, and net loss was $7.3 million versus $6.3 million. Net cash used in operating activities was $5.2 million versus $6.3 million in the comparable 2025 quarter, and cash and cash equivalents ended Q2 at approximately $2.8 million versus $1.1 million at December 31, 2025. Management said about $1.2 million of net ATM proceeds and $4.1 million of net proceeds from a confidentially marketed public offering helped cash, and they did not provide 2026 revenue guidance because revenue is still lumpy and hard to predict.

Cameron Reynolds framed the quarter as one of broad clinical and commercial progress across all product pillars, especially Nu.Q NETs, Nu.Q Lung Cancer, Capture-Seq, and Nu.Q Vet. He emphasized the lateral flow fingerprint test, the new Sysmex collaboration, progress with Werfen and Mayo Clinic, and the possibility that these programs expand testing into point-of-care and lower-infrastructure settings. His tone was upbeat and expansive, with repeated references to large markets, licensing opportunities, and imminent first clinical use in both sepsis and lung cancer.

Terig Hughes focused on the financials: Q2 revenue was about $0.4 million, operating expenses were $4.6 million, and the company cut costs materially versus last year. He said the Q2 loss widened to $7.3 million largely because of about $3 million in noncash charges related to the Lind convertible notes, while cash used in operations fell to $5.2 million. He also highlighted that cash and cash equivalents were about $2.8 million at quarter-end, supported by roughly $1.2 million from ATM sales and $4.1 million from the Maxim public offering, and reiterated that the company is continuing to reduce underlying spending.

Analysts pressed on how the lateral flow sepsis test would be used versus the CE-marked central lab assay, and management said the point-of-care version would complement rather than replace the lab test by enabling faster decisions, home or low-infrastructure use, and broader market reach. Questions also focused on French reimbursement for Nu.Q Lung Cancer, where management said the process carries risk but the company has had a pre-submission meeting and expects initial news later this year, with real-world use in France next year if approved. On capital and partnering, management said discussions are active across more than a dozen potential partners, but the signed multibillion-dollar-company agreements are Werfen, Sysmex, Revvity, and Hologic; they did not disclose any co-development funding details.