By Steven Ralston, CFA
NYSE:VNRX
READ THE FULL VNRX RESEARCH REPORT
VolitionRx’s (NYSE:VNRX) has had significant news flow over the last few months. As 4Q & year-end 2025 results are expected to be released in late March, a review of recent events by pillar is in order. A Special Meeting of Stockholders will be held on March 31st to approve reverse-split. In January, the company received almost US$2 million through the issuance of another Senior Secured Convertible Promissory Note to Lind Global Asset Management XII LLC. We are especially looking forward to Volition achieving a reimbursement regimen in France for future expected sales of Nu.Q Cancer and Nu.Q NETs assays under the CE Mark.
RECENT NEWS
Nu.Q Vet
Nu.Q Vet Automated Processing at Central Reference Laboratories in Japan
On March 6, 2026, Volition announced the completion of validation & verification of chemiluminescent immunoassay (ChLIA) version of Nu.Q Vet Cancer Test with Fujifilm Vet Systems in Japan, which allows for full automation rather than manual plates in central laboratories. Under a supply agreement with Volition, Fujifilm Vet Systems may sell and perform the Nu.Q Vet Cancer Test throughout its network (10 bases) of central reference laboratories in Japan. In addition, FujiFilm Vet Systems has relationships with an estimated 11,000 Japanese veterinary medical facilities. Furthermore, there are over 1,700 Japanese veterinary hospitals registered to use the Nu.Q Vet Cancer Test.
Progress on Nu.Q Vet Feline assay: On January 8, 2025, Volition announced the conclusion from a clinical study on the Nu.Q Vet Feline assay. In the study, the assay detected over 80% of feline lymphomas with no false positives (100% specificity). The parameters of the study (e.g. the sample size, study design, protocols etc.) have not yet been released. The publication of the study in a peer reviewed journal is expected.
Volition Sponsored a Symposium at VMX 2026 in Orlando, Florida
In January 2026, Volition both exhibited and sponsored a symposium at the Veterinary Meeting and Expo (VMX) in Orlando, Florida that was held between January 17-21, 2026. VMX is considered to be the premier global veterinary education conference, since around 20,000 veterinary professionals attend and it offers over 1,200 hours of continuing education (CE) programs. The Volition Veterinary Diagnostics Development team was available at booth 2243X and Dr. Sue Ettinger, DVM, DACVIM (Oncology), presented a program titled "Utilizing the Nu.Q® Vet Cancer Test in Practice" on January 19th.
Volition Adds 2Centralized Laboratory Operators to Process Nu.Q Vet Cancer Test
On January 20, 2025. Volition announced the appointment of two (2) new centralized laboratory providers of the Nu.Q Vet Cancer Test, namely Midwest Veterinary Laboratory in the U.S. and Bioguard through the Animal Health Diagnostic Center in Taiwan and China. Midwest Veterinary Laboratory serves customers across all 50 states while Bioguard operates a certified ISO/IEC 17025 animal disease testing laboratory that serves both Taiwan and China.
Nu.Q Cancer (Lung)
On December 5, 2025, two (2) posters concerning Volition’s Nu.Q assays were presented at the North America Conference on Lung Cancer (NACLC) in Chicago. Both abstracts were a result of research conducted by long-term collaborators at the Hospices Civils de Lyon and the National Taiwan University and highlighted the use of Nu.Q Cancer assays in the management of lung cancer patients, both in therapeutic treatment selection and monitoring. NACLC is hosted by the International Association for the Study of Lung Cancer, the only global organization dedicated solely to the study of lung cancer.
Lung Cancer Poster: The poster titled: “Prognostic Value of Circulating H3K27Me3-Nucleosomes In Newly Diagnosed Lung Cancer Patients” by M. Piecyk et al relayed results from a large-scale (n=617) study at the Claude Bernard University and Hospices Civils de Lyon in France. The study demonstrated that levels detected in the Nu.Q-H3K27Me3 assay can be a practical risk assessment tool since the levels increase with cancer disease stages, including being a prognostic biomarker for overall survival.
Lung Cancer Poster: The poster titled: “Pre-operative nucleosome liquid biopsy for risk stratification of lung cancer” by Dr. Pei-Hsing Chen et al relayed results from a large-scale (n=558) from a study at the Institute of Biomedical Engineering at the National Taiwan University in Taipei City. The study indicated that pre-operative H3K27Me3-nucleosome levels helps identify which Non-Small Cell Lung Cancer patients. Low H3K27me3 levels indicated significantly better outcomes than those patients with high H3K27Me3-nucleosome levels, which were flagged as higher-risk patients that would benefit from closer follow-ups and possibly secondary cancer treatment due to a higher incidence of micro-metastatic disease, along with lower survival outcomes.
Volition Receives 1st Commercial Order for Nu.Q Cancer Assays
In late-November, Volition announced that Hospices Civils de Lyon (aka HCL or the University Hospital of Lyon) placed Volition’s first commercial order for Nu.Q Cancer assays. HCL is one of 14 hospital networks across five (5) European countries that are scheduled to begin internal certification process of Volition’s Nu.Q Cancer assay prior to its use in routine clinical for patient disease management, particularly for NSCL (Non-Small Cell Lung Cancer).
Volition Proceeds with Initiating Lung Cancer Reimbursement Process in France
In January 2026, Volition began preparing a dossier for the submission of reimbursement for Nu.Q Cancer assays for lung cancer management,to government agencies in France. Hospices Civils de Lyon (HCL), France's second largest university hospital system, is actively supporting the reimbursement dossier, particularly Professor Léa Payen, who is advocating for the measurement of methylated nucleosome biomarker levels with the Nu.Q test for the diagnosis and subsequent management of patients with NSCL.
Volition is working towards the submission of a reimbursement dossier before the end of March under "Innovative Procedures Outside the Nomenclature," which is a framework allows for the early and temporary support of innovative procedures. If the dossier is classified as admissible, the determination of eligibility for reimbursement coverage normally occurs within five months. Thereafter, the pathway is facilitated to introduce the test into reimbursed clinical practice in France, which can lead to the integration of the Nu.Q assay into routine clinical use. Management anticipates the introduction into standard clinical use in France by the fourth quarter of 2026. The achievement of a reimbursement regimen would be a major milestone for both the commercialization and licensing efforts of Nu.Q in the human cancer field.
Nu.Q Capture-Seq
Nu.Q Capture-Seq Advancement
On December 11, 2025, VolitionRx announced the preprint paper (i.e. the paper has not yet been peer reviewed by a journal) titled "Direct analysis of transcription factor protected cfDNA in plasma by ChIP-seq: Measurement of altered CTCF binding in cancer is a novel biomarker for liquid biopsy" by Dorian Pamart et al. This paper showcases Volition’s Capture-Seq methodology that physically enriches ultrashort DNA fragments in the blood, including CTCF transcription factor-bound DNA and removes 99.5% OF background DNA, which resulted in a 180-fold enrichment (18,000%). The initial small training cohort consisted of 70 people, including 49 patients with cancer (breast, prostate, lung, or colorectal). The analysis of the ultrashort transcription factor-bound DNA was able to detect all the patients with cancer (100% sensitivity) without any false positives (100% specificity).
Nu.Q NETs (HS)
New Indication for Volition’s Nu.Q NETs assay in Hidradenitis Suppurativa
On January 15, 2026, a preprint paper was posted on MedRXiv titled "Plasma H3.1-Nucleosomes to Classify Severity and Surrogate Response to Treatment in Hidradenitis Suppurativa: A Cohort Study." The clinical study demonstrates that the level of plasma H3.1-nucleosomes (as measured by Volition’s Nu.Q NETs assay) is a novel blood-based biomarker that is capable of classifying the severity of Hidradenitis Suppurativa (HS) in patients as well as a tool to monitor treatment response.
The presentation of high levels of plasma H3.1-nucleosomes indicate NETosis, which is associated with HS and would enable clinicians to anticipate the disease. In terms of treatment, the use of various biologic therapies for HS has had mixed outcomes for this complex immune-mediated disorder in which the clinical presentation tends to vary from person to person. However, in the study, 45% or greater decrease in plasma H3.1-nucleosomes signaled a positive response to biological treatments, which allows for a personalized approach in guiding treatment decisions. Is a patient does not have a positive plasma H3.1-nucleosome response, a modification or surrogate treatment is indicated. 93 patients were enrolled in the study while serial measurements were available for 54.
In addition, the level of plasma H3.1-nucleosomes (as measured by Volition’s Nu.Q NETs assay) could be used to initiate (or to cease) clinical trials on promising biologic therapies that are being investigated.
VolitionRx Sponsored a HS Symposium and a Poster at the 15th EHSF Conference
Hidradenitis Suppurativa Session: VolitionRx sponsored a symposium at the 15th European Hidradenitis Suppurativa Foundation (EHSF) Conference in Malta on February 5, 2026. The session was titled "Empowering Precision‑Medicine Approach through NETs Plasma Biomarker‑Driven Personalized Treatment," which was concerning the clinical study on HS cited above which used Volition's Nu.Q NETs assay. The presentation was delivered by Professor Evangelos J. Giamarellos-Bourboulis, M.D., PhD., a co-author of the paper.
Hidradenitis Suppurativa Poster: A poster titled "Change of Neutrophil Extracellular Traps (NETs) Blood Levels to Surrogate Response to Treatment in Hidradenitis Suppurativa" was presented at the EHSF on February 4, 2026, the day before the symposium described above. The poster relayed the highlights of the clinical study on HS cited above that used Volition's Nu.Q NETs assay. It stands to reason that the poster would entice attendance to the symposium scheduled for the following day.
Nu.Q NETs (Sepsis)
Volition Became Sole Biomarker Provider for Sepsis Study in France
On December 3, 2025, Volition’s Nu.Q NETs H3.1 assay was included in an evaluation for the early detection of sepsis by the DETECSEPS Consortium, an organization awarded approximately €6.3 million (or $7.3 million) by the French government as part of the France 2030 plan. Volition is to provide the sole biomarker for the project being conducted at the Assistance Publique – Hôpitaux de Paris (AP-HP), Hospital-University Institute (IHU), and Université Paris-Saclay, among others.
Nu.Q NETs (APS)
Volition Entered into a Research License for APS with Werfen S.A.
In September 2025, VolitionRx signed its 1st human licensing deal. The agreement is a Research License for Antiphospholipid Syndrome (APS) with Werfen S.A., which is headquartered in Barcelona and has eight (8) Technology Centers located in Spain (1), Germany (1) and the United States (6). Under the out-licensing agreement, Werfen will have access to the components of Volition's Nu.Q H3.1 NETs assay and will investigate the assay’s clinical utility in managing APS patients. Werfen’s work will be conducted at its Immunoassay Technology Center, which is located in Lliçà d’Amunt (approximately 30 kilometers north of Barcelona). Volition’s Nu.Q NETs assay has already successfully transferred to Werfen’s AcuStar platform. Also, Volition and Werfen have entered into an Exclusive Commercial Option Rights Agreement for APS. APS is an autoimmune disorder that affects approximately four million people worldwide. The full terms of the agreement are confidential.
Nu.Q Discover
Volition Announced the Appointment of New Distributor for Nu.Q Discover in Japan
On February 10, 2026, Volition announced the appointment of Medical & Biological Laboratories Co. Ltd as a non-exclusive distributor of Nu.Q® Discover assays in Japan. Volition is now serving almost 100 clients worldwide with nucleosome-based biomarkers under Nu.Q Discover.
Volition Entered into aCo-Marketing agreement for Nu.Q Discover services
In September 2025, Volition signed a co-marketing agreement with Hologic Diagenode (NASDAQ:HOLX) for marketing Volition’s Nu.Q Discover services to Hologic'slarge client base and also at conferences & on webinars. The initial term is one (1) year; however, the agreement could expand into being an exclusive arrangement.
FINANCINGS SINCE Mid-2025
On January 8, 2026, Volition announced that the company entered into an amended and restated securities purchase agreement with Lind Global Asset Management XII LLC. Under the Amended Agreement, Volition will issue to Lind a $2.4 million Senior Secured Convertible Promissory Note and a 5-year warrant to purchase up to 7,000,350 common shares exercisable at $0.5714 per share in consideration of $2.0 million in gross proceeds minus $70,000 for a commitment fee. The 2026 Note is to be repaid in monthly $133,333 cash payments or shares over 18 months after an initial 6-month repayment holiday. The 2026 Lind Note is convertible into common shares at a conversion price of $0.5714 per share.
Last year in May 2025, Volition entered into a similar agreement wherein Volition issued to Lind a $7.5 million Senior Secured Convertible Promissory Note and a 5-year warrant to purchase up to 13,020,834 common shares exercisable at $0.672 per share in consideration of $6.25 million in gross proceeds minus $218,750 for a commitment fee. The 2025 Lind Note is convertible into common shares at a conversion price of $0.72 per share, subject to adjustment. Both the 2025 note and the 2026 note are secured by the assets of the company and its subsidiaries.
In mid-October 2025, VolitionRx closed an underwritten public offering of 11,550,000 shares and 5-year warrants to purchase up to 11,550,000 shares. The public offering was priced at $0.52 per set of securities. The warrants are each exercisable at $0.60 per share.
An over-allotment for 1,732,500 shares and warrants was granted (and subsequently amended) to the underwriter, Newbridge Securities, for 1,732,500 shares and 1,732,500 warrants; the over-allotment was exercised in early November in the amount of 1,194,000 shares and 1,732,500 warrants at $0.51 per share and $0.01 per warrant less an underwriting discount of 7.0%.
A total of 12,744,000 common shares were issued, and gross proceeds were approximately $6.59 million from the offering of common shares and warrants.
In mid-September 2025, Volition issued 483,870 common shares and 5-year-warrants at a combined offering price of $0.62 per set of securities to an existing stockholder in a private placement. The warrants are each exercisable at $0.682 per share. The net proceeds were $0.3 million, before deducting offering expenses of $0.02 million.
In early August 2025, Volition received net proceeds of $1.21 million from a registered direct offering. The offering consisted of 1,734,375 common shares and 1,734,375 5-year warrants to the public and 156,250 shares and warrants to certain of directors and executive officers. The public offering was priced at $0.64 per set of securities. The warrants are each exercisable at $0.768 per share.
NYSE AMERICAN LISTING
Notice of Non-Compliance with NYSE American Continued Listing Standards
On February 6, 2026, VolitionRx Limited received a notice from the NYSE American LLC that the company is not in compliance with the NYSE American continued listing standards Section 1003(a)(i).
The notice has no immediate impact on the listing of the Volition's common shares of common stock, which will continue to be listed and traded on the NYSE American. Management is committed to achieving compliance with the NYSE American's requirements.
In the small cap universe, it is not unusual for management to resolve such situations by coming into compliance through a reverse split. Therefore, it came as no surprise that a Special Meeting of Stockholders will be held on March 31, 2026, during which Volition’s Board of Directors is unanimously recommending the approval two proposals, one being the issuance of shares in excess of 20% of outstanding shares to Lind Global Asset Management XII LLC for purposes of complying with NYSE American Rule 713 and the other being to authorize a reverse stock split between 1-for-5 and 1-for-20, the exact ratio to be determined by the Board of Directors at a later date.
VALUATION
Utilizing a financial model based on DCF methodology, which forecasts out to 2031, and uses a 10% discount rate (based on CAPM), a 2% terminal growth rate and a terminal P/S multiple of 0.52, the indicated target of VNRX is $1.80 per share. The predominate factor for the lower target is the dilution resulting from the issuance of the Lind Global Asset Management XII LLC Notes (2025 and 2026).
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