Volitionrx’s Q4 2025 Call: Revenue Guidance Shifts, Feline Milestone Timing Don’t Match

Date of Call: Apr 1, 2026

Financials Results

• Revenue: $1.7M for full year 2025, up 40% YOY

Business Commentary:

Revenue Growth and Commercialization:

• VolitionRx Limited reported $1.7 million in revenue for the full year 2025, a 40% increase over the previous year.
• The growth was driven by the first revenue from the CE Mark Nu.Q NETs product and the first order for Nu.Q Cancer assays for clinical certification.

Operating Expense Reduction:

• The company's operating expenses were reduced by $4.8 million, a 17% decrease compared to the full year 2024.
• This reduction was part of a strategic shift to focus on commercialization, reducing the costs associated with R&D activities.

Licensing and Partnerships:

• VolitionRx signed agreements with multi-billion dollar companies such as Werfen and Hologic, enhancing its licensing strategy in the human diagnostic market.
• The goal is to secure a wide range of licensing agreements, mirroring the successful strategy in the veterinary market, to accelerate global technology availability.

Product Development and Clinical Milestones:

• Key clinical milestones included the first commercial sale of the Nu.Q Discover biomarkers and the development of the Nu.Q Vet feline assay for lymphoma detection with 100% specificity.
• These advancements reflect the company's focus on expanding its product portfolio and addressing significant unmet needs in both human and veterinary medicine.

Sentiment Analysis:

Overall Tone: Positive

• Management expresses strong optimism about transformational progress: 'I believe we will look back on 2025, this first quarter of 2026, and in time, the next few quarters, as transformational for the company.' They highlight imminent clinical use, licensing deals, and significant scientific milestones, stating 'we are about to be part of the solution' and expecting 'a lot of news' and 'strong growth' in 2026.

Q&A:

• Question from Justin Walsh (JonesTrading): As we see more from Capture-Seq, it would be great if you could provide some additional color on the current state of the liquid biopsy field, where maybe the field has seen some success and where alternative approaches have fallen short. Maybe related to this, some takeaways on the failure of the large NHS Galleri trial to achieve its primary endpoint.
  Response: Management believes their platform offers a routine, low-cost, accurate alternative and is in active, confidential discussions with multiple large companies for licensing, expecting updates in the near term.

• Question from Yi Chen (H.C. Wainwright): Could you comment on how do you expect the Nu.Q Cancer assays to ramp up in terms of volume throughout 2026? And my second question is, can you just provide some general comments on how many new licensing deals you expect to close this year?
  Response: Volume ramp for Nu.Q Cancer is expected to be quick once reimbursement is secured (anticipated Q4 2026). Multiple licensing deals across cancer and NET are expected in 2026, with discussions at various stages, but no exact number provided.

• Question from Steven Ralston (Zacks): Can you make a comment on the rate of acceptance of the vet test for canines among the different partners you have? Are there any commonalities of the more successful ones of how they’ve ramped up usage?
  Response: Growth is lumpy; key to scaling is central lab automation. Success depends on partners adopting automated platforms, which could enable exponential growth, but focus is currently on human commercialization.

• Question from Steven Ralston (Zacks): Is [the European hospital network model] a model for your global emphasis, or it just happens to be that this is the first foray?
  Response: It is part of a strategy to leverage partners for studies and regulatory pathways, with the goal of licensing to large international diagnostics for global rollout, including the U.S.

• Question from Bruce Jackson (The Benchmark Company): I wanted to follow up on the Capture-Seq paper. I’m curious to know how amenable is this process to front-end automation in the lab, and how easily could it be integrated into, like, an MRD test or a liquid biopsy test in the lab?
  Response: The process is suitable for automation, involving an immunoassay (easy to automate) and simplified sequencing analysis, making it a strong candidate for integration into existing lab workflows.

• Question from Bruce Jackson (The Benchmark Company): What’s the anticipated timing of the feline cancer milestone?
  Response: The milestone payment is expected in 2026, contingent on paper publication, but the exact quarter is uncertain.

• Question from Bruce Jackson (The Benchmark Company): What’s the anticipated operating expense profile for 2026?
  Response: Operating expenses are targeted to be reduced by 25%-30% through 2026, with a lumpy quarterly decrease, not a sequential drop, as the company shifts focus from R&D to commercialization.

Contradiction Point 1

Financial Outlook and Revenue Guidance

Shift from not providing guidance to giving specific revenue expectations.

Yi Chen (H.C. Wainwright) - Yi Chen (H.C. Wainwright)

2025Q4: Revenue guidance is not provided due to lumpy early-stage commercialization. The company expects to record revenue from the CE Mark Nu.Q NETs product and anticipates a $5 million milestone payment in the vet space. - [Terig Hughes](CFO) & [Cameron Reynolds](CEO)

How do you expect the volume of Nu.Q Cancer assays to ramp up through 2026, and how many new licensing deals do you anticipate closing by then? - Steven Ralston (Zacks Investment Research)

2025Q3: The company does not break out revenue by pillar in reporting but can provide color on calls... The long-term model shifts from product sales to licensing and royalty revenue as partners commercialize the technology. - [Terig Hughes](CFO) & [Cameron Reynolds](CEO)

Contradiction Point 2

Timing of the Feline Cancer Milestone Payment

Specific expectation for 2026 contradicts earlier confidential timing.

What were Bruce Jackson's comments from The Benchmark Company during the earnings call? - Bruce Jackson (The Benchmark Company)

2025Q4: The milestone payment is expected this year (2026) after the required peer-reviewed paper submission. - [Terig Hughes](CFO)

How amenable is the Capture-Seq process to front-end automation in the lab? What is the anticipated timing for the feline cancer milestone payment? What is the expected operating expense profile for 2026? - Bruce Jackson (The Benchmark Company)

2025Q3: The timing is confidential but is governed by the publication and subsequent commercial launch criteria. - [Cameron Reynolds](CEO) & [Terig Hughes](CFO)

Contradiction Point 3

Timing of First Human Out-Licensing Deal

Contradiction on when the first major human deal is expected to be finalized.

Yi Chen (H.C. Wainwright) - Yi Chen (H.C. Wainwright)

2025Q4: Multiple deals are expected across cancer and NETs with various companies and governments in 2026. - [Cameron Reynolds](CFO) & [Terig Hughes](CFO)

How do you expect the volume of Nu.Q Cancer assays to ramp up through 2026, and how many new licensing deals do you anticipate closing this year? - Justin Howard Walsh (JonesTrading Institutional Services)

2025Q2: The company believes it is very close to signing its first human out-licensing deal this quarter. - [Cameron Reynolds](CFO)

Contradiction Point 4

Ramp-Up Timeline for Nu.Q Cancer Assay Volume

Contradiction on the timeline for volume ramp-up post-reimbursement approval.

What were the primary drivers of the company's financial performance during the quarter? - Yi Chen (H.C. Wainwright)

2025Q4: The Nu.Q Cancer assay volume depends on reimbursement approval, expected in Q4 2026, after which it should ramp up fairly quickly. - [Cameron Reynolds](CFO)

How do you expect the volume of Nu.Q Cancer assays and new licensing deals to contribute to growth through 2026? - Bruce David Jackson (The Benchmark Company)

2025Q2: Implementation could happen via a CLIA lab setting for quicker revenue (potentially in the first half of next year if data is positive)... - [Cameron Reynolds](CFO)

Contradiction Point 5

Sustainability and Drivers of Cost Reduction

The stated reason for cost reductions shifted from a broad strategic focus to a specific, imminent operational need.

Bruce Jackson (The Benchmark Company) - Bruce Jackson (The Benchmark Company)

2025Q4: The company is targeting a 25%-30% reduction in cash operating expenses year-over-year through cost-saving actions. Q1 2026 expenses are expected to be heavier due to a seasonal pattern and severance costs, with a gradual decline through the rest of the year. This reduction is driven by a fundamental shift from R&D to commercialization. - [Terig Hughes](CFO) & [Cameron Reynolds](CEO)

How amenable is the Capture-Seq process to front-end automation in the lab? What is the anticipated timing for the feline cancer milestone payment? What is the expected operating expense profile for 2026? - Ilya Zubkov (Freedom Broker)

2025Q1: The reduced level is budgeted for business-as-usual activities... The strategy leverages licensing to large players, minimizing the need for big internal expenditures. - [Terig Hughes](CFO)