VolitionRX (VNRX) Q2 2024 earnings summary

Executive summary

• Nu.Q Vet Cancer Test sales in H1 2024 exceeded full-year 2023, with over 60,000 tests sold and expanded availability to 17 countries, including launches in Japan, Australia, India, Singapore, US, Europe, and Poland.

• Q2 2024 revenue rose 83% year-over-year to $396,000, driven by Nu.Q Vet Cancer Test sales to Antech and other partners.

• Net loss narrowed to $7.1 million in Q2 2024 from $9.6 million in Q2 2023, reflecting reduced clinical trial and personnel costs.

• Significant progress in clinical studies for Nu.Q NETs (sepsis) and Nu.Q Cancer, with promising data and upcoming publications.

• Focused on negotiating first human health licensing deals in H2 2024, with PharmaVentures engaged as advisor and data rooms prepared for liquid biopsy, IVD, sepsis, and oncology opportunities.

Financial highlights

• Q2 2024 revenue reached $396,000, up 83% year-over-year; H1 2024 revenue totaled $567,000, up 55%.

• Operating expenses in Q2 2024 were 24% lower than Q2 2023, mainly due to lower R&D and personnel costs.

• Net loss for Q2 2024 was $7.1 million, improved from $9.6 million in Q2 2023; six-month net loss was $15.5 million.

• Ended Q2 with $6 million in cash and cash equivalents.

• Completed a registered direct offering post-quarter, raising $7 million upfront with up to $14.5 million in milestone-linked warrants.

Outlook and guidance

• Targeting cash flow positivity in 2025 through licensing, milestone payments, revenue growth, and cost reductions.

• Ongoing cost reduction program aims for $10 million annualized savings by year-end.

• Management expects continued losses and negative cash flows as commercialization and R&D investments persist.

• Additional financing is required to sustain operations; failure to secure funds may force discontinuation of activities.

• Anticipates major clinical data releases and licensing milestones in H2 2024, including first human health licensing deals.