VolitionRx Reports 44% Revenue Growth in Q1 2025, Net Loss Improves

VolitionRx Limited reported its financial results for the first quarter of 2025, revealing total revenues of $246,385, a 44% increase from $171,535 in the same period of 2024. The revenue growth was primarily driven by a significant rise in service revenue, which surged to $115,476 from just $2,938 a year earlier. However, product revenue saw a decline, falling to $130,909 from $168,597. The company recorded a net loss of $5.5 million, a notable improvement compared to the $8.5 million loss reported in the first quarter of 2024, reflecting a 35% reduction in losses.

Operating expenses for the quarter decreased to $5.8 million, down from $8.6 million in the prior year, largely due to reduced research and development costs, which fell by 44% to $2.6 million. This decrease was attributed to the completion of clinical trials and lower personnel expenses, with the number of full-time equivalent employees in research and development dropping from 66 to 52. General and administrative expenses remained relatively stable, while sales and marketing expenses decreased significantly by 45% to $917,299, reflecting cost-cutting measures.

In terms of strategic developments, VolitionRx has been actively pursuing partnerships to enhance its market presence. The company has entered into licensing agreements with major players in the veterinary diagnostics sector, including Heska and IDEXX, to commercialize its Nu.Q® Vet Cancer Test. The test was launched in various markets, including the UK, Ireland, and Japan, indicating a focused effort on geographic expansion and product adoption.

As of March 31, 2025, VolitionRx had cash and cash equivalents of approximately $2.6 million, down from $3.3 million at the end of 2024. The company has been utilizing its cash reserves to fund ongoing research and development, while also seeking additional financing through equity and debt offerings. The recent issuance of common stock and warrants in a registered direct offering in March 2025 raised approximately $2.4 million, contributing to the financing activities for the quarter.

Looking ahead, VolitionRx faces challenges related to its ongoing losses and the need for further capital to sustain operations. The company has acknowledged substantial doubt regarding its ability to continue as a going concern without additional financing. Management plans to address this by exploring various funding avenues, including licensing agreements and potential equity sales, while maintaining a focus on cost control and operational efficiency.