VolitionRx Reports 15% Revenue Growth and $11.8 Million Net Loss for First Half of 2025

VolitionRx Limited reported its financial results for the six months ended June 30, 2025, revealing total revenues of $653,073, a 15% increase from $567,332 in the same period of the previous year. The revenue growth was primarily driven by a significant rise in service revenues, which surged by 78% to $277,254, while product revenues decreased by 9% to $375,819. The company continues to operate at a loss, with a net loss of $11.8 million for the first half of 2025, compared to a net loss of $15.5 million for the same period in 2024, reflecting a 24% improvement in loss reduction.

In terms of operational efficiency, VolitionRx has made notable strides in reducing its operating expenses, which fell by 22% to $12.5 million from $15.9 million year-over-year. This decrease was largely attributed to a 36% reduction in research and development expenses, which totaled $5.3 million, as the company scaled back clinical trial activities. General and administrative expenses increased by 14% to $5.2 million, primarily due to higher stock-based compensation and legal fees. Sales and marketing expenses also saw a significant decline, dropping 36% to $2 million.

The company’s balance sheet as of June 30, 2025, showed total assets of $8.7 million, down from $9.4 million at the end of 2024. Cash and cash equivalents decreased to $2.3 million, reflecting a cash burn of $10.6 million in operating activities during the first half of 2025. VolitionRx's total liabilities increased to $41.8 million, up from $35.5 million at the end of 2024, largely due to the issuance of a senior secured convertible note in May 2025, which raised $6.3 million in cash.

Strategically, VolitionRx has focused on expanding its product offerings and market reach. The company has launched its Nu.Q® Vet Cancer Test in multiple countries, including recent expansions into the UK, Ireland, and Japan. Additionally, VolitionRx has entered into various licensing agreements to enhance its commercialization strategy, including partnerships with Heska and IDEXX, which are expected to bolster its market presence in the veterinary diagnostics sector.

Looking ahead, VolitionRx acknowledges the need for additional financing to support its ongoing operations and product development. The company plans to pursue various funding avenues, including licensing agreements and equity or debt securities sales. However, management has expressed concerns regarding its ability to continue as a going concern without securing further capital, as indicated by the substantial doubt raised by its auditors in their report. The company is actively working on cost control measures and exploring opportunities to enhance its financial position.