$VNRX

VOLITIONRX LTD

CIK:0000093314|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Services	$ 0	$ 161,778	$ 58,949	$ 277,254
Product	398,657	244,910	1,324,784	375,819
Total Revenues	398,657	406,688	1,383,733	653,073
Operating Expenses
Research and development	1,800,656	2,720,207	4,652,907	5,327,321
General and administrative	2,205,471	2,940,754	4,858,283	5,184,116
Sales and marketing	548,513	1,043,534	1,400,214	1,960,833
Total Operating Expenses	4,554,640	6,704,495	10,911,404	12,472,270
Operating Loss	(4,155,983)	(6,297,807)	(9,527,671)	(11,819,197)
Other Income (Expenses)
Grant income (loss)	(45,914)	75,991	74,617	197,227
Gain on disposal of fixed assets	341	330	2,101	330
Interest income	163	160	179	318
Interest expense	(740,388)	(123,356)	(866,230)	(220,025)
Amortization of debt discount	(405,068)	(325,305)	(855,202)	(325,305)
Gain (loss) on change in fair value of derivative liability	(1,374,076)	418,681	(1,277,758)	418,681
Gain (loss) on change in fair value of warrant liability	1,162	(62,764)	14,578	(42,726)
Loss on extinguishment of debt	(595,500)	0	(1,583,434)	0
Total Other Income (Expenses)	(3,159,280)	(16,263)	(4,491,149)	28,500
Net Loss	(7,315,263)	(6,314,070)	(14,018,820)	(11,790,697)
Net Loss Attributable to Non-Controlling Interest	(10,784)	29,992	27,999	82,860
Net Loss Attributable to VolitionRx Limited Stockholders	(7,326,047)	(6,284,078)	(13,990,821)	(11,707,837)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(72,313)	575,996	(206,620)	829,925
Net Comprehensive Loss	(7,242,950)	(6,890,066)	(13,812,200)	(12,620,622)
Net Loss Attributable to VolitionRx Limited Stockholders	(7,326,047)	(6,284,078)	(13,990,821)	(11,707,837)
Deemed dividend - down round provision in warrants	(460,100)	0	(460,100)	0
Net Loss Attributable to Common Stockholders	$ (7,786,147)	$ (6,890,066)	$ (14,450,921)	$ (12,620,622)
Net Loss Per Share - Basic and Diluted Attributable to VolitionRx Limited	$ (0.85)	$ (1.22)	$ (1.80)	$ (2.35)
Weighted Average Shares Outstanding - Basic and Diluted	9,154,815	5,132,705	8,018,292	4,980,599

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (14,018,820)	$ (11,790,697)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	395,384	504,629
Amortization of operating lease right-of-use assets	144,566	122,180
(Gain) loss on disposal of fixed assets	(2,101)	(330)
Amortization of debt discount	855,202	325,305
Stock-based compensation	462,985	1,263,419
Loss on extinguishment of debt	1,583,434	0
(Gain) loss on change in warrant liability	(14,578)	42,726
Loss (gain) on change in fair value of derivative liability	1,277,758	(418,681)
Mandatory default amount on convertible notes payable	623,333	0
Changes in operating assets and liabilities:
Prepaid expenses	(223,420)	(135,808)
Accounts receivable	40,453	(79,023)
Other current assets	(143,178)	(101)
Deferred revenue, current and non-current	(889,305)	(107,559)
Accounts payable and accrued liabilities	(402,085)	(188,884)
Management and directors' fees payable	26,548	24,306
Right-of-use assets operating leases liabilities	(155,957)	(122,189)
Net Cash Used In Operating Activities	(10,439,781)	(10,560,707)
Investing Activities
Purchases of property and equipment	(11,002)	(78,591)
Net Cash Used In Investing Activities	(11,002)	(78,591)
Financing Activities
Net proceeds from issuances of common shares	10,608,848	2,447,214
Tax withholdings paid related to stock-based compensation	(15,831)	(79,468)
Proceeds from grants repayable	1,091	32,426
Net proceeds from issuances of convertible note and warrants	1,755,000	5,802,799
Proceeds from long-term debt	962,723	1,570,176
Payments on long-term debt	(426,607)	(411,824)
Payments on grants repayable	(13,049)	0
Payments on convertible loan note	(250,000)	0
Payments on finance lease obligations	(26,963)	(24,219)
Net Cash Provided By Financing Activities	12,595,212	9,337,104
Effect of foreign exchange on cash	(470,463)	293,761
Net change in cash and cash equivalents	1,673,966	(1,008,433)
Cash and cash equivalents - Beginning of the Period	1,117,028	3,264,429
Cash and cash equivalents - End of the Period	2,790,994	2,255,996
Supplemental Disclosures of Cash Flow Information
Interest paid	242,897	220,025
Non-Cash Financing Activities
Deemed dividend - down round provision in warrants	460,100	0
Common stock issued upon settlement of vested RSUs	27	53
Fair value of derivative liability recognized upon issuance of convertible note	385,300	1,042,471
Issuance of warrants in connection with convertible note offering	615,852	1,998,869
Debt issuance costs recognized upon issuance of convertible note	645,000	1,697,201
Common stock issued for settlement of convertible loan note repayments	4,170,400	0
Offering costs from issuance of common stock	282,999	219,801
Non-cash note payable	$ 262,552	$ 292,470

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 2,790,994	$ 1,117,028
Accounts receivable	277,355	317,808
Prepaid expenses	689,008	433,680
Other current assets	335,587	192,409
Total Current Assets	4,092,944	2,060,925
Property and equipment, net	3,564,114	4,027,849
Operating lease right-of-use assets	338,795	495,749
Intangible assets, net	305,133	316,704
Total Assets	8,300,986	6,901,227
Current Liabilities
Accounts payable	3,564,762	2,918,768
Accrued liabilities	2,670,128	4,211,828
Deferred revenue	177,582	353,846
Management and directors' fees payable	54,391	80,939
Current portion of long-term debt	1,070,020	890,571
Current portion of finance lease liabilities	53,593	54,377
Current portion of operating lease liabilities	204,724	250,336
Current portion of grant repayable	101,951	117,093
Warrant liability	6,400	20,978
Derivative liability	2,168,500	913,742
Current portion of convertible note payable, net	3,420,585	2,418,275
Total Current Liabilities	13,492,636	12,230,753
Long-term debt, net of current portion	5,981,815	5,818,354
Deferred revenue, net of current portion	21,225,421	21,938,462
Finance lease liabilities, net of current portion	282,278	317,859
Operating lease liabilities, net of current portion	157,478	276,558
Grant repayable, net of current portion	460,911	473,652
Convertible note payable, net of current portion	239,807	1,438,400
Total Long-Term Liabilities	28,347,710	30,263,285
Total Liabilities	41,840,346	42,494,038
Stockholders' Deficit
Common Stock Authorized: 325,000,000 shares of common stock, at $0.001 par value per share Issued and outstanding: 12,044,339 shares and 6,288,988 shares, respectively	12,044	6,289
Additional paid-in capital	235,263,755	218,943,759
Accumulated other comprehensive income	(88,451)	(295,071)
Accumulated deficit	(267,352,291)	(252,901,370)
Total VolitionRx limited Stockholders' Deficit	(32,164,943)	(34,246,393)
Non-controlling interest	(1,374,417)	(1,346,418)
Total Stockholders' Deficit	(33,539,360)	(35,592,811)
Total Liabilities and Stockholders' Deficit	$ 8,300,986	$ 6,901,227