VolitionRx

What VolitionRx does

VolitionRx Limited is a multi-national diagnostics company founded in 2010 and listed on NYSE American (ticker VNRX) that develops blood-based tests built on its patented Nucleosomics platform, which isolates and quantifies circulating nucleosomes to detect disease-associated epigenetic changes from the earliest stages of cancer, sepsis, and NETosis-associated conditions. Its commercial product portfolio spans veterinary cancer screening (Nu.Q Vet Cancer Test, sold through Antech, IDEXX, Fujifilm Vet Systems and other labs), human-health diagnostics (CE-marked Nu.Q NETs for NETosis/sepsis in 30+ European jurisdictions; Nu.Q Cancer blood-based assays; pipeline Capture-Seq liquid biopsy technology achieving >99% ctDNA purity), and research tools (Nu.Q Discover assays and recombinant nucleosomes sold via the rNuQ webshop to ~100 pharma and diagnostic clients).

The company monetizes through a mix of product sales (veterinary kits, research assays, CE-marked kits), licensing and royalty arrangements (Werfen, Hologic, and ongoing discussions with over a dozen diagnostic majors), milestone payments (including a $5M payment tied to a feline lymphoma manuscript), and non-dilutive regional grants (European Regional Development Fund, Walloon Government, Namur Invest). Go-to-market combines distributor networks for veterinary, OEM/platform licensing for human health, direct engagement with hospitals and academic centers (Mayo Clinic, Amsterdam UMC, Hospices Civils de Lyon), and an e-commerce webshop for research reagents.

Operationally, VolitionRx is headquartered in Henderson, Nevada with a 20,000 sq ft purpose-built R&D facility in Gembloux, Belgium, and additional offices in Carlsbad (CA), London, and Singapore; it employs over 80 staff. The business is pre-profitability with FY2025 revenue of $1.7M (40% YoY growth) against operating losses in the $20-30M range, a current ratio of 0.33, $11.7M of total debt, and an active NYSE American compliance plan through August 2027; capital is sourced from repeated dilutive public offerings and Belgian regional grants, with a €2M non-dilutive award closed in March 2026.

Name

VolitionRx

Legal name

VolitionRx Limited

Website

https://volition.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

VolitionRx is a publicly-traded diagnostics company that develops blood-based Nucleosomics tests for early detection of cancer, sepsis, and NETosis-associated diseases, serving veterinary clinics (via Antech, IDEXX, Fujifilm), hospitals (Mayo Clinic, Amsterdam UMC), and pharmaceutical researchers.

Ownership category

akta.pro rank

Product category

Cancer Diagnostics

NAICS

In-Vitro Diagnostic Substance Manufacturing (325413), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

In Vitro & In Vivo Diagnostic Substances (2835), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Molecular Diagnostics (PCR/qPCR, NGS-based assays) (HLAAALAA)

akta.pro secondary industries

Molecular Diagnostics (PCR/NAAT/NGS-based IVD) (HLAHAAAD), Molecular & Genetic Testing (PCR/NGS/qPCR) (HLAGADAF)

Keywords

• Blood-based diagnostics
• Cancer screening tests
• Veterinary cancer diagnostics
• Nucleosome quantification assays
• Sepsis diagnostic solutions

Headquarters

HQ city

Henderson

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Product Sales — Veterinary Diagnostics: Revenue from sale of Nu.Q Vet Cancer Tests distributed through Antech, IDEXX, Fujifilm Vet Systems, and other laboratory providers in the US and Asia. Q1 2026 revenue of $1.0M driven by deferred revenue recognition from Heska agreement.
2. Product Sales — Nu.Q Discover / Research Assays: Sale of Nu.Q Discover assays and recombinant nucleosomes (rNuQ) to pharmaceutical and diagnostic companies for research use. The company launched an rNuQ webshop for direct sales. Reported 86% revenue growth for Nu.Q Discover in 2025.
3. Product Sales — Nu.Q NETs CE-marked Assay: Sales of CE-marked Nu.Q NETs automated assay for clinical use in detecting NETosis-associated conditions. Commercially available across 27 EU member states, three EEA countries, and the UK.
4. Licensing Agreements: Multi-pillar licensing agreements with Werfen (Antiphospholipid Syndrome) and Hologic (Co-Marketing and Services Agreement), plus ongoing licensing discussions with over a dozen global diagnostic leaders. Expected to generate upfront milestone payments, royalties, and recurring revenue.
5. Milestone Payments: Contractual milestone payments triggered by clinical and commercial achievements, including $5 million expected upon peer-reviewed publication of Nu.Q Vet feline lymphoma assay manuscript.

Go-to-market motion2 records

Distribution channels8 records

Marketing channels7 records

Core offering

VolitionRx develops and commercializes proprietary Nucleosomics-based blood diagnostic tests that detect epigenetic changes in circulating nucleosomes for early diagnosis of cancer, sepsis, and NETosis-associated diseases. The company sells the CE-marked Nu.Q NETs assay for human sepsis diagnostics, the Nu.Q Vet Cancer Test for canine cancer screening, research-use Nu.Q Discover assays and rNuQ recombinant nucleosomes, and is developing pipeline products including Nu.Q Cancer blood tests and Capture-Seq ctDNA liquid biopsy technology.

Product overview

VolitionRx offers a diversified portfolio of diagnostic products and services built on its proprietary Nucleosomics™ technology platform. The core Nu.Q® technology detects characteristic epigenetic changes in nucleosomes from blood samples for disease detection. Commercial products include Nu.Q® NETs (CE-marked sepsis diagnostic), Nu.Q® Vet Cancer Test (veterinary cancer screening for dogs), and Nu.Q® Discover (research assays for drug developers including rNuQ recombinant nucleosomes). Pipeline products include Nu.Q® Cancer (human cancer blood tests in development) and Capture-Seq™ (liquid biopsy technology achieving 99%+ ctDNA purity for early cancer detection). The portfolio spans veterinary and human health applications, with products ranging from commercialized diagnostics to research tools and emerging technologies.

Differentiator

Problem solved

Functional benefit

Brands

• Nu.Q: Proprietary nucleosome quantification technology platform for early disease detection including cancer and sepsis diagnostics
• Nu.Q NETs
• Nu.Q Vet
• Nu.Q Cancer
• Nu.Q Discover
• Capture-Seq
• Nucleosomics

Products and services

• Nu.Q Vet Cancer Test Affordable, accessible blood test for early detection of cancer in dogs. Simple, cost-effective screening recommended for older dogs (7+ years) and high-risk breeds (4+ years). Available in the US, Europe, Australia, and Asia via distributors including Antech and IDEXX.
• Nu.Q NETs Assay CE-marked diagnostic solution that detects NETosis by quantifying circulating Neutrophil Extracellular Traps (NETs) as biomarkers. The only analytically validated assay to quantify NET levels, used for sepsis detection, disease severity prediction, and treatment monitoring. Available across 27 EU member states, 3 EEA countries, and the UK.
• Nu.Q Discover Assays Research service providing drug developers and scientists access to proprietary assays for rapid epigenetic profiling in disease model development, preclinical testing, and clinical studies. Includes H3.1 Research Use Only Assay and recombinant nucleosome products.
• rNuQ Recombinant Nucleosomes Ready-to-use recombinant nucleosomes for research purposes, manufactured in ISO 13485 certified facility. Includes exclusive H3K18lactylations nucleosomes not available elsewhere. Sold via rNuQ webshop.
• Nu.Q Cancer Blood-Based Assays Range of simple, cost-effective blood-based assays for cancer detection with potential applications beyond cancer detection. Focus areas include monitoring disease progression, treatment response, and minimal residual disease monitoring. Working with hospitals in Europe and Asia.
• Capture-Seq Liquid Biopsy Technology Novel liquid biopsy method designed to isolate and analyze pure circulating tumor-derived DNA (ctDNA) from blood samples. Achieved over 99% purity in isolating ctDNA and detects over 95% of early-stage cancers.
• Nu.Q NETs Ebola Triage Test (Patent Application) Patent-stage product application of Nu.Q NETs test for triaging and monitoring Ebola patients, measuring circulating nucleosomes and Neutrophil Extracellular Traps as early indicators of hyper-inflammation leading to septic shock. Includes lateral flow finger-prick variant for bedside deployment in resource-constrained outbreak zones.

Quantifiable outcome

• Q1 2026 revenue of $1.0 million, representing 300% increase year-over-year
• +5 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature7 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Sysmex CorporationcoreTechnology or Integration · 17 June 2026VolitionRx announced a collaboration with Sysmex Corporation to optimize its Nu.Q NETs H3.1 assay on Sysmex's diagnostic platform for detecting Neutrophil Extracellular Traps associated with sepsis and other conditions. The companies have completed assay transfer and begun optimization, with VolitionRx estimating a $3.8 billion total addressable market for the test. Financial terms were not disclosed.
• Fujifilm Vet SystemscoreChannel Partner/ Reseller/ Distributor · 6 March 2026VolitionRx completed validation of its automated Nu.Q Vet Cancer Test with Fujifilm Vet Systems in Japan, enabling full automation instead of manual plates in central laboratories across the country. Over 1,700 veterinary hospitals are already registered to use the test in Japan's market of approximately seven million pet dogs. The automated test runs on the IDS i10 platform, creating operational synergies across the company's technology portfolio.
• Medical & Biological Laboratories (MBL)minorChannel Partner/ Reseller/ Distributor · 10 February 2026VolitionRx appointed Medical & Biological Laboratories Co. Ltd (MBL) as a non-exclusive distributor of its Nu.Q Discover assays in Japan. MBL, established 1969 as Japan's first antibody manufacturer, specializes in diagnostic reagents with focus on autoimmune diseases. Volition expects significant revenue growth for Nu.Q Discover in 2026 following strong 2025 performance.
• Hospices Civils de LyoncoreStrategic or Co-development Partner · 30 January 2026Hospices Civils de Lyon, France's second-largest university hospital system, is providing active support for VolitionRx's Nu.Q Cancer reimbursement submission to French government agencies under the RIHN framework for innovative medical procedures. Reimbursement determination is targeted within five months of dossier admissibility, with routine clinical use targeted by Q4 2026.
• Midwest Veterinary Laboratory and BioguardminorChannel Partner/ Reseller/ Distributor · 20 January 2026VolitionRx expanded access to its Nu.Q Vet Cancer Test through new laboratory providers — Midwest Veterinary Laboratory in the US and Bioguard in Asia — improving early canine cancer detection in these regions.
• Heska CorporationcoreChannel Partner/ Reseller/ DistributorVolitionRx's Q1 2026 revenue growth of 300% was driven by deferred revenue recognition from its Nu.Q Vet agreement with Heska. The agreement contributed to $1.0 million in Q1 2026 revenue.
• WerfencoreOEM/ Whitelabel/ Licensing PartnerVolitionRx signed a licensing agreement with Werfen for Antiphospholipid Syndrome diagnostics, one of multiple multi-billion-dollar diagnostic companies engaged in licensing deals with VolitionRx.
• HologiccoreGTM or Marketing PartnerVolitionRx entered a Co-Marketing and Services Agreement with Hologic, a multi-billion-dollar diagnostic company, as part of its commercial expansion strategy.
• Mayo CliniccoreStrategic or Co-development PartnerMayo Clinic collaborated on clinical studies demonstrating elevated nucleosome levels in trauma patients (674 patients), new clinical use cases for Nu.Q NETs assay in Hidradenitis Suppurativa management, and broader clinical validation across multiple disease areas. The collaboration has produced published peer-reviewed research supporting the platform's clinical utility.
• Amsterdam UMCcoreStrategic or Co-development PartnerLarge-scale study (4,000+ samples, 1,700+ ICU patients) led by Dr. Lieuwe Bos at Amsterdam UMC to assess Nu.Q NETs assay for sepsis diagnosis and monitoring. Results presented at ISICEM 2025 and published peer-reviewed in Critical Care (BMC, Springer Nature).
• German SepNet Study Group / Professor Michael BauercoreStrategic or Co-development PartnerRetrospective analysis of 1,000 ICU patient samples led by Professor Michael Bauer at Jena University Hospital to assess Nu.Q NETs assay for sepsis monitoring. Results published at ESICM 2024 with manuscript submitted for peer review.
• Professor Djillali Annane / RHU RECORDScoreStrategic or Co-development PartnerNu.Q NETs assay used in RHU RECORDS study (1,500 patients) led by Professor Djillali Annane in France to identify eligible patients for corticosteroid therapy in sepsis management and establish decision-making thresholds. Interim analysis presented at ISICEM 2025, study due to complete in 2025.
• Santersus AGminorStrategic or Co-development PartnerSantersus AG is developing NucleoCapture technology for cleansing blood of NETs as a sepsis treatment, using Nu.Q NETs within animal and human trials to measure treatment response.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Exact Sciences: Exact Sciences develops Cologuard and Oncotype blood- and stool-based cancer diagnostics for early detection and treatment monitoring. It is a direct competitor in blood-based multi-cancer screening, sharing VolitionRx's core thesis of non-invasive cancer detection via liquid biopsy.
• Guardant Health: Guardant Health is a leading liquid biopsy company offering blood-based cancer detection and monitoring assays (Guardant360, Shield). It competes directly with VolitionRx's Nu.Q Cancer and Capture-Seq products in the blood-based cancer diagnostics market.
• Natera: Natera provides cell-free DNA-based blood tests for oncology (Signatera), transplant monitoring, and reproductive health. Its oncology liquid biopsy franchise directly overlaps with VolitionRx's cancer detection and minimal residual disease monitoring use cases.
• Bio-Techne: Bio-Techne offers proprietary life science research reagents, including recombinant nucleosomes and epigenetic assay kits. Its research-use reagent business directly overlaps with VolitionRx's Nu.Q Discover and rNuQ recombinant nucleosome product lines serving pharma and academic researchers.

Emerging players

• GRAIL: GRAIL is developing Galleri, a multi-cancer early detection test using methylation-based ctDNA analysis. It targets the same blood-based multi-cancer screening market as VolitionRx with a larger commercial and clinical development budget.
• Freenome: Freenome is an emerging liquid biopsy company developing blood-based multi-cancer screening tests using multiomics approaches. It targets the same multi-cancer early detection market as VolitionRx's Nu.Q Cancer and Capture-Seq.

Broad incumbents

• Hologic: Hologic is a major diagnostics company with a broad women's health and molecular diagnostics portfolio. It has a co-marketing agreement with VolitionRx and competes broadly in IVD markets where VolitionRx's CE-marked and pipeline products are positioned.
• QIAGEN: QIAGEN is a global leader in sample preparation and molecular diagnostics technologies used in oncology, infectious disease, and research. Its ctDNA and liquid biopsy sample-prep technologies and IVD licensing model are highly comparable to VolitionRx's Capture-Seq and licensing-to-diagnostic-leaders strategy.
• Bio-Rad Laboratories: Bio-Rad is a major life science and clinical diagnostics company offering molecular biology reagents, digital PCR, and IVD products. Its molecular diagnostics and life science research tools portfolio overlaps with both VolitionRx's Nu.Q research assays and IVD ambitions.
• Sysmex Corporation: Sysmex is a global leader in hematology and clinical diagnostics instrumentation. It is both a partner (optimizing Nu.Q NETs H3.1 on Sysmex platforms) and a broad incumbent operating in the same sepsis and hematology diagnostic markets VolitionRx targets with Nu.Q NETs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/VolitionRx
• Facebookfacebook.com/volitionrx
• LinkedInlinkedin.com/company/volitionrx

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds20 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VolitionRx