Cameron Reynolds: Nu.Q Vet Cat Test to Unlock $5 Million Milestone
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 14 2026
0mins
Cameron Reynolds, President and Group Chief Executive Officer, said: "We have made strong progress across all of our product pillars during the first quarter and indeed subsequent to quarter end. We announced the submission for peer review of a clinical manuscript reporting the high accuracy of our Nu.Q Vet feline prototype assay in detecting lymphoma in cats, our third species. The publication of this study in a peer reviewed journal is expected subsequently to unlock a $5 million contractual milestone payment. The feline test could greatly expand the market of our Nu.Q Vet platform."
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy VNRX?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on VNRX
Wall Street analysts forecast VNRX stock price to fall
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 2.880
Low
1.50
Averages
2.25
High
3.00
Current: 2.880
Low
1.50
Averages
2.25
High
3.00
About VNRX
VolitionRx Limited is a multi-national company focused on advancing the science of epigenetics. The Company is dedicated to saving lives and improving outcomes for people and animals with life-altering diseases through earlier detection, as well as disease and treatment monitoring. Through its subsidiaries, it is developing and commercializing blood tests to help diagnose and monitor a range of diseases, including cancers and diseases associated with NETosis, such as sepsis. Its key pillars are Nu.Q Vet, Nu.Q NETs, Nu.Q Discover, Nu.Q Cancer, and Capture-PCR. The Nu.Q Vet Cancer Test is commercially available as a cancer screening test in dogs. Nu.Q NETs is monitoring the immune system to save lives. Nu.Q Discover is a complete solution to profiling nucleosomes. Nu.Q Cancer monitoring disease progression, response to treatment and minimal residual disease. Capture-PCRTM is isolating and capturing circulating tumor-derived DNA from plasma samples for early cancer detection.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
VolitionRx Reports 300% Q1 Revenue Growth and Key Developments
- Significant Revenue Growth: In Q1 2026, VolitionRx reported $1 million in revenue, marking a 300% year-over-year increase, indicating substantial progress in market demand and product acceptance, which is expected to drive ongoing growth.
- Veterinary Milestone: The company has submitted a clinical manuscript for the Nu.Q® Vet cancer test in cats, with a $5 million milestone payment anticipated upon publication, which will not only enhance the company's financial position but also strengthen its competitiveness in the veterinary market.
- Global Licensing Momentum: VolitionRx is actively engaged in discussions with over a dozen leading global diagnostic and liquid biopsy companies, highlighting the attractiveness of its technology and potential commercial partnerships that could accelerate market integration.
- Breakthrough in Cancer Detection Technology: The Capture-Seq™ platform has demonstrated over 95% sensitivity in detecting Stage I and II cancers, opening new opportunities in the $23 billion cancer detection market and further solidifying its leadership position in the biotechnology sector.
See More
VolitionRX Reports Significant Q1 2026 Revenue Growth
- Significant Revenue Growth: VolitionRX Ltd (VNRX) reported approximately $1 million in revenue for Q1 2026, a 300% increase from $0.2 million in Q1 2025, primarily driven by deferred revenue recognition from a new QVET agreement with HESCA, indicating strong growth potential in the veterinary business.
- Rising Operating Expenses: Operating expenses increased to $6.3 million in Q1 2026 from $5.8 million in Q1 2025, partly due to severance costs and higher R&D expenses, which may exert short-term pressure on the company's profitability.
- Cash Flow Situation: The net cash used in operating activities rose to $5.3 million in Q1 2026, compared to $4.3 million in the same period last year, reflecting changes in supplier payment timing that could impact the company's liquidity management.
- Expansion of Collaboration Network: The company has entered into a non-exclusive agreement with Medical and Biological Labs Co. in Japan to accelerate disease research and drug development, demonstrating VNRX's proactive efforts to expand its partner network and market influence.
See More
VolitionRx Limited Reports Q1 2026 Earnings with Key Milestones
- Significant Revenue Growth: VolitionRx reported approximately $1 million in revenue for Q1 2026, a 400% increase from $0.2 million in the same period of 2025, primarily driven by a rise in deferred revenue recognition from the Nu.Q Vet agreement with Heska, indicating strong potential in the veterinary diagnostics market.
- Rising Operating Expenses: Operating expenses for the quarter reached $6.3 million, including severance costs related to cost reduction actions and increased R&D expenses, while cash and cash equivalents stood at $3.1 million, highlighting challenges in cost control and R&D advancement.
- Accelerated Clinical Progress: CEO Cameron Reynolds emphasized strong progress in Nu.Q Vet automation, having completed validation of the chemiluminescent immunoassay, which is expected to significantly enhance lab efficiency and potentially unlock a $5 million contractual milestone payment, further driving revenue growth.
- Cautious Future Outlook: Management stated that they will not provide revenue guidance for 2026, emphasizing the lumpiness of revenues, and indicated plans to engage with regulatory authorities in the coming months to advance reimbursement for Nu.Q Lung Cancer, reflecting uncertainty on the commercialization path.
See More
VolitionRX Q1 Earnings Beat Expectations with Significant Revenue Growth
- Earnings Report: VolitionRX reported a Q1 GAAP EPS of -$0.97, missing expectations by $0.26, indicating ongoing challenges in achieving profitability.
- Revenue Surge: The company generated $0.99M in revenue, reflecting a substantial year-over-year increase of 296.0%, exceeding market expectations by $0.46M, which suggests a significant uptick in product demand that could lay the groundwork for future profitability.
- Financial Position: As of March 31, 2026, VolitionRX had cash and cash equivalents of $3.1M and an accumulated deficit of $259.6M, highlighting pressures on the company's financial management and ongoing operations.
- Future Outlook: VolitionRX anticipates routine use of its Nu.Q cancer test in France by Q4 2026 while targeting a 25%-30% reduction in cash operating expenses for 2026, aiming to improve its financial health.
See More
VolitionRx to Host Q1 2026 Earnings Call
- Earnings Call Announcement: VolitionRx will host a conference call on May 15, 2026, at 8:30 a.m. U.S. Eastern Time to discuss its financial and operational results for Q1 2026, which is expected to provide significant insights into the company's future direction.
- Executive Participation: The call will be hosted by Group Chief Marketing & Communications Officer Louise Batchelor, with participation from President and CEO Cameron Reynolds and CFO Terig Hughes, highlighting the company's commitment to financial transparency.
- Key Updates: The conference will cover important events from Q1 2026, subsequent developments, and upcoming milestones, aiming to communicate the company's progress in the field of early disease detection to investors.
- Replay Information: A telephone replay of the call will be available until May 29, 2026, providing a convenient way for investors who could not attend live to access critical information.
See More
VolitionRx Achieves Major Milestone in Blood Testing Technology
- Technical Breakthrough: VolitionRx successfully detects nucleosomes in capillary blood from critically ill sepsis patients, marking a significant milestone for its lateral flow prototype test, which is expected to enhance early diagnostic capabilities and improve patient outcomes.
- Market Potential: The test can be utilized in emergency rooms, doctor's offices, or home self-testing, significantly expanding the market, particularly in low-income countries where there is a pressing need for rapid and convenient testing solutions.
- Strategic Partnerships: Volition plans to establish strategic collaborations with NGOs and companies operating in low-income countries to accelerate commercialization efforts and further penetrate the global market.
- Industry Impact: With approximately 166 million cases of sepsis worldwide and sepsis-related deaths accounting for 31.5% of total global deaths in 2021, the introduction of this technology is poised to transform traditional hospital infrastructure testing models and enhance healthcare efficiency.
See More
VolitionRx Reports 300% Q1 Revenue Growth and Key Developments
- Significant Revenue Growth: In Q1 2026, VolitionRx reported $1 million in revenue, marking a 300% year-over-year increase, indicating substantial progress in market demand and product acceptance, which is expected to drive ongoing growth.
- Veterinary Milestone: The company has submitted a clinical manuscript for the Nu.Q® Vet cancer test in cats, with a $5 million milestone payment anticipated upon publication, which will not only enhance the company's financial position but also strengthen its competitiveness in the veterinary market.
- Global Licensing Momentum: VolitionRx is actively engaged in discussions with over a dozen leading global diagnostic and liquid biopsy companies, highlighting the attractiveness of its technology and potential commercial partnerships that could accelerate market integration.
- Breakthrough in Cancer Detection Technology: The Capture-Seq™ platform has demonstrated over 95% sensitivity in detecting Stage I and II cancers, opening new opportunities in the $23 billion cancer detection market and further solidifying its leadership position in the biotechnology sector.
See More
VolitionRX Reports Significant Q1 2026 Revenue Growth
- Significant Revenue Growth: VolitionRX Ltd (VNRX) reported approximately $1 million in revenue for Q1 2026, a 300% increase from $0.2 million in Q1 2025, primarily driven by deferred revenue recognition from a new QVET agreement with HESCA, indicating strong growth potential in the veterinary business.
- Rising Operating Expenses: Operating expenses increased to $6.3 million in Q1 2026 from $5.8 million in Q1 2025, partly due to severance costs and higher R&D expenses, which may exert short-term pressure on the company's profitability.
- Cash Flow Situation: The net cash used in operating activities rose to $5.3 million in Q1 2026, compared to $4.3 million in the same period last year, reflecting changes in supplier payment timing that could impact the company's liquidity management.
- Expansion of Collaboration Network: The company has entered into a non-exclusive agreement with Medical and Biological Labs Co. in Japan to accelerate disease research and drug development, demonstrating VNRX's proactive efforts to expand its partner network and market influence.
See More
VolitionRx Limited Reports Q1 2026 Earnings with Key Milestones
- Significant Revenue Growth: VolitionRx reported approximately $1 million in revenue for Q1 2026, a 400% increase from $0.2 million in the same period of 2025, primarily driven by a rise in deferred revenue recognition from the Nu.Q Vet agreement with Heska, indicating strong potential in the veterinary diagnostics market.
- Rising Operating Expenses: Operating expenses for the quarter reached $6.3 million, including severance costs related to cost reduction actions and increased R&D expenses, while cash and cash equivalents stood at $3.1 million, highlighting challenges in cost control and R&D advancement.
- Accelerated Clinical Progress: CEO Cameron Reynolds emphasized strong progress in Nu.Q Vet automation, having completed validation of the chemiluminescent immunoassay, which is expected to significantly enhance lab efficiency and potentially unlock a $5 million contractual milestone payment, further driving revenue growth.
- Cautious Future Outlook: Management stated that they will not provide revenue guidance for 2026, emphasizing the lumpiness of revenues, and indicated plans to engage with regulatory authorities in the coming months to advance reimbursement for Nu.Q Lung Cancer, reflecting uncertainty on the commercialization path.
See More
VolitionRX Q1 Earnings Beat Expectations with Significant Revenue Growth
- Earnings Report: VolitionRX reported a Q1 GAAP EPS of -$0.97, missing expectations by $0.26, indicating ongoing challenges in achieving profitability.
- Revenue Surge: The company generated $0.99M in revenue, reflecting a substantial year-over-year increase of 296.0%, exceeding market expectations by $0.46M, which suggests a significant uptick in product demand that could lay the groundwork for future profitability.
- Financial Position: As of March 31, 2026, VolitionRX had cash and cash equivalents of $3.1M and an accumulated deficit of $259.6M, highlighting pressures on the company's financial management and ongoing operations.
- Future Outlook: VolitionRX anticipates routine use of its Nu.Q cancer test in France by Q4 2026 while targeting a 25%-30% reduction in cash operating expenses for 2026, aiming to improve its financial health.
See More
VolitionRx to Host Q1 2026 Earnings Call
- Earnings Call Announcement: VolitionRx will host a conference call on May 15, 2026, at 8:30 a.m. U.S. Eastern Time to discuss its financial and operational results for Q1 2026, which is expected to provide significant insights into the company's future direction.
- Executive Participation: The call will be hosted by Group Chief Marketing & Communications Officer Louise Batchelor, with participation from President and CEO Cameron Reynolds and CFO Terig Hughes, highlighting the company's commitment to financial transparency.
- Key Updates: The conference will cover important events from Q1 2026, subsequent developments, and upcoming milestones, aiming to communicate the company's progress in the field of early disease detection to investors.
- Replay Information: A telephone replay of the call will be available until May 29, 2026, providing a convenient way for investors who could not attend live to access critical information.
See More
VolitionRx Achieves Major Milestone in Blood Testing Technology
- Technical Breakthrough: VolitionRx successfully detects nucleosomes in capillary blood from critically ill sepsis patients, marking a significant milestone for its lateral flow prototype test, which is expected to enhance early diagnostic capabilities and improve patient outcomes.
- Market Potential: The test can be utilized in emergency rooms, doctor's offices, or home self-testing, significantly expanding the market, particularly in low-income countries where there is a pressing need for rapid and convenient testing solutions.
- Strategic Partnerships: Volition plans to establish strategic collaborations with NGOs and companies operating in low-income countries to accelerate commercialization efforts and further penetrate the global market.
- Industry Impact: With approximately 166 million cases of sepsis worldwide and sepsis-related deaths accounting for 31.5% of total global deaths in 2021, the introduction of this technology is poised to transform traditional hospital infrastructure testing models and enhance healthcare efficiency.
See More
