VolitionRx Posts Wider Loss on Mixed Top-Line in Interim Filing

Bottom line

- VOLITIONRX LTD filed its interim report under 10-Q for the three-month reporting period the three months ended June 30, 2026 and the six-month year-to-date period the six months ended June 30, 2026, filed with the SEC under accession 0001477932-26-004995 and identified by CIK 0000093314 and ticker VNRX.

For the three-month reporting period, Revenues were $398,657 USD (prior-year comparative: $406,688 USD), Operating Income (Loss) was -$4,155,983 USD (prior-year comparative: -$6,297,807 USD), Net Income (Loss) Attributable to Parent was -$7,326,047 USD (prior-year comparative: -$6,284,078 USD), and Earnings Per Share, Diluted was -$0.85 per diluted share USD/SHARES (prior-year comparative: -$1.22 per diluted share USD/SHARES).

For the six-month year-to-date period, Revenues were $1,383,733 USD (prior-year comparative: $653,073 USD), Operating Income (Loss) was -$9,527,671 USD (prior-year comparative: -$11,819,197 USD), Net Income (Loss) Attributable to Parent was -$13,990,821 USD (prior-year comparative: -$11,707,837 USD), and Earnings Per Share, Diluted was -$1.8 per diluted share USD/SHARES (prior-year comparative: -$2.35 per diluted share USD/SHARES).

- The cautionary note flags that the Report contains forward-looking statements and lists a broad risk-factor inventory, including the need to raise additional capital, the going-concern opinion from the auditors, dependence on third-party distributors and manufacturers, and identified material weaknesses in internal control over financial reporting. References to Note 2 capture the going-concern and capital-raising concerns. Forward-looking statements speak only as of the date on which they are made.

- Revenues rose year over year on both reporting windows, with the half-year direction higher than the prior period and the quarter direction lower than the prior period as authorized by the catalog. The half-year and quarter Net Income (Loss) Attributable to Parent directions are lower than the prior period as authorized, and the half-year and quarter Operating Income (Loss) directions are higher than the prior period as authorized, with all three moving from a loss to a loss. Earnings Per Share, Diluted moves from a loss to a loss, with the half-year and quarter directions higher than the prior period as authorized.

- None within the filing evidence.

UNKNOWN: - The filing evidence contains no peer or industry comparison. - The filing evidence does not attribute this change to any single cause.

REPORTING-PERIOD IDENTITY AND SOURCE SCOPE: - The filing identity is locked to 10-Q, period-ended-2026-06-30, 0001477932-26-004995, 0000093314, VNRX and VOLITIONRX LTD. Period anchors are the three months ended June 30, 2026 and the six months ended June 30, 2026, with comparatives the three months ended June 30, 2025 and the six months ended June 30, 2025. The currency convention is USD, and the Report incorporates Volition's consolidated entities including Volition Diagnostics UK Limited and the majority-owned Volition Veterinary Diagnostics Development LLC.

Financial performance

- The interim filing submitted by VOLITIONRX LTD under 10-Q for period-ended-2026-06-30, accession 0001477932-26-004995, presents an unaudited six-month picture and a three-month picture that together frame the operating run-rate. Reported facts below come from the comparable statement lines. - For the three-month reporting period, Revenues were $398,657 USD, against $406,688 USD in the prior-year comparative for the three-month reporting period.

The authorized direction is decrease; current is positive, prior is positive. - For the six-month year-to-date period, Revenues were $1,383,733 USD, against $653,073 USD in the prior-year comparative for the six-month year-to-date period. The authorized direction is increase; current is positive, prior is positive.

- Operating Income (Loss) for the three-month reporting period was -$4,155,983 USD, versus -$6,297,807 USD for the prior-year comparative for the three-month reporting period. The authorized direction is increase; current is loss, prior is loss; the authorized transition is loss to loss. - Operating Income (Loss) for the six-month year-to-date period was -$9,527,671 USD, against -$11,819,197 USD for the prior-year comparative for the six-month year-to-date period.

The authorized direction is increase; current is loss, prior is loss; the authorized transition is loss to loss. - Net Income (Loss) Attributable to Parent for the three-month reporting period was -$7,326,047 USD, against -$6,284,078 USD for the prior-year comparative for the three-month reporting period. The authorized direction is decrease; current is loss, prior is loss; the authorized transition is loss to loss.

- Net Income (Loss) Attributable to Parent for the six-month year-to-date period was -$13,990,821 USD, against -$11,707,837 USD for the prior-year comparative for the six-month year-to-date period. The authorized direction is decrease; current is loss, prior is loss; the authorized transition is loss to loss. 22 per diluted share USD/SHARES for the prior-year comparative for the three-month reporting period.

The authorized direction is increase; current is loss, prior is loss; the authorized transition is loss to loss. 35 per diluted share USD/SHARES for the prior-year comparative for the six-month year-to-date period. The authorized direction is increase; current is loss, prior is loss; the authorized transition is loss to loss.

- The accounting context carried by management is that the interim unaudited condensed consolidated financial statements should be read with the audited consolidated financial statements in the Annual Report on Form referenced in the filing, that the December balance sheet data was derived from audited statements but omits full GAAP footnote disclosure, and that all adjustments are limited to normal recurring items per Note 1. - Management cautions that operating results for the six months are not necessarily indicative of full-year results, and that a recently issued FASB update on expense disaggregation, described in Note 1, will reshape disclosure in subsequent filings.

- The filing evidence does not attribute this change to any single cause. - Guidance expectations: the filing does not present numerical forward guidance; management's expectations are limited to the cautionary forward-looking factors enumerated in Note 2 and the risk-factor references in Item 1A. Investors evaluating forward return potential may consult an ROI Calculator to translate those projections into decision context.

- The filing evidence contains no peer or industry comparison.

Operating drivers and segments

- Revenues for the three months ended June 30, 2026 were $398,657, compared with $406,688 for the three months ended June 30, 2025, and the authorized direction is a decrease across that single quarter. - Revenues for the six months ended June 30, 2026 were $1,383,733, compared with $653,073 for the six months ended June 30, 2025, and the authorized direction is an increase across the six-month window. - Operating Income (Loss) for the three months ended June 30, 2026 was -$4,155,983, compared with -$6,297,807 for the three months ended June 30, 2025; the authorized direction is an increase (loss to loss, but narrower).

- Operating Income (Loss) for the six months ended June 30, 2026 was -$9,527,671, compared with -$11,819,197 for the six months ended June 30, 2025; the authorized direction is an increase (loss to loss, but narrower). - The filing does not present segment revenue or segment operating income lines for VOLITIONRX LTD, so margin movement by reportable segment cannot be reconstructed from the cited evidence. - Management flags the company as dependent on raising additional capital and references the going-concern opinion from its auditors, both carried in Note 2 of this 10-Q for period-ended-2026-06-30 (0001477932-26-004995, CIK 0000093314, ticker VNRX).

- Management highlights that revenues are not yet significant and that profitability has not been achieved, and lists reliance on third-party distributors, limited sales experience, and material weaknesses in internal control over financial reporting as forward-looking risk factors. - Management further points to expansion of product development and sales-and-marketing capabilities as a source of operating difficulty, while the source narrative itself links those risks to potential manufacturing, regulatory, and marketplace-acceptance outcomes rather than to specific cost categories on the income statement.

- The filing evidence does not attribute this change to any single cause. - The top line is paired against a loss that narrowed year-over-year on both reporting windows, so any characterization of margin expansion must rely on the authorized direction rather than on a stated driver. The filing evidence contains no peer or industry comparison.

- Readers modeling return on the revenue base can run the figures through the ROI Calculator to keep the interpretation grounded in the authorized comparisons rather than in narrative. - Because the disclosure does not break out reportable segments, any commentary that attributes the revenue or operating-loss shift to a particular product line, geography, or channel would exceed what the cited evidence supports.

Cash flow and capital

- For the six-month year-to-date period, Volition reported negative cash from operating activities of -$10,439,781 USD, deeper than the prior-year comparative outflow of -$10,560,707 USD. The authorized direction for that comparison is "increase," yet both periods are outflows, so the period-over-period move runs against the favorable direction. The filing evidence does not attribute this change to any single cause.

- Cash used in investing activities for the six-month period came in at -$11,002 USD, versus -$78,591 USD used in the prior-year comparative. The authorized direction is "increase" and both periods are outflows, again meaning the period-over-period move ran counter to that direction. Within investing, payments to acquire property, plant, and equipment totaled $11,002 USD for the six-month window, compared with $78,591 USD in the prior-year comparative.

The authorized direction for capital expenditures is "decrease," and the current capex sits below the prior-year figure. The filing evidence does not attribute this change to any single cause. - Financing activities provided cash of $12,595,212 USD for the six-month period, versus $9,337,104 USD provided in the prior-year comparative.

The authorized direction is "increase" and both periods are positive, so the period-over-period move is favorable under that rule. Readers who want to model the resulting capital base alongside other return assumptions can test scenarios with an ROI Calculator. - On the balance sheet at the balance sheet date of June 30, 2026, the company held $2,800,000 USD in cash and equivalents, with accounts receivable of $277,355 USD and accounts payable of $3,564,762 USD.

Long-term debt, excluding current maturities, stood at $5,981,815 USD at the balance sheet date, indicating that the company is carrying some non-current debt obligations. - Net of operating outflows and investing outflows, the period's cash bridge is supported by the financing inflow, leaving the cash and equivalents balance for the headline. We have no insight into the size of that net change because the period's opening cash position is not in the fact catalog, and we cannot derive it without digits.

The filing evidence does not attribute this change to any single cause. - Capital allocation during the window centered on a smaller property, plant, and equipment outlay than the prior year, with the residual funded through financing rather than from operations. The cited note Note 1 frames management's accounting policies, including fair value measurement tiers Level 1, Level 2, and Level 3, but does not attribute the cash flow movements to any single cause.

Peer and historical context

- Year-over-year directionality for VolitionRx Limited, drawn from the authorized comparison set for this filing: revenues moved higher on a year-to-date basis and lower for the three-month window; operating loss and net loss both moved higher (i.e., the loss narrowed) on both windows, with the loss-to-loss transition preserved; the operating, investing, and financing cash-flow directions for the year-to-date period also mapped to the authorized set. - Interpreted alongside the cited risk-factor note, the directional pattern is consistent with a company that is still pre-profitability and remains reliant on external financing: revenue is small and the line is volatile across quarters, while the loss itself continues to compress modestly rather than widen. The filing evidence does not attribute this change to any single cause. - The revenue direction diverges between the two windows (higher year-to-date, lower for the quarter), which is a tension against a simple "commercial traction is steadily improving" read. Readers should not infer that the quarter's revenue softness is structural without seeing further periods. - The warrant liability and derivative liabilities are classified at Level 2 while the rest of the financial instruments are at Level 1; this matters because it leaves valuation partially exposed to model inputs rather than quoted prices, which can amplify quarter-to-quarter non-cash swings and should not be confused with an operating improvement or deterioration. - No external peer or industry benchmark is included in this filing: The filing evidence contains no peer or industry comparison. - No segment-level breakdown is provided for these income-statement lines: The filing evidence does not disclose segment-level detail for this dimension. - The filings also flag risks already enumerated in Note 2, including the company's own admission that it has been unable to generate any significant revenues or achieve profitability, which tempers any inference drawn from a narrower year-to-date loss.

Readers evaluating VolitionRx Limited on a stand-alone basis should weigh the narrow year-to-date loss compression against the quarter's softer top line and the absence of any peer benchmark in the filing. For investors building a side-by-side comparison sheet across multiple issuers, a quick sanity check on return assumptions using a tool such as the ROI Calculator can help frame what a similar loss trajectory at a different revenue base implies at the portfolio level, but the tool does not substitute for the missing peer set here.

Scenario analysis

The filing covers VOLITIONRX LTD (VNRX) on 10-Q for period-ended-2026-06-30, filed under accession 0001477932-26-004995. Reported fact: revenues for the six months ended June 30, 2026 were $1,383,733 USD and revenues for the three months ended June 30, 2026 were $398,657 USD. Net loss attributable to parent for the six months ended June 30, 2026 was -$13,990,821 USD and for the three months ended June 30, 2026 was -$7,326,047 USD. Prior-year comparative revenues for the six months ended June 30, 2025 were $653,073 USD and for the three months ended June 30, 2025 were $406,688 USD. Prior-year comparative net loss attributable to parent for the six months ended June 30, 2025 was -$11,707,837 USD and for the three months ended June 30, 2025 was -$6,284,078 USD. reported comparison: Revenues are higher than the prior period for the six months ended June 30, 2026 (loss to loss on a positive-to-positive base). The filing evidence does not attribute this change to any single cause.

- The half-year revenue improvement, paired with a still-modest revenue base, suggests a path in which clinical-commercial traction converts into a meaningful narrowing of the reported loss in subsequent reporting windows, provided operating discipline is preserved. - The continuing presence of a warrant liability and derivative liabilities carried at fair value at the end of each reporting period (categorized within Level 2) implies non-cash mark-to-market swings can flatter or pressure reported results quarter-to-quarter, independent of commercial performance; a favorable mark would mechanically lift net result. - Management notes in Note 2 a stated risk around the company's inability to generate any significant revenues or achieve profitability, which the upside scenario directly addresses: a stronger revenue trajectory than the prior-year comparative would mitigate that flagged exposure. - Readers modeling forward returns against the reported figures can stress-test operating outcomes against capital outlays using the ROI Calculator without assuming digits not present in the catalog.

- Reported fact: the quarter-over-quarter revenue comparison for the three months ended June 30, 2026 against the three months ended June 30, 2025 is unfavorable on a positive-to-positive base, and the half-year loss remained a loss on a loss prior-year base. If the half-year revenue lift reverses or stalls, the loss would not narrow as the upside scenario assumes. - Operating cash generation was negative for the six months ended June 30, 2026 (negative cash on a negative prior-year base) and financing cash flow was positive for the six months ended June 30, 2026 (positive on a positive prior-year base), signaling continued reliance on external funding; a financing-window closure would compress the runway highlighted in Note 2 as the inability to generate significant revenues. - The warrant liability and derivative liabilities measured at fair value at the end of each reporting period introduce mark-to-market volatility that can independently deepen the loss if equity or credit inputs move adversely between periods. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension.

Risks and what to watch

- Reported facts. For VOLITIONRX LTD's 10-Q covering period-ended-2026-06-30 under accession 0001477932-26-004995, the filings' Condensed Consolidated Financial Statements are still framed in pre-revenue territory. Revenues for the three-month reporting period the three months ended June 30, 2026 were $398,657 USD, lower than the prior-year three-month comparative the three months ended June 30, 2025 at $406,688 USD.

Revenues for the six-month year-to-date window the six months ended June 30, 2026 were $1,383,733 USD, higher than the prior-year comparative the six months ended June 30, 2025 at $653,073 USD. Net loss attributable to parent widened on both windows: -$7,326,047 USD for the three months ended June 30, 2026 versus -$6,284,078 USD for the three months ended June 30, 2025, and -$13,990,821 USD for the six months ended June 30, 2026 versus -$11,707,837 USD for the six months ended June 30, 2025. The income statement therefore prints a wider net loss on both the quarter and the year-to-date basis, even though the half-year revenue line moved in the favorable direction.

- Management explanations. In Note 1 and the surrounding basis-of-presentation language, management reiterates that the Company continues to operate as a development-stage clinical business with cost structures consistent with earlier-stage reporting. In Item 1A, the risk-factor section catalogues the going-concern posture and the dependence on additional financing, while Note 2 lists the inability to generate significant revenues or achieve profitability as a stated risk.

The warrant liability and derivative liability carry fair-value marks that flow through the income statement and were re-measured each reporting period under the level hierarchy: cash and short-term items sit in Level 1, with the warrant and derivative liabilities classified as Level 2, and any unobservable inputs as Level 3 — a tier investors should track because re-measurement of those liabilities is one of the visible swing factors between the quarter and prior periods. - Analyst inference. The reported metrics point to a wider loss for VOLITIONRX LTD on both reporting windows and a lower top-line print for the quarter, while the six-month revenue line lifted relative to the prior year.

Because the half-year revenue direction differs from the quarterly revenue direction, the next print will help distinguish whether the quarterly softness is timing-related or a broader top-line shift; readers modeling the gap can sanity-check return assumptions with ROI Calculator. - Counter-evidence. The favorable six-month revenue direction partially offsets the weaker quarterly revenue direction, and the authorized year-over-year cash-flow comparisons for the six-month window — operating, investing and financing — remain in their stated directions, which is a reminder that financing inflows continue to fund the wider loss rather than operations turning self-funding.

- Unknowns. The filing does not break out segment-level performance for this dimension. The filing evidence does not disclose segment-level detail for this dimension.

The filing does not provide a peer or industry benchmark. The filing evidence contains no peer or industry comparison. Movement in the bottom line and revenue lines is not attributed to any single cause.

The filing evidence does not attribute this change to any single cause. - Metrics to watch next period. Quarterly revenue trend versus the prior-year three-month comparative, the half-year net loss trajectory, the mark-to-market movement of the warrant and derivative liabilities (level two and level three tier), any refresh of the risk-factor language in Item 1A, and the contents of the legal proceedings and controls-and-procedures updates in Item 4 alongside the exhibit and signature items in Item 5 and Item 6, with market-risk commentary reviewed in Item 3.