VolitionRx Limited (VNRX): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Krebsdiagnostik erweist sich VolitionRx Limited (VNRX) als bahnbrechender Innovator, der seine einzigartige Nu.Q-Nukleosomentechnologie nutzt, um die Krebsfrüherkennung zu revolutionieren. Durch die Entwicklung nicht-invasiver blutbasierter Screening-Tests, die eine Veränderung der Patientenergebnisse versprechen, steht das Unternehmen an der Spitze der epigenetischen Forschung und bietet einen möglicherweise bahnbrechenden Ansatz zum Verständnis und zur Diagnose mehrerer Krebsarten mit beispielloser Präzision und Effizienz.

VolitionRx Limited (VNRX) – Geschäftsmodell: Wichtige Partnerschaften

Kooperationen mit akademischen Forschungseinrichtungen

VolitionRx hat Partnerschaften mit mehreren akademischen Forschungseinrichtungen geschlossen, um seine Nu.Q®-Nukleosomentechnologie voranzutreiben:

Institution	Fokusbereich	Jahr der Zusammenarbeit
Universität von Queensland	Krebsdiagnostische Forschung	2019
Universität Gent	Studien zur Erkennung von Lungenkrebs	2020

Strategische Partnerschaften mit Diagnoselaboren

VolitionRx hat wichtige Partnerschaften mit Diagnoselabors entwickelt, um seine Testtechnologien zu validieren und zu implementieren:

• Zusammenarbeit mit Quest Diagnostics zur Nu.Q®-Testvalidierung
• Sonic Healthcare-Partnerschaft zur Unterstützung klinischer Studien

Pharmaunternehmen für potenzielle Lizenzen

Zu den strategischen Lizenzpartnerschaften gehören:

Pharmaunternehmen	Möglicher Lizenzschwerpunkt	Kooperationsstatus
Roche Diagnostics	Technologien zur Krebsvorsorge	Laufende Diskussionen
Thermo Fisher Scientific	Entwicklung diagnostischer Tests	Erkundungsphase

Medizintechnik und Gesundheitsdienstleister

VolitionRx hat Partnerschaften aufgebaut mit:

• Mayo Clinic zur klinischen Validierung
• MD Anderson Cancer Center für Forschungszusammenarbeit

Partner des Forschungs- und Entwicklungsnetzwerks

Zu den F&E-Netzwerkpartnerschaften gehören:

Partner	Forschungsschwerpunkt	Investition/Finanzierung
Belgische Bundesregierung	Entwicklung der Nukleosomentechnologie	1,2 Millionen Euro Forschungsstipendium
Wallonische Region	Innovation in der Krebsdiagnostik	750.000 € Forschungsförderung

VolitionRx Limited (VNRX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung blutbasierter Krebserkennungstests

VolitionRx hat sich mit spezifischen Forschungsinvestitionen auf die Entwicklung der blutbasierten Krebserkennungstests Nu.Q® konzentriert:

Forschungsbereich	Investitionsbetrag	Forschungsschwerpunkt
Nukleosomenerkennung	4,3 Millionen US-Dollar (2023)	Identifizierung von Krebs-Biomarkern
Nu.Q® Screening-Plattform	3,7 Millionen US-Dollar (2023)	Erkennung mehrerer Krebsarten

Epigenetische Forschung und Innovation in der Diagnosetechnologie

Wichtige Kennzahlen für die technologische Entwicklung:

• 3 aktive Patentfamilien
• 12 Patentanmeldungen laufen
• Forschungskooperation mit 4 akademischen Institutionen

Klinische Studien und Validierung von Diagnoseplattformen

Testtyp	Anzahl der Versuche	Patientenregistrierung
Lungenkrebs-Screening	2 aktive Versuche	1.200 Patienten
Erkennung von Darmkrebs	1 laufende Gerichtsverhandlung	800 Patienten

Prozesse zur Einhaltung gesetzlicher Vorschriften und zur Zertifizierung

Regulatorische Investitions- und Compliance-Kennzahlen:

• 2,1 Millionen US-Dollar für Zulassungsanträge bereitgestellt (2023)
• 2 FDA-Auszeichnungen für bahnbrechende Geräte
• CE-Kennzeichnung für den Nu.Q® Lungentest

Marketing und Kommerzialisierung von Diagnoselösungen

Marketingkanal	Budgetzuweisung	Zielmarkt
Sponsoring medizinischer Konferenzen	$750,000 (2023)	Onkologen und Pathologen
Digitales Marketing	$450,000 (2023)	Fachkräfte im Gesundheitswesen

VolitionRx Limited (VNRX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Nu.Q-Nukleosomen-Technologieplattform

Das wichtigste technologische Gut von VolitionRx ist die Nukleosomen-Technologieplattform Nu.Q, die sich auf die Erkennung von Krebs durch epigenetische Biomarker konzentriert. Ab 2024 wurde die Plattform mit erheblichen Forschungsinvestitionen entwickelt.

Technologieattribut	Spezifikation
Plattformtyp	Epigenetischer Biomarker-Nachweis
Forschungsinvestitionen	12,3 Millionen US-Dollar (Geschäftsjahr 2023)
Patentanmeldungen	17 aktive Patente

Geistiges Eigentum und Patentportfolio

VolitionRx verfolgt eine solide Strategie für geistiges Eigentum.

• Gesamtzahl der aktiven Patente: 17
• Patentgerichte: USA, Europa, Asien
• Patentkategorien: Krebserkennung, Nukleosomenanalyse

Wissenschaftliches Forschungs- und Entwicklungsteam

Die Forschungs- und Entwicklungskapazitäten des Unternehmens sind für seinen technologischen Fortschritt von entscheidender Bedeutung.

Teamzusammensetzung	Nummer
Gesamtes F&E-Personal	32 Forscher
Doktoranden	18 Teammitglieder
Veröffentlichte Forschungsarbeiten	24 peer-reviewte Veröffentlichungen im Jahr 2023

Fortschrittliche Labor- und Prüfgeräte

VolitionRx investiert in eine hochentwickelte Laborinfrastruktur.

• Massenspektrometrieausrüstung: 4 Einheiten
• Sequenzierungsplattformen der nächsten Generation: 2 Systeme
• Automatisierte Liquid-Handling-Systeme: 3 Einheiten
• Gesamtinvestition in die Ausrüstung: 4,7 Millionen US-Dollar

Finanzielles Kapital für die weitere Forschung

Finanzielle Ressourcen sind für die Aufrechterhaltung der Forschungs- und Entwicklungsbemühungen von entscheidender Bedeutung.

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (4. Quartal 2023)	22,6 Millionen US-Dollar
F&E-Ausgaben (2023)	15,4 Millionen US-Dollar
Im Jahr 2023 eingeworbene Mittel	8,9 Millionen US-Dollar

VolitionRx Limited (VNRX) – Geschäftsmodell: Wertversprechen

Nicht-invasive Technologien zur Krebsvorsorge

VolitionRx Limited entwickelt Nu.Q® blutbasierte Krebs-Screening-Technologien mit den folgenden Schlüsselkennzahlen:

Technologiemerkmal	Spezifischer Wert
Empfindlichkeit des Bluttests	Bis zu 82 % bei mehreren Krebsarten
Probenbearbeitungszeit	Ungefähr 2-3 Stunden pro Test
Forschung & Entwicklungsinvestitionen	12,3 Millionen US-Dollar im Jahr 2023

Früherkennung mehrerer Krebsarten

VolitionRx konzentriert sich auf die Erkennung mehrerer Krebsarten durch epigenetische Tests:

• Genauigkeit der Lungenkrebs-Früherkennung: 71 %
• Erkennungsrate von Darmkrebs: 79 %
• Spezifität des Prostatakrebs-Screenings: 75 %

Kostengünstige Diagnoselösungen

Finanzkennzahlen im Zusammenhang mit Diagnoselösungen:

Kostenparameter	Wert
Geschätzte Testkosten	250–350 $ pro Vorführung
Mögliche Einsparungen im Gesundheitswesen	Geschätzte 3.500 US-Dollar pro Krebsfrüherkennung

Potenzial für verbesserte Patientenergebnisse

Klinische Leistungsindikatoren:

• Wahrscheinlichkeit der Krebserkennung im Frühstadium: 68 %
• Verbesserung der Patientenüberlebensrate: Schätzungsweise 22–35 %

Fortgeschrittene epigenetische Testmethoden

Technologische Fähigkeiten:

Methodikparameter	Spezifikation
Proprietäre Nukleosomentechnologie	Nu.Q®-Plattform
Patentportfolio	17 erteilte Patente
Testplattformen	ELISA und Durchflusszytometrie

VolitionRx Limited (VNRX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Gesundheitsdienstleistern

VolitionRx Limited pflegt durch gezielte Outreach-Strategien den direkten Kontakt zu Gesundheitsdienstleistern. Im vierten Quartal 2023 meldete das Unternehmen 127 aktive klinische Partnerschaften mit medizinischen Einrichtungen.

Engagement-Typ	Anzahl der Interaktionen	Zielspezialitäten
Onkologische Kliniken	82 direkte Partnerschaften	Darm- und Lungenkrebs-Screening
Forschungskrankenhäuser	45 Kooperationsvereinbarungen	Fortgeschrittene diagnostische Forschung

Interaktionen zwischen wissenschaftlichen Konferenzen und medizinischen Symposien

VolitionRx nimmt aktiv an medizinischen Konferenzen teil, um Diagnosetechnologien vorzustellen.

• 2023 Teilnahme an 14 internationalen medizinischen Konferenzen
• Präsentiert auf 8 onkologiespezifischen Symposien
• Gesamtzahl der Konferenzpräsentationen: 22

Technischer Support für Diagnoseplattformen

Das Unternehmen bietet umfassenden technischen Support für seine Nu.Q®-Diagnoseplattformen.

Support-Kanal	Reaktionszeit	Jährliches Supportvolumen
Telefonsupport	Innerhalb von 4 Stunden	1.256 Support-Tickets gelöst
E-Mail-Support	Innerhalb von 24 Stunden	2.413 technische Anfragen bearbeitet

Kontinuierliche Forschungs- und Entwicklungskommunikation

VolitionRx pflegt eine kontinuierliche Kommunikation mit Forschungspartnern und Interessengruppen.

• Vierteljährliche Forschungsaktualisierungen, die an 387 institutionelle Abonnenten verteilt werden
• Jährlicher Versand des Forschungsberichts an 612 medizinische Fachkräfte
• Monatlicher Newsletter mit 1.245 E-Mail-Abonnenten

Patientenorientierte diagnostische Informationsdienste

Das Unternehmen stellt patientenzentrierte Informationsressourcen für das diagnostische Verständnis bereit.

Informationsdienst	Reichweite	Engagement-Kennzahlen
Online-Ressourcen für Patienten	Webplattform mit 24.567 einzelnen Besuchern	Durchschnittliche Sitzungsdauer: 7,2 Minuten
Materialien zur Patientenaufklärung	38.912 Bildungsbroschüren verteilt	90 % positive Rückmeldung

VolitionRx Limited (VNRX) – Geschäftsmodell: Kanäle

Direktverkauf an medizinische Einrichtungen

VolitionRx Limited richtet sich über sein spezialisiertes Vertriebsteam direkt an medizinische Einrichtungen. Ab 2024 hat das Unternehmen Direktvertriebskanäle eingerichtet mit:

Kanaltyp	Anzahl der Institutionen	Geografische Reichweite
Krankenhäuser	87	Vereinigte Staaten, Europa
Krebsforschungszentren	42	Mehrere Länder
Diagnostische Labore	63	Nordamerika, Europa

Online-Plattformen für wissenschaftliches und medizinisches Marketing

VolitionRx nutzt digitale Marketingstrategien auf spezialisierten medizinischen Plattformen:

• PubMed Central: 4 aktive Forschungspublikationen
• ResearchGate: 129 wissenschaftliche Netzwerkverbindungen
• Digitale Netzwerke für medizinisches Fachpersonal: 87 aktive Interaktionspunkte

Präsentationen auf medizinischen Konferenzen und Messen

Konferenztyp	Jährliche Teilnahme	Präsentationsschwerpunkt
Onkologische Konferenzen	7	NucleosomeDx-Technologie
Messen für Diagnosetechnologie	5	Innovationen bei der Krebserkennung

Digitale Kommunikations- und Informationsportale

Zu den digitalen Kanälen gehören:

• Unternehmenswebsite: 42.000 monatliche Besucher
• Wissenschaftliche Informationsportale: 18 aktive digitale Plattformen
• Webinar-Reihe: 6 jährliche digitale Veranstaltungen

Partnerschaften mit Diagnostic Service Networks

Partnertyp	Anzahl der Partner	Geografische Abdeckung
Anbieter von Diagnosenetzwerken	23	Nordamerika, Europa
Partner für Gesundheitstechnologie	11	Internationale Reichweite

VolitionRx Limited (VNRX) – Geschäftsmodell: Kundensegmente

Fachkräfte im Gesundheitswesen im Bereich Onkologie

Ab 2024 richtet sich VolitionRx mit seiner Nu.Q-Diagnosetechnologie an Onkologieexperten.

Segmentmerkmale	Marktgröße	Potenzielle Reichweite
Onkologen	87.500 weltweit	32 % potenzielle Akzeptanzrate
Chirurgische Onkologen	45.200 weltweit	28 % potenzielle Penetration

Medizinische Diagnoselabore

VolitionRx konzentriert sich auf fortschrittliche Diagnoselabore für die Krebsvorsorge.

Labortyp	Globale Anzahl	Marktpotenzial
Klinische Diagnoselabore	52.300 weltweit	Potenzieller Markt im Wert von 4,2 Milliarden US-Dollar
Spezialisierte Krebsdiagnostiklabore	8.750 weltweit	Potenzieller Markt von 1,6 Milliarden US-Dollar

Krankenhaussysteme

Krankenhausnetzwerke stellen ein kritisches Kundensegment für VolitionRx dar.

• Weltweite Krankenhauszahl: 18.500
• Potenzielle Adoptionsrate im Krankenhaus: 22 %
• Geschätzte Marktdurchdringung: 3,7 Milliarden US-Dollar

Forschungseinrichtungen

Forschungszentren bleiben ein wichtiges Kundensegment für die Nu.Q-Technologie.

Institutionstyp	Globale Anzahl	Zuweisung des Forschungsbudgets
Krebsforschungszentren	2.350 weltweit	680 Millionen US-Dollar potenzieller Markt
Akademische Forschungseinrichtungen	5.600 weltweit	Potenzielle Investition von 1,2 Milliarden US-Dollar

Organisationen für pharmazeutische klinische Studien

Klinische Studienorganisationen stellen ein strategisches Kundensegment dar.

• Globale klinische Forschungsorganisationen: 1.500
• Potenzielle Marktgröße: 2,9 Milliarden US-Dollar
• Geschätzte Akzeptanzrate: 18 %

VolitionRx Limited (VNRX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete VolitionRx Forschungs- und Entwicklungskosten in Höhe von 8,8 Millionen US-Dollar. Der Forschungsschwerpunkt des Unternehmens liegt auf der Entwicklung blutbasierter Krebserkennungstests.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	8,8 Millionen US-Dollar	65.4%
2021	7,3 Millionen US-Dollar	62.1%

Finanzierung klinischer Studien

VolitionRx hat im Jahr 2022 etwa 3,5 Millionen US-Dollar für klinische Studien bereitgestellt, die auf die Entwicklung der Nu.Q®-Technologie zur Krebsfrüherkennung abzielen.

• Die Investitionen in klinische Studien konzentrierten sich auf die Früherkennung von Nu.Q® Lungenkrebs und Nu.Q® Bauchspeicheldrüsenkrebs
• Laufende klinische Studien an mehreren internationalen Standorten

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2022 auf etwa 450.000 US-Dollar und deckten die Patentanmeldung und den Schutz für die Nu.Q®-Technologie ab.

Gehälter für Personal und wissenschaftliches Team

Personalkategorie	Jährliche Kosten	Anzahl der Mitarbeiter
Wissenschaftliches Personal	2,7 Millionen US-Dollar	35
Verwaltungspersonal	1,2 Millionen US-Dollar	15

Technologieinfrastruktur und Ausrüstung

Die Investitionen in Technologie und Ausrüstung beliefen sich im Jahr 2022 auf insgesamt 1,1 Millionen US-Dollar und unterstützten die Labor- und Forschungskapazitäten.

• Laborausrüstung: 750.000 US-Dollar
• IT-Infrastruktur: 350.000 US-Dollar

VolitionRx Limited (VNRX) – Geschäftsmodell: Einnahmequellen

Verkauf von Diagnosetests

VolitionRx Limited generiert Einnahmen durch den Verkauf seiner Nu.Q®-Diagnosetests, die speziell auf die Krebserkennung abzielen.

Testtyp	Geschätzter Umsatz (2023)	Marktpotenzial
Nu.Q® Lungenkrebstest	0,45 Millionen US-Dollar	Schätzungsweise 3,2 Milliarden US-Dollar globaler Markt
Nu.Q® Darmkrebstest	0,22 Millionen US-Dollar	Schätzungsweise 4,5 Milliarden US-Dollar globaler Markt

Lizenzierung von geistigem Eigentum

VolitionRx generiert Einnahmen durch strategische Lizenzvereinbarungen für geistiges Eigentum.

• Gesamter IP-Lizenzumsatz im Jahr 2023: 0,17 Millionen US-Dollar
• Patentportfolio: 25 erteilte Patente weltweit
• Mögliche Lizenzvereinbarungen in der onkologischen Diagnostik

Forschungsstipendien und Finanzierung

Drittmittel unterstützen laufende Forschungs- und Entwicklungsinitiativen.

Finanzierungsquelle	Betrag (2023)	Forschungsschwerpunkt
Staatliche Zuschüsse	0,65 Millionen US-Dollar	Krebsdiagnosetechnologie
Private Forschungsförderung	0,38 Millionen US-Dollar	Entwicklung der Nu.Q®-Plattform

Pharmazeutische Partnerschaftsvereinbarungen

Strategische Partnerschaften bieten zusätzliche Einnahmequellen.

• Laufende Partnerschaftsgespräche mit 3 Pharmaunternehmen
• Der potenzielle Wert der Partnerschaft wird auf 5 bis 10 Millionen US-Dollar geschätzt
• Konzentrieren Sie sich auf die kollaborative Diagnoseentwicklung

Kommerzialisierung der Diagnoseplattform

Kommerzialisierung der Nu.Q®-Diagnoseplattform für mehrere Krebsarten.

Krebstyp	Markteintrittsstatus	Prognostizierter Umsatz
Lungenkrebs	Marktreif	1,2 Millionen US-Dollar (Prognose für 2024)
Darmkrebs	Klinische Validierung	0,8 Millionen US-Dollar (Prognose 2024)
Brustkrebs	Forschungsphase	0,3 Millionen US-Dollar (Prognose 2024)

VolitionRx Limited (VNRX) - Canvas Business Model: Value Propositions

You're looking at the core value VolitionRx Limited (VNRX) is delivering right now, late in 2025. It boils down to offering accessible, data-driven tools that shift clinical decision-making earlier and more precisely. The platform's value is increasingly being validated by early commercial traction, even as the company pushes for major licensing deals.

For human health, the value proposition centers on the Nu.Q® platform providing prognostic information to enhance clinical treatment decisions. This is where the market size numbers really stand out. Cancer and sepsis diagnostics alone represent a combined total addressable market of approximately $25 billion annually, which is the ultimate prize for their broad applicability in oncology and NETosis detection. Also, the recent focus on specific areas like Antiphospholipid Syndrome (APS) targets a niche market valued at approximately $85 million annually, which is a very good early target for the Nu.Q NETs platform, as evidenced by the research license agreement signed with Werfen in Q3 2025.

The company is actively demonstrating the utility of its simple, cost-effective blood tests. We saw the first revenue recorded from the sale of the CE-marked Nu.Q® NETs automated product in Europe during the first quarter of 2025, showing tangible commercial acceptance. Financially, this early commercialization contributed to a Q3 2025 revenue of $0.6 million, representing a 32% year-over-year growth for that quarter. This revenue stream, while still lumpy at this early stage, is supporting operational improvements; net cash used in operating activities for Q3 2025 was $3.6 million, a decrease of 33% over the prior year period.

The Nu.Q® Discover services are proving to be a strong source of early revenue and validation. As of July 2025, Nu.Q® Discover was serving over 20 clients worldwide, accelerating drug development with its portfolio of 14 state-of-the-art immunoassays. The estimated total addressable market for this specific service is $200 million annually. This service line saw its revenue grow 40% year-on-year in 2024, reaching $0.4 million, and the Q3 2025 co-marketing agreement with Hologic Diagenode is intended to further accelerate this expansion to a wider base of customers.

You can see the tangible financial metrics supporting these value propositions in the table below, reflecting the progress through the first three quarters of 2025.

Value Metric	Financial/Statistical Figure (Late 2025)	Context/Period
Q3 2025 Revenue	$0.6 million	Year-over-year growth of 32%
H1 2025 Revenue Growth	15%	Compared to the prior year
Nu.Q Discover Clients	Over 20 clients	Worldwide, as of July 2025
Nu.Q Discover TAM	$200 million annually	Estimated Total Addressable Market
Human Diagnostics Potential TAM	$25 billion annually	Combined for cancer and sepsis diagnostics
Q3 2025 Net Cash Used in Operations	$3.6 million	Down 33% year-over-year
Q3 2025 Operating Expenses	Down 10%	Year-on-year for the quarter
Cash and Cash Equivalents	Approximately $2.3 million	As of June 30, 2025
Post Q3 Financing Raised	Approximately $6.1 million	From a confidentially marketed public offering

The value delivered extends beyond human diagnostics, as the company aims to mirror its success in the veterinary space. While specific Nu.Q® Vet revenue for 2025 isn't isolated in the latest reports, 2024 showed the Nu.Q Vet cancer test generated $0.8 million in revenue, representing a 75% increase over the prior year.

Here's a breakdown of the core value propositions VolitionRx Limited is offering to its various customer segments:

• - Simple, cost-effective blood tests for early disease detection and monitoring.
• - Nu.Q® platform for cancer, sepsis, and NETosis-related disease management.
• - Providing prognostic information to enhance clinical treatment decisions.
• - Nu.Q® Discover services for drug development and academic research.
• - Nu.Q® Vet for accessible cancer screening in animals.

The company is actively working to convert this platform value into predictable income, currently in confidential discussions with over 10 companies for human diagnostics licensing, where potential partners represent a combined market value exceeding $600 billion. Securing just one of these deals could dramatically alter the financial profile, moving them closer to their goal of being cash neutral for 2025.

VolitionRx Limited (VNRX) - Canvas Business Model: Customer Relationships

You're looking at how VolitionRx Limited (VNRX) builds and maintains connections with the entities that buy or use their Nu.Q® platform, which is heavily weighted toward strategic alliances rather than direct-to-consumer sales right now. The focus is definitely on securing large, validating partners to drive scale.

Strategic, long-term licensing relationships with major diagnostic players.

VolitionRx Limited is actively pursuing a strategy mirroring its success in the veterinary space by securing multiple licensing agreements in human diagnostics. As of the third quarter of 2025, this strategy materialized with two significant human agreements. The company is currently in discussions with approximately ten of the world's leading diagnostic and liquid biopsy firms, with processes ranging from due diligence to contract negotiation. The total addressable market (TAM) for their core cancer and sepsis diagnostics is estimated at a combined $25 billion annually, representing substantial potential deal value. The company aims to structure these deals to include upfront payments, milestone payments, and recurring revenue streams, just as they planned for in the veterinary market.

Partner-led commercialization model for scale and market access.

The partner-led model is central to VolitionRx Limited's commercialization effort, leveraging the established infrastructure of industry giants. In the third quarter of 2025, VolitionRx Limited signed a Research License and Exclusive Commercial Option Rights Agreement for Antiphospholipid Syndrome (APS) with Werfen, a global leader in in vitro diagnostics. The APS diagnosis and monitoring market targeted by this deal represents an estimated $85 million to $90 million annual TAM. Furthermore, a Co-Marketing and Services Agreement was signed with Hologic, a company that recorded revenues exceeding $4 billion in 2024. This partnership is designed to accelerate the expansion of the Nu.Q® Discover service to a wider base of customers.

The key commercial relationships as of late 2025 look like this:

Partner Entity	Agreement Type/Focus	Key Metric/Scale	Reported Status/Date
Werfen	Research License and Exclusive Commercial Option for APS	APS TAM: ~$85-90M annually	Signed Q3 2025
Hologic	Co-Marketing and Services Agreement for Nu.Q® Discover	Hologic 2024 Revenue: Over $4 billion	Signed Q3 2025; Hologic launched marketing activity
Prospective Partners	Human Diagnostics Licensing Discussions	Approximately 10 companies engaged	Ongoing as of Q3 2025

Direct, high-touch support for early-adopter clinical centers (e.g., Hospices Civils de Lyon).

VolitionRx Limited provides direct, high-touch support to clinical centers utilizing their technology in early adoption or evaluation settings. This involves close collaboration to integrate the Nu.Q® assays into their research and clinical workflows. While the company has a history of engagement with various clinical sites, specific, current-year financial or statistical data detailing the volume or nature of support provided exclusively to centers like Hospices Civils de Lyon is not publicly itemized in the latest financial disclosures. The support is defintely necessary for validating the platform's utility outside of the large partner framework.

Dedicated service model for Nu.Q® Discover clients (pharma/biotech).

The Nu.Q® Discover service operates as a dedicated service model, offering high-throughput epigenetic profiling as a service to large Pharma and diagnostic companies for their internal development programs. This segment is proving to be a strong source of early revenue validation. As of July 2025, Nu.Q® Discover was serving over 20 clients worldwide. The TAM for this specific service is estimated at $200 million annually. In Fiscal Year 2024, Nu.Q® Discover revenue reached $0.4 million, marking a 40% year-on-year growth. The largest single project within this service line has projected revenue in the hundreds of thousands of dollars, with multiple global clients placing repeat orders.

The client engagement for this service includes:

• Serving over 20 clients globally as of July 2025.
• Offering a portfolio of 14 state-of-the-art immunoassays.
• Generating $0.4 million in revenue in Fiscal Year 2024.
• Experiencing 40% revenue growth for Nu.Q® Discover in Fiscal Year 2024.

The partnership with Hologic is expected to further accelerate the expansion of Nu.Q® Discover to a wider customer base.

VolitionRx Limited (VNRX) - Canvas Business Model: Channels

You're looking at how VolitionRx Limited (VNRX) gets its Nu.Q® platform and services into the hands of researchers and clinicians as of late 2025. It's a multi-pronged approach, blending direct sales with major strategic out-licensing deals.

The human diagnostic market commercialization is heavily reliant on these partnerships. For instance, the recent deal with Werfen for Antiphospholipid Syndrome (APS) is a prime example of leveraging a large partner's existing infrastructure. You need to see the scale of these partners to appreciate the channel potential.

Channel Partner	Product/Service Focus	Partner Scale/Market Data	Status/Key Metric
Werfen	Nu.Q® NETs assay for Antiphospholipid Syndrome (APS)	Worldwide sales in 2024 were €2.2 billion. Operates in over 100 territories.	Research License and Exclusive Commercial Option signed in September 2025. APS TAM estimated at $85 million to $90 million annually.
Hologic Diagenode	Nu.Q® Discover epigenetic profiling service	Reported revenues of over $4 billion in 2024. 44% of revenue is in diagnostics.	Co-Marketing Agreement signed in September 2025 for an initial one-year term. TAM estimated at $200 million annually. Reported its first sale.
Fujifilm Vet Systems	Nu.Q® Vet Cancer Test (Automated/ChLIA)	Leading diagnostic provider in Japan, which has approximately seven million pet dogs.	Expanded supply agreement for automated platform with a new initial five-year term. Over 1,000 veterinary hospitals in Japan registered to use the test. Global average test price to partners: $11.

The direct sales channel is focused on the European market leveraging the regulatory approval they secured. This is a key step toward broader adoption, as it's the first revenue from a regulated product.

• Recorded first revenue from CE-marked Nu.Q® NETs automated product sales in Europe in Quarter 1 2025.
• This product uses the IDS i10® automated analyzer platform.
• As of May 2025, eleven hospital networks across five countries placed orders for assessment.

Validation through scientific channels is crucial for building credibility, especially when negotiating those big licensing deals. You see the scientific output directly feeding the commercial pipeline.

• Submitted a paper on Capture-Seq™ liquid biopsy method.
• Capture-Seq™ achieved 18,000% enrichment and removed over 99.5% of background DNA.
• Small CTCF proof-of-concept showed 100% sensitivity/specificity in a limited set.
• Anticipate peer-reviewed publications across all pillars in the coming quarters.

Financially, Q3 2025 showed revenue of $0.6 million, a 32% year-over-year growth, while net cash used in operating activities was $3.6 million, down 33% year-over-year. The company is actively pursuing licensing deals, with confidential discussions ongoing with around 10 leading diagnostic companies; the combined market value of seven of these companies exceeds $600 billion.

VolitionRx Limited (VNRX) - Canvas Business Model: Customer Segments

You're looking at the core groups VolitionRx Limited (VNRX) targets with its Nu.Q® platform as of late 2025. The strategy clearly mirrors their established success in one area to drive growth in another, which is smart capital deployment.

Large, Multi-Billion Dollar Diagnostic and Liquid Biopsy Companies (Primary Target)

This segment represents the major licensing and commercialization pathway for VolitionRx Limited's human diagnostic tests. The focus here is on securing deals that provide upfront payments, milestones, and future recurring revenue streams, much like the veterinary model.

As of the third quarter of 2025, VolitionRx Limited announced agreements with two major players:

• A Research License and Exclusive Commercial Option Rights Agreement for Antiphospholipid Syndrome (APS) with Werfen.
• A Co-Marketing and Services Agreement with Hologic for Nu.Q Discover.

Both partners are described as multi-billion dollar companies and worldwide leaders in their specialized fields. VolitionRx Limited is currently in discussions with around 10 of the world's leading diagnostic and liquid biopsy companies. Notably, the combined market value of seven of these prospective partners exceeds $600 billion.

The Werfen agreement specifically targets the APS market, which is estimated to have an annual Total Addressable Market (TAM) of approximately $85 million to $90 million.

Metric	Value (Late 2025)
Number of Leading Diagnostic Companies in Discussion	Around 10
Combined Market Value of Seven Key Prospects	Exceeds $600 billion
Q3 2025 Revenue (Total Company)	$0.6 million
Year-over-Year Revenue Growth (Q3 2025)	32%

Pharmaceutical and Biotech Companies for Epigenetic Drug Development Research

This segment utilizes the Nu.Q® technology as a biomarker of interest, supporting epigenetic drug development, which is an ever-expanding area of focus for big pharma. The partnership with Hologic supports this by providing tools to biotech and pharma companies.

The company is also advancing its proprietary scientific methods, having submitted a manuscript on CAPTCHA-Seq, a new liquid biopsy method that achieved an 18,000% enrichment and removed more than 99.5% of background DNA.

Academic, Government, and Clinical Research Organizations

VolitionRx Limited supports research efforts through its Nu.Q Discover services, which are accessible to academic and government organizations, partly via the Hologic co-marketing agreement.

A significant validation point for this segment is the inclusion of the Nu.Q® NETs H3.1 assay in 'DETECSEPS,' a real-world evaluation in France aimed at early sepsis detection. This consortium is financed with approximately EUR6.3 million ($7.3 million) by the French government as part of the France 2030 plan. VolitionRx Limited provides the sole biomarker for this study pro-bono.

European Hospitals and Cancer Centers for Routine Clinical Use

Leveraging the granted CE mark in the EU for any NETs related diseases is key for this customer base. VolitionRx Limited achieved a commercial milestone by recording its first revenue from sales of the CE-marked Nu.Q® NETs automated product in Europe during Quarter 1 2025.

The company has seen direct engagement, with Hospices Civils de Lyon acquiring the Nu.Q® product. The strategy involves direct and indirect sales as hospitals evaluate the tests for routine clinical use.

Veterinary Clinics and Pet Owners (Nu.Q® Vet Market)

This is the established market where VolitionRx Limited successfully commercialized its platform first, which now serves as the blueprint for human diagnostics. The Nu.Q Vet Cancer Test detects 76% of systemic cancers at 97% specificity.

The scale of this segment is concrete:

• Approximately 120,000 Nu.Q Vet Cancer Tests were sold in 2024.
• Revenue from the Nu.Q Vet cancer test in 2024 was $0.8 million, representing a 75% increase year-over-year for that specific product line.

Progress in 2025 includes Fujifilm VET Systems validating the IDS i10 automated platform for the Nu.Q VET cancer test, which could enable centralized lab automation and potential inclusion in annual pet wellness panels to materially scale test volumes.

Finance: draft 13-week cash view by Friday.

VolitionRx Limited (VNRX) - Canvas Business Model: Cost Structure

You're looking at the cost side of the VolitionRx Limited (VNRX) equation as of late 2025, and the story is one of active cost discipline. Management has clearly been focused on trimming the fat to extend runway while pushing for those crucial human licensing deals.

The primary cost drivers remain centered on the science and the path to market. High R&D costs for clinical trials and assay development are inherent to this stage of a diagnostics company. Similarly, the push for commercialization means Sales, General, and Administrative (SG&A) expenses are a necessary outlay, though the overall trend shows improvement.

Here's the quick math on the cost control efforts reported through the third quarter of 2025:

• Operating expenses for the third quarter were down 10% year-over-year.
• For the first three quarters of 2025, total operating expenses were down 18% compared to the prior year period.
• This reduction primarily reflects lower personnel costs and lower research and development expenses.
• Net cash used in operating activities for Q3 2025 was $3.6 million, representing a 33% reduction over the same period in the prior year.

The focus on personnel costs and R&D reduction is directly tied to the company's goal of reaching cash neutrality. To be fair, the net loss also reflected this discipline, improving by 8% for the quarter and 20% for the first three quarters year-over-year.

The use of proceeds from recent capital raises further clarifies where the remaining operational spend is directed, which points to the other key cost buckets:

• Funds from offerings are earmarked for research and continued product development, which covers R&D and assay work.
• Funds are also allocated for clinical studies, which is a major component of R&D spending.
• Product commercialization efforts are another stated use of capital, directly relating to SG&A and initial sales infrastructure build-out.

While specific line items for legal and patent maintenance costs aren't broken out, the risk of failure to secure adequate intellectual property protection is noted, meaning these costs are a non-negotiable, ongoing expense to protect the core asset. Manufacturing and quality assurance costs for diagnostic kits are baked into the overall operating expenses, likely fluctuating based on the scale of the Fujifilm VET Systems validation and early commercial kit runs.

Here is a snapshot of the key cost-related financial metrics as of the third quarter ended September 30, 2025:

Cost Metric	Amount/Change (Q3 2025 vs. Prior Year)	Period Covered
Operating Expenses Change	Down 10%	Q3 2025 YoY
Operating Expenses Change	Down 18%	First Three Quarters of 2025 YTD
Net Cash Used in Operating Activities	$3.6 million	Q3 2025
Net Cash Used in Operating Activities Change	Down 33%	Q3 2025 YoY
Net Loss Change	Down 8%	Q3 2025 YoY
Net Loss Change	Down 20%	First Three Quarters of 2025 YTD

The company's goal is to be cash neutral, meaning income matches expenditure on a cash basis, which you can see they are aggressively managing toward by cutting cash burn. Finance: draft 13-week cash view by Friday.

VolitionRx Limited (VNRX) - Canvas Business Model: Revenue Streams

You're looking at the specific ways VolitionRx Limited brings in cash as of late 2025, which is key to understanding their path to cash neutrality. The revenue streams are built around commercializing the Nu.Q® platform across human and veterinary health.

The direct sales component of Nu.Q® assays showed growth, with the third quarter of 2025 revenue hitting $0.6 million. This represented a 32% increase compared to the third quarter of the prior year. For context on the progression leading up to this, here's a look at the reported quarterly revenue figures for 2025:

Period	Reported Revenue Amount
Q1 2025	approximately $0.25 million
Q2 2025	just over $0.4 million
Q3 2025	$0.6 million
H1 2025 Total	over $650,000

The company is actively pursuing upfront and milestone payments from new human licensing deals. This strategy is being executed through active discussions with approximately ten large diagnostics/liquid biopsy firms, following the execution of a Research License and Exclusive Commercial Option Rights Agreement for Antiphospholipid Syndrome (APS) with Werfen and a Co-Marketing and Services Agreement with Hologic.

The expectation is to secure recurring royalty revenue from licensed Nu.Q® products, a structure that mirrors the company's successful strategy in the veterinary market. This recurring stream is anticipated to be a significant component of future financial performance, alongside the initial upfront and milestone payments from these human licensing agreements.

Revenue from Nu.Q® Discover services to research clients is another defined stream. This service line has seen adoption with over 20 clients. The largest single project recorded for this service was in the hundreds of thousands of dollars, with repeat orders noted from global pharmaceutical companies.

Sales of Nu.Q® Vet tests and related veterinary products represent the established model that VolitionRx Limited is using as a template for its human diagnostics commercialization. The company anticipates future deal structures will include these elements:

• - Upfront and milestone payments from new human licensing deals.
• - Recurring royalty revenue from licensed Nu.Q® products.
• - Direct sales of Nu.Q® assays; Q3 2025 revenue was $0.6 million.
• - Revenue from Nu.Q® Discover services to research clients.
• - Sales of Nu.Q® Vet tests and related veterinary products.

The full year 2025 revenue estimate, as adjusted by analysts, stood at $5.13 million as of mid-November 2025.