VolitionRx Limited (VNRX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución del diagnóstico de cáncer, VolitionRX Limited (VNRX) surge como un innovador innovador, aprovechando su única tecnología de nucleosomas NU.Q para revolucionar la detección temprana del cáncer. Al desarrollar pruebas de detección no invasivas basadas en la sangre que prometen transformar los resultados de los pacientes, la compañía está a la vanguardia de la investigación epigenética, ofreciendo un enfoque potencialmente que cambia el juego para comprender y diagnosticar múltiples tipos de cáncer con precisión y eficiencia sin precedentes.

VolitionRX Limited (VNRX) - Modelo de negocio: asociaciones clave

Colaboraciones con instituciones de investigación académica

VolitionRX ha establecido asociaciones con varias instituciones de investigación académica para avanzar en su tecnología NU.Q® Nucleosome:

Institución	Área de enfoque	Año de colaboración
Universidad de Queensland	Investigación de diagnóstico de cáncer	2019
Universidad de Gante	Estudios de detección de cáncer de pulmón	2020

Asociaciones estratégicas con laboratorios de diagnóstico

VolitionRX ha desarrollado asociaciones clave con laboratorios de diagnóstico para validar e implementar sus tecnologías de prueba:

• Collaboración de Diagnóstico de Quest para la validación de la prueba NU.Q®
• Sonic Healthcare Partnership para apoyo de ensayos clínicos

Compañías farmacéuticas para posibles licencias

Las asociaciones estratégicas de licencia incluyen:

Compañía farmacéutica	Enfoque potencial de licencia	Estado de colaboración
Roche Diagnostics	Tecnologías de detección del cáncer	Discusiones en curso
Thermo Fisher Scientific	Desarrollo de pruebas de diagnóstico	Etapa exploratoria

Tecnología médica y proveedores de atención médica

VolitionRX ha establecido asociaciones con:

• Clínica Mayo para la validación clínica
• MD Anderson Cancer Center for Research Collaboration

Partidos de la red de investigación y desarrollo

Las asociaciones de redes de I + D incluyen:

Pareja	Enfoque de investigación	Inversión/financiación
Gobierno federal belga	Desarrollo de la tecnología de nucleosoma	Subvención de investigación de 1.2 millones de euros
Región	Innovación de diagnóstico de cáncer	Soporte de investigación de € 750,000

VolitionRX Limited (VNRX) - Modelo de negocio: actividades clave

Desarrollo de pruebas de detección de cáncer basadas en sangre

VolitionRX se ha centrado en desarrollar pruebas de detección de cáncer basadas en sangre de NU.Q® con inversiones de investigación específicas:

Área de investigación	Monto de la inversión	Enfoque de investigación
Detección de nucleosomas	$ 4.3 millones (2023)	Identificación del biomarcador del cáncer
Plataforma de detección NU.Q®	$ 3.7 millones (2023)	Detección de tipo de cáncer múltiple

Epigenetics Investigación y tecnología de diagnóstico Innovación

Métricas clave de desarrollo tecnológico:

• 3 familias de patentes activas
• 12 solicitudes de patentes en progreso
• Colaboración de investigación con 4 instituciones académicas

Ensayos clínicos y validación de plataformas de diagnóstico

Tipo de prueba	Número de pruebas	Inscripción del paciente
Detección de cáncer de pulmón	2 pruebas activas	1.200 pacientes
Detección de cáncer colorrectal	1 juicio en curso	800 pacientes

Procesos de cumplimiento y certificación regulatoria

Inversión regulatoria y métricas de cumplimiento:

• $ 2.1 millones asignados para presentaciones regulatorias (2023)
• 2 designaciones de dispositivos innovadores de la FDA
• Certificación CE Mark para prueba pulmonar NU.Q®

Marketing y comercialización de soluciones de diagnóstico

Canal de marketing	Asignación de presupuesto	Mercado objetivo
Patrocinio de la conferencia médica	$750,000 (2023)	Oncólogos y patólogos
Marketing digital	$450,000 (2023)	Profesionales de la salud

VolitionRX Limited (VNRX) - Modelo de negocio: recursos clave

Plataforma de tecnología de nucleosoma nu.q patentada

El activo tecnológico central de VolitionRX es la plataforma de tecnología NU.Q Nucleosome, que se centra en detectar el cáncer a través de biomarcadores epigenéticos. A partir de 2024, la plataforma se ha desarrollado con una inversión de investigación significativa.

Atributo tecnológico	Especificación
Tipo de plataforma	Detección de biomarcadores epigenéticos
Inversión de investigación	$ 12.3 millones (2023 año fiscal)
Solicitudes de patentes	17 patentes activas

Propiedad intelectual y cartera de patentes

VolitionRX mantiene una sólida estrategia de propiedad intelectual.

• Patentes activas totales: 17
• Jurisdicciones de patentes: Estados Unidos, Europa, Asia
• Categorías de patentes: detección del cáncer, análisis de nucleosomas

Equipo de Investigación y Desarrollo Científico

Las capacidades de I + D de la compañía son críticas para su avance tecnológico.

Composición del equipo	Número
Personal total de I + D	32 investigadores
Titulares de doctorado	18 miembros del equipo
Documentos de investigación publicados	24 publicaciones revisadas por pares en 2023

Equipo avanzado de laboratorio y prueba

VolitionRX invierte en sofisticada infraestructura de laboratorio.

• Equipo de espectrometría de masas: 4 unidades
• Plataformas de secuenciación de próxima generación: 2 sistemas
• Sistemas automatizados de manejo de líquidos: 3 unidades
• Inversión total de equipos: $ 4.7 millones

Capital financiero para la investigación continua

Los recursos financieros son cruciales para mantener los esfuerzos de investigación y desarrollo.

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (cuarto trimestre de 2023)	$ 22.6 millones
Gasto de I + D (2023)	$ 15.4 millones
Financiación recaudada en 2023	$ 8.9 millones

VolitionRX Limited (VNRX) - Modelo de negocio: propuestas de valor

Tecnologías de detección de cáncer no invasivas

VolitionRX Limited desarrolla tecnologías de detección de cáncer basadas en sangre NU.Q® con las siguientes métricas clave:

Tecnología característica	Valor específico
Sensibilidad al análisis de sangre	Hasta el 82% en múltiples tipos de cáncer
Tiempo de procesamiento de muestras	Aproximadamente 2-3 horas por prueba
Investigación & Inversión de desarrollo	$ 12.3 millones en 2023

Detección temprana de múltiples tipos de cáncer

VolitionRX se centra en detectar múltiples tipos de cáncer a través de pruebas epigenéticas:

• Precisión de detección del cáncer de pulmón: 71%
• Tasa de detección de cáncer colorrectal: 79%
• Especificidad de detección de cáncer de próstata: 75%

Soluciones de diagnóstico rentables

Métricas financieras relacionadas con soluciones de diagnóstico:

Parámetro de costo	Valor
Costo de prueba estimado	$ 250- $ 350 por detección
Ahorros potenciales de atención médica	Estimado $ 3,500 por detección de cáncer temprano

Potencial para mejorar los resultados del paciente

Indicadores de rendimiento clínico:

• Probabilidad de detección del cáncer en estadio temprano: 68%
• Mejora de la tasa de supervivencia del paciente: estimado 22-35%

Metodologías de prueba epigenética avanzada

Capacidades tecnológicas:

Parámetro de metodología	Especificación
Tecnología de nucleosoma patentada	Plataforma nu.q®
Cartera de patentes	17 patentes otorgadas
Plataformas de prueba	ELISA y citometría de flujo

VolitionRX Limited (VNRX) - Modelo de negocio: relaciones con los clientes

Compromiso directo con proveedores de atención médica

VolitionRX Limited mantiene la participación directa con los proveedores de atención médica a través de estrategias de divulgación específicas. A partir del cuarto trimestre de 2023, la compañía reportó 127 asociaciones clínicas activas con instituciones médicas.

Tipo de compromiso	Número de interacciones	Especialidades objetivo
Clínicas de oncología	82 asociaciones directas	Detección colorrectal de cáncer de pulmón
Investigar hospitales	45 acuerdos de colaboración	Investigación de diagnóstico avanzada

Conferencia científica e interacciones de simposio médico

VolitionRX participa activamente en conferencias médicas para mostrar tecnologías de diagnóstico.

• 2023 participación en 14 conferencias médicas internacionales
• Presentado en 8 simposios específicos de oncología
• Presentaciones de conferencia totales: 22

Soporte técnico para plataformas de diagnóstico

La compañía proporciona soporte técnico integral para sus plataformas de diagnóstico NU.Q®.

Canal de soporte	Tiempo de respuesta	Volumen de soporte anual
Soporte telefónico	Dentro de las 4 horas	1.256 boletos de soporte resueltos
Soporte por correo electrónico	Dentro de las 24 horas	2,413 consultas técnicas administradas

Comunicación continua de investigación y desarrollo

VolitionRX mantiene la comunicación continua con socios de investigación y partes interesadas.

• Actualizaciones de investigación trimestrales distribuidas a 387 suscriptores institucionales
• Circulación anual del informe de investigación a 612 profesionales médicos
• Boletín mensual con 1.245 suscriptores de correo electrónico

Servicios de información de diagnóstico centrados en el paciente

La compañía proporciona recursos de información centrados en el paciente para la comprensión diagnóstica.

Servicio de información	Alcanzar	Métricas de compromiso
Recursos en línea del paciente	Plataforma web con 24,567 visitantes únicos	Duración promedio de la sesión: 7.2 minutos
Materiales de educación del paciente	38,912 Folletos educativos distribuidos	Calificación de retroalimentación positiva del 90%

VolitionRX Limited (VNRX) - Modelo de negocio: canales

Ventas directas a instituciones médicas

VolitionRX Limited se dirige directamente a las instituciones médicas a través de su equipo de ventas especializado. A partir de 2024, la compañía ha establecido canales de ventas directas con:

Tipo de canal	Número de instituciones	Alcance geográfico
Hospitales	87	Estados Unidos, Europa
Centros de investigación del cáncer	42	Múltiples países
Laboratorios de diagnóstico	63	América del Norte, Europa

Plataformas de marketing médico y de marketing médico en línea

VolitionRX utiliza estrategias de marketing digital en plataformas médicas especializadas:

• PubMed Central: 4 publicaciones de investigación activa
• Researchgate: 129 conexiones de redes científicas
• Redes digitales médicas profesionales: 87 puntos de participación activos

Presentaciones de conferencia médica y feria comercial

Tipo de conferencia	Participación anual	Enfoque de presentación
Conferencias oncológicas	7	Tecnología Nucleosomedx
Exposiciones de tecnología de diagnóstico	5	Innovaciones de detección del cáncer

Portales de comunicación e información digital

Los canales digitales incluyen:

• Sitio web corporativo: 42,000 visitantes mensuales
• Portales de información científica: 18 plataformas digitales activas
• Serie de seminarios web: 6 eventos digitales anuales

Asociaciones con redes de servicios de diagnóstico

Tipo de socio	Número de socios	Cobertura geográfica
Proveedores de redes de diagnóstico	23	América del Norte, Europa
Socios de tecnología de salud	11	Alcance internacional

VolitionRX Limited (VNRX) - Modelo de negocio: segmentos de clientes

Profesionales de la salud oncológica

A partir de 2024, VolitionRX se dirige a profesionales de oncología con su tecnología de diagnóstico NU.Q.

Características de segmento	Tamaño del mercado	Alcance potencial
Oncólogos	87,500 en todo el mundo	32% tasa de adopción potencial
Oncólogos quirúrgicos	45,200 a nivel mundial	28% de penetración potencial

Laboratorios de diagnóstico médico

VolitionRX se centra en laboratorios de diagnóstico avanzados para la detección del cáncer.

Tipo de laboratorio	Recuento global	Potencial de mercado
Laboratorios de diagnóstico clínico	52,300 en todo el mundo	Mercado potencial de $ 4.2 mil millones
Laboratorios de diagnóstico de cáncer especializados	8.750 a nivel mundial	Mercado potencial de $ 1.6 mil millones

Sistemas hospitalarios

Las redes hospitalarias representan un segmento crítico de clientes para VolitionRX.

• Recuento global de hospitales: 18,500
• Tasa de adopción del hospital potencial: 22%
• Penetración estimada del mercado: $ 3.7 mil millones

Instituciones de investigación

Los centros de investigación siguen siendo un segmento clave de clientes para la tecnología NU.Q.

Tipo de institución	Recuento global	Asignación de presupuesto de investigación
Centros de investigación del cáncer	2.350 en todo el mundo	Mercado potencial de $ 680 millones
Instituciones de investigación académica	5.600 a nivel mundial	$ 1.2 mil millones de inversiones potenciales

Organizaciones de ensayos clínicos farmacéuticos

Las organizaciones de ensayos clínicos representan un segmento estratégico de clientes.

• Organizaciones de investigación clínica global: 1.500
• Tamaño del mercado potencial: $ 2.9 mil millones
• Tasa de adopción estimada: 18%

VolitionRX Limited (VNRX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, VolitionRX reportó gastos de I + D de $ 8.8 millones. La investigación de la compañía se centra en el desarrollo de pruebas de detección de cáncer basadas en sangre.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 8.8 millones	65.4%
2021	$ 7.3 millones	62.1%

Financiación del ensayo clínico

VolitionRX asignó aproximadamente $ 3.5 millones para ensayos clínicos en 2022, dirigido al desarrollo de la tecnología de detección del cáncer NU.Q®.

• Inversiones de ensayos clínicos centrados en la detección de cáncer de páncreas de pulmón NU.Q® y NU.Q®
• Estudios clínicos en curso en múltiples ubicaciones internacionales

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de aproximadamente $ 450,000 en 2022, cubriendo la presentación y protección de patentes para la tecnología NU.Q®.

Salarios de personal y equipo científico

Categoría de personal	Costo anual	Número de empleados
Personal científico	$ 2.7 millones	35
Personal administrativo	$ 1.2 millones	15

Infraestructura y equipo tecnológico

Las inversiones en tecnología y equipos totalizaron $ 1.1 millones en 2022, apoyando las capacidades de laboratorio y de investigación.

• Equipo de laboratorio: $ 750,000
• Infraestructura: $ 350,000

VolitionRX Limited (VNRX) - Modelo de negocio: flujos de ingresos

Ventas de pruebas de diagnóstico

VolitionRX Limited genera ingresos a través de las ventas de sus pruebas de diagnóstico NU.Q®, específicamente dirigida a la detección del cáncer.

Tipo de prueba	Ingresos estimados (2023)	Potencial de mercado
Prueba de cáncer de pulmón NU.Q®	$ 0.45 millones	Mercado global estimado de $ 3.2 mil millones
Prueba de cáncer colorrectal de NU.Q®	$ 0.22 millones	Mercado global estimado de $ 4.5 mil millones

Licencia de propiedad intelectual

VolitionRX genera ingresos a través de acuerdos estratégicos de licencia de propiedad intelectual.

• Ingresos totales de licencia de IP en 2023: $ 0.17 millones
• Portafolio de patentes: 25 patentes otorgadas a nivel mundial
• Posibles acuerdos de licencia en diagnóstico de oncología

Subvenciones de investigación y financiación

La financiación externa respalda las iniciativas continuas de investigación y desarrollo.

Fuente de financiación	Cantidad (2023)	Enfoque de investigación
Subvenciones del gobierno	$ 0.65 millones	Tecnología de diagnóstico de cáncer
Financiación de la investigación privada	$ 0.38 millones	Desarrollo de la plataforma NU.Q®

Acuerdos de asociación farmacéutica

Las asociaciones estratégicas proporcionan fuentes de ingresos adicionales.

• Discusiones de asociación en curso con 3 compañías farmacéuticas
• Valor de asociación potencial estimado en $ 5-10 millones
• Centrarse en el desarrollo del diagnóstico colaborativo

Comercialización de la plataforma de diagnóstico

Comercialización de la plataforma de diagnóstico Nu.Q® en múltiples tipos de cáncer.

Tipo de cáncer	Estado de entrada al mercado	Ingresos proyectados
Cáncer de pulmón	Mercado listo	$ 1.2 millones (proyección 2024)
Cáncer colorrectal	Validación clínica	$ 0.8 millones (proyección 2024)
Cáncer de mama	Fase de investigación	$ 0.3 millones (proyección 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.