VolitionRx Limited (VNRX): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des diagnostics de cancer, VolitionRx Limited (VNRX) émerge comme un innovateur révolutionnaire, tirant parti de sa technologie de nucléosome Nu.Q unique pour révolutionner la détection précoce du cancer. En développant des tests de dépistage du sang non invasifs qui promettent de transformer les résultats des patients, l'entreprise est à l'avant-garde de la recherche épigénétique, offrant une approche potentiellement révolutionnaire pour comprendre et diagnostiquer plusieurs types de cancer avec une précision et une efficacité sans précédent.

VolitionRx Limited (VNRX) - Modèle d'entreprise: partenariats clés

Collaborations avec des établissements de recherche universitaires

VolitionRx a établi des partenariats avec plusieurs établissements de recherche universitaires pour faire avancer sa technologie de nucléosomes Nu.Q®:

Institution	Domaine de mise au point	Année de collaboration
Université du Queensland	Recherche de diagnostic du cancer	2019
Université de Gand	Études de détection du cancer du poumon	2020

Partenariats stratégiques avec les laboratoires de diagnostic

VolitionRx a développé des partenariats clés avec des laboratoires de diagnostic pour valider et mettre en œuvre ses technologies de test:

• Collaboration de diagnostic de quête pour la validation du test NU.Q®
• Sonic Healthcare Partnership for Clinical Trial Support

Sociétés pharmaceutiques pour une licence potentielle

Les partenariats de licence stratégique comprennent:

Entreprise pharmaceutique	Focus de licence potentielle	Statut de collaboration
Roche Diagnostics	Technologies de dépistage du cancer	Discussions en cours
Thermo Fisher Scientific	Développement de tests diagnostiques	Stade exploratoire

Technologies médicales et prestataires de soins de santé

VolitionRx a établi des partenariats avec:

• Clinique Mayo pour la validation clinique
• MD Anderson Cancer Center for Research Collaboration

Partners du réseau de recherche et de développement

Les partenariats du réseau R&D comprennent:

Partenaire	Focus de recherche	Investissement / financement
Gouvernement fédéral belge	Développement de la technologie des nucléosomes	Subvention de recherche de 1,2 million d'euros
Région de Walloon	Innovation diagnostique du cancer	Soutien de la recherche de 750 000 €

VolitionRx Limited (VNRX) - Modèle d'entreprise: Activités clés

Développement de tests de détection de cancer à base de sang

VolitionRx s'est concentré sur le développement de tests de détection de cancer du sang NU.Q® avec des investissements de recherche spécifiques:

Domaine de recherche	Montant d'investissement	Focus de recherche
Détection de nucléosomes	4,3 millions de dollars (2023)	Identification du biomarqueur du cancer
Plateforme de dépistage NU.Q®	3,7 millions de dollars (2023)	Détection de type de cancer multiple

Recherche d'épigénétique et technologie de diagnostic

Mesures clés du développement technologique:

• 3 familles de brevets actifs
• 12 demandes de brevet en cours
• Collaboration de recherche avec 4 établissements universitaires

Essais cliniques et validation des plateformes de diagnostic

Type d'essai	Nombre de procès	Inscription des patients
Dépistage du cancer du poumon	2 essais actifs	1 200 patients
Détection du cancer colorectal	1 procès en cours	800 patients

Processus de conformité réglementaire et de certification

Investissement réglementaire et mesures de conformité:

• 2,1 millions de dollars alloués aux soumissions réglementaires (2023)
• 2 désignations de dispositifs de percée de la FDA
• Certification CE Mark pour le test pulmonaire NU.Q®

Marketing et commercialisation de solutions de diagnostic

Canal de marketing	Allocation budgétaire	Marché cible
Parrainage de la conférence médicale	$750,000 (2023)	Oncologues et pathologistes
Marketing numérique	$450,000 (2023)	Professionnels de la santé

VolitionRx Limited (VNRX) - Modèle d'entreprise: Ressources clés

Plateforme de technologie de nucléosome Nu.Q propriétaire

L'actif technologique principal de VolitionRx est la plate-forme technologique des nucléosomes Nu.Q, qui se concentre sur la détection du cancer par le biais de biomarqueurs épigénétiques. En 2024, la plate-forme a été développée avec des investissements de recherche importants.

Attribut technologique	Spécification
Type de plate-forme	Détection de biomarqueurs épigénétiques
Investissement en recherche	12,3 millions de dollars (2023 Exercice)
Demandes de brevet	17 brevets actifs

Propriété intellectuelle et portefeuille de brevets

VolitionRx maintient une solide stratégie de propriété intellectuelle.

• Brevets actifs totaux: 17
• Juridictions de brevet: États-Unis, Europe, Asie
• Catégories de brevets: détection du cancer, analyse des nucléosomes

Équipe de recherche et développement scientifique

Les capacités de R&D de l'entreprise sont essentielles à son avancement technologique.

Composition de l'équipe	Nombre
Personnel total de R&D	32 chercheurs
Titulaires de doctorat	18 membres de l'équipe
Articles de recherche publiés	24 publications évaluées par des pairs en 2023

Équipement avancé de laboratoire et de test

VolitionRx investit dans des infrastructures de laboratoire sophistiquées.

• Équipement de spectrométrie de masse: 4 unités
• Plateformes de séquençage de nouvelle génération: 2 systèmes
• Systèmes de manutention des liquides automatisés: 3 unités
• Investissement total d'équipement: 4,7 millions de dollars

Capital financier pour la recherche continue

Les ressources financières sont cruciales pour soutenir les efforts de recherche et de développement.

Métrique financière	Montant
Cash and Cash équivalents (T4 2023)	22,6 millions de dollars
Dépenses de R&D (2023)	15,4 millions de dollars
Financement collecté en 2023	8,9 millions de dollars

VolitionRx Limited (VNRX) - Modèle d'entreprise: Propositions de valeur

Technologies de dépistage du cancer non invasif

VolitionRx Limited développe les technologies de dépistage du cancer du sang NU.Q® avec les mesures clés suivantes:

Caractéristique technologique	Valeur spécifique
Sensibilité aux tests sanguins	Jusqu'à 82% sur plusieurs types de cancer
Temps de traitement des échantillons	Environ 2 à 3 heures par test
Recherche & Investissement en développement	12,3 millions de dollars en 2023

Détection précoce de plusieurs types de cancer

VolitionRx se concentre sur la détection de plusieurs types de cancer grâce à des tests épigénétiques:

• Précision du dépistage du cancer du poumon: 71%
• Taux de détection du cancer colorectal: 79%
• Spécificité de dépistage du cancer de la prostate: 75%

Solutions de diagnostic rentables

Mesures financières liées aux solutions de diagnostic:

Paramètre de coût	Valeur
Coût du test estimé	250 $ - 350 $ par dépistage
Économies potentielles des soins de santé	3 500 $ estimé par détection précoce du cancer

Potentiel d'amélioration des résultats des patients

Indicateurs de performance clinique:

• Probabilité de détection du cancer à un stade précoce: 68%
• Amélioration du taux de survie des patients: estimé 22 à 35%

Méthodologies de test épigénétiques avancées

Capacités technologiques:

Paramètre de méthodologie	Spécification
Technologie des nucléosomes propriétaires	Plateforme NU.Q®
Portefeuille de brevets	17 brevets accordés
Plates-formes de test	ELISA et cytométrie en flux

VolitionRx Limited (VNRX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les prestataires de soins de santé

VolitionRx Limited maintient un engagement direct avec les prestataires de soins de santé grâce à des stratégies de sensibilisation ciblées. Au quatrième trimestre 2023, la société a signalé 127 partenariats cliniques actifs avec des institutions médicales.

Type d'engagement	Nombre d'interactions	Target Specialties
Cliniques en oncologie	82 partenariats directs	Dépistage colorectal et cancer du poumon
Hôpitaux de recherche	45 accords de collaboration	Recherche diagnostique avancée

Interactions de conférence scientifique et de symposium médical

VolitionRx participe activement aux conférences médicales pour présenter les technologies de diagnostic.

• 2023 Participation à 14 conférences médicales internationales
• Présenté à 8 symposiums spécifiques en oncologie
• Présentations totales de la conférence: 22

Support technique pour les plateformes de diagnostic

La société fournit un support technique complet pour ses plateformes de diagnostic Nu.Q®.

Canal de support	Temps de réponse	Volume de soutien annuel
Support téléphonique	Dans les 4 heures	1 256 billets de support résolus
Assistance par e-mail	Dans les 24 heures	2 413 demandes techniques gérées

Communication de recherche et développement continue

VolitionRx maintient une communication continue avec les partenaires de recherche et les parties prenantes.

• Mises à jour de la recherche trimestrielle distribuées à 387 abonnés institutionnels
• Rapport de recherche annuel circulation à 612 professionnels de la santé
• Newsletter mensuel avec 1 245 abonnés par e-mail

Services d'information diagnostique axés sur les patients

L'entreprise fournit des ressources d'information centrées sur le patient pour une compréhension diagnostique.

Service d'information	Atteindre	Métriques d'engagement
Ressources des patients en ligne	Plateforme Web avec 24 567 visiteurs uniques	Durée moyenne de la session: 7,2 minutes
Matériel d'éducation des patients	38 912 brochures éducatives distribuées	Évaluation de rétroaction positive à 90%

VolitionRx Limited (VNRX) - Modèle d'entreprise: canaux

Ventes directes aux institutions médicales

VolitionRx Limited cible directement les institutions médicales par le biais de son équipe de vente spécialisée. En 2024, la société a établi des canaux de vente directs avec:

Type de canal	Nombre d'institutions	Portée géographique
Hôpitaux	87	États-Unis, Europe
Centres de recherche sur le cancer	42	Plusieurs pays
Laboratoires diagnostiques	63	Amérique du Nord, Europe

Plateformes de marketing scientifique et médical en ligne

VolitionRx utilise des stratégies de marketing numérique sur des plateformes médicales spécialisées:

• PubMed Central: 4 publications de recherche active
• ResearchGate: 129 Connexions de réseau scientifique
• Réseaux numériques professionnels médicaux: 87 points d'engagement actifs

Présentations de conférences et de salons médicaux

Type de conférence	Participation annuelle	Focus de présentation
Conférences en oncologie	7	Technologie nucléosomedx
Expositions de technologie de diagnostic	5	Innovations de détection du cancer

Portails de communication et d'information numériques

Les canaux numériques comprennent:

• Site Web d'entreprise: 42 000 visiteurs mensuels
• Portails d'information scientifique: 18 plateformes numériques actives
• Série de webinaires: 6 événements numériques annuels

Partenariats avec les réseaux de services de diagnostic

Type de partenaire	Nombre de partenaires	Couverture géographique
Fournisseurs de réseaux de diagnostic	23	Amérique du Nord, Europe
Partners de la technologie des soins de santé	11	Reach international

VolitionRx Limited (VNRX) - Modèle d'entreprise: segments de clientèle

Professionnels de la santé en oncologie

En 2024, VolitionRX cible les professionnels en oncologie avec sa technologie de diagnostic NU.Q.

Caractéristiques du segment	Taille du marché	Portée potentielle
Oncologistes	87 500 dans le monde	Taux d'adoption potentiel de 32%
Oncologues chirurgicaux	45 200 mondiaux	28% de pénétration potentielle

Laboratoires de diagnostic médical

VolitionRx se concentre sur les laboratoires diagnostiques avancés pour le dépistage du cancer.

Type de laboratoire	Compte mondial	Potentiel de marché
Laboratoires diagnostiques cliniques	52 300 dans le monde	4,2 milliards de dollars de marché potentiel
Laboratoires de diagnostic de cancer spécialisés	8 750 dans le monde	Marché potentiel de 1,6 milliard de dollars

Systèmes hospitaliers

Les réseaux hospitaliers représentent un segment de clientèle critique pour VolitionRx.

• Compte d'hôpital mondial: 18 500
• Taux d'adoption potentiel de l'hôpital: 22%
• Pénétration estimée du marché: 3,7 milliards de dollars

Institutions de recherche

Les centres de recherche restent un segment de clientèle clé pour la technologie NU.Q.

Type d'institution	Compte mondial	Attribution du budget de recherche
Centres de recherche sur le cancer	2 350 dans le monde	Marché potentiel de 680 millions de dollars
Établissements de recherche universitaire	5 600 à l'échelle mondiale	1,2 milliard de dollars d'investissement potentiel

Organisations d'essais cliniques pharmaceutiques

Les organisations d'essais cliniques représentent un segment de clientèle stratégique.

• Organisations mondiales de recherche clinique: 1 500
• Taille potentielle du marché: 2,9 milliards de dollars
• Taux d'adoption estimé: 18%

VolitionRx Limited (VNRX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, VolitionRX a déclaré des dépenses de R&D de 8,8 millions de dollars. Les recherches de l'entreprise se concentrent sur le développement de tests de détection de cancer à base de sang.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	8,8 millions de dollars	65.4%
2021	7,3 millions de dollars	62.1%

Financement des essais cliniques

VolitionRx a alloué environ 3,5 millions de dollars pour les essais cliniques en 2022, ciblant le développement de la technologie de dépistage du cancer NU.Q®.

• Investissements d'essais cliniques axés sur le dépistage du cancer du pancréas Nu.Q® Lung et Nu.Q®
• Études cliniques en cours dans plusieurs emplacements internationaux

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient d'environ 450 000 $ en 2022, couvrant le dépôt et la protection des brevets pour la technologie NU.Q®.

Personnel et salaires d'équipe scientifique

Catégorie de personnel	Coût annuel	Nombre d'employés
Personnel scientifique	2,7 millions de dollars	35
Personnel administratif	1,2 million de dollars	15

Infrastructure et équipement technologiques

Les investissements technologiques et d'équipement ont totalisé 1,1 million de dollars en 2022, soutenant les capacités de laboratoire et de recherche.

• Équipement de laboratoire: 750 000 $
• Infrastructure informatique: 350 000 $

VolitionRx Limited (VNRX) - Modèle d'entreprise: Strots de revenus

Ventes de tests de diagnostic

VolitionRx Limited génère des revenus grâce à la vente de ses tests de diagnostic Nu.Q®, ciblant spécifiquement la détection du cancer.

Type de test	Revenus estimés (2023)	Potentiel de marché
NU.Q® Test du cancer du poumon	0,45 million de dollars	Marché mondial estimé à 3,2 milliards de dollars
NU.Q® Test du cancer colorectal	0,22 million de dollars	Marché mondial estimé à 4,5 milliards de dollars

Licence de propriété intellectuelle

VolitionRx génère des revenus grâce à des accords de licence de propriété intellectuelle stratégiques.

• Revenu total des licences IP en 2023: 0,17 million de dollars
• Portefeuille de brevets: 25 brevets accordés à l'échelle mondiale
• Accords de licence potentiels dans les diagnostics en oncologie

Subventions et financement de recherche

Le financement externe soutient les initiatives de recherche et développement en cours.

Source de financement	Montant (2023)	Focus de recherche
Subventions gouvernementales	0,65 million de dollars	Technologie de diagnostic du cancer
Financement de recherche privée	0,38 million de dollars	Développement de la plate-forme NU.Q®

Accords de partenariat pharmaceutique

Les partenariats stratégiques fournissent des sources de revenus supplémentaires.

• Discussions de partenariat en cours avec 3 sociétés pharmaceutiques
• Valeur de partenariat potentiel estimé à 5 à 10 millions de dollars
• Concentrez-vous sur le développement de diagnostic collaboratif

Commercialisation de la plate-forme de diagnostic

Commercialisation de la plate-forme de diagnostic NU.Q® sur plusieurs types de cancer.

Type de cancer	État de l'entrée du marché	Revenus projetés
Cancer du poumon	Prêt sur le marché	1,2 million de dollars (projection 2024)
Cancer colorectal	Validation clinique	0,8 million de dollars (projection 2024)
Cancer du sein	Phase de recherche	0,3 million de dollars (projection 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.