VolitionRx Limited (VNRX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do diagnóstico do câncer, a VolitionRx Limited (VNRX) surge como inovador inovador, alavancando sua tecnologia exclusiva de nucleossomos Nu.Q para revolucionar a detecção precoce do câncer. Ao desenvolver testes de triagem não invasivos que prometem transformar os resultados dos pacientes, a empresa está na vanguarda da pesquisa epigenética, oferecendo uma abordagem potencialmente que muda o jogo para entender e diagnosticar vários tipos de câncer com precisão e eficiência sem precedentes.

VolitionRx Limited (VNRX) - Modelo de negócios: Parcerias -chave

Colaborações com instituições de pesquisa acadêmica

A VolitionRX estabeleceu parcerias com várias instituições de pesquisa acadêmica para avançar em sua tecnologia nucleossomo NU.Q®:

Instituição	Área de foco	Ano de colaboração
Universidade de Queensland	Pesquisa de diagnóstico de câncer	2019
Universidade de Ghent	Estudos de detecção de câncer de pulmão	2020

Parcerias estratégicas com laboratórios de diagnóstico

A VolitionRX desenvolveu parcerias importantes com laboratórios de diagnóstico para validar e implementar suas tecnologias de teste:

• Colaboração de diagnóstico da missão para validação de teste NU.Q®
• Parceria Sonic Healthcare para suporte ao ensaio clínico

Empresas farmacêuticas para licenciamento potencial

As parcerias estratégicas de licenciamento incluem:

Empresa farmacêutica	Potencial foco de licenciamento	Status de colaboração
Diagnóstico da Roche	Tecnologias de triagem de câncer	Discussões em andamento
Thermo Fisher Scientific	Desenvolvimento de testes de diagnóstico	Estágio exploratório

Provedores de tecnologia médica e saúde

A VolitionRX estabeleceu parcerias com:

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

Parceiros de rede de pesquisa e desenvolvimento

As parcerias de rede de P&D incluem:

Parceiro	Foco na pesquisa	Investimento/financiamento
Governo federal belga	Desenvolvimento da tecnologia de nucleossomos	Grant de 1,2 milhão de euros de pesquisa
Região de Walloon	Inovação diagnóstica do câncer	750.000 € Suporte à pesquisa

VolitionRx Limited (VNRX) - Modelo de negócios: Atividades -chave

Desenvolvimento de testes de detecção de câncer baseados no sangue

A VolitionRX se concentrou no desenvolvimento de testes de detecção de câncer à base de sangue NU.Q® com investimentos específicos de pesquisa:

Área de pesquisa	Valor do investimento	Foco na pesquisa
Detecção de nucleossomos	US $ 4,3 milhões (2023)	Identificação de biomarcadores do câncer
Plataforma de triagem NU.Q®	US $ 3,7 milhões (2023)	Detecção de tipo de câncer múltiplo

Pesquisa Epigenética e Inovação em Tecnologia de Diagnóstico

Principais métricas de desenvolvimento tecnológico:

• 3 famílias de patentes ativas
• 12 pedidos de patente em andamento
• Colaboração de pesquisa com 4 instituições acadêmicas

Ensaios clínicos e validação de plataformas de diagnóstico

Tipo de teste	Número de ensaios	Inscrição do paciente
Triagem de câncer de pulmão	2 ensaios ativos	1.200 pacientes
Detecção de câncer colorretal	1 estudo em andamento	800 pacientes

Processos de conformidade e certificação regulatórios

Métricas de investimento e conformidade regulatórios:

• US $ 2,1 milhões alocados para envios regulatórios (2023)
• 2 designações de dispositivos da FDA
• Certificação de marca CE para o teste pulmonar NU.Q®

Marketing e comercialização de soluções de diagnóstico

Canal de marketing	Alocação de orçamento	Mercado -alvo
Patrocínio da Conferência Médica	$750,000 (2023)	Oncologistas e patologistas
Marketing digital	$450,000 (2023)	Profissionais de saúde

VolitionRx Limited (VNRX) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia nucleossomo de nu.q proprietária

O principal ativo tecnológico da VolitionRX é a plataforma de tecnologia nucleossomo Nu.Q, que se concentra na detecção de câncer por meio de biomarcadores epigenéticos. A partir de 2024, a plataforma foi desenvolvida com um investimento significativo de pesquisa.

Atributo de tecnologia	Especificação
Tipo de plataforma	Detecção epigenética de biomarcadores
Investimento em pesquisa	US $ 12,3 milhões (2023 ano fiscal)
Aplicações de patentes	17 patentes ativas

Propriedade intelectual e portfólio de patentes

A VolitionRX mantém uma estratégia de propriedade intelectual robusta.

• Total de patentes ativas: 17
• Jurisdições de patentes: Estados Unidos, Europa, Ásia
• Categorias de patentes: detecção de câncer, análise de nucleossomos

Equipe de Pesquisa e Desenvolvimento Científica

Os recursos de P&D da empresa são críticos para seu avanço tecnológico.

Composição da equipe	Número
Pessoal total de P&D	32 pesquisadores
Titulares de doutorado	18 membros da equipe
Artigos de pesquisa publicados	24 publicações revisadas por pares em 2023

Equipamento avançado de laboratório e teste

A VolitionRx investe em sofisticada infraestrutura de laboratório.

• Equipamento de espectrometria de massa: 4 unidades
• Plataformas de sequenciamento de próxima geração: 2 sistemas
• Sistemas automatizados de manuseio líquido: 3 unidades
• Investimento total do equipamento: US $ 4,7 milhões

Capital financeiro para pesquisa contínua

Os recursos financeiros são cruciais para sustentar os esforços de pesquisa e desenvolvimento.

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (Q4 2023)	US $ 22,6 milhões
Despesas de P&D (2023)	US $ 15,4 milhões
Financiamento levantado em 2023	US $ 8,9 milhões

VolitionRx Limited (VNRX) - Modelo de Negócios: Proposições de Valor

Tecnologias de triagem de câncer não invasivas

A VolitionRx Limited desenvolve tecnologias de triagem de câncer à base de sangue NU.Q® com as seguintes métricas-chave:

Característica da tecnologia	Valor específico
Sensibilidade aos exames de sangue	Até 82% em vários tipos de câncer
Tempo de processamento de amostra	Aproximadamente 2-3 horas por teste
Pesquisar & Investimento em desenvolvimento	US $ 12,3 milhões em 2023

Detecção precoce de vários tipos de câncer

VolitionRx concentra -se na detecção de vários tipos de câncer por meio de testes epigenéticos:

• Precisão de triagem de câncer de pulmão: 71%
• Taxa de detecção de câncer colorretal: 79%
• Especificidade de triagem de câncer de próstata: 75%

Soluções de diagnóstico econômicas

Métricas financeiras relacionadas às soluções de diagnóstico:

Parâmetro de custo	Valor
Custo estimado do teste	$ 250- $ 350 por triagem
Economia potencial de saúde	Estimado US $ 3.500 por detecção precoce de câncer

Potencial para melhores resultados dos pacientes

Indicadores de desempenho clínico:

• Probabilidade de detecção de câncer em estágio inicial: 68%
• Melhoria da taxa de sobrevivência do paciente: estimado 22-35%

Metodologias avançadas de teste epigenético

Capacidades tecnológicas:

Parâmetro de metodologia	Especificação
Tecnologia proprietária de nucleossomos	Plataforma NU.Q®
Portfólio de patentes	17 patentes concedidas
Plataformas de teste	Elisa e citometria de fluxo

VolitionRx Limited (VNRX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com prestadores de serviços de saúde

A VolitionRX Limited mantém o envolvimento direto com os prestadores de serviços de saúde por meio de estratégias direcionadas de divulgação. A partir do quarto trimestre 2023, a empresa relatou 127 parcerias clínicas ativas com instituições médicas.

Tipo de engajamento	Número de interações	Especialidades -alvo
Clínicas de oncologia	82 parcerias diretas	Triagem colorretal e de câncer de pulmão
Hospitais de pesquisa	45 acordos colaborativos	Pesquisa de diagnóstico avançado

Interações da Conferência Científica e do Simpósio Médico

A VolitionRX participa ativamente de conferências médicas para mostrar tecnologias de diagnóstico.

• 2023 Participação em 14 conferências médicas internacionais
• Apresentado em 8 simpósios específicos de oncologia
• Apresentações totais da conferência: 22

Suporte técnico para plataformas de diagnóstico

A empresa fornece suporte técnico abrangente para suas plataformas de diagnóstico NU.Q®.

Canal de suporte	Tempo de resposta	Volume de suporte anual
Suporte telefônico	Dentro de 4 horas	1.256 Tickets de suporte resolvidos
Suporte por e -mail	Dentro de 24 horas	2.413 consultas técnicas gerenciadas

Comunicação contínua de pesquisa e desenvolvimento

A VolitionRX mantém a comunicação contínua com parceiros de pesquisa e partes interessadas.

• Atualizações trimestrais de pesquisa distribuídas para 387 assinantes institucionais
• Relatório de pesquisa anual Circulação para 612 profissionais médicos
• Newsletter mensal com 1.245 assinantes de e -mail

Serviços de informação de diagnóstico focados no paciente

A empresa fornece recursos de informação centrados no paciente para o entendimento diagnóstico.

Serviço de informação	Alcançar	Métricas de engajamento
Recursos on -line do paciente	Plataforma da Web com 24.567 visitantes únicos	Duração média da sessão: 7,2 minutos
Materiais de educação do paciente	38.912 brochuras educacionais distribuídas	Classificação de feedback positivo de 90%

VolitionRx Limited (VNRX) - Modelo de Negócios: Canais

Vendas diretas para instituições médicas

A VolitionRX Limited tem como alvo diretamente as instituições médicas por meio de sua equipe de vendas especializada. A partir de 2024, a empresa estabeleceu canais de vendas diretos com:

Tipo de canal	Número de instituições	Alcance geográfico
Hospitais	87	Estados Unidos, Europa
Centros de pesquisa do câncer	42	Vários países
Laboratórios de Diagnóstico	63	América do Norte, Europa

Plataformas de marketing científico e médico online

A VolitionRX utiliza estratégias de marketing digital em plataformas médicas especializadas:

• PubMed Central: 4 Publicações de Pesquisa Ativa
• ResearchGate: 129 conexões de rede científica
• Redes digitais profissionais médicas: 87 pontos de engajamento ativos

Apresentações da Conferência Médica e da Feira

Tipo de conferência	Participação anual	Foco de apresentação
Conferências de oncologia	7	Tecnologia nucleossomedx
Exposições de Tecnologia de Diagnóstico	5	Inovações de detecção de câncer

Portais de comunicação e informação digital

Os canais digitais incluem:

• Site corporativo: 42.000 visitantes mensais
• Portais de informações científicas: 18 plataformas digitais ativas
• Série de webinar: 6 eventos digitais anuais

Parcerias com redes de serviço de diagnóstico

Tipo de parceiro	Número de parceiros	Cobertura geográfica
Provedores de rede de diagnóstico	23	América do Norte, Europa
Parceiros de Tecnologia da Saúde	11	Alcance internacional

VolitionRx Limited (VNRX) - Modelo de negócios: segmentos de clientes

Profissionais de Saúde Oncológicos

A partir de 2024, a VolitionRX tem como alvo profissionais de oncologia com sua tecnologia de diagnóstico NU.Q.

Características do segmento	Tamanho de mercado	Alcance potencial
Oncologistas	87.500 em todo o mundo	32% de taxa de adoção potencial
Oncologistas cirúrgicos	45.200 globalmente	28% de penetração potencial

Laboratórios de Diagnóstico Médico

A VolitionRX concentra -se em laboratórios avançados de diagnóstico para triagem de câncer.

Tipo de laboratório	Contagem global	Potencial de mercado
Laboratórios de diagnóstico clínico	52.300 em todo o mundo	Mercado potencial de US $ 4,2 bilhões
Laboratórios especializados de diagnóstico de câncer	8.750 globalmente	US $ 1,6 bilhão em potencial mercado

Sistemas hospitalares

As redes hospitalares representam um segmento crítico de clientes para a VolitionRX.

• Contagem de hospitais globais: 18.500
• Taxa potencial de adoção hospitalar: 22%
• Penetração estimada do mercado: US $ 3,7 bilhões

Instituições de pesquisa

Os centros de pesquisa continuam sendo um segmento -chave do cliente para a tecnologia NU.Q.

Tipo de instituição	Contagem global	Alocação de orçamento de pesquisa
Centros de pesquisa do câncer	2.350 em todo o mundo	US $ 680 milhões em potencial mercado
Instituições de pesquisa acadêmica	5.600 globalmente	US $ 1,2 bilhão em potencial investimento

Organizações de ensaios clínicos farmacêuticos

As organizações de ensaios clínicos representam um segmento estratégico de clientes.

• Organizações de Pesquisa Clínica Global: 1.500
• Tamanho potencial do mercado: US $ 2,9 bilhões
• Taxa de adoção estimada: 18%

VolitionRx Limited (VNRX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a VolitionRX registrou despesas de P&D de US $ 8,8 milhões. A pesquisa da empresa se concentra no desenvolvimento de testes de detecção de câncer baseados no sangue.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 8,8 milhões	65.4%
2021	US $ 7,3 milhões	62.1%

Financiamento de ensaios clínicos

A VolitionRX alocou aproximadamente US $ 3,5 milhões para ensaios clínicos em 2022, direcionando o desenvolvimento da tecnologia de triagem de câncer NU.Q®.

• Investimentos de ensaios clínicos focados no NU.Q® Lung e Nu.Q® Pancreatic Cancer Trianing
• Estudos clínicos em andamento em vários locais internacionais

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de aproximadamente US $ 450.000 em 2022, cobrindo o arquivamento e proteção de patentes para a tecnologia NU.Q®.

Salários de pessoal e equipe científica

Categoria de pessoal	Custo anual	Número de funcionários
Equipe científica	US $ 2,7 milhões	35
Equipe administrativo	US $ 1,2 milhão	15

Infraestrutura e equipamento de tecnologia

Os investimentos em tecnologia e equipamentos totalizaram US $ 1,1 milhão em 2022, apoiando as capacidades de laboratório e pesquisa.

• Equipamento de laboratório: US $ 750.000
• Infraestrutura de TI: US $ 350.000

VolitionRx Limited (VNRX) - Modelo de negócios: fluxos de receita

Vendas de teste de diagnóstico

A VolitionRX Limited gera receita através das vendas de seus testes de diagnóstico NU.Q®, direcionando especificamente a detecção de câncer.

Tipo de teste	Receita estimada (2023)	Potencial de mercado
Teste de câncer de pulmão nu.q®	US $ 0,45 milhão	Estimação de US $ 3,2 bilhões no mercado global
Teste de câncer colorretal nu.q®	US $ 0,22 milhão	Mercado global estimado em US $ 4,5 bilhões

Propriedade intelectual de licenciamento

A VolitionRX gera receita por meio de acordos estratégicos de licenciamento de propriedade intelectual.

• Receita total de licenciamento de IP em 2023: US $ 0,17 milhão
• Portfólio de patentes: 25 patentes concedidas globalmente
• Potenciais acordos de licenciamento em diagnóstico de oncologia

Bolsas de pesquisa e financiamento

O financiamento externo suporta iniciativas de pesquisa e desenvolvimento em andamento.

Fonte de financiamento	Valor (2023)	Foco na pesquisa
Subsídios do governo	US $ 0,65 milhão	Tecnologia de diagnóstico de câncer
Financiamento de pesquisa privada	US $ 0,38 milhão	Desenvolvimento da plataforma NU.Q®

Acordos de parceria farmacêutica

Parcerias estratégicas fornecem fluxos de receita adicionais.

• Discussões em parceria em andamento com 3 empresas farmacêuticas
• Valor potencial de parceria estimado em US $ 5 a 10 milhões
• Concentre -se no desenvolvimento diagnóstico colaborativo

Comercialização da plataforma de diagnóstico

Comercialização da plataforma de diagnóstico NU.Q® em vários tipos de câncer.

Tipo de câncer	Status de entrada de mercado	Receita projetada
Câncer de pulmão	Mercado pronto	US $ 1,2 milhão (projeção de 2024)
Câncer colorretal	Validação clínica	US $ 0,8 milhão (projeção de 2024)
Câncer de mama	Fase de pesquisa	US $ 0,3 milhão (projeção de 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.