VolitionRx: Q4 and Fiscal Year 2024 Financial Results and Business Update
VolitionRx Limited, a leading epigenetics company based in Hendersen, Nevada, has announced its financial results and business update for the fourth quarter and full fiscal year ended December 31, 2024. The company reported a significant progress in its mission to develop and commercialize diagnostic tests based on its proprietary Nucleosome Positioning Technology (Nu.Q®)
Financial Highlights
For the full fiscal year 2024, VolitionRx reported a revenue of $1.5 million, an increase of 136% compared to the previous year. The net loss for the year was $21.6 million, a decrease of 33% compared to the previous fiscal year. The company ended the year with a cash position of $25.9 million.
Operational Highlights
VolitionRx successfully completed a clinical validation study for its Nu.Q® technology in colorectal cancer, demonstrating 92% sensitivity and 96% specificity. The company also announced a collaboration agreement with Mayo Clinic to develop and commercialize a diagnostic test for the early detection of pancreatic cancer using Nu.Q® technology.
Future Plans
VolitionRx plans to initiate a clinical validation study for its Nu.Q® technology in prostate cancer in the second half of 2025. The company also plans to submit a regulatory application for its Nu.Q® Colorectal Cancer Test to the U.S. Food and Drug Administration (FDA) in the second half of 2025.
Impact on Individuals
The successful development and commercialization of VolitionRx’s Nu.Q® technology could lead to earlier detection of various types of cancer, potentially saving countless lives. For individuals, this could mean more effective treatments and better chances of recovery.
Impact on the World
Cancer is a leading cause of death worldwide, and the ability to detect it earlier could significantly reduce mortality rates. VolitionRx’s Nu.Q® technology, if successful, could revolutionize the way we diagnose and treat various types of cancer, leading to a healthier and more productive global population.
Conclusion
VolitionRx’s Q4 and fiscal year 2024 financial results and business update highlight the company’s significant progress in developing and commercializing its Nu.Q® technology for the early detection of various types of cancer. With plans to initiate clinical validation studies and submit regulatory applications in the second half of 2025, VolitionRx is poised to make a significant impact on the lives of individuals and the global population as a whole. Stay tuned for further updates.
- VolitionRx reported revenue of $1.5 million for FY 2024, an increase of 136% compared to the previous year
- Net loss for FY 2024 was $21.6 million, a decrease of 33% compared to the previous fiscal year
- Company ended the year with a cash position of $25.9 million
- Successfully completed a clinical validation study for Nu.Q® technology in colorectal cancer
- Collaboration agreement with Mayo Clinic to develop and commercialize a diagnostic test for pancreatic cancer
- Plans to initiate clinical validation study for Nu.Q® technology in prostate cancer in H2 2025
- Plans to submit regulatory application for Nu.Q® Colorectal Cancer Test to FDA in H2 2025
