VolitionRx Limited reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company generated revenues of $474,522 for the three months ended September 30, 2024, a substantial increase from $165,211 in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $1,041,854, compared to $531,329 for the same period in 2023. This growth was primarily driven by increased sales of the Nu.Q® Vet Cancer Test, particularly components supplied to Antech Diagnostics.

Operating expenses for the three months ended September 30, 2024, totaled $6,343,229, down from $8,818,266 in 2023, reflecting a 28% decrease. The reduction in expenses was attributed to lower research and development costs, which fell to $3,473,782 from $4,650,658, and decreased general and administrative expenses. The company reported an operating loss of $(5,868,707) for the quarter, an improvement from $(8,653,055) in the prior year. The net loss for the quarter was $(5,868,578), compared to $(8,453,188) in 2023, marking a 31% reduction in losses.

For the nine months ended September 30, 2024, VolitionRx incurred a net loss of $(21,400,758), down from $(26,877,374) in the same period of 2023. The decrease in net loss was attributed to reduced clinical trial activity and personnel costs. Cash and cash equivalents as of September 30, 2024, were $5,414,146, a decline from $20,729,983 at the end of 2023.

The company’s total assets decreased to $12,680,255 as of September 30, 2024, from $27,950,498 at the end of 2023, while total liabilities slightly decreased to $35,320,545 from $36,662,720. The accumulated deficit increased to $(223,750,970) from $(202,576,507) at the end of 2023.

In terms of strategic developments, VolitionRx has focused on cash conservation efforts, including a program where directors and employees exchanged part of their cash compensation for Restricted Stock Units (RSUs). The company has also expressed substantial doubt about its ability to continue as a going concern without obtaining additional financing. Management plans to address liquidity issues through licensing agreements, additional financing, and efficient product development.

The company has been actively engaged in remediation plans to address material weaknesses in internal controls over financial reporting, including enhancing corporate oversight and increasing technical accounting expertise.