Volition(US:VNRX)2025-05-15 21:27Financial Performance - Total revenues for Q1 2025 were $246,385, a 43.6% increase from $171,535 in Q1 2024[24] - Service revenues increased significantly to $115,476 in Q1 2025 from $2,938 in Q1 2024[24] - Operating loss for Q1 2025 was $5,521,720, improved from a loss of $8,384,504 in Q1 2024[24] - Net loss attributable to VolitionRx stockholders for Q1 2025 was $5,423,759, compared to $8,367,388 in Q1 2024[24] - The net loss for the three months ended March 31, 2025, was $5,476,627, a 35% improvement compared to a net loss of $8,472,005 in the same period in 2024[162] - The company's net loss was $5.5 million, a decrease of approximately $3.0 million compared to a net loss of $8.5 million for the three months ended March 31, 2024[172] Cash and Liquidity - Cash and cash equivalents decreased to $2,600,342 as of March 31, 2025, down from $3,264,429 at the end of 2024[21] - The company experienced a net cash used in operating activities of $4,298,018 in Q1 2025, an improvement from $8,342,384 in Q1 2024[30] - As of March 31, 2025, the company had cash and cash equivalents of $2.6 million and an accumulated deficit of $235.0 million[48] - The company has determined there is substantial doubt about its ability to continue as a going concern without further financing[173] - The company plans to seek additional capital through the sale of debt or equity securities, which may dilute existing stockholders' ownership[175] Expenses and Cost Management - Research and development expenses for Q1 2025 were $2,607,444, down from $4,629,527 in Q1 2024[24] - Total operating expenses reduced to $5.8 million for the three months ended March 31, 2025, down from $8.6 million in the same period in 2024, reflecting a 33% decrease[162][164] - General and administrative expenses decreased to $2.2 million from $2.3 million, a decline of about 2.2% for the three months ended March 31, 2025, compared to the same period in 2024[167] - Sales and marketing expenses decreased to $0.9 million from $1.7 million, a decrease of approximately 46.1% for the three months ended March 31, 2025, compared to the same period in 2024[169] - The company continues to exercise tight cost controls to conserve cash, including directors and employees exchanging part of their fees for RSUs[50] Stock and Financing Activities - The company raised $2,384,654 from issuances of common stock in Q1 2025, compared to $15,733 in Q1 2024[30] - The company raised net proceeds of $2.3 million from the issuance of 4,102,723 shares at an offering price of $0.55 per share in March 2025[67] - In August 2024, the company raised net proceeds of $6.4 million from the sale of 9,170,000 shares and warrants, with a combined offering price of $0.55 per share[68] - The Company entered into a Capital On DemandTM Sales Agreement to sell shares of common stock with an aggregate offering price of up to $7.5 million[128] - The Company entered into a Securities Purchase Agreement with Lind Global Asset Management for $6,250,000 in funding, issuing a Senior Secured Convertible Promissory Note of $7,500,000 and a warrant for 13,020,834 shares at $0.672 per share[150] Assets and Liabilities - Total current liabilities increased to $8,273,099 as of March 31, 2025, compared to $7,790,747 at the end of 2024[21] - The company reported a total stockholders' deficit of $29,026,675 as of March 31, 2025, compared to $26,107,736 at the end of 2024[23] - The total balance for long-term debt payable was $6,394,857, with $1,065,503 due in 2025 and $3,220,798 due in 2028[105] - The total property and equipment as of March 31, 2025, was $9.76 million, with a net value of $4.35 million after accumulated depreciation[55] Research and Development - The company launched the Nu.Q® Vet Cancer Test in the UK and Ireland in November 2023 and in Japan in July 2024, expanding its market presence[148][149] - The company received a $10 million upfront payment from Heska for exclusive rights to sell the Nu.Q® Vet Cancer Test for companion animals, with potential additional milestone payments[144] - The number of full-time equivalent personnel in the research and development division decreased by 14 to 52 compared to the prior year period[165] Internal Controls and Compliance - The company identified a material weakness in its internal controls over financial reporting and is actively working on remediation plans[187] - The company has no known legal proceedings that it believes will have a material adverse effect on its financial position[115]