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VolitionRX Limited (VNRX-4.61%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports revenues of $474,522 for the quarter, an increase from $165,211 in the same quarter the previous year, primarily driven by sales of the Nu.Q® Vet Cancer Test.
Research and development expenses decreased to $3,473,782 from $4,650,658, reflecting reduced clinical trial activity and personnel expenses.
General and administrative expenses were $1,815,863, down from $2,599,908, due to lower personnel and legal costs.
Sales and marketing expenses decreased to $1,053,584 from $1,567,700, attributed to reduced personnel expenses.
The company reported a net loss of $5,868,578 for the quarter, compared to a net loss of $8,453,188 in the previous year.
Cash and cash equivalents were $5,414,146 as of September 30, 2024. Net cash used in operating activities was $20,461,849 for the nine months ended September 30, 2024.
VolitionRX continues to focus on commercializing its Nu.Q® Vet Cancer Test, with recent launches in the UK, Ireland, Japan, and Poland.
The company highlights its dependence on additional financing to continue operations and acknowledges substantial doubt about its ability to continue as a going concern.
VolitionRX plans to address liquidity needs through licensing agreements, additional financing, and cost control measures.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VolitionRX Limited quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.