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Market Crux Just Put VolitionRx Limited (NYSE: VNRX) On
This Morning’s Watchlist—Wednesday, August 12, 2026
Don’t Miss Our Next Update—Get Real-Time Alerts Sent Directly To Your Phone. Up To 10X Faster Than Email. Pull Up VNRX While It’s Still Early… August 12, 2026 Dear Reader, Ninety minutes. That is the window between right now and the opening bell. If you read last night's report, you already know why VolitionRx Limited (NYSE: VNRX) has our full focus this morning. If you are seeing this for the first time, here is the short version. Q2 2026 earnings are due tomorrow, August 13. That is the first full quarter to capture everything that has happened at VNRX this summer — and this summer has been unusually active for a company with a market value near $9M. Six weeks ago, Sysmex Corporation signed a collaboration agreement with VNRX to optimize its Nu.Q® NETs H3.1 assay on the Sysmex platform. Sysmex operates in more than 190 countries and has been building diagnostics equipment since 1968. The agreement followed a verified technology transfer. Companies like Sysmex do not commit to an optimization phase unless the first phase held up. Then, on August 5, Volition announced the publication of the first peer-reviewed paper on its Capture-Seq™ liquid biopsy technology in Clinical Epigenetics. The method produces over 99% pure circulating tumor-derived DNA from a routine blood draw. The team detected 49 of 49 cancers in the first cohort and caught over 95% of Stage I and II cancers in a blinded validation. The combined TAM across multi-cancer early detection and Minimal Residual Disease sits at an estimated $36B. Active licensing discussions with several large diagnostic companies are already underway. Layer in Q1 revenue of nearly $1M — a 300% increase year-over-year — and the float sitting under 7M public shares, and the market has not caught up to what is sitting on the table heading into tomorrow's earnings. According to TipRanks, Justin Walsh at Jones has a $24 target on VNRX. Michael Okunewitch at Maxim Group holds a $4 target with a bullish rating. The bell rings in 90 minutes. Get VNRX on your screen before it does. We will have all eyes on VNRX at the open this morning. 
VNRX has fewer than 7M shares listed as available to the public. That is a small number. When floats get this tight, the potential exists for big swings once demand shifts. Now look at where it sits. VNRX is currently below $1 and drawing little attention. That combination has pushed the near-term momentum readings into rare territory. Barchart shows the Relative Strength Index on (VNRX) at 25.09 on a 9-day basis. 26.95 on 14-day. 29.17 on 20-day. Anything under 30 is what most technical readers call oversold. Some frameworks tie readings like these to the setup for a potential trend reversal. Several Analysts Have Taken Notice
Maxim Group analyst Michael Okunewitch has a bullish rating on VNRX with a $4 target. And according to TipRanks, Justin Walsh at Jones raised his target on VNRX from $3 to $24, which suggests significant upside potential from its recent range. Revenue is moving too. Volition reported first-quarter 2026 revenue near $1Mn. That is a 300% increase over the same period last year. And Sysmex was not the only signed development to land here this summer. On July 7, 2026, Volition released real-world data on its Nu.Q Cancer assay. The work showed prognostic value in newly diagnosed lung cancer patients. It was produced alongside clinicians at Hospices Civils de Lyon.
Clinical certification at that hospital system is already complete. A reimbursement submission in France is being prepared, with routine clinical use targeted before year end. That is the surface. Here is the foundation underneath it. What VNRX Actually Does

VolitionRx Limited builds blood tests. That is the simple version. The longer one: it is a multi-national epigenetics company developing blood-based tests to detect and monitor cancer, plus diseases tied to NETosis, including sepsis. Research and development runs out of Belgium. There is an innovation lab and office in the United States, and an office in London. Headquarters sit in Henderson, Nevada. Roughly 67 people work there. Now here is the part that matters. Everything this company sells comes off one proprietary platform. It is called Nucleosomics. It measures nucleosomes and their epigenetic modifications as they circulate in your blood. From that single core, Volition built four separate commercial pillars. Four clinical problems. One research engine behind all of them. Pillar one is the furthest along. Nu.Q Vet already sells in more than 20 countries. The canine cancer test is live and generating revenue today. A feline version is next. It targets lymphoma, the most common cancer in cats. Volition submitted it for peer review after the assay detected 86% of feline lymphomas at 97% specificity.
Publication is expected to unlock a $5Mn contractual milestone payment. Management also believes a feline test could roughly double what it can address in companion animal health. Pillar two is already in hospitals. Nu.Q NETs is CE-marked and clinically available across Europe. The market behind it runs an estimated $3.8Bn. Pillar three is close. Nu.Q Cancer is moving toward routine clinical use in lung cancer in France. Pillar four is the largest. Capture-Seq is the earliest-stage program, a liquid biopsy method the company estimates addresses roughly $23Bn a year. So where does the money come from today? Four places. Assay sales. Research services through Nu.Q Discover. Contractual milestone payments. And non-dilutive funding from Walloon Region agencies in Belgium. But licensing is where management expects the step change. Upfront payments. Milestones. Royalties from large diagnostics groups. And those conversations are already happening. The company has confirmed active discussions with more than a dozen of the world's leading diagnostics and liquid biopsy companies. Several are at the technical evaluation stage already. VNRX Is Aiming At A $36B Total Addressable Market

Liquid biopsy is one of the few corners of diagnostics where clinical need and reimbursement are moving at the same time. The economics are simple. A blood draw that catches disease earlier costs a fraction of the imaging, biopsy, and late-stage treatment it replaces. So what has held the field back? Not the science. The cost. Sequencing-based approaches stay expensive enough that broad screening is hard to justify outside high-risk groups. Volition sits in that sector differently, in two ways. First, it is platform-based, not indication-based. Most companies this size build one test for one disease. One regulatory path. One point of failure. Volition's nucleosome chemistry covers cancer detection, sepsis triage, chronic inflammatory disease, and veterinary oncology off the same science. Several paths forward. One research budget. Second, it stays capital-light commercially. Now, the company estimates combined addressable markets above $36B across its pillars. The sepsis side deserves its own look. Published estimates put global sepsis cases near 166M a year. Sepsis-related deaths accounted for 31.5% of all global deaths in 2021. Volition's Nu.Q NETs assay is already inside DETECSEPS, a government-backed program in France worth roughly $7.3Mn. It starts in the third quarter of 2026. The VNRX Timeline Nobody Talked About — Until Now
August 5, 2026
A World-First in Liquid Biopsy — Peer-Reviewed and Published
Volition announced the publication of the first peer-reviewed paper on its Capture-Seq™ liquid biopsy technology in Clinical Epigenetics. The method produces over 99% pure circulating tumor-derived DNA from a routine blood draw. A blinded validation cohort showed over 95% sensitivity for Stage I and II cancers. The combined addressable market across multi-cancer early detection and Minimal Residual Disease is estimated at $36B. Active licensing discussions with several large diagnostic companies are already underway. July 7, 2026
Lung Cancer Data Lands With France's Second-Largest
Hospital System
Volition released clinical data showing the prognostic value of its Nu.Q® Cancer assay in newly diagnosed lung cancer patients, produced alongside researchers at Hospices Civils de Lyon. Clinical certification at HCL is already complete. A reimbursement submission targeting routine clinical use in France by Q4 2026 is being prepared. June 17, 2026
A Global Diagnostics Manufacturer Signs On
Volition announced a collaboration with Sysmex Corporation (TYO: 6869) — a diagnostics manufacturer operating in more than 190 countries since 1968 — to optimize the Nu.Q® NETs H3.1 assay on the Sysmex platform. The agreement followed a successful technology transfer. Sysmex committed to an optimization phase because the first phase worked. June 3, 2026
New Patent Extends Nu.Q® NETs Into Ebola Triage
Volition filed a strategic patent application covering use of its Nu.Q® NETs technology for triaging and monitoring patients suspected of contracting the Ebola virus — another demonstration of the platform's clinical reach beyond sepsis. The company stated it is seeking strategic partners to deploy the platform in affected regions. May 27, 2026
One Update, Four Pillars, $27B in Addressable Markets
A consolidated corporate update detailed 300% first-quarter revenue growth, progress toward the $5M veterinary milestone, inclusion of Nu.Q® NETs as the sole biomarker in the $7.3M DETECSEPS sepsis program in France, and active licensing discussions with more than a dozen global diagnostics leaders. May 6, 2026
A $5M Payment Now Sits With Peer Reviewers
Volition submitted for peer review a clinical manuscript on its Nu.Q® Vet Feline assay, which detected 86% of feline lymphomas at 97% specificity. Publication is expected to unlock a $5M contractual milestone payment from Antech/Heska. April 29, 2026
From Hospital Lab to Finger Prick
Volition reported successful detection of nucleosomes in capillary blood from critically ill sepsis patients using a lateral flow prototype. The finger-prick format could extend Nu.Q® NETs testing to the bedside, the emergency room, and eventually point-of-care settings worldwide. 9 Reasons Why VNRX Is Topping Our Watchlist This Morning—Wednesday, August 12, 2026… 1. Earnings Ahead: with Q2 2026 results scheduled for Thursday morning, VNRX has a near-term corporate event arriving after an active stretch of company developments. 2. Tight Public Float: with fewer than 7M shares listed as publicly available, VNRX’s small float could witness the potential for big moves if demand begins to shift. 3. Sysmex Collaboration: following a successful technology transfer, VNRX entered an optimization-phase collaboration with Sysmex Corporation, whose analyzers are used across more than 190 countries. 4. Published Breakthrough: after its first Capture-Seq peer-reviewed paper appeared in Clinical Epigenetics, VNRX reported over 99% pure tumor-derived DNA and over 95% sensitivity for Stage I and II cancers in a blinded validation cohort. 5. Revenue Acceleration: after reporting Q1 2026 revenue near $1M and approximately 300% year-over-year growth, VNRX enters its upcoming quarterly report with measurable commercial progress already reported. 6. Licensing Discussions: with management confirming active discussions with more than a dozen leading diagnostics and liquid-biopsy companies, VNRX has multiple potential commercial relationships under technical evaluation. 7. Multiple Programs: spanning Nu.Q Vet, Nu.Q NETs, Nu.Q Cancer and Capture-Seq, VNRX has several programs advancing simultaneously across veterinary testing, sepsis, cancer detection and liquid biopsy. 8. Large Addressable Market: with management estimating combined addressable markets above $36B across its programs, VNRX is targeting several sizable diagnostic categories from one underlying platform. 9. Analyst Coverage with Maxim Group carrying a bullish rating and a $4 target while Jones reportedly raised its target from $3 to $24, VNRX has attracted notable coverage despite its roughly $9M market value. Pull Up VNRX While It’s Still Early…

Market Crux looks for companies that have done more than the market has noticed. VNRX fits this mold. It has fewer than 7M shares available to the public. Its market value sits near $9M. It signed a collaboration agreement with one of the largest diagnostics manufacturers in the world. It published the first peer-reviewed paper on a liquid biopsy technology that isolates over 99% pure tumor-derived DNA from a routine blood draw — targeting a combined $36B addressable market. Revenue is running four times what it was a year ago. A $5M payment is waiting on a manuscript already sitting with peer reviewers. And Q2 2026 earnings land in 48 hours. The market has not put all of that together yet. That is why VNRX is topping our watchlist this morning. Take a look while it’s still early. Also, my next update could be on its way any moment, keep an eye out for it. Sincerely, Gary Silver
Managing Editor,
Market Crux |