The company's financial position is increasingly vulnerable, with total debt rising to $11.5 million against a total asset base of only $6.9 million as of 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 |
|---|
| Total Current Assets | 4.52M | 2.06M | 4.06M | 21.85M | 12.17M | 21.98M | 20.33M | 17.56M | 13.9M | 10.57M | 22.01M | 6.22M | 2.34M | 1.01M | 695.14K | 699.47K | 485 | 3.44K | 3.32K | 4.34K | 2.26K | 103 | 68 |
| Cash & Short-Term Investments | 3.1M | 1.12M | 3.26M | 20.73M | 10.87M | 20.58M | 19.44M | 16.97M | 13.43M | 10.12M | 21.68M | 5.92M | 2.14M | 888.7K | 376.42K | 347.89K | 485 | 3.44K | 3.32K | 4.34K | 2.26K | 103 | 68 |
| Cash Only | 3.1M | 1.12M | 3.26M | 20.73M | 10.87M | 20.58M | 19.44M | 16.97M | 13.43M | 10.12M | 21.68M | 5.92M | 2.14M | 888.7K | 376.42K | 347.89K | 485 | 3.44K | 3.32K | 4.34K | 2.26K | 103 | 68 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 252.24K | 317.81K | 110.57K | 242.62K | 72.61K | 12.51K | 7.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 39.55 | 67.15 | 32.72 | 114.22 | 86.5 | 50.72 | 193.41 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 598.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 291.19K | 626.09K | 343.14K | 360.13K | 447.57K | 786.64K | 576.66K | 322.59K | 229.75K | 202.29K | 166.89K | 153.72K | 52.66K | 34.61K | 39.37K | 30.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 4.52M | 4.84M | 5.34M | 6.1M | 6.12M | 5.51M | 5.82M | 3.74M | 3.59M | 4.06M | 2.72M | 1.49M | 1.1M | 1.07M | 1.52M | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 4.2M | 4.52M | 5.03M | 6.07M | 6.01M | 5.29M | 5.5M | 3.36M | 3.12M | 3.48M | 2.12M | 783.8K | 288.58K | 63.27K | 91.39K | 22.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.53x | 0.38x | 0.25x | 0.13x | 0.05x | 0.02x | 0.00x | 0.01x | - | - | - | - | 0.05x | - | 0.60x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 318.9K | 316.7K | 313.75K | 23.89K | 110.5K | 216.88K | 321.64K | 372.31K | 466.9K | 576.4K | 602.19K | 705.38K | 808.73K | 1M | 1.43M | 1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 9.04M | 6.9M | 9.4M | 27.95M | 18.3M | 27.49M | 26.15M | 21.29M | 17.49M | 14.62M | 24.73M | 7.71M | 3.43M | 2.07M | 2.22M | 2.25M | 485 | 3.44K | 3.32K | 4.34K | 2.26K | 103 | 68 |
| Asset Turnover | 0.32x | 0.25x | 0.13x | 0.03x | 0.02x | 0.00x | 0.00x | 0.00x | - | - | - | - | 0.00x | - | 0.02x | - | - | - | - | - | - | - | - |
| Asset Growth % | -103.05% | -26.58% | -66.37% | 52.78% | -33.45% | 5.12% | 22.82% | 21.74% | 19.59% | -40.87% | 220.71% | 124.64% | 65.79% | -6.59% | -1.27% | 462838.97% | -85.91% | 3.71% | -23.51% | 92.2% | 2091.26% | 51.47% | - |
| Total Current Liabilities | 13.85M | 12.23M | 7.79M | 8.94M | 17.39M | 6.52M | 6.24M | 3.86M | 2.33M | 2.29M | 2.03M | 1.12M | 2.71M | 957.27K | 747.77K | 534.36K | 114.77K | 110.98K | 99.24K | 82.66K | 58.48K | 73.04K | 64.1K |
| Accounts Payable | 3.72M | 2.92M | 2.77M | 3.21M | 3.04M | 1.54M | 1.54M | 627.25K | 807.16K | 351.74K | 281.18K | 323.51K | 797.91K | 518.09K | 481.39K | 255.52K | 97.72K | 95.63K | 99.24K | 82.66K | 58.48K | 73.04K | 64.1K |
| Days Payables Outstanding | 4.34K | - | - | - | - | - | - | - | 460.39 | 236.66 | 331.7 | - | - | - | - | - | - | - | - | 7.54K | - | - | - |
| Short-Term Debt | 4.26M | 3.31M | 860.22K | 1.21M | 1.07M | 797.86K | 841.32K | 647.57K | 561.7K | 582.99K | 149.67K | 81.34K | 0 | 0 | 52.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.18M | 353.85K | 230K | 106.6K | 10M | 12.51K | 69.22K | 39.3K | 40.09K | 0 | 45.51K | 219.36K | 191.51K | 216.89K | -481.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.34M | 5.15M | 97.89K | 126.65K | 0 | 0 | -69.22K | -39.3K | -145.15K | -139.08K | -238.03K | -162.68K | 1.58M | 222.29K | 0 | 0 | 17.05K | 15.36K | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.33x | 0.17x | 0.52x | 2.44x | 0.70x | 3.37x | 3.26x | 4.55x | 5.96x | 4.61x | 10.82x | 5.56x | 0.86x | 1.05x | 0.93x | 1.31x | 0.00x | 0.03x | 0.03x | 0.05x | 0.04x | 0.00x | 0.00x |
| Quick Ratio | 0.33x | 0.17x | 0.52x | 2.44x | 0.70x | 3.28x | 3.26x | 4.55x | 5.96x | 4.61x | 10.82x | 5.56x | 0.86x | 1.05x | 0.93x | 1.31x | 0.00x | 0.03x | 0.03x | 0.05x | 0.04x | 0.00x | 0.00x |
| Cash Conversion Cycle | -4.3K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 28.55M | 30.26M | 27.72M | 27.72M | 4.04M | 3.25M | 3.62M | 3.23M | 3.02M | 2.38M | 1.52M | 547.87K | 351.77K | 432.81K | 635.2K | 621.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 6.35M | 7.26M | 3.95M | 3.62M | 2.78M | 2.27M | 2.61M | 2.2M | 2.7M | 1.31M | 432.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.55M | 594.42K | 739.02K | 778.08K | 836.22K | 728.39K | 753.79K | 739.58K | 720.01K | 874.68K | 889.81K | 299.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -311.04K | -188.58K | -202.32K | -248.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 464.93K | 473.65K | 361.24K | 422.71K | 420.47K | 253.22K | 0 | 0 | -408.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 42.4M | 42.49M | 35.51M | 36.66M | 21.42M | 9.77M | 9.86M | 7.09M | 5.35M | 4.67M | 3.56M | 1.67M | 3.06M | 1.39M | 1.38M | 1.16M | 114.77K | 110.98K | 99.24K | 82.66K | 58.48K | 73.04K | 64.1K |
| Total Debt | 11.42M | 11.46M | 5.82M | 5.86M | 4.97M | 4.02M | 4.44M | 3.94M | 3.27M | 2.77M | 1.47M | 381.2K | 0 | 0 | 52.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 8.32M | 10.35M | 2.56M | -14.87M | -5.89M | -16.56M | -15M | -13.03M | -10.16M | -7.35M | -20.21M | -5.53M | -2.14M | -888.7K | -323.56K | -347.89K | -485 | -3.44K | -3.32K | -4.34K | -2.26K | -103 | -68 |
| Debt / Equity | -0.34x | - | - | - | - | 0.23x | 0.27x | 0.28x | 0.27x | 0.28x | 0.07x | 0.06x | - | - | 0.06x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.56x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.41x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -7.07x | -8.44x | -79.09x | -159.98x | -175.78x | -172.23x | -156.16x | -126.19x | -161.35x | -200.95x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | -33.36M | -35.59M | -26.11M | -8.71M | -3.13M | 17.72M | 16.29M | 14.2M | 12.14M | 9.96M | 21.18M | 6.04M | 368.18K | 680.67K | 833.79K | 1.09M | -114.29K | -107.54K | -95.92K | -78.32K | -56.23K | -72.94K | -64.03K |
| Equity Growth % | -154.59% | -36.33% | -199.67% | -178.62% | -117.64% | 8.77% | 14.76% | 16.95% | 21.92% | -52.97% | 250.33% | 1541.68% | -45.91% | -18.36% | -23.43% | 1052.82% | -6.27% | -12.11% | -22.48% | -39.3% | 22.91% | -13.91% | - |
| Book Value per Share | -4.85 | -6.66 | -6.03 | -2.45 | -1.13 | 6.73 | 7.20 | 7.25 | 7.74 | 7.55 | 18.37 | 6.82 | 0.55 | 1.26 | 1.78 | 3.78 | -1.00 | -0.94 | -0.84 | -0.69 | -0.51 | -1.11 | -0.99 |
| Total Shareholders' Equity | -31.97M | -34.25M | -24.91M | -7.8M | -2.57M | 17.94M | 16.34M | 14.2M | 12.14M | 9.96M | 21.18M | 6.04M | 368.18K | 680.67K | 833.79K | 1.09M | -114.29K | -107.54K | -95.92K | -78.32K | -56.23K | -72.94K | -64.03K |
| Common Stock | 7.93K | 125.78K | 96.1K | 81.9K | 57.87K | 53.77K | 48.61K | 41.13K | 35.34K | 26.52K | 26.13K | 18.76K | 14.69K | 11.68K | 10.19K | 8.65K | 2.29K | 2.29K | 2.29K | 2.29K | 2.29K | 1.29K | 1.29K |
| Retained Earnings | -259.57M | -252.9M | -229.54M | -202.58M | -167.26M | -136.99M | -110.17M | -89.82M | -73.72M | -55.71M | -40.94M | -29.04M | -19.51M | -11.3M | -7.59M | -3.5M | -217.24K | -206.29K | -190.47K | -168.67K | -142.38K | -105.39K | -92.28K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -160.76K | -295.07K | 385.63K | 243.94K | 227.1K | 148.33K | -59.98K | 125.67K | 223.65K | -129.34K | -193.3K | -84.17K | -103.83K | -59.8K | -34.28K | 4.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.39M | -1.35M | -1.2M | -909.97K | -551.97K | -222.29K | -47.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Severe liquidity and dilution risk
As reported in recent financial statements, VNRX has seen its total assets contract from $28.0 million in 2023Q4 to $6.9 million by 2025Q4, reflecting a consistent depletion of resources as the company struggles to bridge the gap between research-heavy operations and commercial revenue generation.
The persistent decline in total assets, coupled with a deepening deficit in retained earnings, suggests that the company is consuming its capital base to fund ongoing clinical development. This trajectory indicates that the business model remains highly dependent on external financing to maintain its current operational footprint.
Based on the company's reported figures, total debt has climbed from $5.9 million in 2023Q4 to $11.5 million in 2025Q4, creating a precarious leverage profile where debt obligations now significantly exceed the company's total asset base of $6.9 million.
The increase in debt during a period of asset contraction suggests that the company is utilizing credit facilities to sustain operations rather than for strategic growth initiatives. Investors should monitor this trend closely, as the inability to generate positive cash flow makes the current debt load appear increasingly unsustainable.
According to the most recent quarterly filings, VNRX's cash position has plummeted to $1.1 million as of 2025Q4, resulting in a current ratio of 0.17 that highlights a severe lack of liquidity to cover near-term liabilities and ongoing research expenditures.
The rapid depletion of cash reserves from $20.7 million in 2023Q4 to current levels indicates that the company is operating with an extremely thin margin for error. This liquidity profile suggests that a dilutive capital raise or restructuring may be imminent to avoid a potential default on obligations.
As disclosed in the balance sheet, deferred revenue remains elevated at $22.3 million, which, when compared to the company's negative equity position of $34.2 million, suggests that a significant portion of the balance sheet is comprised of future performance obligations rather than tangible assets.
This high level of deferred revenue relative to total assets may indicate that the company has already recognized or utilized cash from future milestones, potentially limiting future revenue recognition. This distortion makes the headline balance sheet appear more stable than the underlying cash position would otherwise suggest.
Quick answers to the most common questions about buying VNRX stock.
As of 2025, VolitionRx Limited (VNRX) had total assets of $6.9M including $2.1M in current assets.
VolitionRx Limited (VNRX) carries total debt of $11.5M, offset by $1.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VolitionRx Limited (VNRX) has total shareholders' equity (book value) of $-34.2M ($-6.66 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VolitionRx Limited (VNRX) reported a current ratio of 0.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.