VolitionRx Ltd. Files 2023 Annual Report on Form 10-K
Ticker: VNRX · Form: 10-K · Filed: Mar 25, 2024 · CIK: 93314
Sentiment: neutral
Topics: 10-K, VolitionRx, Diagnostics, Financial Report, VNRX
TL;DR
<b>VolitionRx Ltd. filed its 2023 10-K, reporting $81.9M in assets and a net income of $2.26M.</b>
AI Summary
VOLITIONRX LTD (VNRX) filed a Annual Report (10-K) with the SEC on March 25, 2024. VolitionRx Ltd. reported total assets of $81,898,321 for the fiscal year ending December 31, 2023. The company's net income for the period was $2,262,908. Earnings per share (EPS) stood at $2.05 for the fiscal year 2023. Total debt for VolitionRx Ltd. was $23,000,000. The company's operating margin was 3.80%.
Why It Matters
For investors and stakeholders tracking VOLITIONRX LTD, this filing contains several important signals. The filing provides a comprehensive overview of VolitionRx's financial performance and operational status for the fiscal year 2023, including key financial metrics and risk factors. Investors can use this report to assess the company's financial health, strategic direction, and potential for future growth in the diagnostic substances industry.
Risk Assessment
Risk Level: medium — VOLITIONRX LTD shows moderate risk based on this filing. The company operates in the highly competitive and regulated diagnostic substances industry, facing risks related to product development, regulatory approvals, and market adoption, as detailed in the risk factors section.
Analyst Insight
Review the detailed risk factors and financial statements in the 10-K to understand the specific challenges and opportunities facing VolitionRx Ltd. in the diagnostic market.
Key Numbers
- 81898321 — Total Assets (Fiscal Year 2023)
- 2262908 — Net Income (Fiscal Year 2023)
- 2.05 — EPS (Fiscal Year 2023)
- 23000000.0 — Total Debt (Fiscal Year 2023)
- 3.80 — Operating Margin (Fiscal Year 2023)
- 3.87 — Gross Margin (Fiscal Year 2023)
- 4985105 — Revenue (Fiscal Year 2023)
- 539000 — Cash (Fiscal Year 2023)
Key Players & Entities
- VOLITIONRX LTD (company) — Filer
- 20231231 (date) — Conformed Period of Report
- 20240325 (date) — Filed as of Date
- 0000093314 (company) — Central Index Key
- 2835 (industry) — Standard Industrial Classification
- DE (state) — State of Incorporation
- NV (state) — Business Address State
- 1 (646) 650-1351 (phone) — Business Phone
FAQ
When did VOLITIONRX LTD file this 10-K?
VOLITIONRX LTD filed this Annual Report (10-K) with the SEC on March 25, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by VOLITIONRX LTD (VNRX).
Where can I read the original 10-K filing from VOLITIONRX LTD?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by VOLITIONRX LTD.
What are the key takeaways from VOLITIONRX LTD's 10-K?
VOLITIONRX LTD filed this 10-K on March 25, 2024. Key takeaways: VolitionRx Ltd. reported total assets of $81,898,321 for the fiscal year ending December 31, 2023.. The company's net income for the period was $2,262,908.. Earnings per share (EPS) stood at $2.05 for the fiscal year 2023..
Is VOLITIONRX LTD a risky investment based on this filing?
Based on this 10-K, VOLITIONRX LTD presents a moderate-risk profile. The company operates in the highly competitive and regulated diagnostic substances industry, facing risks related to product development, regulatory approvals, and market adoption, as detailed in the risk factors section.
What should investors do after reading VOLITIONRX LTD's 10-K?
Review the detailed risk factors and financial statements in the 10-K to understand the specific challenges and opportunities facing VolitionRx Ltd. in the diagnostic market. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Risks [high — regulatory]: The company is subject to extensive government regulation and may face challenges in obtaining and maintaining regulatory approvals for its products.
- Market Acceptance and Competition [high — market]: The success of VolitionRx's products depends on market acceptance and its ability to compete with existing diagnostic solutions.
- Product Development and Manufacturing [medium — operational]: The company faces risks associated with the development, manufacturing, and commercialization of its diagnostic tests.
- Funding and Liquidity [medium — financial]: VolitionRx may require additional funding to support its operations and product development, posing liquidity risks.
- Intellectual Property [low — legal]: Protection of intellectual property and potential infringement claims are significant risks for the company.
Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-03-25 16:19:27
Key Financial Figures
- $0.001 — h Registered: Common Stock, par value $0.001 per share VNRX NYSE American, LLC
- $1.39 — strant was $ 82,181,507 (based upon the $1.39 per share closing price for the registr
- $10.0 million — companion animals, Volition received a $10.0 million upfront payment upon signing, received
- $13.0 million — upfront payment upon signing, received $13.0 million based upon the achievement of two miles
- $5.0 million — eligible to receive up to an additional $5.0 million based upon the achievement of a final m
Filing Documents
- vnrx_10k.htm (10-K) — 2614KB
- vnrx_ex1036.htm (EX-10.36) — 117KB
- vnrx_ex211.htm (EX-21.1) — 7KB
- vnrx_ex231.htm (EX-23.1) — 3KB
- vnrx_ex311.htm (EX-31.1) — 11KB
- vnrx_ex312.htm (EX-31.2) — 11KB
- vnrx_ex321.htm (EX-32.1) — 6KB
- vnrx_ex971.htm (EX-97.1) — 19KB
- vnrx_10kimg1.jpg (GRAPHIC) — 1KB
- vnrx_ex1036img2.jpg (GRAPHIC) — 3KB
- 0001477932-24-001453.txt ( ) — 10838KB
- vnrx-20231231.xsd (EX-101.SCH) — 103KB
- vnrx-20231231_lab.xml (EX-101.LAB) — 489KB
- vnrx-20231231_cal.xml (EX-101.CAL) — 56KB
- vnrx-20231231_pre.xml (EX-101.PRE) — 443KB
- vnrx-20231231_def.xml (EX-101.DEF) — 317KB
- vnrx_10k_htm.xml (XML) — 2131KB
BUSINESS
BUSINESS 4 Item 1A
RISK FACTORS
RISK FACTORS 10 Item 1B UNRESOLVED STAFF COMMENTS 24 Item 1C CYBERSECURITY 25 Item 2
PROPERTIES
PROPERTIES 26 Item 3
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 26 Item 4 MINE SAFETY DISCLOSURES 26 PART II Item 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27 Item 6 [RESERVED] 27 Item 7
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28 Item 7A
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33 Item 8
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-34 - F-79 Item 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 80 Item 9A
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 80 Item 9B OTHER INFORMATION 81 Item 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 81 PART III Item 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 82 Item 11
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION 92 Item 12
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 102 Item 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 105 Item 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES 106 PART IV Item 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 107 Item 16 FORM 10-K SUMMARY 112
SIGNATURES
SIGNATURES 113 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (this "Report"), and the information and documents incorporated by reference in this Report, contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Report or incorporated by reference into this Report are forward-looking statements . We have attempted to identify forward-looking statements by using words such as "aim," "anticipate," "believe," "continue," "could," "estimate(s)," "expect," "forecast(s)," "goal," "intend," "may," "plan(s)," "potential," "project," "seek," "should," "strategy," "will," and other forms of these words or similar words or expressions or the negative thereof (although not all forward-looking statements contain these words). In particular, forward-looking statements contained in this Report, and the information and documents incorporated by reference within this Report, relate to, among other things, our predictions of earnings, revenues, expenses or other financial items; plans or expectations with respect to our development activities or business strategy, including regulatory approvals, commercialization and market acceptance; statements concerning industry trends and industry size; statements regarding anticipated demand for our products and market opportunity, or the products of our competitors; statements relating to manufacturing forecasts, and the potential impact of our relationships with contrac
BUSINESS
ITEM 1. BUSINESS Overview Imagine a world where diseases like cancer and sepsis can be diagnosed early and monitored easily using routine blood tests. That's the world Volition is trying to build by developing its innovative family of simple, easy to use, cost-effective blood tests. Volition is a multi-national epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. The tests in the Company's product portfolio detect certain characteristic changes that occur from the earliest stages of disease, enabling early detection and offering a better way to monitor disease progression and a patient's response to treatment. The tests offered by Volition and its subsidiaries are designed to diagnose and monitor a range of life-altering diseases, including certain cancers and diseases associated with NETosis, such as sepsis and COVID-19. Early diagnosis and monitoring have the potential to not only prolong the life of patients but also improve their quality of life. We have several key pillars of focus: Nu.Q Vet - cost-effective, easy-to-use blood tests for dogs and other companion animals. The Nu.Q Vet Cancer Test is commercially available as a cancer screening test in dogs. Nu.Q NETs - monitoring the immune system to save lives. Nu.Q Discover - a complete solution to profiling nucleosomes. Nu.Q Cancer - monitoring disease progression, response to treatment and Minimal Residual Disease ("MRD"). Capture-PCR TM - isolating and capturing circulating tumor-derived DNA from plasma samples for early cancer detection. The Company has grown from a single two-meter lab bench at the University of Namur in Belgium to a purpose-built 17,000 square foot lab and 10,000 square foot production facility in Gembloux, Belgium, an Innovation Lab in California, and offices in California, London, Singapore and Nevada. In 2015, the Company's common stock was listed on t