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UN ITED STATES

SECUR ITIES AND EXCHANGE COMMISSION

Wa shington, D.C. 20549

FOR M 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ | TRANS ITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Fo r t h e t rans iti o n p er i o d from t o

Comm ission File Number: 001-36833

VOLITIONRX LIMITED
(Exact name of registrant as specified in its charter)

Delaware |  | 91-1949078
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
1489 West Warm Springs Road, Suite 110 Henderson, Nevada |  | 89014
(Address of principal executive offices) |  | (Zip Code)

+1 (646) 650–1351

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share | VNRX | NYSE American, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☐ | Accelerated filer | ☐
Non-accelerated filer | ☒ | Smaller reporting company | ☒
|  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of May 7, 2025, there were 103,022,677 shares of the registrant’s $0.001 par value common stock issued and outstanding.

VOL ITIONRX LIMITED

QUARTERL Y REPOR T ON FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2025

TABL E OF CONTENTS

PART I | FINANCIAL INFORMATION |  | PAG E |
Item 1. | FINANCIAL STATEMENTS (UNAUDITED) |  | 4 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |  | 32 |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |  | 38 |
Item 4. | CONTROLS AND PROCEDURES |  | 38 |
PART II | OTHER INFORMATION |  |  |
Item 1. | LEGAL PROCEEDINGS |  | 40 |
Item 1A. | RISK FACTORS |  | 40 |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |  | 40 |
Item 3. | DEFAULTS UPON SENIOR SECURITIES |  | 40 |
Item 4. | MINE SAFETY DISCLOSURES |  | 40 |
Item 5. | OTHER INFORMATION |  | 40 |
Item 6. | EXHIBITS |  | 42 |
SIGNATURES |  | 43 |

U se of Terms

Except as otherwise indicated by the context, references in this Quarterly Report on Form 10-Q to the “Company,” “VolitionRx,” “Volition,” “we,” “us,” and “our” are references to VolitionRx Limited and its wholly owned subsidiaries, Volition Global Services SRL, Singapore Volition Pte. Limited, Belgian Volition SRL, Volition Diagnostics UK Limited, Volition America, Inc., and its majority-owned subsidiary, Volition Veterinary Diagnostics Development LLC. Additionally, unless otherwise specified, all references to “$” refer to the legal currency of the United States of America.

NucleosomicsTM,, Capture-PCRTM, Nu.Q® and Capture-SeqTM and their respective logos are trademarks and/or service marks of VolitionRx and its subsidiaries. All other trademarks, service marks and trade names referred to herein are the property of their respective owners.

2
Table of Contents

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, (this “Report”) contains 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 contract manufacturers, original equipment manufacturers and distributors on our business; assumptions regarding the future cost and potential benefits of our research and development efforts; the effect of critical accounting policies; forecasts of our liquidity position or available cash resource and financing plans; and statements relating to the assumptions underlying any of the foregoing. We caution you that the foregoing list may not include all of the forward-looking statements made in this Report and the information and documents incorporated by reference within this Report.

We have based our forward-looking statements on our current assumptions, expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial known and unknown risks and uncertainties that could cause our future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this Report.

Some significant factors that may impact our estimates and forward-looking statements include, but are not limited to:

| · | Our inability to generate any significant revenues or achieve profitability;
| · | Our need to raise additional capital in the future;
| · | Our expansion of our product development and sales and marketing capabilities could give rise to difficulties in managing our growth;
| · | Our dependence on third-party distributors;
| · | Our limited experience with sales and marketing;
| · | The possibility that we may not be able to continue to operate, as indicated by the “going concern” opinion from our auditors;
| · | Our ability to successfully develop, manufacture, market, and sell our future products;
| · | Our ability to timely obtain necessary regulatory clearances or approvals to distribute and market our future products;
| · | The acceptance by the marketplace of our future products;
| · | The highly competitive and rapidly changing nature of the diagnostics market;
| · | Protection of our patents, intellectual property and trade secrets;
| · | Our reliance on third parties to manufacture and supply our intended products, and such manufacturers’ dependence on third-party suppliers;
| · | The material weaknesses in our internal control over financial reporting that we have identified;
| · | Pressures related to macroeconomic and geopolitical conditions; andOther risks identified elsewhere in this Report, as well as in our other filings with the Securities and Exchange Commission (the “SEC”).

For additional information, refer to the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” within this Report, as well as in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC on March 31, 2025 (our “Annual Report”), and the other documents that we have filed with the SEC.

In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, readers are cautioned not to place undue reliance on any forward-looking statements.

You should read this Report in its entirety, including the documents that we file as exhibits to this Report and the documents we incorporate by reference into this Report, with the understanding that our future results may be materially different from what we currently expect. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations. If we do update or correct any forward-looking statements, readers should not conclude that we will make additional updates or corrections.

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PAR T I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

|  | Page |
Condensed Consolidated Balance Sheets |  | 5 |
Condensed Consolidated Statements of Operations and Comprehensive Loss |  | 6 |
Condensed Consolidated Statements of Stockholders’ Deficit |  | 7 |
Condensed Consolidated Statements of Cash Flows |  | 8 |
Notes to the Condensed Consolidated Financial Statements |  | 9 |

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VOL ITIONRX LIMITED

Condensed Consolidated Balance Sheets

(Expressed in United States Dollars, except share numbers)

|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
ASSETS |  | (UNAUDITED) |  |  |  |
Current Assets |  |  |  |  |  |
Cash and cash equivalents |  |  | 2,600,342 |  |  |  | 3,264,429 |
Accounts receivable |  |  | 187,830 |  |  |  | 110,574 |
Prepaid expenses |  |  | 250,061 |  |  |  | 338,660 |
Other current assets |  |  | 255,769 |  |  |  | 343,145 |
Total Current Assets |  |  | 3,294,002 |  |  |  | 4,056,808 |
Property and equipment, net |  |  | 4,348,316 |  |  |  | 4,429,152 |
Operating lease right-of-use assets |  |  | 560,610 |  |  |  | 599,816 |
Intangible assets, net |  |  | 317,129 |  |  |  | 313,747 |
Total Assets |  |  | 8,520,057 |  |  |  | 9,399,523 |
LIABILITIES AND STOCKHOLDERS' DEFICIT |  |
Current Liabilities |  |  |  |  |  |  |  |
Accounts payable |  |  | 3,011,897 |  |  |  | 2,766,178 |
Accrued liabilities |  |  | 3,698,868 |  |  |  | 3,476,903 |
Deferred revenue |  |  | 230,000 |  |  |  | 230,000 |
Management and directors’ fees payable |  |  | 54,392 |  |  |  | 30,086 |
Current portion of long-term debt |  |  | 862,475 |  |  |  | 860,223 |
Current portion of finance lease liabilities |  |  | 49,179 |  |  |  | 46,737 |
Current portion of operating lease liabilities |  |  | 224,690 |  |  |  | 221,755 |
Current portion of grant repayable |  |  | 63,750 |  |  |  | 60,979 |
Warrant liability |  |  | 77,848 |  |  |  | 97,886 |
Total Current Liabilities |  |  | 8,273,099 |  |  |  | 7,790,747 |
Deferred revenue, net of current portion |  |  | 22,663,400 |  |  |  | 22,663,400 |
Long-term debt, net of current portion |  |  | 5,532,382 |  |  |  | 3,952,846 |
Finance lease liabilities, net of current portion |  |  | 330,847 |  |  |  | 328,338 |
Operating lease liabilities, net of current portion |  |  | 369,342 |  |  |  | 410,686 |
Grant repayable, net of current portion |  |  | 377,662 |  |  |  | 361,242 |
Total Long-Term Liabilities |  |  | 29,273,633 |  |  |  | 27,716,512 |
Total Liabilities |  |  | 37,546,732 |  |  |  | 35,507,259 |
Stockholders' Deficit |  |  |  |  |  |  |  |
Common Stock |  |  |  |  |  |  |  |
Authorized: 175,000,000 shares of common stock, at $0.001 par value per share |  |  |  |  |  |  |  |
Issued and outstanding: 100,746,467 shares and 96,097,485 shares, respectively |  |  | 100,747 |  |  |  | 96,098 |
Additional paid-in capital |  |  | 206,961,962 |  |  |  | 204,154,994 |
Accumulated other comprehensive income |  |  | 131,702 |  |  |  | 385,631 |
Accumulated deficit |  |  | (234,968,102 | ) |  |  | (229,544,343 | )
Total VolitionRx limited Stockholders' Deficit |  |  | (27,773,691 | ) |  |  | (24,907,620 | )
Non-controlling interest |  |  | (1,252,984 | ) |  |  | (1,200,116 | )
Total Stockholders’ Deficit |  |  | (29,026,675 | ) |  |  | (26,107,736 | )
Total Liabilities and Stockholders’ Deficit |  |  | 8,520,057 |  |  |  | 9,399,523 |
(The accompanying notes are an integral part of these condensed consolidated financial statements)

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VOL ITIONRX LIMITED

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(Expressed in United States Dollars, except share numbers)

|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Revenues |  |  |  |  |  |
Service |  |  | 115,476 |  |  |  | 2,938 |
Product |  |  | 130,909 |  |  |  | 168,597 |
Total Revenues |  |  | 246,385 |  |  |  | 171,535 |
Operating Expenses |  |  |  |  |  |  |  |
Research and development |  |  | 2,607,444 |  |  |  | 4,629,527 |
General and administrative |  |  | 2,243,362 |  |  |  | 2,253,743 |
Sales and marketing |  |  | 917,299 |  |  |  | 1,672,769 |
Total Operating Expenses |  |  | 5,768,105 |  |  |  | 8,556,039 |
Operating Loss |  |  | (5,521,720 | ) |  |  | (8,384,504 | )
Other Income (Expenses) |  |  |  |  |  |  |  |
Grant income |  |  | 121,566 |  |  |  | - |
Interest income |  |  | 158 |  |  |  | 8,654 |
Interest expense |  |  | (96,669 | ) |  |  | (77,233 | )
Gain (Loss) on change in fair value of warrant liability |  |  | 20,038 |  |  |  | (18,922 | )
Total Other Income (Expenses) |  |  | 45,093 |  |  |  | (87,501 | )
Net Loss |  |  | (5,476,627 | ) |  |  | (8,472,005 | )
Net Loss attributable to Non-Controlling Interest |  |  | 52,868 |  |  |  | 104,617 |
Net Loss attributable to VolitionRx Stockholders |  |  | (5,423,759 | ) |  |  | (8,367,388 | )
Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | (253,929 | ) |  |  | 15,026 |
Net Comprehensive Loss |  |  | (5,730,556 | ) |  |  | (8,456,979 | )
Loss Per Common Share – Attributable to Common Stockholders - Basic and Diluted |  |  | (0.06 | ) |  |  | (0.10 | )
Weighted Average Shares Outstanding – Basic and Diluted |  |  | 96,536,052 |  |  |  | 81,956,660 |
(The accompanying notes are an integral part of these condensed consolidated financial statements)

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VOL ITIONRX LIMITED

Condensed Consolidated Statements of Stockholders’ Deficit (Unaudited)

(Expressed in United States Dollars, except share numbers)

For the Three Months Ended March 31, 2025 and March 31, 2024
|  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Additional |  |  | Other |  |  |  |  |  | Non - |  |  |  |
|  | Common Stock |  |  | Paid-in |  |  | Comprehensive |  |  | Accumulated |  |  | Controlling |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Income |  |  | Deficit |  |  | Interest |  |  | Total |
|  | # |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Balance, December 31, 2024 |  |  | 96,097,485 |  |  |  | 96,098 |  |  |  | 204,154,994 |  |  |  | 385,631 |  |  |  | (229,544,343 | ) |  |  | (1,200,116 | ) |  |  | (26,107,736 | )
Common stock issued for cash, net of issuance costs |  |  | 4,551,429 |  |  |  | 4,551 |  |  |  | 2,380,103 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,384,654 |
Common stock issued for settlement of RSUs |  |  | 97,553 |  |  |  | 98 |  |  |  | (98 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Stock-based compensation in relation to modification of options |  |  |  |  |  |  |  |  |  |  | 103,573 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 103,573 |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 347,801 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 347,801 |
Tax withholdings paid related to stock-based compensation |  |  | - |  |  |  | - |  |  |  | (24,411 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (24,411 | )
Foreign currency translation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (253,929 | ) |  |  | - |  |  |  | - |  |  |  | (253,929 | )
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,423,759 | ) |  |  | (52,868 | ) |  |  | (5,476,627 | )
Balance, March 31, 2025 |  |  | 100,746,467 |  |  |  | 100,747 |  |  |  | 206,961,962 |  |  |  | 131,702 |  |  |  | (234,968,102 | ) |  |  | (1,252,984 | ) |  |  | (29,026,675 | )

|  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Additional |  |  | Other |  |  |  |  |  | Non - |  |  |  |
|  | Common Stock |  |  | Paid-in |  |  | Comprehensive |  |  | Accumulated |  |  | Controlling |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Income (Loss) |  |  | Deficit |  |  | Interest |  |  | Total |
|  | # |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
Balance, December 31, 2023 |  |  | 81,898,321 |  |  |  | 81,898 |  |  |  | 194,448,414 |  |  |  | 243,940 |  |  |  | (202,576,507 | ) |  |  | (909,967 | ) |  |  | (8,712,222 | )
Common stock issued for cash, net of issuance costs |  |  | 13,350 |  |  |  | 13 |  |  |  | 15,721 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15,734 |
Common stock issued for settlement of RSUs |  |  | 68,169 |  |  |  | 69 |  |  |  | (69 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 411,220 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 411,220 |
Tax withholdings paid related to stock-based compensation |  |  | - |  |  |  | - |  |  |  | (3,062 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,062 | )
Common stock issued in lieu of license fee |  |  | 129,132 |  |  |  | 129 |  |  |  | 125,129 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 125,258 |
Foreign currency translation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 15,026 |  |  |  | - |  |  |  | - |  |  |  | 15,026 |
Net loss for the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,367,388 | ) |  |  | (104,617 | ) |  |  | (8,472,005 | )
Balance, March 31, 2024 |  |  | 82,108,972 |  |  |  | 82,109 |  |  |  | 194,997,353 |  |  |  | 258,966 |  |  |  | (210,943,895 | ) |  |  | (1,014,584 | ) |  |  | (16,620,051 | )
(The accompanying notes are an integral part of these condensed consolidated financial statements)

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VOL ITIONRX LIMITED

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Expressed in United States Dollars)

|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Operating Activities |  |  |  |  |  |
Net loss |  |  | (5,476,627 | ) |  |  | (8,472,005 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 251,941 |  |  |  | 263,207 |
Amortization of operating lease right-of-use assets |  |  | 56,325 |  |  |  | 58,866 |
Stock-based compensation |  |  | 451,374 |  |  |  | 411,220 |
Gain on change in fair value of warrant liability |  |  | (20,038 | ) |  |  | 18,922 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | 88,599 |  |  |  | (572,917 | )
Accounts receivable |  |  | (77,256 | ) |  |  | 106,325 |
Other current assets |  |  | 87,376 |  |  |  | (109,978 | )
Accounts payable and accrued liabilities |  |  | 372,042 |  |  |  | 11,755 |
Management and directors’ fees payable |  |  | 24,306 |  |  |  | 621 |
Right-of-use assets operating leases liabilities |  |  | (56,060 | ) |  |  | (58,400 | )
Net Cash Used In Operating Activities |  |  | (4,298,018 | ) |  |  | (8,342,384 | )
Investing Activities |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (1,808 | ) |  |  | (28,809 | )
Purchase of License |  |  | - |  |  |  | (50,000 | )
Net Cash Used In Investing Activities |  |  | (1,808 | ) |  |  | (78,809 | )
Financing Activities |  |  |  |  |  |  |  |
Net proceeds from issuances of common stock |  |  | 2,384,654 |  |  |  | 15,733 |
Tax withholdings paid related to stock-based compensation |  |  | (24,411 | ) |  |  | (3,062 | )
Proceeds from long-term debt |  |  | 1,570,176 |  |  |  | - |
Payments on long-term debt |  |  | (251,759 | ) |  |  | (210,183 | )
Payments on finance lease obligations |  |  | (11,580 | ) |  |  | (11,886 | )
Net Cash Provided By (Used In) Financing Activities |  |  | 3,667,080 |  |  |  | (209,398 | )
Effect of foreign exchange on cash |  |  | (31,341 | ) |  |  | (327,229 | )
Net change in cash and cash equivalents |  |  | (664,087 | ) |  |  | (8,957,820 | )
Cash and cash equivalents – Beginning of the Period |  |  | 3,264,429 |  |  |  | 20,729,983 |
Cash and cash equivalents – End of the Period |  |  | 2,600,342 |  |  |  | 11,772,163 |
Supplemental Disclosures of Cash Flow Information |  |  |  |  |  |  |  |
Interest paid |  |  | 96,669 |  |  |  | 77,233 |
Non-Cash Financing Activities |  |  |  |  |  |  |  |
Common stock issued upon settlement of vested RSUs |  |  | 98 |  |  |  | 197 |
Offering costs from issuance of common stock |  |  | 134,329 |  |  |  | - |
Common stock issued for License rights |  |  | - |  |  |  | 125,258 |
Non-cash note payable |  |  | 292,470 |  |  |  | 294,603 |
(The accompanying notes are an integral part of these condensed consolidated financial statements)

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 1 – Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and use of estimates

The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited (the “Company” or “VolitionRx”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements. The December 31, 2024 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the audited consolidated financial statements and accompanying notes thereto for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2025 (the “Annual Report”). The interim unaudited condensed consolidated financial statements should be read in conjunction with those audited consolidated financial statements included in the Annual Report. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The preparation of the Company's Condensed Consolidated Financial Statements requires management to make certain estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported and reported amounts of revenues and expenses. Such estimates include impairment of long-lived assets, accounts receivable, useful lives of intangible assets and property and equipment, fair values of stock-based awards, income taxes among others. These estimates and assumptions are based on management’s judgment. Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting estimates may be necessary if there are changes in the circumstances or experiences on which the estimate was based or as a result of new information. Changes in estimates, including those resulting from changes in the economic environment, are reflected in the period in which the change in estimate occurs.

Recently Issued Accounting Pronouncements

The Company has implemented all applicable new accounting pronouncements that are in effect. The Company does not believe that there are any other applicable new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

Note 1 - Basis of Presentation and Summa ry of Significant Accounting Policies (continued)

Fair Value Measurements

Pursuant to ASC 820, “Fair Value Measurements and Disclosures,” an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the assets or liabilities such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The financial instruments of the Company consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, debt, and a warrant liability. These items are considered Level 1 due to their short-term nature and their market interest rates, except for the warrant liability, which is considered Level 2 and is recorded at fair value at the end of each reporting period.

Included in the following table are the Company’s major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025.

Fair Value Measurements at March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | $ |  |  | $ |  |  | $ |  |  | $ |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability |  |  | - |  |  |  | 77,848 |  |  |  | - |  |  |  | 77,848 |
Fair Value Measurements at December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Description |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  | $ |  |  | $ |  |  |  | $ |  |  | $ |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability |  |  | - |  |  |  | 97,886 |  |  |  | - |  |  |  | 97,886 |

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

Note 1 - Basis of Presentation and Summa ry of Significant Accounting Policies (continued)

Fair Value Measurements (continued)

As of March 31, 2025, the warrant liability was $77,848. The following table provides a roll-forward of the warrant liability measured at fair value on a recurring basis for the three months ended March 31, 2025.

Warrant Liability |  |  |
|  | Total |
|  | $ |
Balance at December 31, 2023 |  |  | 126,649 |
Gain on change in fair value of warrant liability |  |  | (28,763 | )
Balance at December 31, 2024 |  |  | 97,886 |
Gain on change in fair value of warrant liability |  |  | (20,038 | )
Balance at March 31, 2025 |  |  | 77,848 |

Basic and Diluted Net Loss Per Share

The Company computes net loss per share in accordance with ASC 260, “Earnings Per Share,” which requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the statement of operations and comprehensive loss. Basic EPS is computed by dividing net loss available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. As of March 31, 2025, 48,265,651 potential common shares equivalents from warrants, options, and restricted stock units (“RSUs”) were excluded from the diluted EPS calculations as their effect is anti-dilutive.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 2 – Liquidity and Going Concern Assessment

The Company's condensed consolidated financial statements are prepared using GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. Management assesses liquidity and going concern uncertainty in the Company’s consolidated financial statements to determine whether there is sufficient cash on hand and working capital, including available borrowings on loans, to operate for a period of at least one year from the date the financial statements are issued, which is referred to as the “look-forward period,” as defined in GAAP. As part of this assessment, based on conditions that are known and reasonably knowable to management, management considered various scenarios, forecasts, projections, estimates and made certain key assumptions, including the timing and nature of projected cash expenditures or programs, its ability to delay or curtail expenditures or programs and its ability to raise additional capital, if necessary, among other factors.

For the three months ended March 31, 2025, the Company incurred a net loss of $5.5 million and used cash flows in operating activities of $4.3 million. As of March 31, 2025, the Company had cash and cash equivalents of $2.6 million and an accumulated deficit of $235.0 million.

The Company has generated operating losses and has experienced negative cash flows from operations since inception. The Company has not generated significant revenues and expects to incur further losses in the future, particularly from continued development of its clinical-stage diagnostic tests and commercialization activities. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions or, financing, and/or generate revenues as may be required to sustain its operations. Management plans to address the above as needed by, (a) granting licenses and/or distribution rights to third parties in exchange for specified up-front and/or back-end payments, (b) obtaining additional financing through debt or equity transactions, (c) securing additional grant funds, and (d) developing and commercializing its products in an efficient manner. Management continues to exercise tight cost controls to conserve cash. As part of the Company’s cash conservation efforts, directors and certain employees have elected to exchange a portion of their fees earned or paid in cash or salary, respectively, for RSUs in the Company for a period of up to six months.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and to eventually attain profitable operations.

Management assessed the mitigating effect of these plans to determine if it is probable that the plans would be effectively implemented within one year after the condensed consolidated financial statements are issued and when implemented, would mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. These plans are subject to market conditions and reliance on third parties, and there is no assurance that effective implementation of the Company’s plans will result in the necessary funding to continue current operations and satisfy current and expected debt obligations. The Company has implemented short-term cash preservation and cost-saving initiatives to conserve cash. The Company concluded that these plans do not alleviate the substantial doubt about the Company’s ability to continue as a going concern beyond one year from the date the condensed consolidated financial statements are issued.

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 3 - Property and Equipment

The Company’s property and equipment consisted of the following amounts as of March 31, 2025 and December 31, 2024:

|  |  |  | March 31, 2025 |  |  | December 31, 2024 |
|  | Useful Life |  | Cost $ |  |  | Cost $ |
Computer hardware and software |  | 3 years |  |  | 727,262 |  |  |  | 701,505 |
Laboratory equipment |  | 5 years |  |  | 4,747,553 |  |  |  | 4,600,168 |
Office furniture and equipment |  | 5 years |  |  | 372,712 |  |  |  | 359,337 |
Buildings |  | 30 years |  |  | 2,071,304 |  |  |  | 1,981,247 |
Building improvements |  | 5-15 years |  |  | 1,711,554 |  |  |  | 1,637,139 |
Land |  | Not amortized |  |  | 129,852 |  |  |  | 124,206 |
Total property and equipment |  |  |  |  | 9,760,237 |  |  |  | 9,403,602 |
Less accumulated depreciation |  |  |  |  | 5,411,921 |  |  |  | 4,974,450 |
Total property and equipment, net |  |  |  |  | 4,348,316 |  |  |  | 4,429,152 |

During the three-month periods ended March 31, 2025 and March 31, 2024, the Company recognized $246,248 and $277,501, respectively, in depreciation expense.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 4 - Intangible Assets

The Company’s intangible assets consist of patents, mainly acquired in the acquisition of Belgian Volition. The patents are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years.

|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Cost $ |  |  | Cost $ |
Patents and Licenses |  |  | 1,408,333 |  |  |  | 1,354,274 |
Total Patents and Licenses |  |  | 1,408,333 |  |  |  | 1,354,274 |
Less accumulated amortization |  |  | 1,091,204 |  |  |  | 1,040,527 |
Total Patents and Licenses, net |  |  | 317,129 |  |  |  | 313,747 |

During the three-month periods ended March 31, 2025 and March 31, 2024, the Company recognized $5,693 and $(14,294), respectively, in amortization expense.

The Company amortizes the patents and licenses on a straight-line basis with terms ranging from 8 to 20 years. The annual estimated amortization schedule over the next five years is as follows:

2025 |  | $ | 15,561 |
2026 |  | $ | 20,748 |
2027 |  | $ | 20,748 |
2028 |  | $ | 20,748 |
2029 |  | $ | 20,748 |
Greater than 5 years |  | $ | 218,576 |
Total Intangible Assets |  | $ | 317,129 |

The Company periodically reviews its long-lived assets to ensure that their carrying value does not exceed their fair market value. The Company carried out such a review in accordance with ASC 360, “Property, Plant and Equipment,” as of December 31, 2024. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2024.

No te 5 - Related-Party Transactions

See Note 6, Common Stock, for common stock issued to related parties and Note 7, Stock-Based Compensation, for stock options, warrants and RSUs issued to related parties. The Company has agreements with related parties for the purchase of consultancy services which are accrued under management and directors’ fees payable (see condensed consolidated balance sheets).

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 6 - Common Stock

As of March 31, 2025, the Company was authorized to issue 175 million shares of common stock, par value $0.001 per share, of which 100,746,467 and 96,097,485 shares were issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

Stock Option Exercises

During the three months ended March 31, 2025, no shares of common stock were issued pursuant to the exercise of stock options.

Stock Options Expired / Cancelled

On March 20, 2025, 26,200 vested stock options previously granted to an employee were cancelled and returned as authorized shares under the 2015 Stock Incentive Plan (the “2015 Plan”) on the expiration of the exercise period following the resignation of such employee.

RSU Settlements

Below is a table summarizing the RSUs that vested and settled during the three months ended March 31, 2025, all of which were issued pursuant to the 2015 Plan.

Equity Incentive Plan |  | RSUs Vested (#) |  |  | Vest Date |  | Shares Issued (#) |  |  | Shares Withheld for Taxes (#) |
2015 |  |  | 21,583 |  |  | Jan 1, 2025 |  |  | 21,583 |  |  |  | - |
2015 |  |  | 4,667 |  |  | Feb 22, 2025 |  |  | 2,750 |  |  |  | 1,917 |
2015 |  |  | 33,503 |  |  | Mar 13, 2025 |  |  | 21,643 |  |  |  | 11,860 |
2015 |  |  | 38,198 |  |  | Mar 13, 2025 |  |  | 24,676 |  |  |  | 13,522 |
2015 |  |  | 41,642 |  |  | Mar 13, 2025 |  |  | 26,901 |  |  |  | 14,741 |
|  |  | 139,593 |  |  |  |  |  | 97,553 |  |  |  | 42,040 |

2025 Equity Capital Raise

On March 24, 2025, the Company entered into a securities purchase agreement with the several purchasers, pursuant to which the Company issued and sold to such purchasers, in a registered direct offering pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-259783) declared effective by the SEC on November 8, 2021 (the “2021 Form S-3”), an aggregate of (i) 2,363,636 shares of the Company’s common stock to certain of its directors and executive officers, and certain of its existing stockholders (collectively, the “Insiders”) at an offering price of $0.55 per share (the “Insider Shares”), and (ii) 1,739,087 shares of common stock (the “March 2025 Warrant Investor Shares” and, together with the Insider Shares, the “March 2025 Shares”), together with common stock purchase warrants to purchase up to 1,739,087 shares of common stock (the “March 2025 Warrants”), at a combined offering price of $0.55 per March 2025 Warrant Investor Share and accompanying March 2025 Warrant, to certain other existing stockholders of the Company and new investors (collectively, the “Warrant Investors”). Each March 2025 Warrant has an exercise price per share of $0.66, and is exercisable on or after March 26, 2025 through and until March 26, 2030. The Insiders did not receive any March 2025 Warrants in the offering. The net proceeds received by the Company for the issuance and sale of the March 2025 Shares and the March 2025 Warrants was $2.3 million, before deducting offering expenses of $0.1 million paid by the Company. The net proceeds above excludes any proceeds arising from the exercise of the March 2025 Warrants. The shares of common stock underlying the March 2025 Warrants were initially registered pursuant to the 2021 Form S-3. The shares of common stock underlying the March 2025 Warrants were subsequently registered pursuant to a Registration Statement on Form S-1 (File No. 333-286401) declared effective by SEC on April 15, 2025 (the “2025 Form S-1”), and were withdrawn from the 2021 Form S-3.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 6 - Common Stock (continued)

2024 Equity Capital Raise

On August 8, 2024, the Company entered into a securities purchase agreement with a purchaser pursuant to which the Company issued and sold to such purchaser, in a registered direct offering under the 2021 Form S-3 (the “2024 Equity Capital Raise”), an aggregate of 9,170,000 shares of the Company’s common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 3,557,273 shares of the Company’s common stock (the “Pre-Funded Warrant Shares”), Series A common stock warrants (the “Series A Warrants”) to purchase up to 12,727,273 shares of the Company’s common stock (the “Series A Warrant Shares”) and Series B common stock warrants (the “Series B Warrants”, and together with the Series A Warrants, the “Common Warrants” and, together with the shares of common stock offered in the 2024 Equity Capital Raise and the Pre-Funded Warrants, the “Securities”) to purchase up to 12,727,273 shares of the Company’s common stock the “Series B Warrant Shares,” together with the Pre-Funded Warrant Shares and the Series A Warrant Shares, the “August 2024 Warrant Shares” . The exercise prices of the Pre-Funded Warrants and the Common Warrants is $0.001 per share and $0.57 per share, respectively. H.C. Wainwright & Co. acted as the exclusive placement agent for the Company in the offering. The combined offering price for a share of common stock and accompanying Common Warrants was $0.55 and the combined offering price for a Pre-Funded Warrant and accompanying Common Warrants was $0.549. The net proceeds received by the Company for the issuance and sale of the Securities was $6.4 million, before deducting offering expenses of $0.1 million paid by the Company. In addition, the Company issued warrants to the placement agent to purchase an aggregate of 381,818 shares of Company common stock on substantially the same terms as the Series B Warrants at an exercise price of $0.6875 per share. The net proceeds above assumes the exercise of the Pre-Funded Warrants but excludes any proceeds arising from the exercise of the Common Warrants or the placement agent warrants. The August 2024 Warrant Shares were initially registered pursuant to the 2021 Form S-3. The August 2024 Warrant Shares were subsequently registered pursuant to the 2025 Form S-1, and were withdrawn from the 2021 Form S-3.

On December 5, 2024, the Company entered into a securities purchase agreement with several purchasers, including certain of its directors and executive officers (the “Insider Investors”), pursuant to which the Company issued and sold to such purchasers, in a registered direct offering pursuant to the 2021 Form S-3, an aggregate of (i) 445,648 shares to the Insider Investors at an offering price of $0.5722 per share and (ii) a further 2,857,389 shares of our common stock (the “December 2024 Warrant Investor Shares” and, together with the Insider Shares, the “December 2024 Shares”), together with 2,857,389 common stock purchase warrants to purchase up to 2,857,389 shares of our common stock (the “Form A Warrants”) and 2,857,389 common stock purchase warrants to purchase up to 1,428,693 shares of our common stock (the “Form B Warrants” and, together with the Form A Warrants, the “December 2024 Warrants”), at a combined offering price of $0.5722 per December 2024 Warrant Investor Share and accompanying December 2024 Warrants, to certain existing stockholders of the Company and new investors (collectively, the “Warrant Investors”). The December 2024 Shares, Form A Warrants, and Form B Warrants were separately issued. Each Form A Warrant has an exercise price per share of $0.5722 and each Form B Warrant has an exercise price per share of $0.71525. Each December 2024 Warrant is exercisable on or after December 9, 2024 through and until December 9, 2029. The net proceeds received by the Company for the issuance and sale of the December 2024 Shares and the December 2024 Warrants was $1.9 million, before deducting offering expenses of $0.1 million paid by the Company. The net proceeds above excludes any proceeds arising from the exercise of the December 2024 Warrants. The shares of common stock underlying the December 2024 Warrants were initially registered pursuant to the 2021 Form S-3. The shares of common stock underlying the December 2024 Warrants were subsequently registered pursuant to a Registration Statement on Form S-1 (File No. 333-286401) declared effective by SEC on April 15, 2025 (the “2025 Form S-1”), and were withdrawn from the 2021 Form S-3.

Common Stock Issued for EpiCypher License Agreement

On March 12, 2024, the Company issued 129,132 shares of restricted common stock to EpiCypher, Inc. at a price of $0.97 per share as partial consideration for license rights in connection with a License Agreement between EpiCypher and Belgian Volition.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 6 - Common Stock (continued)

Equity Distribution Agreement

On May 20, 2022, the Company entered into an equity distribution agreement (the “2022 EDA”) with Jefferies LLC (“Jefferies”) to sell shares of the Company’s common stock, with an aggregate offering price of up to $25.0 million, from time to time through an “at the market” offering pursuant to the 2021 Form S-3 through Jefferies acting as the Company’s agent and/or principal. The Company is not obligated to sell any shares under the 2022 EDA.

During the three months ended March 31, 2025, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $262,484 under the 2022 EDA through the sale of 448,706 shares of its common stock. As of March 31, 2025, the Company has raised aggregate net proceeds (net of broker commissions and fees) of approximately $2.4 million under the 2022 EDA through the sale of 1,945,838 shares of its common stock.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 7 – Stock-Based Compensation

a) Common Stock Warrants

The following table summarizes the changes in common stock warrants of the Company outstanding during the three-month period ended March 31, 2025.

|  | Number of Warrants |  |  | Weighted Average Exercise Price ($) |
Outstanding at December 31, 2024 |  |  | 34,542,219 |  |  |  | 0.581 |
Granted |  |  | 1,739,087 |  |  |  | 0.660 |
Expired/Cancelled |  |  | - |  |  |  | - |
Outstanding at March 31, 2025 |  |  | 36,281,306 |  |  |  | 0.585 |
Exercisable at March 31, 2025 |  |  | 36,281,306 |  |  |  | 0.585 |

Below is a table summarizing the common stock warrants issued and outstanding as of March 31, 2025, which have an aggregate weighted average remaining contractual life of 4.09 years. The proceeds if exercised assume the warrants are exercised for cash.

Number Outstanding |  |  | Number Exercisable |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 3,557,273 |  |  |  | 3,557,273 |  |  |  | 0.0010 |  |  |  | - |  |  |  | 3,557 |
| 25,454,546 |  |  |  | 25,454,546 |  |  |  | 0.5700 |  |  |  | 3.36 |  |  |  | 14,509,091 |
| 2,857,389 |  |  |  | 2,857,389 |  |  |  | 0.5722 |  |  |  | 4.70 |  |  |  | 1,634,998 |
| 1,739,087 |  |  |  | 1,739,087 |  |  |  | 0.6600 |  |  |  | 4.99 |  |  |  | 1,147,797 |
| 381,818 |  |  |  | 381,818 |  |  |  | 0.6875 |  |  |  | 4.36 |  |  |  | 262,500 |
| 1,428,693 |  |  |  | 1,428,693 |  |  |  | 0.7153 |  |  |  | 4.70 |  |  |  | 1,021,873 |
| 448,500 |  |  |  | 448,500 |  |  |  | 2.0000 |  |  |  | 3.21 |  |  |  | 897,000 |
| 54,000 |  |  |  | 54,000 |  |  |  | 3.0500 |  |  |  | 3.51 |  |  |  | 164,700 |
| 50,000 |  |  |  | 50,000 |  |  |  | 3.4500 |  |  |  | 0.92 |  |  |  | 172,500 |
| 125,000 |  |  |  | 125,000 |  |  |  | 3.9500 |  |  |  | 1.76 |  |  |  | 493,750 |
| 185,000 |  |  |  | 185,000 |  |  |  | 4.9000 |  |  |  | 1.84 |  |  |  | 906,500 |
| 36,281,306 |  |  |  | 36,281,306 |  |  |  |  |  |  |  |  |  |  |  | 21,214,266 |

Stock-based compensation expense related to warrants of nil and $5,071 was recorded in the three months ended March 31, 2025 and March 31, 2024, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is $nil. As of March 31, 2025, the total intrinsic value of warrants outstanding was $2,973,879.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 7 – Stock-Based Compensation (continued)

b) Options

The following table summarizes the changes in options outstanding of the Company during the three-month period ended March 31, 2025, all of which were issued pursuant to the 2011 Equity Incentive Plan (the “2011 Plan”) and the 2015 Plan.

|  | Number of Options |  |  | Weighted Average Exercise Price ($) |
Outstanding at December 31, 2024 |  |  | 4,637,748 |  |  |  | 3.88 |
Forfeited |  |  | (66,200 | ) |  |  | 3.31 |
Outstanding at March 31, 2025 |  |  | 4,571,548 |  |  |  | 3.89 |
Exercisable at March 31, 2025 |  |  | 4,571,548 |  |  |  | 3.89 |

On January 29, 2025, the Company amended the terms of certain outstanding options granted pursuant to the 2015 Plan, such that the expiration date for outstanding options to purchase 545,000 shares of the Company's common stock, granted on February 11, 2019, was extended from six years from the date of grant to ten years from the date of grant, or an expiration date of February 11, 2029. As a result of these amendments $103,573 was recorded as an additional options expense.

Below is a table summarizing the options issued and outstanding as of March 31, 2025, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option and RSU issuances commencing in 2016)and which have an aggregate weighted average remaining contractual life of 3.43 years. As of March 31, 2025, an aggregate of 9,700,000 shares of common stock were authorized for issuance under the 2015 Plan, of which 106,429 shares of common stock remained available for future issuance thereunder. As of March 31, 2025, an aggregate of 7,500,000 shares of common stock were authorized for issuance under the 2024 Stock Incentive Plan ("the 2024 Plan"), of which 3,452,322 shares of common stock remained available for future issuance thereunder.

Number Outstanding |  |  | Number Exercisable |  |  | Exercise Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Proceeds to Company if Exercised ($) |
| 545,000 |  |  |  | 545,000 |  |  |  | 3.25 |  |  |  | 3.87 |  |  |  | 1,771,250 |
| 893,548 |  |  |  | 893,548 |  |  |  | 3.40 |  |  |  | 6.35 |  |  |  | 3,038,063 |
| 740,000 |  |  |  | 740,000 |  |  |  | 3.60 |  |  |  | 5.11 |  |  |  | 2,664,000 |
| 1,607,837 |  |  |  | 1,607,837 |  |  |  | 4.00 |  |  |  | 1.49 |  |  |  | 6,431,348 |
| 89,163 |  |  |  | 89,163 |  |  |  | 4.38 |  |  |  | 2.82 |  |  |  | 390,534 |
| 50,000 |  |  |  | 50,000 |  |  |  | 4.80 |  |  |  | 1.76 |  |  |  | 240,000 |
| 646,000 |  |  |  | 646,000 |  |  |  | 5.00 |  |  |  | 1.99 |  |  |  | 3,230,000 |
| 4,571,548 |  |  |  | 4,571,548 |  |  |  |  |  |  |  |  |  |  |  | 17,765,195 |

Stock-based compensation expense related to stock options of $nil and $nil was recorded in the three months ended March 31, 2025 and March 31, 2024, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is $nil. As of March 31, 2025, the total intrinsic value of stock options outstanding was $nil.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

c) (i) Restricted Stock Units – 2015 Plan

Below is a table summarizing the RSUs issued and outstanding as of March 31, 2025, all of which were issued pursuant to the 2015 Plan.

|  | RSUs (#) |  |  | Weighted Average Grant Date Fair Value Share Price ($) |
Outstanding at December 31, 2024 |  |  | 3,392,316 |  |  |  | 0.8000 |
Granted |  |  | 204,412 |  |  |  | 0.6004 |
Vested/Settled |  |  | (139,593 | ) |  |  | 0.6564 |
Cancelled / Forfeited |  |  | (92,016 | ) |  |  | 1.7021 |
Outstanding at March 31, 2025 |  |  | 3,365,119 |  |  |  | 0.77 |

Below is a table summarizing the RSUs granted during the three months ended March 31, 2025, all of which were issued pursuant to the 2015 Plan. The RSUs vest equally over periods stated on the dates noted, subject to the recipient’s continued service to the Company, and will result in the RSU compensation expense stated.

Equity Incentive Plan |  | RSUs Granted (#) |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  | Third Vesting Date |  | RSU Expense ($)
2015 |  | 16,912 |  | Jan 15, 2025 |  | 12 Months |  | Jan 16, 2026 |  | N/A |  | N/A |  | 10,656
2015 |  | 50,000 |  | Jan 15, 2025 |  | 36 Months |  | Jan 15, 2026 |  | Jan 15, 2027 |  | Jan 15, 2028 |  | 31,505
2015 |  | 125,000 |  | Feb 26, 2025 |  | 67 Days |  | May 13, 2025 |  | N/A |  | N/A |  | 73,000
2015 |  | 12,500 |  | Mar 7, 2025 |  | 12 Months |  | Mar 7, 2026 |  | N/A |  | N/A |  | 7,563
|  | 204,412 |  |  |  |  |  |  |  |  |  |  |  | 122,724

Below is a table summarizing the RSUs vested and settled during the three months ended March 31, 2025, all of which were issued pursuant to the 2015 Plan.

Equity Incentive Plan |  | RSUs Vested (#) |  | Vest Date |  | Shares Issued (#) |  | Shares Withheld for Taxes (#)
2015 |  | 21,583 |  | Jan 1, 2025 |  | 21,583 |  | -
2015 |  | 4,667 |  | Feb 22, 2025 |  | 2,750 |  | 1,917
2015 |  | 33,503 |  | Mar 13, 2025 |  | 21,643 |  | 11,860
2015 |  | 38,198 |  | Mar 13, 2025 |  | 24,676 |  | 13,522
2015 |  | 41,642 |  | Mar 13, 2025 |  | 26,901 |  | 14,741
|  | 139,593 |  |  |  | 97,553 |  | 42,040

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 7 – Stock-Based Compensation (continued)

c) (i) Restricted Stock Units – 2015 Plan (continued)

Below is a table summarizing the RSUs cancelled during the three months ended March 31, 2025, all of which were originally issued pursuant to the 2015 Plan.

Equity Incentive Plan |  | RSUs (#) |  | Forfeited Date |  | Vesting Date |  | RSUs Cancelled (#)
2015 |  | 3,600 |  | Jan 3, 2025 |  | Sep 28, 2025 |  | 3,600
2015 |  | 2,666 |  | Jan 3, 2025 |  | Oct 4, 2025 |  | 2,666
2015 |  | 3,600 |  | Jan 3, 2025 |  | Sep 28, 2026 |  | 3,600
2015 |  | 1,800 |  | Feb 5, 2025 |  | Sep 28, 2025 |  | 1,800
2015 |  | 1,800 |  | Feb 5, 2025 |  | Sep 28, 2026 |  | 1,800
2015 |  | 8,100 |  | Feb 28, 2025 |  | Sep 28, 2025 |  | 8,100
2015 |  | 12,000 |  | Feb 28, 2025 |  | Oct 4, 2025 |  | 12,000
2015 |  | 8,100 |  | Feb 28, 2025 |  | Sep 28, 2026 |  | 8,100
2015 |  | 34,000 |  | Mar 15, 2025 |  | Apr 4, 2025 |  | 34,000
2015 |  | 5,175 |  | Mar 15, 2025 |  | Sep 28, 2025 |  | 5,175
2015 |  | 6,000 |  | Mar 15, 2025 |  | Oct 4, 2025 |  | 6,000
2015 |  | 5,175 |  | Mar 15, 2025 |  | Sep 28, 2026 |  | 5,175
|  | 92,016 |  |  |  |  |  | 92,016

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 7 – Stock-Based Compensation (continued)

c) (i) Restricted Stock Units – 2015 Plan (continued)

Below is a table summarizing the RSUs issued and outstanding as of March 31, 2025, all of which were issued pursuant to the 2015 Plan and which have an aggregate weighted average remaining contractual life of 0.77 years.

RSUs Outstanding (#) |  |  | Weighted Average Grant Date Fair Value Share Price ($) |  |  | Weighted Average Remaining Contractual Life (Years) |
| 125,000 |  |  |  | 0.5840 |  |  |  | 0.12 |
| 15,000 |  |  |  | 0.6010 |  |  |  | 1.50 |
| 400,000 |  |  |  | 0.6020 |  |  |  | 1.60 |
| 12,500 |  |  |  | 0.6050 |  |  |  | 0.93 |
| 66,912 |  |  |  | 0.6301 |  |  |  | 0.79 |
| 450,000 |  |  |  | 0.6750 |  |  |  | 2.05 |
| 450,000 |  |  |  | 0.6900 |  |  |  | 1.01 |
| 138,452 |  |  |  | 0.6949 |  |  |  | 0.17 |
| 581,400 |  |  |  | 0.7000 |  |  |  | 0.62 |
| 297,340 |  |  |  | 0.7057 |  |  |  | 0.08 |
| 343,192 |  |  |  | 0.7200 |  |  |  | 0.17 |
| 115,000 |  |  |  | 0.7425 |  |  |  | 1.15 |
| 9,333 |  |  |  | 0.9707 |  |  |  | 0.93 |
| 4,000 |  |  |  | 1.3100 |  |  |  | 0.63 |
| 9,333 |  |  |  | 1.3200 |  |  |  | 0.52 |
| 291,659 |  |  |  | 1.4600 |  |  |  | 0.23 |
| 17,332 |  |  |  | 1.5800 |  |  |  | 0.35 |
| 38,333 |  |  |  | 1.7200 |  |  |  | 0.42 |
| 333 |  |  |  | 2.1500 |  |  |  | 0.33 |
| 3,365,119 |  |  |  |  |  |  |  |  |

Stock-based compensation expense related to RSUs of $347,800 and $406,149 was recorded in the three months ended March 31, 2025 and March 31, 2024, respectively. Total remaining unrecognized compensation cost related to non-vested RSUs is $2,565,365.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 7 – Stock-Based Compensation (continued)

c) (ii) Restricted Stock Units - 2024 Plan

Below is a table summarizing the RSUs issued and outstanding as of March 31, 2025, all of which were issued pursuant to the 2024 Plan.

|  | RSUs (#) |  |  | Weighted Average Grant Date Fair Value Share Price ($) |
Outstanding at December 31, 2024 |  |  | 1,000,000 |  |  |  | 0.2070 |
Granted |  |  | 3,047,678 |  |  |  | 0.5727 |
Vested/Settled |  |  | - |  |  |  | - |
Cancelled / Forfeited |  |  | - |  |  |  | - |
Outstanding at March 31, 2025 |  |  | 4,047,678 |  |  |  | 0.584 |
Exercisable at March 31, 2025 |  |  | - |  |  |  | - |

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 7 – Stock-Based Compensation (continued)

c) ii) Restricted Stock Units - 2024 Plan (continued)

Below is a table summarizing the RSUs granted during the three months ended March 31, 2025, all of which were issued pursuant to the 2024 Plan. The RSUs vest equally over periods stated on the dates noted, subject to the recipient’s continued service to the Company, and will result in the RSU compensation expense stated.

Equity Incentive Plan |  | RSUs Granted (#) |  | Grant Date |  | Vesting Period |  | First Vesting Date |  | Second Vesting Date |  | Third Vesting Date |  | RSU Expense ($)
2024 |  | 25,000 |  | Feb 26, 2025 |  | 77 Days |  | May 13, 2025 |  | N/A |  | N/A |  | 14,626
2024 |  | 154,678 |  | Mar 1, 2025 |  | 12 Months |  | Mar 1, 2026 |  | N/A |  | N/A |  | 95,900
2024 |  | 2,868,000 |  | Mar 17, 2025 |  | 36 Months |  | Mar 17, 2026 |  | Mar 17, 2027 |  | Mar 17, 2028 |  | 1,635,048
|  | 3,047,678 |  |  |  |  |  |  |  |  |  |  |  | 1,745,574

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 8 – Commitments and Contingencies

a) Finance Lease Obligations

The following is a schedule showing the future minimum lease payments under finance leases by years and the present value of the minimum payments as of March 31, 2025.

For the Three Months Ending March 31, 2025 |  |  | Amount |
|  |  | $ |
2025 |  |  | 43,652 |
2026 |  |  | 58,202 |
2027 |  |  | 58,203 |
2028 |  |  | 58,202 |
2029 |  |  | 58,202 |
Greater than 5 years |  |  | 138,213 |
Total |  |  | 414,674 |
Less: Amount representing interest |  |  | (34,648 | )
Present value of minimum lease payments |  |  | 380,026 |

b) Operating Lease Right-of-Use Obligations

Operating leases as of March 31, 2025, and December 31, 2024, consisted of the following:

|  | March 31, 2025 |  |  | December 31, 2024 |
|  | $ |  |  | $ |
Operating right-of-use assets |  |  | 560,610 |  |  |  | 599,816 |
Operating lease liabilities, current portion |  |  | 224,690 |  |  |  | 221,755 |
Operating lease liabilities, long term |  |  | 369,342 |  |  |  | 410,686 |
Total operating lease liabilities |  |  | 594,032 |  |  |  | 632,441 |
Weighted average remaining lease (months) |  |  | 44 |  |  |  | 48 |
Weighted average discount rate |  |  | 3.74 | % |  |  | 3.70 | %

During the three months ended March 31, 2025, cash paid for amounts included for the measurement of lease liabilities was $58,083 and the Company recorded operating lease expense of $58,349.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 8 – Commitments and Contingencies

b) Operating Lease Right-of-Use Obligations (continued)

The following is a schedule showing the future minimum lease payments under operating leases by years and the present value of the minimum payments as of March 31, 2025.

For the Three Months Ending March 31, 2025 |  | Amount |
|  | $ |
2025 |  |  | 187,225 |
2026 |  |  | 234,826 |
2027 |  |  | 154,155 |
2028 |  |  | 56,798 |
Total |  |  | 633,004 |
Less: imputed interest |  |  | (38,972 | )
Total Operating Lease Liabilities |  |  | 594,032 |

The Company’s office space leases are short-term and the Company has elected under the short-term recognition exemption not to recognize them on the balance sheet. During the three months ended March 31, 2025, the Company recognized $26,764 in short-term lease costs associated with office space leases. The annual payments remaining for short-term office leases were as follows:

For the Three Months Ending March 31, 2025 |  | Amount |
|  | $ |
2025 |  |  | 67,450 |
2026 |  |  | 7,603 |
Total Operating Lease Liabilities |  |  | 75,053 |

c) Grants Repayable

As of March 31, 2025, the total grant balance repayable was $441,412 and the payments remaining were as follows:

For the Three Months Ending March 31, 2025 |  | Amount |
|  | $ |
2025 |  |  | 63,749 |
2026 |  |  | 44,228 |
2027 |  |  | 49,103 |
2028 |  |  | 52,511 |
2029 |  |  | 53,976 |
Greater than 5 years |  |  | 177,845 |
Total Grants Repayable |  |  | 441,412 |

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 8 – Commitments and Contingencies (continued)

d) Long-Term Debt

As of March 31, 2025, the total balance for long-term debt payable was $6,394,857 and the payments remaining were as follows:

For the Three Months Ending March 31, 2025 |  | Amount |
|  | $ |
2025 |  |  | 1,065,503 |
2026 |  |  | 1,121,248 |
2027 |  |  | 2,005,890 |
2028 |  |  | 3,220,798 |
2029 |  |  | 133,082 |
Greater than 5 years |  |  | 184,325 |
Total |  |  | 7,730,846 |
Less: amount representing interest |  |  | (1,335,989 | )
Total Long-Term Debt |  |  | 6,394,857 |

e) Collaborative Agreement Obligations

In 2018, the Company entered into a research collaboration agreement with the University of Taiwan for a three-year research period for a cost to the Company of up to $2.55 million payable over such period. As of March 31, 2025, $510,000 is still to be paid by the Company under this agreement. As of March 31, 2025, $510,000 is due by the Company under this agreement.

In 2022, the Company entered into a sponsored research agreement with The University of Texas MD Anderson Cancer Center to evaluate the role of neutrophil extracellular traps ("NETs") in cancer patients with sepsis for a cost to the Company of $277,092. As of March 31, 2025, $277,092 is still to be paid by the Company under this agreement. As of March 31, 2025, $138,971 is due by the Company under this agreement.

In July 2023, the Company entered into a research agreement with Xenetic Biosciences Inc and CLS Therapeutics Ltd to evaluate the anti-tumoral effects of Nu.Q® CAR T cells for a cost to the Company of $107,589. As of March 31, 2025, $81,447 is still to be paid by the Company under this agreement and as of March 31, 2025, $26,142 is due by the Company under this agreement.

In August 2023, the Company entered into a project research agreement with Guy’s and St Thomas’ NHS Foundation Trust to evaluate the practical clinical utility of the Nu.Q® H3.1 nucleosome levels in adult patients with sepsis to facilitate early diagnosis and prognostication for a cost to the Company of $168,232. As of March 31, 2025, $168,232 is still to be paid by the Company under this agreement. As of March 31, 2025, $0 is due by the Company under this agreement.

In January 2024, the Company entered into an agreement with the University Medical Centre Amsterdam (“UMC”). to perform a retrospective study to evaluate the diagnostic potential of the Nu.Q® H3.1 nucleosomes as diagnostic, prognostic and phenotyping biomarkers in sepsis for a cost to the Company of $93,433. As of March 31, 2025 , $93,433 is still to be paid by the Company under this agreement. As of March 31, 2025, $93,433 is due by the Company under this agreement.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

e) Collaborative Agreement Obligations (continued)

As of March 31, 2025, the total amount to be paid for future research and collaboration commitments was $1,130,204 and the payments remaining were as follows:

|  | Total Amount Remaining |  |  | 2025 |
|  | $ |  |  | $ |
National University of Taiwan |  |  | 510,000 |  |  |  | 510,000 |
MD Anderson Cancer Center |  |  | 277,092 |  |  |  | 277,092 |
Guys and St Thomas |  |  | 168,232 |  |  |  | 168,232 |
Xenetic Biosciences |  |  | 81,447 |  |  |  | 81,447 |
UMC |  |  | 93,433 |  |  |  | 93,433 |
Total Collaborative Obligations |  |  | 1,130,204 |  |  |  | 1,130,204 |

f) Other Commitments

Belgian Volition

In connection with the acquisition of the Company’s former subsidiary, Volition Germany GMBH, the Company entered into a royalty agreement with the founder providing for the payment of royalties in the amount of 6% of net sales of Volition Germany’s nucleosomes as reagents to pharmaceutical companies for use in the development, manufacture and screening of molecules for use as therapeutic drugs for a period of five years post-closing. Volition Germany has been dissolved and its assets transferred to Belgian Volition.

As of March 31, 2025, $211 is payable under the 6% royalty agreement on sales to date towards the Company’s aggregate minimum royalty obligation of $119,031.

VolitionRx

On February 5, 2025, the Company entered into a 9-month loan agreement with First Insurance Funding for a maximum of $294,603 with fixed interest rate of 7.82%, maturing in November 2025. As of March 31, 2025, the maximum has been drawn down under this agreement and the principal balance payable was $163,668. The agreement is in relation to the directors and officers insurance policy.

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 8 – Commitments and Contingencies (continued)

g) Legal Proceedings

In the ordinary course of business, the Company may be subject to claims, counter-claims, lawsuits and other litigation of the type that generally arise from the conduct of its business. The Company knows of no legal proceedings which the Company believes will have a material adverse effect on its financial position.

h) Commitments in Respect of Corporate Goals and Performance-Based Awards

As of March 31, 2025, the Company has recognized total compensation expense of $1,452,150 of which $527,940 is in relation to RSUs from grants in 2022 that vested in 2023, $516,040 is in relation to RSUs from such grants that will vest in 2024, and $408,170 is in relation to RSUs from such grants that will vest in 2025. The Company has unrecognized compensation expense of $72,588 in relation to such RSUs, based on the outcomes related to the prescribed performance targets on the outstanding awards.

Total |  |  | Vesting |  | Amortized |  |  | Amortized |  |  | Amortized |  |  | Amortized |  |  |  |
Award |  |  | Year |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | Un-Amortized |
$ |  |  | $ |  | $ |  |  | $ |  |  | $ |  |  | $ |  |  | $ |
| 527,940 |  |  | 2023 |  |  | - |  |  |  | - |  |  |  | 393,853 |  |  |  | 134,087 |  |  |  | - |
| 516,040 |  |  | 2024 |  |  | - |  |  |  | 190,833 |  |  |  | 260,119 |  |  |  | 65,088 |  |  |  | - |
| 480,758 |  |  | 2025 |  |  | 12,382 |  |  |  | 171,518 |  |  |  | 177,584 |  |  |  | 46,686 |  |  |  | 72,588 |
| 1,524,738 |  |  |  |  |  | 12,382 |  |  |  | 362,351 |  |  |  | 831,556 |  |  |  | 245,861 |  |  |  | 72,588 |

As of March 31, 2025, the Company had recognized total compensation expense of $522,799. The Company has unrecognized compensation expense of $151,597 in relation to the RSUs from grants in 2023, of which, $50,316 in relation to RSUs that will vest in 2025, and $101,281 in relation to RSUs that will vest in 2026 based on the outcomes related to the prescribed performance targets on the outstanding awards.

Total |  |  | Vesting |  | Amortized |  |  | Amortized |  |  | Amortized |  |  | Un-Amortized |
Award |  |  | Year |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2025 |
$ |  |  | $ |  | $ |  |  | $ |  |  | $ |  |  | $ |
| 242,902 |  |  | 2024 |  |  | - |  |  |  | 148,132 |  |  |  | 94,770 |  |  |  | - |
| 218,193 |  |  | 2025 |  |  | 16,786 |  |  |  | 103,578 |  |  |  | 47,513 |  |  |  | 50,316 |
| 213,301 |  |  | 2026 |  |  | 11,201 |  |  |  | 69,116 |  |  |  | 31,703 |  |  |  | 101,281 |
| 674,396 |  |  |  |  |  | 27,987 |  |  |  | 320,826 |  |  |  | 173,986 |  |  |  | 151,597 |

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 8 – Commitments and Contingencies (continued)

h) Commitments in Respect of Corporate Goals and Performance-Based Awards (continued)

Effective March 17, 2025, the Compensation Committee of the Board of Directors approved the granting of cash bonuses of up to two months’ gross salary to the salaried employees of the Company and its affiliates, payable upon achievement of various corporate goals focused around licensing, revenue, cost reduction and non-dilutive funding. Pursuant to the terms of the grants, conditioned upon the achievement by the Company or its affiliates/subsidiaries of one or more of the specified corporate goals as set forth in the minutes of the Compensation Committee, and providing that the bonus recipients commenced employment prior to October 1, 2025 and continued employment until at least December 31, 2025, at the sole discretion of both the Chief Executive Officer and the Chief Financial Officer, the Company would pay a cash bonus to such award recipients in their January 2026 monthly payroll.

Effective March 17, 2025, the Compensation Committee of the Board of Directors approved the granting of RSUs of 2,868,000 shares of common stock under the 2024 Plan, payable upon the achievement of various corporate goals focused around licensing, revenue, cost reduction and non-dilutive funding, to various personnel including directors, executives, members of management, consultants and employees of the Company and/or its subsidiaries in exchange for services provided to the Company. Pursuant to the terms of the grants, conditioned upon the achievement by the Company or its affiliates/subsidiaries of one or more of the corporate goals as set forth in the minutes of the Compensation Committee, as determined in the sole discretion of the Compensation Committee, these RSU will vest at a rate of approximately one-third on each of March 17, 2026, March 17, 2027, and March 17, 2028 subject to continued service of the award recipient to the Company through the applicable vesting dates.

As of March 31, 2025, the Company had recognized total compensation expense of $40,973. The Company has unrecognized compensation expense of $1,594,074 in relation to the RSUs from grants in 2025, of which $522,689 is in relation to RSUs that will vest in 2026, $533,831 in relation to RSUs that will vest in 2027, and $537,554 in relation to RSUs that will vest in 2028 based on the outcomes related to the prescribed performance targets on the outstanding awards.

Total |  |  | Vesting |  | Amortized |  |  | Un-Amortized |
Award |  |  | Year |  | 2025 |  |  | 2025 |
$ |  |  | $ |  | $ |  |  | $ |
| 545,026 |  |  | 2026 |  |  | 22,337 |  |  |  | 522,689 |
| 545,015 |  |  | 2027 |  |  | 11,184 |  |  |  | 533,831 |
| 545,006 |  |  | 2028 |  |  | 7,452 |  |  |  | 537,554 |
| 1,635,047 |  |  |  |  |  | 40,973 |  |  |  | 1,594,074 |

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VOLITIONRX LIMITED

Notes to the Condensed Consolidated Financial Statements (Unaudited)

($ expressed in United States Dollars)

No te 9 – Subsequent Events

Settlement of RSUs

On April 4, 2025, 31,667 RSUs previously granted to employees settled and resulted in the issuance of 28,867 shares of common stock. 2,800 shares of common stock were withheld for taxes and returned to the 2015 Plan.

On May 1, 2025, 297,340 RSUs previously granted to executive officers of the Company or its subsidiaries vested and resulted in the issuance of 248,908 shares of common stock. 48,432 shares of common stock were withheld for taxes and returned to the 2015 Plan.

On May 13, 2025, 350,000 RSUs previously granted to a consultant vested and resulted in the issuance of 350,000 shares of common stock.

Termination of 2022 EDA

Effective April 20, 2025, the Company terminated the 2022 EDA and no further sales of the Company's common stock will be made under the 2022 EDA. No additional sales of shares of the Company's common stock under the 2022 EDA were made between April 1, 2025 and April 20, 2025.

2025 ATM Sales Agreement

On April 22, 2025, the Company entered into a Capital On DemandTM Sales Agreement (the "2025 ATM Sales Agreement") with JonesTrading Institutional Services, LLC ("JonesTrading") to sell shares of the Company's common stock, with an aggregate offering price of up to $7.5 million, from time to time through an "at the market" offering pursuant to the Company's Registration Statement on Form S-3 filed November 8, 2024, as amended April 11, 2025 (File No. 333-283088) and declared effective April 18, 2025 (the "2024 Form S-3") through JonesTrading acting as the Company's agent. Although the Company is not obligated to sell any shares under the 2025 ATM Sales Agreement, from April 22, 2025 through May 1, 2025, the Company raised aggregate net proceeds (net of broker commissions and fees) of approximately $20,574 through the sale of 40,162 shares of its common stock pursuant to the 2025 ATM Sales Agreement.

Exercise of Pre-Funded Warrants

On May 1, 2025, a holder of Pre-Funded Warrants partially exercised such warrants and purchased 1,958,273 shares of the Company’s common stock, at an exercise price of $0.001 per share, resulting in gross proceeds to the Company of $1,958.27. The shares issued upon exercise of the Pre-Funded Warrants were registered pursuant to the 2025 Form S-1.

RSUs Cancellations

On April 1, 2025, 3,000 RSUs previously granted to a Company employee were cancelled and returned as authorized shares under the 2015 Plan upon resignation prior to vesting.

RSUs Granted

Effective May 5, 2025, the Company granted RSUs of 200,000 shares of common stock under the 2024 Plan to a consultant in exchange for services provided to the Company. These RSUs vest on May 13, 2025, subject to continued service by the consultant, and will result in total compensation expense of $100,020.

Debt Financing Transaction

On May 15, 2025, the Company entered into a Securities Purchase Agreement (the “SPA”) with Lind Global Asset Management XII LLC, a Delaware limited liability company (“Lind”). Under the SPA, within ten (10) business days of signing, and subject to the satisfaction of certain closing conditions, the Company will receive $6,250,000 in funding from Lind in exchange for the issuance to Lind of a Senior Secured Convertible Promissory Note in the amount of $7,500,000 (the “Lind Note”) and a Common Stock Purchase Warrant for the purchase of 13,020,834 shares of the Company’s common stock at a price of $0.672 per share, subject to adjustment, and exercisable for 5 years (the “Lind Warrant”). As additional consideration to Lind, the Company has agreed to pay a commitment fee in the amount of $218,750, which shall be paid by deduction from the funding to be received.

The Lind Note, which does not accrue interest, shall be repaid in eighteen (18) consecutive monthly installments in the amount of $416,666 beginning six months from the issuance date. Lind may elect with respect to no more than two (2) monthly payments to increase the amount of such monthly payment up to $1,000,000 upon notice to the Company. The monthly payments due under the Lind Note may be made by the issuance of common stock valued at the Repayment Share Price (as defined below), cash in an amount equal to 1.05 times the required payment amount, or a combination of cash and shares. The “Repayment Share Price” is defined in the Lind Note as ninety percent (90%) of the average of the five (5) lowest daily VWAPs for our common stock during the twenty (20) trading days prior to the payment date.

The Lind Note may be converted by Lind from time to time at a price of $0.72 per share, subject to adjustment (the “Conversion Price”). The dollar amount of any conversions by Lind will be applied to toward upcoming Lind Note payments in reverse chronological order. The Lind Note may be prepaid in whole upon written notice on any business day following thirty (30) days after the earlier to occur of (i) the resale registration statement for the shares underlying the Lind Note and Lind Warrant being declared effective by the Securities and Exchange Commission or (ii) the date that the shares issued pursuant to conversion of the Lind Note may be immediately resold under Rule 144 without restriction on the number of shares to be sold or the manner of sale; but in the event of a prepayment notice, Lind may convert up to one-third (1/3) of principal amount due at the lesser of the Repayment Share Price or the Conversion Price.

END NOTES TO FINANCIALS

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ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion and analysis of our financial condition and results of operations should be read together with our Unaudited Condensed Consolidated Financial Statements and the related notes included elsewhere in this Report and in our Annual Report. This discussion and analysis contains forward-looking statements that are based on our current expectations and reflect our plans, estimates and anticipated future financial performance. These statements involve numerous risks and uncertainties. Our actual results may differ materially from those expressed or implied by these forward-looking statements as a result of many factors, including those set forth in the section entitled “Risk Factors” in this Report and in our Annual Report, as well as our other public filings with the SEC. Please refer to the section of this Report entitled “Cautionary Note Regarding Forward-Looking Statements” for additional information.

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 detect and monitor a range of life-altering diseases, including certain cancers and diseases associated with NETosis, such as sepsis. 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 - detects diseases associated with NETosis such as sepsis.
| · | Nu.Q® Discover - a complete solution to profiling nucleosomes.
| · | Nu.Q® Cancer - from screening, diagnosis and staging, therapy decision, planning and treatment to monitoring response to treatment and disease progression.
| · | Capture-PCR™ - isolating and capturing circulating tumor-derived DNA from plasma samples for early cancer detection.

Commercialization Strategy

We are guided by three underlying principles to our commercialization strategy – ensuring our products:

| · | Result in low capital expenditures for licensors and end users and low operating expenses for Volition,
| · | Are affordable, and
| · | Are accessible worldwide.

The principles above inform our overall commercialization strategy for our products, which is driven by the following:

| · | Conducting R&D in-house and through our research partners;
| · | Monetizing our IP with upfront payments, milestone payments, royalties, and sales of kits and key components; and
| · | Commercializing our products via global players and in fragmented markets through regional companies.

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We aim to partner with established diagnostic companies and/or liquid biopsy companies to market, sell, and process our tests, leveraging their networks and expertise.

We believe, given the global prevalence of cancer and diseases associated with NETosis, and the low-cost, accessible and routine nature of our tests, they could potentially be used throughout the world.

We aim to remain an IP powerhouse in the epigenetic space and expect to monetize our IP and technologies through licensing and distribution contracts with companies that have established distribution networks and expertise on a worldwide or regional basis, in both human and animal care across platforms (centralized labs and point-of-care / in-house diagnostics).

To this end, on March 28, 2022, Volition entered into a master license and product supply agreement with Heska, now an Antech Company. In exchange for granting Heska exclusive worldwide rights to sell our Nu.Q® Vet Cancer Test at the point of care for companion animals, Volition received a $10.0 million upfront payment upon signing, received $13.0 million based upon the achievement of two milestones and is eligible to receive up to an additional $5.0 million based upon the achievement of a final milestone upon the earlier of the first commercial sale by or on behalf of Heska of a screening or monitoring test for lymphoma in felines, or the nine-month anniversary of the first peer reviewed paper evidencing clinical utility for the screening or monitoring of lymphoma in felines being published in any one of a number of periodicals identified by the parties. In addition, Volition has granted Heska non-exclusive rights to sell the Nu.Q® Vet Cancer Test in kit format for companion animals through Heska’s network of central reference laboratories.

We also entered into a licensing and supply agreement with IDEXX in October 2022. This contract provides worldwide customer reach through IDEXX’s global reference laboratory network as we continue to commercialize our transformational Nu.Q® technology within the companion animal healthcare sector and capitalize on the significant opportunities available. IDEXX launched the IDEXX Nu.Q® Canine Cancer Test in January 2023.

In November 2023, we launched the Nu.Q® Vet Cancer Test in the UK and Ireland through our distributor, the Veterinary Pathology Group, and in the UK through Nationwide Laboratories.

In July 2024, we launched the Nu.Q® Vet Cancer Test in Japan with Fujifilm Vet Systems Co. Ltd.

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Recent Developments

On May 15, 2025, we entered into a Securities Purchase Agreement (the “SPA”) with Lind Global Asset Management XII LLC, a Delaware limited liability company (“Lind”). Under the SPA, within ten (10) business days of signing, and subject to the satisfaction of certain closing conditions, we will receive $6,250,000 in funding from Lind in exchange for the issuance to Lind of a Senior Secured Convertible Promissory Note in the amount of $7,500,000 (the “Lind Note”) and a Common Stock Purchase Warrant for the purchase of 13,020,834 shares of our common stock at a price of $0.672 per share, subject to adjustment, and exercisable for 5 years (the “Lind Warrant”). As additional consideration to Lind, we have agreed to pay a commitment fee in the amount of $218,750, which shall be paid by deduction from the funding to be received. The Lind Note, which does not accrue interest, shall be repaid in eighteen (18) consecutive monthly installments in the amount of $416,666 beginning six months from the issuance date. The Lind Note may be converted by Lind from time to time at a price of $0.72 per share, subject to adjustment.

Liquidity and Capital Resources

We have financed our operations since inception primarily through private placements and public offerings of our common stock. As of March 31, 2025, we had cash and cash equivalents of approximately $2.6 million.

Net cash used in operating activities was $4.3 million for the three months ended March 31, 2025 and $8.3 million for the three months ended March 31, 2024, respectively. The decrease in cash used in operating activities for the period ended March 31, 2025 when compared to the same period in 2024 can be attributed to less expenditure on clinical trials.

Net cash used in investing activities was $0.0 million and $0.1 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The decrease was due to a reduction in purchases of laboratory equipment in the period ended March 31, 2025, as compared to the same period in 2024 as well as the purchase of a license in the prior year period.

Net cash provided by financing activities was $3.7 million for the three months ended March 31, 2025 and net cash used in financing activities was $0.2 million for the comparable period ended March 31, 2024. The increase in cash provided by financing activities for the period ended March 31, 2025 when compared to same period in 2024 was primarily due to $2.4 million in cash, before deducting offering expenses of $0.1 million, from the issuance and sale of shares of common stock and warrants in a registered direct offering that closed in March 2025, and $0.3 million in net cash received from the issuance of shares of common stock under our “at-the-market” facility during the period ended March 31, 2025.

For additional information on our “at the market facility,” and the March 2025 registered direct offering, refer to Note 6, Common Stock – Equity Distribution Agreement and – 2025 Equity Capital Raise, of the notes to the condensed consolidated financial statements included within this Report.

The following table summarizes our approximate contractual payments due by year as of March 31, 2025.

Approximate Payments (Including Interest) Due by Year
|  | Total |  |  | 2025 - Remaining |  |  | 2026 - 2029 |  |  | Greater than 5 years |
Description |  | $ |  |  | $ |  |  | $ |  |  | $ |
Financing lease liabilities |  |  | 414,674 |  |  |  | 43,652 |  |  |  | 232,809 |  |  |  | 138,213 |
Operating lease liabilities and short-term lease |  |  | 708,057 |  |  |  | 254,675 |  |  |  | 453,382 |  |  |  | - |
Grants repayable |  |  | 441,412 |  |  |  | 63,749 |  |  |  | 199,818 |  |  |  | 177,845 |
Long-term debt |  |  | 7,730,846 |  |  |  | 1,065,503 |  |  |  | 6,481,018 |  |  |  | 184,325 |
Collaborative agreements obligations |  |  | 1,130,204 |  |  |  | 1,130,204 |  |  |  | - |  |  |  | - |
Total |  |  | 10,425,193 |  |  |  | 2,557,783 |  |  |  | 7,367,027 |  |  |  | 500,383 |

We intend to use our cash reserves to predominantly fund further research and development, and commercialization activities. We do not have any substantial source of revenues and expect to rely on additional future financing, through the sale of licensing or distribution rights, grant funding and the sale of equity or debt securities to provide sufficient funding to execute our strategic plan. There is no assurance that we will be successful in raising further funds.

In the event additional financing is delayed, we will prioritize the completion of clinical validation studies for the purpose of the sale of licensing or distribution rights, and the maintenance of our patent rights. In the event of an ongoing lack of financing, it may be necessary to discontinue operations, which will adversely affect the value of our common stock.

We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive activities. For these reasons, our auditors included in their report on our audited financial statements for the year ended December 31, 2024, an explanatory paragraph regarding factors that raise substantial doubt that we will be able to continue as a going concern.

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Results of Operations

Comparison of the Three-Months Ended March 31, 2025 and March 31, 2024

The following table sets forth our results of operations for the three months ended on March 31, 2025, and March 31, 2024, respectively.

|  | Three Months Ended March 31, |  |  |  |  |  |  |
|  | 2025 |  |  | 2024 |  |  | Change |  |  | Change |
|  | $ |  |  | $ |  |  | $ |  |  | % |
Service |  |  | 115,476 |  |  |  | 2,938 |  |  |  | 112,538 |  |  |  | >100 | %
Product |  |  | 130,909 |  |  |  | 168,597 |  |  |  | (37,688 | ) |  | (22) | %
Total Revenues |  |  | 246,385 |  |  |  | 171,535 |  |  |  | 74,850 |  |  |  | 44 | %
Research and development |  |  | 2,607,444 |  |  |  | 4,629,527 |  |  |  | (2,022,083 | ) |  | (44) | %
General and administrative |  |  | 2,243,362 |  |  |  | 2,253,743 |  |  |  | (10,381 | ) |  | (0) | %
Sales and marketing |  |  | 917,299 |  |  |  | 1,672,769 |  |  |  | (755,470 | ) |  | (45) | %
Total Operating Expenses |  |  | 5,768,105 |  |  |  | 8,556,039 |  |  |  | (2,787,934 | ) |  | (33) | %
Grant income |  |  | 121,566 |  |  |  | - |  |  |  | 121,566 |  |  |  | >100 | %
Interest income |  |  | 158 |  |  |  | 8,654 |  |  |  | (8,496 | ) |  | (98) | %
Interest expense |  |  | (96,669 | ) |  |  | (77,233 | ) |  |  | (19,436 | ) |  |  | 25 | %
Gain on change in fair value of warrant liability |  |  | 20,038 |  |  |  | (18,922 | ) |  |  | 38,960 |  |  | (>100) | %
Total Other Income (Expenses) |  |  | 45,093 |  |  |  | (87,501 | ) |  |  | 132,594 |  |  | (>100) | %
Net Loss |  |  | (5,476,627 | ) |  |  | (8,472,005 | ) |  |  | (2,995,378 | ) |  | (35) | %

Revenues

Our operations are transitioning from a research and development focused stage to a commercialization stage. Revenues during the three-months ended March 31, 2025 were $246,385, compared with $171,535 for the three-months ended March 31, 2024. Our main source of revenue during the three months ended March 31, 2025 and March 31, 2024 was product revenues from sales of the Nu.Q® Vet Cancer Test. There was a significant increase in service revenue during the three months ended March 31, 2025 as compared to the same period in 2024.

Operating Expenses

Total operating expenses decreased to $5.8 million for the three months ended March 31, 2025 from $8.6 million for the three months ended March 31, 2024, as a result of the factors described below.

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Research and Development Expenses

Research and development expenses decreased to $2.6 million from $4.6 million for the three-months ended March 31, 2025, and March 31, 2024, respectively. This decrease was primarily related to decreased direct research and development expenses due to completion of clinical trials with DXOCRO in 2024 and lower personnel expenses. The number of full-time equivalent (“FTE”) personnel we employed in this division decreased by 14 to 52 compared to the prior year period.

|  | Three Months Ended March 31, |  |  |  |
|  | 2025 |  |  | 2024 |  |  | Change |
|  | $ |  |  | $ |  |  | $ |
Personnel expenses |  |  | 1,630,904 |  |  |  | 2,213,209 |  |  |  | (582,305 | )
Stock-based compensation |  |  | 63,739 |  |  |  | 118,118 |  |  |  | (54,379 | )
Direct research and development expenses |  |  | 472,775 |  |  |  | 1,715,842 |  |  |  | (1,243,067 | )
Other research and development |  |  | 181,804 |  |  |  | 318,301 |  |  |  | (136,497 | )
Depreciation and amortization |  |  | 258,222 |  |  |  | 264,057 |  |  |  | (5,835 | )
Total research and development expenses |  |  | 2,607,444 |  |  |  | 4,629,527 |  |  |  | (2,022,083 | )

General and Administrative Expenses

General and administrative expenses decreased to $2.2 million from $2.3 million for the three-months ended March 31, 2025, and March 31, 2024, respectively. The reduction is due to lower other general and administrative expenses offset by increased stock-based compensation during the period. The FTE personnel number within this division decreased by 1 to 19 compared to the prior year period.

|  | Three Months Ended March 31, |  |  |  |
|  | 2025 |  |  | 2024 |  |  | Change |
|  | $ |  |  | $ |  |  | $ |
Personnel expenses |  |  | 1,120,865 |  |  |  | 1,140,824 |  |  |  | (19,959 | )
Stock-based compensation |  |  | 363,057 |  |  |  | 176,688 |  |  |  | 186,369 |
Legal and professional fees |  |  | 485,265 |  |  |  | 499,947 |  |  |  | (14,682 | )
Other general and administrative |  |  | 235,347 |  |  |  | 390,316 |  |  |  | (154,969 | )
Depreciation and amortization |  |  | 38,828 |  |  |  | 45,968 |  |  |  | (7,140 | )
Total general and administrative expenses |  |  | 2,243,362 |  |  |  | 2,253,743 |  |  |  | (10,381 | )

Sales and Marketing Expenses

Sales and marketing expenses decreased to $0.9 million from $1.7 million for the three-months ended March 31, 2025, and March 31, 2024, respectively. The decrease was primarily due to lower personnel expenses, direct marketing and professional fees and stock-based compensation during the period. The FTE personnel number within this division decreased by 11 to 11 compared to the prior year period.

|  | Three Months Ended March 31, |  |  |  |
|  | 2025 |  |  | 2024 |  |  | Change |
|  | $ |  |  | $ |  |  | $ |
Personnel expenses |  |  | 791,754 |  |  |  | 1,293,243 |  |  |  | (501,489 | )
Stock-based compensation |  |  | 24,577 |  |  |  | 116,414 |  |  |  | (91,837 | )
Direct marketing and professional fees |  |  | 89,758 |  |  |  | 251,064 |  |  |  | (161,306 | )
Depreciation and amortization |  |  | 11,210 |  |  |  | 12,048 |  |  |  | (838 | )
Total sales and marketing expenses |  |  | 917,299 |  |  |  | 1,672,769 |  |  |  | (755,470 | )

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Other Income (Expenses)

For the three-months ended March 31, 2025, the Company’s other income was $45,093 compared to other expenses of $87,501 for the three-months ended March 31, 2024. This increase in other income was due to grant income earned during the three-month period ended March 31, 2025.

Net Loss

For the three-months ended March 31, 2025, the Company’s net loss was $5.5 million, a decrease of approximately $3.0 million in comparison to a net loss of $8.5 million for the three-months ended March 31, 2024. The change was a result of the factors described above.

Going Concern

We have not attained profitable operations on an ongoing basis and are dependent upon obtaining external financing to continue to pursue our operational and strategic plans. For these reasons, management has determined that there is substantial doubt that the business will be able to continue as a going concern without further financing.

Off-Balance Sheet Arrangements

There have been no material changes to our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

Future Financings

We may seek to obtain additional capital through the sale of debt or equity securities if we deem it desirable or necessary. These sales may include the sale of equity securities from time to time through an “at the market offering program” under our Capital On DemandTM Sales Agreement. See Note 9, Subsequent Events – 2025 ATM Sales Agreement, of the notes to the condensed consolidated financial statements included within this Report. However, we may be unable to obtain such additional capital when needed, or on terms favorable to us or our stockholders, if at all. If we raise additional funds by issuing equity securities, the percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution, or such equity securities may provide for rights, preferences or privileges senior to those of the holders of our common stock. If additional funds are raised through the issuance of debt securities, the terms of such securities may place restrictions on our ability to operate our business.

Critical Accounting Policies and Estimates

Our interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles, or GAAP, applied on a consistent basis. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We also regularly evaluate estimates and assumptions related to deferred income tax asset valuation allowances, useful lives of property and equipment and intangible assets, borrowing rate used in operating lease right-of-use asset and liability valuations, impairment analysis of intangible assets and valuations of stock-based compensation.

We base our estimates and assumptions on current facts, historical experiences, information from third party professionals and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from our estimates. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A summary of these policies is included in the notes to our financial statements. There have been no material changes to the critical accounting policies and key estimates and assumptions disclosed in the section titled “Critical Accounting Policies and Estimates” in Part II, Item 7 within our Annual Report.

Recently Issued Accounting Pronouncements

The Company has implemented all applicable new accounting pronouncements that are in effect. The Company does not believe that there are any other applicable new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are a smaller reporting company and are not required to disclose this information.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our Principal Executive and Principal Financial Officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded, as they previously concluded as of December 31, 2024, that our disclosure controls and procedures were not effective as of March 31, 2025, because of material weaknesses in our internal control over financial reporting, as referenced below and described in detail in our Annual Report.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

We identified a material weakness in our internal controls over financial reporting. In particular we do not have sufficient written documentation of our internal control policies and procedures, including written policies and procedures to ensure the correct application of accounting and financial reporting with respect to the current requirements of GAAP and SEC disclosure requirements.

Notwithstanding the material weakness, we believe that our financial statements contained in this Report fairly present our financial position, results of operations and cash flows for the periods covered by this Report in all material respects.

Our management, with the oversight of our audit committee, has initiated steps and plans to take additional measures to remediate the underlying causes of the material weakness, which we currently believe will be primarily through revising precision level management review controls and gaining additional assurance regarding our outside service providers’ quality control procedures. It is possible that we may determine that additional remediation steps will be necessary in the future.

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Planned Remediation of Material Weakness

Our management has been actively engaged in developing and implementing remediation plans to address material weakness described above. These remediation efforts are ongoing and include or are expected to include:

| · | replacing our outside service providers to centralize the accounting function in-house;
| · | engaging internal control consultants to assist us in performing a financial reporting risk assessment as well as identifying and designing our system of internal controls necessary to mitigate the risks identified;
| · | preparation of written documentation of our internal control policies and procedures; and
| · | we have engaged external consultants to provide support and to assist us in our evaluation of more complex applications of GAAP.

We continue to enhance corporate oversight over process-level controls and structures to ensure that there is appropriate assignment of authority, responsibility, and accountability to enable remediation of our material weakness. We believe that our remediation plan will be sufficient to remediate the identified material weakness and strengthen our internal control over financial reporting. As we continue to evaluate, and work to improve, our internal control over financial reporting, management may determine that additional measures to address control deficiencies or modifications to the remediation plan are necessary.

Changes in Internal Control over Financial Reporting

Except for the ongoing remediation of the material weakness in internal controls over financial reporting noted above, no changes in our internal control over financial reporting were made during the three months ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations of the Effectiveness of Disclosure Controls and Internal Controls

Our management, including our Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PAR T II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary course of business, we may be subject to claims, counter claims, lawsuits and other litigation of the type that generally arise from the conduct of our business. We are not aware of any material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our directors, officers or any affiliates, or any registered or beneficial stockholders, is an adverse party or has a material interest adverse to our interest.

ITEM 1A. RISK FACTORS

There have been no material changes in our assessment of risk factors affecting our business since those presented in Part I, Item 1A of our Annual Report.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Securities

None.

Repurchase of Equity Securities

No equity securities were repurchased during the three months ended March 31, 2025.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

On May 15, 2025, we entered into a Securities Purchase Agreement (the “SPA”) with Lind Global Asset Management XII LLC, a Delaware limited liability company (“Lind”). Under the SPA, within ten (10) business days of signing, and subject to the satisfaction of certain closing conditions, we will receive $6,250,000 in funding from Lind in exchange for the issuance to Lind of a Senior Secured Convertible Promissory Note in the amount of $7,500,000 (the “Lind Note”) and a Common Stock Purchase Warrant for the purchase of 13,020,834 shares of our common stock at a price of $0.672 per share, subject to adjustment, and exercisable for 5 years (the “Lind Warrant”) (the “Offering”). As additional consideration to Lind, we have agreed to pay a commitment fee in the amount of $218,750, which shall be paid by deduction from the funding to be received. The SPA contains customary representation and warranties of the Company and Lind, indemnification obligations of the Company, termination provisions, and other obligations and rights of the parties.

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The Lind Note, which does not accrue interest, shall be repaid in eighteen (18) consecutive monthly installments in the amount of $416,666 beginning six months from the issuance date. Lind may elect with respect to no more than two (2) monthly payments to increase the amount of such monthly payment up to $1,000,000 upon notice to the Company. The monthly payments due under the Lind Note may be made by the issuance of common stock valued at the Repayment Share Price (as defined below), cash in an amount equal to 1.05 times the required payment amount, or a combination of cash and shares. The “Repayment Share Price” is defined in the Lind Note as ninety percent (90%) of the average of the five (5) lowest daily VWAPs for our common stock during the twenty (20) trading days prior to the payment date. The Lind Note sets forth certain conditions that must be satisfied before we may make any monthly payments in shares of common stock.

The Lind Note may be converted by Lind from time to time at a price of $0.72 per share, subject to adjustment (the “Conversion Price”). The dollar amount of any conversions by Lind will be applied to toward upcoming Lind Note payments in reverse chronological order. The Lind Note may be prepaid in whole upon written notice on any business day following thirty (30) days after the earlier to occur of (i) the resale registration statement for the shares underlying the Lind Note and Lind Warrant being declared effective by the Securities and Exchange Commission or (ii) the date that the shares issued pursuant to conversion of the Lind Note may be immediately resold under Rule 144 without restriction on the number of shares to be sold or the manner of sale; but in the event of a prepayment notice, Lind may convert up to one-third (1/3) of principal amount due at the lesser of the Repayment Share Price or the Conversion Price.

Issuance of shares of common stock upon repayment or conversion of the Lind Note (the “Note Shares”) and upon exercise of the Warrant (the “Warrant Shares”) is subject to an ownership limitation equal to 4.99% of the Company’s outstanding shares of common stock; provided, that if Lind and its affiliates beneficially own in excess of 4.99% of the Company’s outstanding shares of common stock, then such limitation shall automatically increase to 9.99% so long as Lind and its affiliates own in excess of 4.99% of such common stock (and shall, for the avoidance of doubt, automatically decrease to 4.99% upon Lind and its affiliates ceasing to own in excess of 4.99% of such common stock). Additionally, the issuance in the aggregate of any Note Shares and Warrant Shares in excess of 19.99% of the outstanding common stock shall be subject to stockholder approval in accordance with NYSE American Rule 713.

Upon the occurrence of any Event of Default (as defined in the Lind Note), the Lind Note will become immediately due and payable and the Company must pay Lind an amount equal to 120% of the then outstanding principal amount of the Note, subject to a reduction to 110% in certain circumstances, in addition to any other remedies under the Lind Note or the other Transaction Documents. Events of Default include, among others, failure of the Company to make any Note payment when due, a default in any indebtedness or adverse judgements in excess of threshold amounts, the failure of the Company to instruct its transfer agent to issue unlegended certificates in certain circumstances, the Company’s shares of common stock no longer being public traded or listed on a national securities exchange, any stop order or trading suspension restricting the trading in the Company’s common stock for a specified period, the announcement or consummation of a Change of Control (as defined in the SPA), the failure to file reports or filings required by the SEC, and the Company’s market capitalization falling below a threshold amount for a specified period, each as defined in the Lind Note.

The Lind Note contains certain negative covenants, including restricting the Company from certain distributions, stock repurchases, borrowing, sale of assets, loans and exchange offers. Additionally, unless waived by Lind, the Company shall be required to utilize a portion of the proceeds from certain specified debt or equity transactions and asset sales to repay the outstanding principal amount due under the Lind Note.

Following the occurrence of a Change of Control, Lind may require the Company to prepay, effective immediately prior to the consummation of such Change of Control, an amount equal to 105% of the outstanding principal amount of the Lind Note as of such date.

The Company’s obligations under the Lind Note are secured by a first-priority security interest in all of its assets pursuant to the terms of a Security Agreement in favor of Lind. The Company has also entered into a Pledge Agreement in favor of Lind with respect to the equity that it holds in its subsidiaries. In addition, in connection with the Offering, the Company’s subsidiaries have guaranteed all of the obligations of the Company in connection with the Offering pursuant to the terms of a Guaranty in favor of Lind and certain of the subsidiaries have entered into a Guarantor Security Agreement and a Pledge Agreement.

The Warrant may be exercised via cashless exercise in the event there is no effective registration statement covering the shares of common stock underlying a Warrant exercise.

The sale of the Lind Note and Warrant and the terms of the Offering, including the Guaranty are set forth in the SPA, the Lind Note, the Warrant, the Security Agreement, the Guaranty, the Pledge Agreement and the Guarantor Security Agreement (collectively, the “Transaction Documents”).

Based in part upon the representations of Lind in the SPA, the offering and sale of the securities was made in reliance on the exemption afforded by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D under the Securities Act and corresponding provisions of state securities or “blue sky” laws. None of the securities have been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from the registration requirements. The sale of the securities did not involve a public offering and was made without general solicitation or general advertising.

Pursuant to the SPA, the Company agreed to subsequently register for resale all of the Note Shares and Warrant Shares issued to Lind in the Offering.

The foregoing description of the Transaction Documents is qualified by reference to the full text of the forms of the Transaction Documents, which are filed as Exhibits to this Report and incorporated herein by reference.

Neither this Report, nor any exhibit filed hereto, is an offer to sell or the solicitation of an offer to buy the securities described herein. Such disclosure does not constitute an offer to sell, or the solicitation of an offer to buy nor shall there be any sales of the Company’s securities in any state in which such offer, solicitation or sale would be unlawful. The securities mentioned herein have not been registered under the Securities Act, and may not be offered or sold absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws.

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ITEM 6. EXHIBITS

|  |  |  | Incorporated by Reference |
Exhibit Number |  | Exhibit Description |  | Form |  | File No. |  | Exhibit |  | Filing Date |  | Filed Herewith
3.1 |  | Second Amended and Restated Certificate of Incorporation, as amended and currently in effect. |  | S-8 |  | 333-280974 |  | 4.2 |  | 7/24/24 |  |
3.2 |  | Amended and Restated Bylaws, as amended and currently in effect. |  | 10-Q |  | 001-36833 |  | 3.2 |  | 5/13/24 |  |
4.1 |  | Form of Warrant. |  | 8-K |  | 001-36833 |  | 4.1 |  | 3/26/25 |  |
10.1† |  | Form of Securities Purchase Agreement, dated March 24, 2025, by and among the Company and the purchasers on the signature page thereto. |  | 8-K |  | 001-36833 |  | 10.1 |  | 3/26/25 |  |
10.2 |  | Securities Purchase Agreement, dated May 15, 2025, by and between the Company and Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
10.3 |  | Form of Senior Secured Convertible Promissory Note, dated May 15, 2025, issued by the Company to Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
10.4 |  | Form of Common Stock Purchase Warrant, dated May 15, 2025, issued by the Company to Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
10.5 |  | Security Agreement, dated May 15, 2025, by and between the Company and Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
10.6 |  | Guaranty, dated May 15, 2025, by and among Singapore Volition Pte. Limited, Volition Global Services SRL, Belgian Volition SRL, Volition Diagnostics UK Limited, Volition America, Inc. and Volition Veterinary Diagnostics Development LLC, and Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
10.7 |  | Pledge Agreement, dated May 15, 2025, by and between the Company and Lind Global Asset Management XII LLC |  |  |  |  |  |  |  |  |  | X
10.8 |  | Guarantor Security Agreement, dated May 15, 2025, by and among Singapore Volition Pte. Limited, Volition Global Services SRL, Belgian Volition SRL, Volition Diagnostics UK Limited, Volition America, Inc. and Volition Veterinary Diagnostics Development LLC, and Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
10.11 |  | Pledge Agreement, dated May 15, 2025, by and between Singapore Volition Pte. Limited and Lind Global Asset Management XII LLC. |  |  |  |  |  |  |  |  |  | X
31.1 |  | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |  |  |  |  |  |  |  |  |  | X
31.2 |  | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended. |  |  |  |  |  |  |  |  |  | X
32.1* |  | Certifications of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |  |  |  |  |  |  |  |  | X
101.INS |  | Inline XBRL Instance Document. |  |  |  |  |  |  |  |  |  | X
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document. |  |  |  |  |  |  |  |  |  | X
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |  |  |  |  |  |  |  |  |  | X
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document. |  |  |  |  |  |  |  |  |  | X
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |  |  |  |  |  |  |  |  |  | X
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document. |  |  |  |  |  |  |  |  |  | X
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |  |  |  |  |  | X

† | Certain of the schedules (and similar attachments) to this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K under the Securities Act because they do not contain information material to an investment or voting decision and that information is not otherwise disclosed in the exhibit or disclosure document. The registrant agrees to furnish a copy of all omitted schedules (or similar attachments) to the SEC upon its request.
* | The certifications attached as Exhibit 32.1 accompany this Quarterly Report pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the registrant for purposes of Section 18 of the Exchange Act and are not to be incorporated by reference into any of the registrant’s filings under the Securities Act or the Exchange Act, irrespective of any general incorporation language contained in any such filing.

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S IGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| VOLITIONRX LIMITED |
Dated: May 15, 2025 | By: | /s/ Cameron Reynolds |
|  | Cameron Reynolds |
|  | President and Chief Executive Officer |
|  | (Authorized Signatory and Principal Executive Officer)

Dated: May 15, 2025 | By: | /s/ Terig Hughes |
|  | Terig Hughes |
|  | Chief Financial Officer and Treasurer |
|  | (Authorized Signatory and Principal Financial and Accounting Officer)

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