VolitionRx

US: VNRX

$168.5m market cap

$4.1 last close

VolitionRx is a life sciences company developing novel, simple-to-use, blood-based tests to diagnose a broad range of cancers and other conditions by identifying and measuring nucleosomes in the blood stream. The primary focus is to develop the Nu.Q family of blood-based diagnostics tests for colorectal cancer.

Investment summary

The main highlights of VolitionRx’s Q219 results were the establishment of a veterinary subsidiary in Texas, US and the initiation of two lung cancer trials; the first in collaboration with Fosun Long March in China and the second with National Taiwan University. This indicates that lung cancer is gaining traction in R&D and is now the second most advanced indication after colorectal cancer. In July 2019 VolitionRx exercised warrants to raise another $4.8m (ytd it has exercised $16.5m), extending the cash runway to 2021. Our valuation post the warrant exercise is $226m or $5.50/share.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2017A 0.0 (15.0) (15.1) (57.29) N/A N/A
2018A 0.0 (17.9) (18.0) (48.67) N/A N/A
2019E 0.1 (18.2) (18.3) (46.40) N/A N/A
2020E 0.1 (19.6) (19.7) (47.94) N/A N/A
Last updated on 21/08/2019
Industry outlook

The blood-based cancer screening market is in its nascent stages with great potential and serves an unmet medical need. Currently there are few, if any, non-invasive screening methods for the vast majority of cancers.

Last updated on 21/08/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 7.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 17.1 25.0 133.0
Relative* 20.2 22.4 129.5
52-week high/low US$4.5/US$1.7
*% relative to local index
Key management
Cameron Reynolds CEO
David Vanston CFO
Jake Micallef Chief Scientific Officer
Scott Powell Director of IR

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