Slides
Page 1
Property of Volition© 2026 Slide 1 Slide 1Property of Volition© 2026 NYSE:VNRX Corporate Deck January 2026
Page 2
Property of Volition© 2026 Slide 2 Forward Looking Statements and Disclaimer Statements in this document may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. Words such as “expects,” “anticipates,” “intends,” “plans,” “aims,” “targets,” “believes,” “seeks,” “estimates,” “optimizing,” “potential,” “goal,” “suggests,” “could,” “would,” “should,” “may,” “will” and similar expressions identify forward-looking statements. These forward-looking statements relate to, among other topics, Volition's expectations related to the size of the market opportunity, the timing of product launches, the timing and success of clinical studies, the timing, completion, success and delivery of data from such studies, the timing of publications, the effectiveness and availability of Volition’s blood-based diagnostic, prognostic and disease monitoring tests, Volition’s ability to develop and successfully commercialize such test platforms for early detection of cancer and other diseases as well as serving as a diagnostic, prognostic or disease monitoring tool for such diseases, and Volition's success in securing licensing and/or distribution agreements with third parties for its products.Volition’s actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties, including, without limitation, results of studies testing the efficacy of its tests. For instance, if Volition fails to develop and commercialize diagnostic or prognostic products, it may be unable to execute its plan of operations. Other risks and uncertainties include Volition’s failure to obtain necessary regulatory clearances or approvals to distribute and market future products; a failure by the marketplace to accept the products in Volition’s development pipeline or any other diagnostic or prognostic products Volition might develop; Volition’s failure to secure adequate intellectual property protection; Volition will face fierce competition and Volition’s intended products may become obsolete due to the highly competitive nature of the diagnostics market and its rapid technological change; downturns in domestic and foreign economies; and other risks identified in Volition’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Volition files with the Securities and Exchange Commission. These statements are based on current expectations, estimates and projections about Volition’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are made as of the date of this release, and, except as required by law, Volition does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances. NucleosomicsTM , Nu.Q® and Capture-PCR and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this document are the property of their respective owners. Additionally, unless otherwise specified, all references to “$” refer to the legal currency of the United States of America.
Page 3
Property of Volition© 2026 Slide 3 Executive Summary Our mission is to save lives and improve outcomes for millions of people and animals worldwide. Large Unmet Needs Cancer Sepsis Veterinarian Commercial Worldwide Animal $23M in licensing 1st $1M of Rev Focus Licensing IP Cancer, Sepsis Low-cost testing VolitionRx NYSE: VNRX Medical Devices IP Powerhouse Derisked R&D and Commercial Strategy Team 100s yrs experience 56 patent families 15 years together Catalysts Cancer Licensing NETs Licensing $5m Cat Milestone
Page 4
Property of Volition© 2026 Slide 4 Cancer NETs Working at the Cutting Edge of Epigenetics Measuring chromatin fragments Data on file Global Experts in Quantifying Nucleosomes
Page 5
Property of Volition© 2026 Slide 5 Platform agnostic; can be adapted to any diagnostic workflow Low-cost routine tests Six Hours 45 minute s <10 minutes <15 minutes 6 hours 45 minutes <10 minutes <15 minutes Manual Automated Point of Care Lateral Flow Asset light - no need for own machines, labs or sales reps
Page 6
Property of Volition© 2026 Slide 6 Slide 6 Strictly Confidential | Not for Distribution | For Discussion Purposes Only Commercialization
Page 7
Property of Volition© 2026 Slide 7 Commercialization Strategy R&D • R&D conducted by Volition and its research partners • Monetize IP through licensing agreements with: • upfront payments, • milestone payments, • recurring revenue from sales of key components & royalties Licensing and partnering criteria: • Broad geographic reach • Large installed base • Experience of tech transfer • Regulatory and clinical affairs • Large sales and marketing teams 2026: Targeting multiple licensing deals in the human space Underlying principles: low capex, low opex business model focused on commercial partnerships and out- licensing Great Track Record with Nu.Q® Vet
Page 8
Property of Volition© 2026 Slide 8 1 Commercial Validation First ever Nu.Q® Vet Cancer Test Automation! Immunodiagnostic Systems (IDS) i10® automated analyzer platform Final validation and verification of the automated platform for canine cancer screening Enable a more rapid turnaround and high throughput to meet increasing demands • Exclusive Element i+ in-house analyzer licensing partnership • $10M upfront and $13M Milestone Payments received to date. • Ongoing revenue from the purchase of the kits and key components Case Studies: Antech and Fujifilm
Page 9
Property of Volition© 2026 Slide 9 Recent Deals Signed • Research License and Exclusive Commercial Option Rights Agreement for Antiphospholipid Syndrome ("APS") for Nu.Q® NETs • Co-Marketing and Services Agreement for Nu.Q® Discover • First Sale of the Nu.Q® Cancer Assays for Clinical Certification in Preparation for Routine Clinical Use
Page 10
Property of Volition© 2026 Slide 10 Slide 10 Strictly Confidential | Not for Distribution | For Discussion Purposes Only Products
Page 11
Property of Volition© 2026 Slide 11Slide 11 Powered by Nu.Q® 71 patents granted with coverage up to 2044 $170Mn Non-Regulated Animal Testing Licensing $4Bn Lab Developed Screening/ Management Sales & Licensing >$3Bn ICU/ED CE Mark/ FDA NETosis Sales & Licensing ~$1Bn Research Use Service & Assay Kit Sales TAM Regulation Product StrategyStatus Launched Worldwide Clinical Validation First sales in EU Launched Worldwide $23Bn CE Mark/ FDA Multi-Cancer Early Detection Sales & Licensing Proof of Concept
Page 12
Property of Volition Veterinary Diagnostics Development© 2026 Slide 12 Nu.Q® Vet • Accurate (detects 76% of systemic cancers at 97% specificity) • Low cost, as little as $35 to veterinarian (we get $5-$13/test) • Sold 120,000+ Nu.Q® Vet Cancer Tests & Components in 2024 Recommended for older dogs and those breeds at increased risk (25M dogs in US alone) Used alongside routine bloodwork during regular wellness visits. Final validation stage for central lab automation Clinical validation study underway for feline lymphoma Now Available in the United States, Europe, and Asia
Page 13
Property of Volition Veterinary Diagnostics Development© 2026 Slide 13 Vet Licensing & Supply Agreements to-date • IDEXX in the U.S Jan ‘23 • U.S. / Aus /HK/Singapore/ some EU countries April ‘24 • Portugal Nov ‘22 • UK & IRE Nov ‘23 • July ‘24 • Taiwan Nov ‘23 • Singapore Nov ‘23 • Poland July ‘24 Now Available in the United States, Europe, and Asia
Page 14
Property of Volition© 2026 Slide 14 Cancer: Nu.Q® addresses all five applications of a blood test in lung cancer • Expected direct sales for routine clinical use starting in France in 1H 2026. • In discussions to license out Nu.Q® Cancer with large liquid biopsy companies.
Page 15
Property of Volition© 2026 Slide 15 Neutrophil Extracellular Traps (NETs) • produced by ejecting chromosomal material out of the cell • catch and kill bacteria and viruses • can sterilize blood in minutes • first reported in 20041now the subject of > 5000 publications 1. Brinkmann V, Reichard U, Goosmann C, Fauler B, Uhlemann Y, Weiss DS, Weinrauch Y, Zychlinsky A. Neutrophil extracellular traps kill bacteria. Science. 2004 Mar 5;303(5663):1532-5. DOI: 10.1126/science.1092385 Your angel and your devil
Page 16
Property of Volition© 2026 Slide 16 Sepsis Unmet Needs Current diagnosis is empirical, multi-factorial and subjective. CURRENT methods of assessment are complex & slow. x Accepted need for improved diagnostics2 1 in 5 deaths worldwide are associated with sepsis Almost 50 million cases resulting in 11 million deaths Number 1 cause of death in hospitals Healthcare cost $62bn pa in USA alone The risk of death from sepsis increases by 7.6% for each hour of delay in appropriate antibiotic therapy1 1. Kumar, A.,et al. (2006). Critical care medicine, 10.1097/01.CCM.0000217961.75225.E9 2. Rudd et al. 2020 The Lancet doi: 10.1016/S0140-6736(19)32989-7.
Page 17
Property of Volition© 2026 Slide 17 NETs: Casting a new light on sepsis management Prof. Djillali Annane Professor of Medicine, University Paris Saclay-UVSQ, France “As a Critical Care Consultant, I see the devastating effects of this disease each day. I believe Nu.Q® NETs, as a diagnostic tool, has the potential to bring about a paradigm shift in sepsis management. I hope that Nu.Q® NETs becomes widely available - in every intensive care unit, in every hospital setting - to help ensure we detect, treat, and monitor sepsis earlier and save lives.” Satellite Symposium at ESICM LIVES 2024
Page 18
Property of Volition© 2026 Slide 18 NETs much broader than sepsis alone Clinical Applications Under Evaluation by Centers of Excellence in Europe with Nu.Q® NETs CE-marked test Sepsis patient management Treatment monitoring of sepsis patients Sepsis associated Acute Kidney Injury prediction Follow-up of discharged patients from ICU Burns Distinction between SIRS and sepsis patients Cardiac disease x 2 centers Cardiopathy post surgery patient management Acute brain injury Anaphylactic shock during anesthesia Lung post-transplant patient management Autoimmune diseases such as Systemic Lupus Erythematosus, Rheumatoid Arthritis NETosis in synovial fluid for Rheumatoid Arthritis CE Marked Nu.Q® NETs test being validated on 20+ potential clinical utilities, expected to drive clinical sales in ‘26 Volition is THE NETs company NETs Involvement in multiple disease conditions: Sepsis SIRS Thrombosis Transplant Autoimmune
Page 19
Property of Volition© 2026 Slide 19 Slide 19 Property of Volition© 2026 Summary
Page 20
Property of Volition© 2026 Slide 20 Projected Catalysts Licensing cancer technology Adoption into national screening program(s) Adoption into routine clinical practice Licensing Multi-Cancer Early Detection Licensing for Human NETosis / Sepsis Sales growth of CE marked product in Europe Automation of Test Wellness plan adoption to drive sales ramp $5M milestone payment linked to use in felines Co-Marketing agreement Distribution agreement Phase III clinical studies with pharma Multiple licensing deals in 2025 and 2026 Catalyst 2025 2026 2027
Page 21
Property of Volition© 2026 Slide 21 Volition Highlights Multiple products already launched Proven Licensing model, validated in Vet Strong IP Multiple multi-billion TAM markets Low cost, scalable platform with high margins Asset light - no need for own machines, labs, or sales reps In confidential licensing discussions with around 10 large diagnostic and liquid biopsy companies worldwide, first deals signed in Q3 2025 Anticipate use in routine clinical practice in 2026
Page 22
Property of Volition© 2026 Slide 22 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Number of Tests Year Screening MRD Prognostic Total Lung cancer – number of tests forecasted Nu.Q® for screening and disease management to reach >3M tests by 2035* *Conservative estimate; only assumes inclusion in screening programmes in Taiwan, Japan and France and utilised for MRD / Prognosis in Taiwan, Japan, France and US
Page 23
Property of Volition© 2026 Slide 23 Slide 23 Strictly Confidential | Not for Distribution | For Discussion Purposes Only Thank You!
Page 24
Property of Volition© 2026 Slide 24 Cancer Studies at Centers of Excellence Study Country Cohort Size Key Results Status NucleoCircan France 628 subjects • identify additional 23% of patients that have MRD over ctDNA alone • Supports clinical decision to continue first line trea or change treatment Published NTU Lung Taiwan 806 patients • improve specificity of LDCT • avoid up to 50% of unnecessary biopsies Published OncoProLung France 64 patients • Identify a subset of patients who may benefit from immunotherapy • Identify a subset of patients who can be cured instead of palliative care • Predictive of Overall survival and Progression Free Survival Completed. Submitted CircanBis France 1050 patients • detecting tumor burden to complement the current ctDNA gold standard at diagnosis • when combined with ctDNA, H3K27Me3 levels improve the prognostic value for overall survival and could help inform treatment decisions. Completed. Target submission Q1 26 NTU V Taiwan 500 patients • Prospective study “Epigenetic Nucleosomes in Plasma for Pulmonary Nodule Differentiation” Ongoing. Completion Due Q1 26 ULYSEE Map France 100 patients • Prospective study for Prognostication and MRD detection Ongoing. Completion Due H1 26
Page 25
Property of Volition© 2026 Slide 25 NETs Studies at Centers of Excellence Study Country Description Cohort Size Status Amsterdam UMC Netherlands Retrospective analysis of prospectively collected cohort 1,713 intensive care patients Multiple timepoints Published. SISPCT Germany Retrospective analysis of prospectively collected cohort 971 intensive care patients Multiple timepoints Completed. Manuscript under review RHU RECORDS France Prospective, multi-center, placebo controlled, bio-marker-guided, adaptive Bayesian design basket trial 1,500 intensive care patients Interim analysis of 416 patients Ongoing. Results due H2 25 MD Andersen U.S. Prospective single-site observational study involving cancer patients with solid tumours and those presenting with clinical sepsis and or septic shock 120 patients Ongoing. Completion expected Q4 25 ANOther Clinic U.S. To evaluate the level of circulating nucleosome quantified after traumatic injury, (VTE vs no VTE) 532 trauma patients 10 controls Phase I Completed, Phase II ongoing, completion anticipated Q1 2026