VolitionRx’s Nu.Q Cancer Test targets multi-billion-dollar liquid biopsy market

VolitionRx Limited (NYSE American: VNRX), a multinational epigenetics company, has unveiled groundbreaking results from a study evaluating its Nu.Q Cancer Test, a blood-based diagnostic tool designed to detect multiple cancer types with high specificity. The study demonstrated that the automated Nu.Q Cancer immunoassay identified 21 different cancers, potentially positioning it as a disruptive force in the liquid biopsy market.

The Nu.Q Cancer Test works by detecting nucleosomes, which are DNA fragments wrapped around histone proteins and released into the bloodstream during cell death. This non-invasive method presents an alternative to traditional biopsies, allowing for early cancer detection through a simple blood test. With the global liquid biopsy market expected to reach $11.3 billion by 2029, VolitionRx’s innovative platform could significantly impact how cancers are diagnosed and monitored.

How Does the Nu.Q Cancer Test Work?

The Nu.Q Cancer Test isolates and analyzes circulating nucleosomes, which carry epigenetic modifications unique to cancer cells. The latest study, conducted on 229 cancer patients, including 70 with early-stage disease, and 150 healthy subjects, demonstrated an area under the curve (AUC) of 86% for detecting common and aggressive cancers such as lung, breast, prostate, colon, and liver cancers. The study’s findings suggest that the test has a high degree of accuracy while also maintaining a low false-positive rate, making it a promising tool for large-scale cancer screening.

Dr Jake Micallef, Chief Scientific Officer at VolitionRx, emphasized that this breakthrough is the result of 15 years of research and development. He noted that many cancers are diagnosed only after symptoms appear, often at advanced stages when treatment is less effective. By detecting early-stage cancers at Stage I or II, the Nu.Q Cancer Test has the potential to improve survival rates while reducing reliance on invasive biopsy procedures.

Professor Léa Payen, from the Department of Biochemistry and Molecular Biology at Hospices Civils de Lyon, explained that measuring circulating nucleosome levels could be transformative not only for early cancer detection but also for monitoring Minimal Residual Disease (MRD). MRD assessment helps determine whether a patient still has microscopic cancer cells post-treatment, allowing oncologists to evaluate treatment efficacy and disease progression.

What Makes Nu.Q Different From Other Liquid Biopsy Tests?

Unlike traditional liquid biopsy tests, which focus on detecting circulating tumor DNA (ctDNA) or exosomal RNA, VolitionRx’s approach leverages nucleosome-based biomarkers. This method offers multiple advantages, including lower false-positive rates among healthy individuals, broad applicability for detecting multiple cancer types, cost-effectiveness that makes it accessible for routine clinical use, and compatibility with existing diagnostic platforms, eliminating the need for new hardware.

What Are VolitionRx’s Plans for Commercialization?

The market for multi-cancer early detection (MCED) tests is expanding rapidly, with a Total Annual Accessible Market (TAAM) in the U.S. alone estimated at $20 billion. VolitionRx is actively engaged in discussions with leading diagnostic and liquid biopsy companies to explore licensing agreements. These agreements are expected to generate milestone payments and long-term revenue streams, allowing VolitionRx to scale its operations without the financial burden of building an independent testing infrastructure.

Gael Forterre, Chief Commercial Officer at VolitionRx, highlighted the company’s commercial strategy, which focuses on seamless integration into existing automated chemiluminescence platforms. This compatibility ensures that Nu.Q Cancer testing can be deployed across laboratories without additional investment in new equipment, making it more accessible to hospitals and diagnostic centers worldwide.

What Do Investors Need to Know About VolitionRx’s Stock Performance?

VolitionRx’s advancements in cancer diagnostics have drawn significant investor interest. As of March 21, 2025, the company’s stock closed at $0.55, reflecting a 1.05% increase from the previous session. However, the stock has seen a 24.94% decline over the past year, trading within a 52-week range of $0.43 to $1.02.

Analysts maintain a cautiously optimistic outlook on VolitionRx. The company holds a consensus price target of $3.37, representing a potential 500% upside from current levels. Price targets range from $2.00 to $5.00, indicating a wide variance in expectations based on commercialization success and financial stability. While the company’s Nu.Q Cancer Test offers significant growth potential, VolitionRx has yet to achieve profitability. The company reported earnings per share (EPS) of -$0.36, reflecting ongoing operational losses. Additionally, with a beta coefficient of 1.10, the stock demonstrates higher-than-average market volatility.

Should Investors Buy, Hold, or Sell VolitionRx Stock?

Financial analysts recommend a cautious investment strategy for VolitionRx. While the company’s liquid biopsy innovations present an opportunity for long-term growth, its current financial performance and cash flow challenges pose risks. Investors should closely monitor progress in securing commercial licensing agreements, regulatory approvals and clinical validation milestones, and revenue generation from partnerships and collaborations.

Given the potential for significant stock appreciation, some analysts suggest a speculative buy for risk-tolerant investors, while others advise waiting for clearer commercial traction before making substantial commitments.

What Is the Future of Nu.Q Cancer Testing?

The demand for non-invasive cancer diagnostics continues to grow, driven by an aging population and rising cancer prevalence. The global liquid biopsy market, valued at $5.9 billion in 2023, is expected to expand at a CAGR of 11.9%, reaching $11.3 billion by 2029. If successfully commercialized, the Nu.Q Cancer Test could play a significant role in this transformation, providing a low-cost, highly accurate alternative to traditional biopsy methods.

With ongoing research, strategic licensing agreements, and increasing demand for early cancer detection, VolitionRx’s Nu.Q platform could reshape the multi-billion-dollar liquid biopsy industry. The company’s ability to navigate regulatory approvals, commercialization hurdles, and investor expectations will determine whether its nucleosome-based diagnostics become a mainstay in oncology screening and patient monitoring.