VOLITIONRX LTD (VNRX) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 663.65% of current shares
Recent Dilution: 52.22% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
6.9M
Potential Supply
46M
Additional shares possible
Splits
None
Past 2 years

Summary

VNRX currently has 6.88M outstanding shares. with significant dilution risk as 45.7M authorized shares could dilute existing holders by 663.7%. The company has significantly diluted shareholders by 52.22% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 6.9M shares outstanding

6.9M 46M
Mar 31, 2026

10-K filing | 125.8M shares outstanding

130M 46M
Nov 13, 2025

10-Q filing | 122.8M shares outstanding

120M 46M
Nov 07, 2025

8-K filing: VolitionRx Limited completed a public offering of 11,550,000 shares of common stock with warrants and an additional underwriter option exercise of 1,194,000 shares and 1,732,500 warrants at $0.52 per share and $0.01 per warrant, less a 7.0% underwriting discount.

100M 46M
Oct 14, 2025

8-K filing: VolitionRx Limited completed an underwritten public offering of 11,550,000 shares of common stock and warrants, with an option for the underwriter to purchase an additional 1,732,500 shares and warrants; certain directors and officers purchased an aggregate of 254,229 shares and accompanying warrants. ($6.01M proceeds)

100M 46M
Aug 14, 2025

10-Q filing | 102.7M shares outstanding

100M 46M
Aug 04, 2025

8-K filing: VolitionRx Limited entered into a securities purchase agreement for the issuance and sale of shares of common stock and warrants in a registered direct offering, with gross proceeds of $1.21 million. ($0.0M proceeds)

100M 46M
Jul 03, 2025

S-3 filing: This S-3 filing registers a convertible promissory note and common stock purchase warrant offering, with the company planning to use the proceeds for working capital purposes.

100M 46M
May 15, 2025

10-Q filing | 96.5M shares outstanding

97M 46M
Apr 16, 2025

RW filing: VolitionRx Limited requests the withdrawal of 35,867,306 shares of common stock issuable upon the exercise of previously issued warrants due to the company being subject to the "baby shelf" rules.

100M 200M
Apr 11, 2025

S-3/A filing: The filing relates to the registration of an indeterminate number of shares of common stock, warrants, and units to be issued or issuable with respect to the securities registered as a result of stock splits, stock dividends or similar transactions.

100M 200M
Apr 04, 2025

S-1 filing: This S-1 filing relates to the issuance and sale of up to an aggregate 35,867,306 shares of common stock, consisting of Underwriter Warrant Shares, Pre-Funded Warrant Shares, Series A Warrant Shares, Series B Warrant Shares, Placement Agent Warrant Shares, Form A Warrant Shares, Form B Warrant Shares, and Investor Warrant Shares, in each case as further described in the filing.

100M 200M
Mar 31, 2025

10-K filing | 86.5M shares outstanding

87M 160M
Mar 26, 2025

8-K filing: VolitionRx Limited completed a registered direct offering of 2,363,636 shares of common stock to insiders and 1,739,087 shares of common stock and warrants to warrant investors at a combined offering price of $0.55 per share and warrant, resulting in gross proceeds of approximately $2.3 million. ($2.3M proceeds)

82M 160M
Dec 09, 2024

8-K filing: VolitionRx Limited entered into a securities purchase agreement for a registered direct offering of 445,648 shares of common stock to Insiders and 2,857,389 shares of common stock to Warrant Investors, along with warrants, at a combined offering price of $0.5722 per share and warrant, with gross proceeds of approximately $1.9 million. ($1.9M proceeds)

82M 160M
Nov 14, 2024

10-Q filing | 81.9M shares outstanding

82M 160M
Nov 08, 2024

S-3 filing: The company is filing an S-3 to register the offering of common stock, warrants exercisable for shares of common stock, or units having an aggregate initial offering price not to exceed $100,000,000.

83M 160M
Aug 14, 2024

10-Q filing | 82.9M shares outstanding

83M 9.8M
Aug 12, 2024

8-K filing: VolitionRx Limited completed a registered direct offering of 9,170,000 shares of common stock, pre-funded warrants to purchase 3,557,273 shares, Series A warrants to purchase 12,727,273 shares, and Series B warrants to purchase 12,727,273 shares at a price of $0.55 per share and accompanying warrants, and $0.549 per pre-funded warrant and accompanying warrants, resulting in gross proceeds of $7.0 million. ($7.0M proceeds)

82M 9.8M
Jun 14, 2024

S-3 filing: This is an S-3 filing for a shelf registration of common stock by a selling stockholder.

82M 9.8M
May 13, 2024

10-Q filing | 82.1M shares outstanding

82M 9.8M
Mar 25, 2024

10-K filing | 81.9M shares outstanding

82M 9.8M
Nov 14, 2023

10-Q filing | 78.3M shares outstanding

78M 9.8M
Aug 14, 2023

10-Q filing | 78.1M shares outstanding

78M 9.8M
Jun 05, 2023

8-K filing: VolitionRx Limited entered into an underwriting agreement with Freedom Capital Markets to issue and sell 13,000,000 shares of common stock at $1.27 per share, with an option for the underwriters to purchase an additional 1,950,000 shares. ($16.51M proceeds)

63M 9.8M
May 10, 2023

10-Q filing | 63.1M shares outstanding

63M 9.8M
Mar 15, 2023

10-K filing | 57.9M shares outstanding

58M 9.8M
Feb 21, 2023

8-K filing: VolitionRx Limited completed a public offering of 4,945,000 shares of common stock at $1.75 per share, resulting in net proceeds of approximately $8.0 million, which will be used for research, product development, clinical studies, commercialization, working capital, and potential acquisitions. ($8.0M proceeds)

57M 9.8M
Nov 14, 2022

10-Q filing | 57.5M shares outstanding

57M 18M
Aug 10, 2022

10-Q filing | 57.3M shares outstanding

57M 18M
Aug 02, 2022

8-K filing: VolitionRx Limited completed an offering of 3,450,000 shares of common stock at $2.00 per share, resulting in net proceeds of approximately $6.4 million for research and development, clinical studies, product commercialization, working capital, and potential acquisitions. ($6.9M proceeds)

54M 18M
May 11, 2022

10-Q filing | 53.8M shares outstanding

54M 18M
Mar 30, 2022

10-K filing | 53.8M shares outstanding

54M 18M
Nov 10, 2021

10-Q filing | 53.5M shares outstanding

54M 18M
Nov 04, 2021

S-3/A filing: This S-3/A filing registers unsold securities from a prior registration statement and new securities with an aggregate maximum offering price of $46,557,172.11.

49M 18M
Sep 24, 2021

S-3 filing: VolitionRx Limited files an S-3 form to offer up to $25,000,000 of its common stock through an Equity Distribution Agreement with Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. as agents.

49M 18M
Aug 11, 2021

10-Q filing | 48.6M shares outstanding

49M 9.8M
Feb 12, 2021

8-K filing: VolitionRx Limited entered into an underwriting agreement with Cantor Fitzgerald & Co. for a public offering of 3,809,524 shares of common stock at a price of $4.9533 per share, with an option for the underwriter to purchase an additional 571,428 shares. ($18.9M proceeds)

41M 9.8M
Feb 07, 2020

S-3 filing: This S-3 filing registers 9,810,310 shares of common stock for resale by selling stockholders, including shares issuable upon exercise of outstanding warrants. The company will not receive any proceeds from the sale of these shares.

41M 9.8M
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