VolitionRx Limited (VNRX) 10-Q 12 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 06, 2019
Document And Entity Information
Entity Registrant Name	VOLITIONRX LTD
Entity Central Index Key	0000093314
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Entity Common Stock Shares Outstanding		41,092,340

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 19,697,169	$ 13,427,222
Accounts receivable	16,031
Prepaid expenses	409,074	245,441
Other current assets	184,856	229,755
Total Current Assets	20,307,130	13,902,418
Property and equipment, net	2,889,554	3,119,643
Operating lease right-of-use assets	193,918
Intangible assets, net	386,038	466,905
Total Assets	23,776,640	17,488,966
Current Liabilities
Accounts payable	509,276	807,162
Accrued liabilities	1,868,994	923,034
Management and directors' fees payable	48,775	1,200
Current portion of long-term debt	570,921	416,553
Current portion of finance lease liabilities	116,920	145,150
Current portion of operating lease liabilities	90,270
Current portion of grants repayable	38,174	40,094
Total Current Liabilities	3,243,330	2,333,193
Long-term debt, net of current portion	1,732,354	1,984,262
Finance lease liabilities, net of current portion	603,503	720,013
Operating lease liabilities, net of current portion	106,181
Grants repayable, net of current portion	289,492	311,042
Total Long-Term Liabilities	2,731,530	3,015,317
Total Liabilities	5,974,860	5,348,510
STOCKHOLDERS' EQUITY
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 41,092,340 shares and 35,335,378 shares, respectively	41,092	35,335
Additional paid-in capital	103,374,419	85,604,271
Accumulated other comprehensive income	650,819	223,651
Accumulated deficit	(86,264,550)	(73,722,801)
Total Stockholders' Equity	17,801,780	12,140,456
Total Liabilities and Stockholders' Equity	$ 23,776,640	$ 17,488,966

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Jul. 24, 2019	May 03, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY
Common stock, shares par value	$ 0.001			$ 0.001
Common stock shares, authorized	100,000,000			100,000,000
Common stock, shares outstanding	41,092,340			35,335,378
Common stock shares, issued	41,092,340			35,335,378

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue
Service	$ 16,204		$ 16,204
Royalty	892		892
Total Revenues	17,096		17,096
Operating Expenses
Research and development	2,642,610	2,737,856	7,596,097	7,847,531
General and administrative	1,354,992	1,450,383	4,020,893	4,949,716
Sales and marketing	195,641	259,302	718,047	845,253
Total Operating Expenses	4,193,243	4,447,541	12,335,037	13,642,500
Operating Loss	(4,176,147)	(4,447,541)	(12,317,941)	(13,642,500)
Other Income (Expenses)
Interest income	27,633		68,656
Interest expense	(32,291)	(29,108)	(95,507)	(78,646)
Other expenses			(196,957)
Total Other Expenses	(4,658)	(29,108)	(223,808)	(78,646)
Provision for Income Taxes
Net Loss	(4,180,805)	(4,476,649)	(12,541,749)	(13,721,146)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	401,309	46,350	427,168	193,454
Net Comprehensive Loss	$ (3,779,496)	$ (4,430,299)	$ (12,114,581)	$ (13,527,692)
Net Loss per Share - Basic and Diluted	$ (0.10)	$ (0.14)	$ (0.33)	$ (0.46)
Weighted Average Shares Outstanding - Basic and Diluted	39,880,246	32,826,924	38,538,394	30,071,635

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net Loss	$ (12,541,749)	$ (13,721,146)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	560,826	474,536
Loss on disposal of property and equipment		1,766
Stock based compensation	1,084,312	1,875,507
Warrants issued for services	6,379	6,453
Financing costs for warrants modified	196,957
Changes in operating assets and liabilities:
Prepaid expenses	(163,638)	(204,673)
Other current assets	44,904	202,290
Accounts receivable	(16,031)
Accounts payable and accrued liabilities	735,211	261,383
Right-of-use assets operating leases liabilities	(48,475)
Net Cash Used In Operating Activities	(10,141,304)	(11,103,884)
Investing Activities:
Purchases of property and equipment	(359,502)	(183,541)
Net Cash Used in Investing Activities	(359,502)	(183,541)
Financing Activities:
Net proceeds from issuance of common shares	16,488,257	16,796,000
Proceeds from grants repayable	32,652	177,079
Proceeds from long-term debt	282,513	875,418
Payments from long-term debt	(262,661)	(369,915)
Payments on grants repayable	(39,261)	(40,864)
Payments on capital lease obligations	(106,616)	(103,999)
Net Cash Provided By Financing Activities	16,394,884	17,333,719
Effect of foreign exchange on cash	375,869	211,871
Net Change in Cash	6,269,947	6,258,165
Cash and cash equivalents - Beginning of Period	13,427,222	10,116,263
Cash and cash equivalents - End of Period	19,697,169	16,374,428
Supplemental Disclosures of Cash Flow Information
Interest paid	95,507	78,646
Common Stock issued on cashless exercises of stock options	2	12
Offering costs from issuance of common stock		$ 604,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock Shares	Additional Paid-in Capital	Other Comprehensive Income (Loss) [Member]	Accumulated Deficit
Balance, shares at Dec. 31, 2017		26,519,394
Balance, amount at Dec. 31, 2017	$ 9,957,868	$ 26,519	$ 65,774,870	$ (129,343)	$ (55,714,178)
Common stock issued for cash, shares		3,500,000
Employee stock options granted for services	895,226		895,226
Warrants granted for services	2,199		2,199
Foreign currency translation	14,947			14,947
Net loss for the period	(4,652,421)				(4,652,421)
Common stock issued for cashless exercise of warrants, shares		11,399
Common stock issued for cash, amount	7,796,000	$ 3,500	7,792,500
Common stock issued for cashless exercise of warrants, amount		$ 12	(12)
Balance, shares at Mar. 31, 2018		30,030,793
Balance, amount at Mar. 31, 2018	14,013,819	$ 30,031	74,464,783	(114,396)	(60,366,599)
Common stock issued for cash, shares		432
Employee stock options granted for services	493,070		493,070
Warrants granted for services	2,127		2,127
Foreign currency translation	132,157			132,157
Net loss for the period	(4,592,076)				(4,592,076)
Common stock issued for cash, amount
Balance, shares at Jun. 30, 2018		30,031,225
Balance, amount at Jun. 30, 2018	10,049,097	$ 30,031	74,959,980	17,761	(64,958,675)
Common stock issued for cash, shares		5,000,000
Employee stock options granted for services	487,211		487,211
Warrants granted for services	2,127		2,127
Foreign currency translation	46,350			46,350
Net loss for the period	(4,476,649)				(4,476,649)
Common stock issued for cash, amount	9,000,000	$ 5,000	8,995,000
Balance, shares at Sep. 30, 2018		35,031,225
Balance, amount at Sep. 30, 2018	15,108,136	$ 35,031	84,444,318	64,111	(69,435,324)
Balance, shares at Dec. 31, 2018		35,335,378
Balance, amount at Dec. 31, 2018	12,140,456	$ 35,335	85,604,271	223,651	(73,722,801)
Common stock issued for cash, shares		2,478,613
Employee stock options granted for services	338,331		338,331
Warrants granted for services	2,127		2,127
Modification of financing warrants	196,957		196,957
Foreign currency translation	(24,054)			(24,054)
Net loss for the period	(4,203,773)				(4,203,773)
Common stock issued for cash, amount	6,660,671	$ 2,479	6,658,192
Balance, shares at Mar. 31, 2019		37,813,991
Balance, amount at Mar. 31, 2019	15,110,715	$ 37,814	92,799,878	199,597	(77,926,574)
Common stock issued for cash, shares		1,666,667
Employee stock options granted for services	377,507		377,507
Warrants granted for services	2,000		2,000
Foreign currency translation	49,913			49,913
Net loss for the period	(4,157,171)				(4,157,171)
Common stock issued for cash, amount	5,000,001	$ 1,667	4,998,334
Balance, shares at Jun. 30, 2019		39,480,658
Balance, amount at Jun. 30, 2019	16,382,965	$ 39,481	98,177,719	249,510	(82,083,745)
Common stock issued for cash, shares		1,609,195
Employee stock options granted for services	368,474		368,474
Warrants granted for services	2,252		2,252
Foreign currency translation	401,309			401,309
Net loss for the period	(4,180,805)				(4,180,805)
Common stock issued for cashless exercise of stock options, shares		2,487
Common stock issued for cash, amount	4,827,585	$ 1,609	4,825,976
Common stock issued for cashless exercise of stock options, amount		$ 2	(2)
Balance, shares at Sep. 30, 2019		41,092,340
Balance, amount at Sep. 30, 2019	$ 17,801,780	$ 41,092	$ 103,374,419	$ 650,819	$ (86,264,550)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Basis of Presentation and Summary of Significant Accounting Policies
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2019, as compared to the significant accounting policies disclosed in Note 3 of the consolidated financial statements in the Company’s 2018 Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with U.S. 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 period. The Company also regularly evaluates estimates and assumptions related to impairment of long-lived assets and stock-based compensation. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes 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. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation The accompanying condensed consolidated financial statements for the period ended September 30, 2019 include the accounts of the Company and its wholly owned subsidiaries Singapore Volition Pte. Limited (“Singapore Volition”), Belgian Volition SPRL (“Belgian Volition”), Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America Inc. (“Volition America”), as well as its majority-owned subsidiary Volition Veterinary Diagnostics Development, LLC (“Volition Vet”). All intercompany balances and transactions have been eliminated in consolidation. Except as otherwise indicated by the context, references to the “Company,” “we” and “our” are references to VolitionRx Limited and its subsidiaries. Cash and Cash Equivalents For the purposes of the statements of cash flows, we consider interest bearing deposits with original maturity date of three months or less to be cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. At September 30, 2019, cash and cash equivalents totaled approximately $19.7 million, of which $13.1 million was held in an overnight money market account. Accounts Receivable Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At September 30, 2019, the accounts receivable balance was $16,031. Revenue Recognition Beginning in 2014, Financial Accounting Standards Board (“FASB”) issued several Accounting Standards Updates establishing Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers The Company generates revenue from its license agreement with Active Motif, Inc. ("Active Motif") for the sale of ROU kits from which the Company receives royalties. In addition, revenue is received from external third parties for services the Company performs for them in the laboratory. Revenues, and their respective treatment for financial reporting purposes under ASC 606, are as follows: Royalty The Company receives royalty revenues on the net sales recognized during the period in which the revenue is earned, and the amount is determinable from the licensee. These are presented in “Royalty” in the consolidated statements of income. The Company does not have future performance obligations under this revenue stream. In accordance with ASC 606, the Company records these revenues based on estimates of the net sales that occurred during the relevant period from the licensee. The relevant period estimates of these royalties are based on preliminary gross sales data provided by Active Motif and analysis of historical gross-to-net adjustments. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. Services The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties in “Services” in the consolidated statements of income. For each development and/or commercialization agreement that results in revenue, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required. Leases In February of 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02 – Leases Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share,” Reclassification Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. In the statement of operations and comprehensive loss, the Company has reclassified the prior year comparative amounts of research and development, sales and marketing and general and administrative expenses to be consistent with the current year classification. Recent Accounting Pronouncements The Company has implemented the new applicable accounting pronouncements that are in effect listed above. The Company does not believe that there are any other new applicable accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2019
Going Concern
Note 2 - Going Concern	The Company’s condensed consolidated financial statements are prepared using U.S. GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has incurred losses since inception of $86.3 million, has negative cash flows from operations, and currently has limited revenues, which creates substantial doubt about its ability to continue as a going concern for a period of one year from the date of issuance of these condensed consolidated financial statements. The future of the Company as an operating business will depend on its ability to obtain sufficient capital contributions, financing and/or generate revenues as may be required to sustain its operations. Management plans to address the above as needed by (a) securing additional grant funds, (b) obtaining additional financing through debt or equity transactions, (c) granting licenses to third parties in exchange for specified up-front and/or back-end payments and (d) developing and commercializing its products on an accelerated timeline. Management continues to exercise tight cost controls to conserve cash. 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 eventually attain profitable operations. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property and Equipment
Note 3 - Property and Equipment	The Company’s property and equipment consist of the following amounts as of September 30, 2019 and December 31, 2018: September 30, 2019 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 389,962 241,656 148,306 Laboratory equipment 5 years 1,867,507 1,136,923 730,584 Office furniture and equipment 5 years 208,428 100,973 107,455 Buildings 30 years 1,430,227 123,139 1,307,088 Building improvements 5-15 years 612,836 103,970 508,866 Land Not amortized 87,255 - 87,255 4,596,215 1,706,661 2,889,554 December 31, 2018 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 344,383 166,750 177,633 Laboratory equipment 5 years 1,673,215 928,841 744,374 Office furniture and equipment 5 years 204,129 75,137 128,992 Buildings 30 years 1,502,171 91,785 1,410,386 Building improvements 5-15 years 643,663 77,049 566,614 Land Not amortized 91,644 - 91,644 4,459,205 1,339,562 3,119,643 During the nine-month periods ended September 30, 2019 and September 30, 2018, the Company recognized $495,062 and $406,986, respectively, in depreciation expense.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2019
Intangible Assets
Note 4 - Intangible Assets	The Company’s intangible assets consist of patents, mainly acquired in the acquisition of Belgian Volition. The patents and intellectual property are being amortized over the assets’ estimated useful lives, which range from 8 to 20 years. September 30, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,119,375 733,337 386,038 December 31, 2018 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,167,383 700,478 466,905 During the nine-month periods ended September 30, 2019 and September 30, 2018, the Company recognized $65,761 and $69,584, respectively, in amortization expense. The Company amortizes the long-lived assets 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: 2019- remaining $ 17,917 2020 $ 85,384 2021 $ 85,384 2022 $ 85,384 2023 $ 85,384 Greater than 5 years $ 26,585 Total Intangible Assets $ 386,038 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 as of December 31, 2018. The result of this review confirmed that the ongoing value of the patents was not impaired as of December 31, 2018.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Note 5 - Related Party Transactions	See Note 6 for common stock issued to related parties and Note 7 for stock options and warrants issued to related parties. The Company has agreements with related parties for consultancy services which are accrued under management and directors’ fees payable (see condensed consolidated balance sheets).

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2019
Common Stock
Note 6 - Common Stock	As of September 30, 2019, the Company was authorized to issue 100 million shares of common stock par value $0.001 per share, of which 41,092,340 and 35,335,378 shares were issued outstanding as of September 30, 2019 and December 31, 2018, respectively. On June 14, 2019, an amendment to the 2015 Stock Incentive Plan (the “2015 Plan”) was approved by the stockholders at the annual meeting to increase the number of shares of common stock available for issuance under the 2015 Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares. Issuances Upon Warrant and Option Exercises From January 30, 2019 to February 26, 2019, warrants to purchase 754,475 shares of our common stock were exercised at a price of $2.20 per share, for gross proceeds to the Company of approximately $1.66 million. On March 8, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,724,138 shares of our common stock at a price of $2.90 per share, for gross proceeds to the Company of $5.0 million. On May 3, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,666,667 shares of our common stock at a price of $3.00 per share, for gross proceeds to the Company of $5.0 million. On July 24, 2019, Cotterford Company Limited exercised the remainder of its warrant and purchased 1,609,195 shares of our common stock at a price of $3.00 per share, for gross proceeds to the Company of $4.8 million. From August 20, 2019 to September 20, 2019, 6,166 stock options were exercised to purchase shares of common stock at $2.35 per share in a cashless exercise that resulted in the issuance of 2,487 shares of our common stock. Equity Distribution Agreement On September 7, 2018, the Company entered into an equity distribution agreement with Oppenheimer & Co. Inc. (“Oppenheimer”), which agreement allows it to offer and sell shares of common stock having an aggregate offering price of up to $10.0 million from time-to-time pursuant to a shelf registration statement on Form S-3 (declared effective by the SEC on September 28, 2018, File No. 333-227248) through Oppenheimer acting as the Company’s agent and/or principal. As of September 30, 2019, the Company had not sold any shares under the equity distribution agreement.

Warrants And Options

Warrants And Options	9 Months Ended
	Sep. 30, 2019
Warrants And Options
Note 7 - Warrants and Options	a) Warrants The following table summarizes the changes in warrants outstanding of the Company during the nine-month period ended September 30, 2019: Weighted Average Number of Warrants Exercise Price ($) Outstanding at December 31, 2018 6,107,617 2.88 Granted - - Exercised (5,754,475 ) 2.87 Expired (133,750 ) 2.20 Outstanding at September 30, 2019 219,392 2.84 Exercisable at September 30, 2019 94,392 3.32 Effective March 5, 2019, the Company entered into an amendment to an outstanding warrant to purchase up to an aggregate of 5.0 million shares of our common stock, originally issued to Cotterford Company Limited, a significant stockholder, in connection with an equity financing completed on or about August 10, 2018. The amendment temporarily reduced the exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019. As a result of this amendment, $196,957 of financing costs was recorded in other expenses. On March 8, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,724,138 shares of our common stock at $2.90 per share resulting in gross proceeds to the Company of $5.0 million. On May 3, 2019, Cotterford Company Limited partially exercised its warrant and purchased 1,666,667 shares of our common stock at $3.00 per share resulting in gross proceeds of $5.0 million to the Company. On July 1, 2019, the Company modified the performance criteria for certain vesting milestones on an employee warrant agreement and as a result the Company re-measured warrants held by the employee, to purchase 125,000 shares of common stock at an exercise price of $2.47 per share, resulting in $11,829 of additional warrant expense to be recorded over the vesting period. These warrants vest on achievement of certain business objectives and expire 3 years from the date of vesting. On July 24, 2019, Cotterford Company Limited exercised the remainder of its remaining warrant and purchased 1,609,195 shares of our common stock at $3.00 per share resulting in gross proceeds of $4.8 million to the Company. During, the first three quarters of 2019, warrants to purchase an aggregate of 5,754,475 shares of our common stock were exercised (including the exercises by Cotterford Company Limited referenced above) for gross cash proceeds to the Company of approximately of $16.5 million. Refer to Note 6 for the details of these exercises. Below is a table summarizing the warrants issued and outstanding as of September 30, 2019, which have an aggregate weighted average remaining contractual life of 2.77 years. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 29,392 29,392 2.40 0.25 70,541 150,000 25,000 2.47 3.71 370,500 40,000 40,000 4.53 1.13 181,200 219,392 94,392 622,241 Warrant expense of $6,379 and $6,453 was recorded in the nine months ended September 30, 2019 and September 30, 2018, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $22,462 and is expected to be recognized over a period of 1.3 years. As of September 30, 2019, the total intrinsic value of outstanding warrants was $610,742. b) Options The following table summarizes the changes in options outstanding of the Company during the nine-month period ended September 30, 2019: Weighted Average Number of Options Exercise Price ($) Outstanding at December 31, 2018 3,498,801 4.00 Granted 730,000 3.25 Exercised (6,166 ) 2.35 Expired/Cancelled (34,167 ) 3.34 Outstanding at September 30, 2019 4,188,468 3.88 Exercisable at September 30, 2019 3,488,468 4.01 Effective February 11, 2019, the Company granted stock options to purchase 730,000 shares of common stock to various Company personnel (including directors, executives, members of management and employees) for services to the Company. These options vest on February 11, 2020 and expire 5 years after the vesting date, with an exercise price of $3.25 per share. The Company has calculated the estimated fair market value of these options at $1,569,816, using the Black-Scholes model and the following assumptions: term 6 years, stock price $3.16, exercise price $3.25, 77.86% volatility, 2.52% risk free rate, and no forfeiture rate. Subsequent to the February 2019 grant, stock options to purchase 30,000 shares of common stock subject to the grant were forfeited. Below is a table summarizing the options issued and outstanding as of September 30, 2019, all of which were issued pursuant to the 2011 Equity Incentive Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016) and which have an aggregate weighted average remaining contractual life of 3.22 years. As of September 30, 2019, a total of 1,099,000 shares of common stock remained available for future issuance under the 2015 Plan. Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 11,599 11,599 2.35 0.61 27,258 322,500 322,500 2.50 0.88 806,250 322,500 322,500 3.00 0.88 967,500 700,000 - 3.25 5.37 2,275,000 17,767 17,767 3.35 1.45 59,519 20,000 20,000 3.80 1.63 76,000 1,907,000 1,907,000 4.00 3.28 7,628,000 17,768 17,768 4.35 2.45 77,291 50,000 50,000 4.80 3.26 240,000 819,334 819,334 5.00 2.23 4,096,670 4,188,468 3,488,468 16,253,488 Stock option expense of $1,084,312 and $1,875,507 was recorded in the nine months ended September 30, 2019 and September 30, 2018, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $571,344 and is expected to be recognized over a period of 0.36 years. As of September 30, 2019, the total intrinsic value of outstanding stock options was $7,285,702.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Note 8 - Commitments and Contingencies	a) Finance Lease Obligations In 2015, the Company entered into an equipment finance lease to purchase three Tecan machines (automated liquid handling robots) for €550,454 Euros, maturing May 2020. As of September 30, 2019, the balance payable was $65,345. In 2016, the Company entered into a real estate finance lease with ING Asset Finance Belgium S.A. (“ING”) to purchase a property located in Belgium for €1.12 million Euros, maturing May 2031. As of September 30, 2019, the balance payable was $633,861. In 2018, the Company entered into a finance lease with BNP Paribas leasing solutions to purchase a freezer for the Belgium facility for €25,000 Euros, maturing January 2022. The leased equipment is amortized on a straight-line basis over 5 years. As of September 30, 2019, the balance payable was $21,217. 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 September 30, 2019. 2019 $ 39,442 2020 $ 111,379 2021 $ 67,952 2022 $ 60,035 2023 $ 58,665 Greater than 5 years $ 491,296 Total $ 828,769 Less: Amount representing interest $ (108,346 ) Present value of minimum lease payments $ 720,423 b) Operating Lease Right-of-Use Obligations The Company adopted Topic 842 on January 1, 2019. The Company elected to adopt this standard using the optional modified retrospective transition method and recognized a cumulative-effect adjustment to the condensed consolidated balance sheet on the date of adoption. Prior periods have not been restated. With the adoption of Topic 842, the Company’s condensed consolidated balance sheet now contains the following line items: Operating lease right-of-use assets, Current portion of operating lease liabilities and Operating lease liabilities, net of current portion. As all the existing leases subject to the new lease standard were previously classified as operating leases by the Company, they were similarly classified as operating leases under the new standard. The Company has determined that the identified operating leases did not contain non-lease components and require no further allocation of the total lease cost. Additionally, the agreements in place did not contain information to determine the rate implicit in the leases, so we used our incremental borrowing rate as the discount rate. Our weighted average discount rate is 4.44% and the weighted average remaining lease term is 21 months. As of September 30, 2019, operating lease right-of-use assets and liabilities arising from operating leases were $193,918 and $196,451, respectively. During the nine months ended September 30, 2019, cash paid for amounts included for the measurement of lease liabilities was $53,393 and the Company recorded operating lease expense of $48,393. 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 September 30, 2019. 2019 - remaining $ 24,122 2020 $ 96,796 2021 $ 64,717 2022 $ 21,180 Total Operating Lease Obligations $ 206,815 Less: Amount representing interest $ (10,364 ) Present Value of minimum lease payments $ 196,451 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 nine months ended September 30, 2019, $129,121 was recognized in short-term lease costs associated with office space leases. The annual payments remaining for short-term office leases were as follows: 2019 $ 43,749 2020 $ 25,326 Total Operating Lease Obligations $ 69,075 c) Grants Repayable In 2010, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for €1.05 million Euros. Per the terms of the agreement, €314,406 Euros of the grant is to be repaid, by instalments over the period from June 30, 2014 to June 30, 2023. The Company has recorded the balance of €733,614 Euros to other income in previous years as there is no obligation to repay this amount. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received. As of September 30, 2019, the grant balance repayable was $133,506. In 2018, the Company entered into an agreement with the Walloon Region government in Belgium for a colorectal cancer research grant for €605,000 Euros. Per the terms of the agreement, €181,500 Euros of the grant is to be repaid by instalments over 12 years commencing in 2020. In the event that the Company receives revenue from products or services as defined in the agreement, it is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received. As of September 30, 2019, the grant balance repayable was $194,160. As of September 30, 2019, the total grant balance repayable was $327,666 and the annual payments remaining were as follows: 2020 $ 51,371 2021 $ 48,542 2022 $ 45,918 2023 $ 47,054 2024 - Greater than 5 years $ 134,781 Total Grants Repayable $ 327,666 d) Long-Term Debt In 2016, the Company entered into a 7-year loan agreement with Namur Invest for €440,000 Euros with a fixed interest rate of 4.85%. As of September 30, 2019, the principal balance payable was $330,561. In 2016, the Company entered into a 15-year loan agreement with ING for €270,000 Euros with a fixed interest rate of 2.62%. As of September 30, 2019, the principal balance payable was $249,679. In 2017, the Company entered into a 4-year loan agreement with Namur Invest for €350,000 Euros with a fixed interest rate of 4.00%. As of September 30, 2019, the principal balance payable was $197,536. In 2017, the Company entered into a 7-year loan agreement with SOFINEX for up to €1 million Euros with a fixed interest rate of 4.50%. As of September 30, 2019, €1 million Euros has been drawn down under this agreement and the principal balance payable was $1,090,686. In 2018, the Company entered into a 4-year loan agreement with Namur Innovation and Growth for €500,000 Euros with a fixed interest rate of 4.00%. As of September 30, 2019, the principal balance payable was $434,813. As of September 30, 2019, the total balance for long-term debt payable was approximately $2.3 million and the payments remaining were as follows: 2019 - remaining $ 165,574 2020 $ 655,862 2021 $ 587,387 2022 $ 435,423 2023 $ 341,991 Greater than 5 years $ 360,512 Total $ 2,546,749 Less: Amount representing interest $ (243,474 ) Total Long-Term Debt $ 2,303,275 e) Collaborative Agreement Obligations In 2015, the Company entered into a research sponsorship agreement with DKFZ in Germany for a 3-year period for €338,984 Euros. As of September 30, 2019, $81,801 is still to be paid by the Company under this agreement. In 2016, the Company entered into a research co-operation agreement with DKFZ in Germany for a 5-year period for €400,000 Euros. As of September 30, 2019, $218,139 is still to be paid by the Company under this agreement. In 2016, the Company entered into a collaborative research agreement with Munich University in Germany for a 3-year period for €360,000 Euros. As of September 30, 2019, $159,240 is still to be paid by the Company under this agreement. In 2017, the Company entered into a clinical study research agreement with the University of Michigan for a 3-year period for up to $3 million. As of September 30, 2019, up to $138,000 is still to be paid by the Company under this agreement. In 2018, the Company entered into a research collaboration agreement with the University of Taiwan for a 3-year period for a cost to the Company of up to $2.55 million payable over such period. As of September 30, 2019, $1.66 million is still to be paid by the Company under this agreement. In 2019, the Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period. As of September 30, 2019, $288,000 is still to be paid by the Company under this agreement. As of September 30, 2019, the total amount to be paid for existing research and collaboration commitments was approximately $2.54 million and the annual payments remaining were as follows: 2019- remaining $ 554,293 2020 $ 999,887 2021 $ 988,500 Total Collaborative Agreement Obligations $ 2,542,680 f) Other Commitments On August 7, 2019, the Company entered into a consulting services agreement with Novis Animal Solutions LLC to provide chief executive officer services for Volition Vet in exchange for payment of consultancy fees and a potential equity interest of 5% in Volition Vet upon achievement of revenue milestones. g) Legal Proceedings There are no legal proceedings which the Company believes will have a material adverse effect on its financial position.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events
Note 9 - Subsequent Events	On October 25, 2019, the Company entered into agreements with Texas A&M University to develop veterinary diagnostic products in exchange for an approximate 12.5% equity stake in Volition Vet as well as payment by the Company of an aggregate of $400,000 to Texas A&M University and affiliated entities towards the collaboration.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of VolitionRx Limited should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2019. The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2019, as compared to the significant accounting policies disclosed in Note 3 of the consolidated financial statements in the Company’s 2018 Annual Report on Form 10-K.
Use of Estimates	The preparation of financial statements in conformity with U.S. 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 period. The Company also regularly evaluates estimates and assumptions related to impairment of long-lived assets and stock-based compensation. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes 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. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Principles of Consolidation	The accompanying condensed consolidated financial statements for the period ended September 30, 2019 include the accounts of the Company and its wholly owned subsidiaries Singapore Volition Pte. Limited (“Singapore Volition”), Belgian Volition SPRL (“Belgian Volition”), Volition Diagnostics UK Limited (“Volition Diagnostics”), Volition America Inc. (“Volition America”), as well as its majority-owned subsidiary Volition Veterinary Diagnostics Development, LLC (“Volition Vet”). All intercompany balances and transactions have been eliminated in consolidation. Except as otherwise indicated by the context, references to the “Company,” “we” and “our” are references to VolitionRx Limited and its subsidiaries.
Cash and Cash Equivalents	For the purposes of the statements of cash flows, we consider interest bearing deposits with original maturity date of three months or less to be cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the condensed consolidated balance sheets at fair value using quoted prices in active markets for identical assets. At September 30, 2019, cash and cash equivalents totaled approximately $19.7 million, of which $13.1 million was held in an overnight money market account.
Accounts Receivable	Trade accounts receivable are stated at the amount the Company expects to collect. Due to the nature of the accounts receivable balance, the Company believes the risk of doubtful accounts is minimal and therefore no allowance is recorded. If the financial condition of the Company’s customers were to deteriorate, adversely affecting their ability to make payments, additional allowances would be required. The Company may provide for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company have used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. At September 30, 2019, the accounts receivable balance was $16,031.
Revenue Recognition	Beginning in 2014, Financial Accounting Standards Board (“FASB”) issued several Accounting Standards Updates establishing Accounting Standards Codification (“ASC”) Topic 606, “ Revenue from Contracts with Customers The Company generates revenue from its license agreement with Active Motif, Inc. ("Active Motif") for the sale of ROU kits from which the Company receives royalties. In addition, revenue is received from external third parties for services the Company performs for them in the laboratory. Revenues, and their respective treatment for financial reporting purposes under ASC 606, are as follows: Royalty The Company receives royalty revenues on the net sales recognized during the period in which the revenue is earned, and the amount is determinable from the licensee. These are presented in “Royalty” in the consolidated statements of income. The Company does not have future performance obligations under this revenue stream. In accordance with ASC 606, the Company records these revenues based on estimates of the net sales that occurred during the relevant period from the licensee. The relevant period estimates of these royalties are based on preliminary gross sales data provided by Active Motif and analysis of historical gross-to-net adjustments. Differences between actual and estimated royalty revenues are adjusted for in the period in which they become known. Services The Company includes revenue recognized from laboratory services performed in the Company’s laboratory on behalf of third parties in “Services” in the consolidated statements of income. For each development and/or commercialization agreement that results in revenue, the Company identifies all performance obligations, aside from those that are immaterial, which may include a license to intellectual property and know-how, development activities and/or transition activities. In order to determine the transaction price, in addition to any upfront payment, the Company estimates the amount of variable consideration at the outset of the contract either utilizing the expected value or most likely amount method, depending on the facts and circumstances relative to the contract. The Company constrains (reduces) the estimates of variable consideration such that it is probable that a significant reversal of previously recognized revenue will not occur throughout the life of the contract. When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue. In making these assessments, the Company considers the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.
Leases	In February of 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02 – Leases
Basic and Diluted Net Loss Per Share	The Company computes net loss per share in accordance with Accounting Standards Codification (“ASC”) 260, “Earnings Per Share,”
Reclassification	Certain amounts presented in previously issued financial statements have been reclassified to be consistent with the current period presentation. In the statement of operations and comprehensive loss, the Company has reclassified the prior year comparative amounts of research and development, sales and marketing and general and administrative expenses to be consistent with the current year classification.
Recent Accounting Pronouncements	The Company has implemented the new applicable accounting pronouncements that are in effect listed above. The Company does not believe that there are any other new applicable accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property and Equipment (Tables)
Property and equipment	September 30, 2019 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 389,962 241,656 148,306 Laboratory equipment 5 years 1,867,507 1,136,923 730,584 Office furniture and equipment 5 years 208,428 100,973 107,455 Buildings 30 years 1,430,227 123,139 1,307,088 Building improvements 5-15 years 612,836 103,970 508,866 Land Not amortized 87,255 - 87,255 4,596,215 1,706,661 2,889,554 December 31, 2018 Accumulated Net Carrying Cost Depreciation Value Useful Life $ $ $ Computer hardware and software 3 years 344,383 166,750 177,633 Laboratory equipment 5 years 1,673,215 928,841 744,374 Office furniture and equipment 5 years 204,129 75,137 128,992 Buildings 30 years 1,502,171 91,785 1,410,386 Building improvements 5-15 years 643,663 77,049 566,614 Land Not amortized 91,644 - 91,644 4,459,205 1,339,562 3,119,643

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Intangible Assets (Tables)
Schedule of intangible assets	September 30, 2019 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,119,375 733,337 386,038 December 31, 2018 Accumulated Net Carrying Cost Amortization Value $ $ $ Patents 1,167,383 700,478 466,905
Schedule of intangible assets, future amortization expense	2019- remaining $ 17,917 2020 $ 85,384 2021 $ 85,384 2022 $ 85,384 2023 $ 85,384 Greater than 5 years $ 26,585 Total Intangible Assets $ 386,038

Warrants and Options (Tables)

Warrants and Options (Tables)	9 Months Ended
	Sep. 30, 2019
Warrant [Member]
Summary of changes in warrants outstanding	Weighted Average Number of Warrants Exercise Price ($) Outstanding at December 31, 2018 6,107,617 2.88 Granted - - Exercised (5,754,475 ) 2.87 Expired (133,750 ) 2.20 Outstanding at September 30, 2019 219,392 2.84 Exercisable at September 30, 2019 94,392 3.32
Summary of warrants issued and outstanding	Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 29,392 29,392 2.40 0.25 70,541 150,000 25,000 2.47 3.71 370,500 40,000 40,000 4.53 1.13 181,200 219,392 94,392 622,241
Option [Member]
Summary of changes in warrants outstanding	Weighted Average Number of Options Exercise Price ($) Outstanding at December 31, 2018 3,498,801 4.00 Granted 730,000 3.25 Exercised (6,166 ) 2.35 Expired/Cancelled (34,167 ) 3.34 Outstanding at September 30, 2019 4,188,468 3.88 Exercisable at September 30, 2019 3,488,468 4.01
Summary of warrants issued and outstanding	Weighted Average Remaining Proceeds to Number Number Exercise Contractual Company if Outstanding Exercisable Price ($) Life (Years) Exercised ($) 11,599 11,599 2.35 0.61 27,258 322,500 322,500 2.50 0.88 806,250 322,500 322,500 3.00 0.88 967,500 700,000 - 3.25 5.37 2,275,000 17,767 17,767 3.35 1.45 59,519 20,000 20,000 3.80 1.63 76,000 1,907,000 1,907,000 4.00 3.28 7,628,000 17,768 17,768 4.35 2.45 77,291 50,000 50,000 4.80 3.26 240,000 819,334 819,334 5.00 2.23 4,096,670 4,188,468 3,488,468 16,253,488

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies (Tables)
Schedule of future minimum lease payments for capital leases	2019 $ 39,442 2020 $ 111,379 2021 $ 67,952 2022 $ 60,035 2023 $ 58,665 Greater than 5 years $ 491,296 Total $ 828,769 Less: Amount representing interest $ (108,346 ) Present value of minimum lease payments $ 720,423
Operating lease payments	2019 - remaining $ 24,122 2020 $ 96,796 2021 $ 64,717 2022 $ 21,180 Total Operating Lease Obligations $ 206,815 Less: Amount representing interest $ (10,364 ) Present Value of minimum lease payments $ 196,451 2019 $ 43,749 2020 $ 25,326 Total Operating Lease Obligations $ 69,075
Schedule of grants repayable	2020 $ 51,371 2021 $ 48,542 2022 $ 45,918 2023 $ 47,054 2024 - Greater than 5 years $ 134,781 Total Grants Repayable $ 327,666
Schedule of long term debt	2019 - remaining $ 165,574 2020 $ 655,862 2021 $ 587,387 2022 $ 435,423 2023 $ 341,991 Greater than 5 years $ 360,512 Total $ 2,546,749 Less: Amount representing interest $ (243,474 ) Total Long-Term Debt $ 2,303,275
Schedule of collaborative agreement obligations	2019- remaining $ 554,293 2020 $ 999,887 2021 $ 988,500 Total Collaborative Agreement Obligations $ 2,542,680

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative)
Cash and cash equivalents	$ 19,697,169	$ 13,427,222	$ 16,374,428	$ 10,116,263
Accounts receivable	16,031
Operating lease liability	110,630
Operating lease right-of-use asset	$ 110,630
Antidilutive securities excluded from computation of earnings per share	4,407,860

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		110 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Going Concern (Details Narrative)
Net loss for the period	$ (4,180,805)	$ (4,476,649)	$ (12,541,749)	$ (13,721,146)	$ (86,300,000)

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Cost	$ 4,596,215	$ 4,459,205
Accumulated Depreciation	1,706,661	1,339,562
Net Carrying Value	2,889,554	3,119,643
Computer Hardware And Software [Member]
Cost	389,962	344,383
Accumulated Depreciation	241,656	166,750
Net Carrying Value	$ 148,306	$ 177,633
Useful Life	3 years	3 years
Laboratory Equipment [Member]
Cost	$ 1,867,507	$ 1,673,215
Accumulated Depreciation	1,136,923	928,841
Net Carrying Value	$ 730,584	$ 744,374
Useful Life	5 years	5 years
Office Furniture and Equipment [Member]
Cost	$ 208,428	$ 204,129
Accumulated Depreciation	100,973	75,137
Net Carrying Value	$ 107,455	$ 128,992
Useful Life	5 years	5 years
Buildings [Member]
Cost	$ 1,430,227	$ 1,502,171
Accumulated Depreciation	123,139	91,785
Net Carrying Value	$ 1,307,088	$ 1,410,386
Useful Life	30 years	30 years
Building Improvements [Member]
Cost	$ 612,836	$ 643,663
Accumulated Depreciation	103,970	77,049
Net Carrying Value	$ 508,866	$ 566,614
Building Improvements [Member] | Minimum [Member]
Useful Life	5 years	5 years
Building Improvements [Member] | Maximum [Member]
Useful Life	15 years	15 years
Land [Member]
Cost	$ 87,255	$ 91,644
Accumulated Depreciation
Net Carrying Value	$ 87,255	$ 91,644

Property and Equipment (Detai_2

Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Property and Equipment (Details Narrative)
Depreciation Expense	$ 495,062	$ 406,986

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Net Carrying Value	$ 386,038	$ 466,905
Patents [Member]
Cost	1,119,375	1,167,383
Accumulated Depreciation	733,337	700,478
Net Carrying Value	$ 386,038	$ 466,905

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Intangible Assets (Details 1)
2019- remaining	$ 17,917
2020	85,384
2021	85,384
2022	85,384
2023	85,384
Greater than 5 years	26,585
Total Intangible Assets	$ 386,038	$ 466,905

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Amortization expense	$ 65,761	$ 69,584
Patents And Intellectual Property [Member] | Minimum [Member]
Amortization of long-lived asset on straight line basis	8 years
Patents And Intellectual Property [Member] | Maximum [Member]
Amortization of long-lived asset on straight line basis	20 years

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	Jun. 14, 2019	May 03, 2019	Mar. 08, 2019	Sep. 07, 2018	Sep. 30, 2019	Jul. 24, 2019	Feb. 26, 2019	Dec. 31, 2018
Common stock, shares authorized					100,000,000			100,000,000
Common stock, shares issued					41,092,340			35,335,378
Common stock, shares outstanding					41,092,340			35,335,378
Common stock, par value					$ 0.001			$ 0.001
Warrants [Member]
Warrants exercised					6,166	1,609,195	754,475
Exercise price					$ 2.35	$ 3	$ 2.20
Proceeds from warrants exercised					$ 2,487	$ 4,800,000	$ 1,660,000
Cotterford [Member] | Warrants [Member]
Warrants exercised		1,666,667	1,724,138
Exercise price		$ 3	$ 2.90
Proceeds from warrants exercised		$ 5,000,000	$ 5,000,000
Cotterford [Member] | Warrant [Member]
Warrants exercised
Common Stock [Member] | Oppenheimer & Co Inc. [Member]
Description of aggregate offering price				Aggregate offering price of up to $10.0 million from time to time pursuant to a shelf registration statement
Stock Incentive Plan [Member] | Common Stock [Member]
Description of aggregate shares	Amendment to the 2015 Stock Incentive Plan (the “2015 Plan”) was approved by the stockholders at the annual meeting to increase the number of shares of common stock available for issuance under the 2015 Plan by 1,000,000 shares to an aggregate maximum of 4,250,000 shares.

Warrants And Options (Details)

Warrants And Options (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Warrants
Outstanding, Beginning | shares	6,107,617
Granted | shares
Exercised | shares	(5,754,475)
Expired | shares	(133,750)
Outstanding, Ending | shares	219,392
Exercisable, Ending | shares	94,392
Weighted Average Exercise Price
Outstanding, Beginning | $ / shares	$ 2.88
Granted | $ / shares
Exercised | $ / shares	2.87
Expired | $ / shares	2.20
Outstanding, Ending | $ / shares	2.84
Exercisable, Ending | $ / shares	$ 3.32

Warrants And Options (Details 1

Warrants And Options (Details 1) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 24, 2019	Sep. 30, 2019
Warrnt [Member]
Number Outstanding		4,188,468
Number Exercisable		4,188,468
Proceeds to Company if Exercised		$ 622,241
Warrant One [Member]
Number Outstanding		29,392
Number Exercisable		29,392
Proceeds to Company if Exercised		$ 70,541
Exercise Price		$ 2.40
Weighted Average Remaining Contractual Life (Years)		2 months 30 days
Weighted Average Remaining Contractual Life (Years)		6 months
Warrant Two [Member]
Number Outstanding		150,000
Number Exercisable		25,000
Proceeds to Company if Exercised		$ 370,500
Exercise Price		$ 2.47
Weighted Average Remaining Contractual Life (Years)		3 years 8 months 16 days
Warrant Three [Member]
Number Outstanding		40,000
Number Exercisable		40,000
Proceeds to Company if Exercised		$ 181,200
Exercise Price		$ 4.53
Weighted Average Remaining Contractual Life (Years)		1 year 1 month 16 days

Warrants And Options (Details 2

Warrants And Options (Details 2) - Option [Member]	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Options
Outstanding, Beginning | shares	3,498,801
Granted | shares	730,000
Exercised | shares	(6,166)
Expired/Cancelled | shares	(34,167)
Outstanding, Ending | shares	11,599
Exercisable, Ending | shares	11,599
Weighted Average Exercise Price
Outstanding, Beginning | $ / shares	$ 4
Granted | $ / shares	3.25
Exercised | $ / shares	2.35
Expired/Cancelled | $ / shares	3.34
Outstanding, Ending | $ / shares	3.88
Exercisable, Ending | $ / shares	$ 4.01

Warrants And Options (Details 3

Warrants And Options (Details 3) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Option [Member]
Number Outstanding	11,599	3,498,801
Number Exercisable	11,599
Exercise Price	$ 2.35
Proceeds to Company if Exercised	$ 27,258
Weighted Average Remaining Contractual Life (Years)	7 months 10 days
Exercise Price	$ 3.88	$ 4
Option One [Member]
Number Outstanding	322,500
Number Exercisable	322,500
Proceeds to Company if Exercised	$ 806,250
Weighted Average Remaining Contractual Life (Years)	10 months 17 days
Exercise Price	$ 2.50
Option Two [Member]
Number Outstanding	322,500
Number Exercisable	322,500
Proceeds to Company if Exercised	$ 967,500
Weighted Average Remaining Contractual Life (Years)	10 months 17 days
Exercise Price	$ 2.50
Option Three [Member]
Number Outstanding	700,000
Number Exercisable	322,500
Proceeds to Company if Exercised	$ 2,275,000
Weighted Average Remaining Contractual Life (Years)	5 years 4 months 13 days
Exercise Price	$ 3.25
Option Four [Member]
Number Outstanding	17,767
Number Exercisable	17,767
Proceeds to Company if Exercised	$ 59,519
Weighted Average Remaining Contractual Life (Years)	1 year 5 months 12 days
Exercise Price	$ 3.35
Option Five [Member]
Number Outstanding	20,000
Number Exercisable	20,000
Proceeds to Company if Exercised	$ 76,000
Weighted Average Remaining Contractual Life (Years)	1 year 7 months 17 days
Exercise Price	$ 3.80
Option Six [Member]
Number Outstanding	1,907,000
Number Exercisable	1,907,000
Proceeds to Company if Exercised	$ 7,628,000
Weighted Average Remaining Contractual Life (Years)	3 years 3 months 11 days
Exercise Price	$ 4
Option Seven [Member]
Number Outstanding	17,768
Number Exercisable	17,768
Proceeds to Company if Exercised	$ 77,291
Weighted Average Remaining Contractual Life (Years)	2 years 5 months 12 days
Exercise Price	$ 4.35
Option Ten [Member]
Number Outstanding	4,188,468
Number Exercisable	4,188,468
Proceeds to Company if Exercised	$ 16,253,488
Option Eight [Member]
Number Outstanding	50,000
Number Exercisable	50,000
Proceeds to Company if Exercised	$ 240,000
Weighted Average Remaining Contractual Life (Years)	3 years 3 months 4 days
Exercise Price	$ 4.80
Option Nine [Member]
Number Outstanding	819,334
Number Exercisable	819,334
Proceeds to Company if Exercised	$ 4,096,670
Weighted Average Remaining Contractual Life (Years)	2 years 2 months 23 days
Exercise Price	$ 5

Warrants And Options (Details N

Warrants And Options (Details Narrative) - USD ($)	May 03, 2019	Mar. 08, 2019	Mar. 05, 2019	Jul. 24, 2019	Sep. 30, 2019	Sep. 30, 2018	Feb. 26, 2019
Proceeds to Company if Exercised				$ 0
Stock based compensation expense					$ 1,084,312	$ 1,875,507
Warrant [Member]
Stock options granted shares
Weighted Average Remaining Contractual Life (Years)					2 years 9 months 7 days
Proceeds to Company if Exercised					$ 16,500,000
Intrinsic value of warrants					$ 610,742
Exercised					(5,754,475)
Number Outstanding				1,609,195
Exercise Price				$ 3
Unrecognized compensation cost of non-vested warrants recognition period
Warrant expense					$ 6,379	6,453
Warrant [Member] | Cotterford [Member]
Proceeds to Company if Exercised	$ 5,000,000	$ 5,000,000	$ 5,000,000
Exercise price	$ 3	$ 2.90
Reduction of exercise price of warrants description			The exercise price of such warrant from $3.00 per share to $2.90 per share through the close of business on March 8, 2019.
Common stock shares issued upon exercise of warrants	1,666,667	1,724,138
Class of warrants or rights outstanding
Other expenses		$ 196,957
Warrant [Member] | Cotterford Company Limited [Member]
Proceeds to Company if Exercised				$ 4,800,000
Common stock shares issued upon exercise of warrants				1,609,195
Option [Member]
Stock options granted shares					730,000
Weighted Average Remaining Contractual Life (Years)					4 months 9 days
Unrecognized compensation cost of non-vested stock options					$ 571,344
Stock based compensation expense					1,084,312	$ 1,875,507
Intrinsic value of stock options					$ 7,285,702
Exercised					(6,166)
Exercise Price					$ 2.35
Option [Member] | 2011 Equity Incentive Plan [Member]
Weighted Average Remaining Contractual Life (Years)					5 years
Common stock shares reserved for future issuance					1,099,000
Option [Member] | On February 11, 2019 [Member]
Warrants granted				730,000
Exercise price				$ 3.25
Stock per share price				3.16
Volatility					77.86%
Risk free rate					2.52%
Expiry date					Feb. 11, 2020
Term					6 years
Fair market value					$ 1,569,816
Warrants [Member]
Warrant exercise price				$ 3	$ 2.35		$ 2.20
Class of warrants or rights outstanding				1,609,195	6,166		754,475
Warrants [Member] | Cotterford [Member]
Warrant exercise price	$ 3	$ 2.90
Class of warrants or rights outstanding	1,666,667	1,724,138
Warrants [Member] | On July 1, 2019 [Member]
Purchase shares of common stock					125,000
Warrant exercise price					$ 2.47
Additional warrant expense					$ 11,829
Warrant expiration period					3 years
Warrant One [Member]
Weighted Average Remaining Contractual Life (Years)					6 months
Proceeds to Company if Exercised					$ 70,541
Unrecognized compensation cost of unvested warrants				$ 22,462
Unrecognized compensation cost of unvested warrants period					1 year 3 months 19 days

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Finance Lease Obligations [Member]	Sep. 30, 2019USD ($)
2019	$ 39,442
2020	111,379
2021	67,952
2022	60,035
2023	58,665
Greater than 5 years	491,296
Total	828,769
Less: Amount representing interest	(108,346)
Present value of minimum lease payments	$ 720,423

Commitments and Contingencies_3

Commitments and Contingencies (Details 1)	Sep. 30, 2019USD ($)
2019	$ 43,749
2020	25,326
2022	85,384
Total Operating Lease Obligations	69,075
Operating Lease Right of Use Obligations [Member]
2019	24,122
2020	96,796
2021	64,717
2022	21,180
Total Operating Lease Obligations	206,815
Less: Amount representing interest	(10,364)
Present value of minimum lease payments	$ 196,451

Commitments and Contingencies_4

Commitments and Contingencies (Details 2)	Sep. 30, 2019USD ($)
Commitments and Contingencies (Details 1)
2019	$ 43,749
2020	25,326
Operating Lease Obligations	$ 69,075

Commitments and Contingencies_5

Commitments and Contingencies (Details 3) - Grants Repayable [Member]	Sep. 30, 2019USD ($)
2020	$ 51,371
2021	48,542
2022	45,918
2023	47,054
2024 - Greater than 5 years	134,781
Total Grants Repayable	$ 327,666

Commitments and Contingencies_6

Commitments and Contingencies (Details 4)	Sep. 30, 2019USD ($)
Commitments and Contingencies (Details 4)
2019 - remaining	$ 165,574
2020	655,862
2021	587,387
2022	435,423
2023	341,991
Greater than 5 years	360,512
Total	2,546,749
Less: Amount representing interest	(243,474)
Total Long-Term Debt	$ 2,303,275

Commitments and Contingencies_7

Commitments and Contingencies (Details 5)	Sep. 30, 2019USD ($)
Commitments and Contingencies (Details 5)
2019- remaining	$ 554,293
2020	999,887
2021	988,500
Total Collaborative Agreement Obligations	$ 2,542,680

Commitments and Contingencies_8

Commitments and Contingencies (Details Narrative) - USD ($)	Aug. 07, 2019	Sep. 30, 2019	Dec. 31, 2018
Total long-term debt payable		$ 2,300,000
Total Collaborative Agreement Obligations		2,540,000
Total long-term debt payable		2,303,275
In 2018 [Member] | Finance Lease Obligations [Member] | BNP Paribas leasing solutions [Member]
Amount payable		21,217
Purchase price for the property		$ 25,000
Maturity date		Jan. 31, 2022
Leased equipment amortized term		5 years
May 1, 2019 [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative obligations amount due		$ 288,000
Research collaboration agreement description		The Company entered into a research collaboration agreement with the University of Taiwan to collect a total of 1,200 samples for a 2-year period for a cost to the Company of up to $320,000 payable over such period.
In 2015 [Member] | Finance Lease Obligations [Member] | Automated Liquid Handling Robots [Member]
Amount payable		$ 65,345
Purchase price for the property		$ 550,454
Maturity date		May 31, 2020
In 2016 [Member] | Finance Lease Obligations [Member] | ING Asset Finance Belgium S.A. [Member]
Amount payable		$ 633,861
Purchase price for the property		$ 1,120,000
Maturity date		May 31, 2031
Operating Lease Right of Use Obligations [Member]
Weighted average discount rate		4.44%
Weighted average remaining lease term		21 months
Operating lease right-of-use assets and liabilities		$ 193,918	$ 196,451
Payment of lease liabilities		53,393
Operating lease expense		48,393
Short term lease costs		$ 129,121
Long-term Debt [Member] | Namur Innovation and Growth [Member] | In 2017 [Member]
Fixed interest rate on lease		4.00%
Long-term Debt [Member] | Namur Innovation and Growth [Member] | In 2017 [Member] | Loan Agreement [Member]
Total long-term debt payable		$ 434,813
Loan agreement term		4 years
Repayment of long-term loan amount		$ 500,000
SOFINEX [Member] | Long-term Debt [Member] | In 2017 [Member]
Fixed interest rate on lease		4.50%
Draw down amount		$ 1,000,000
SOFINEX [Member] | Long-term Debt [Member] | In 2017 [Member] | Loan Agreement [Member]
Total long-term debt payable		$ 1,090,686
Loan agreement term		7 years
Repayment of long-term loan amount		$ 1,000,000
Namur Invest [Member] | Long-term Debt [Member] | In 2017 [Member]
Fixed interest rate on lease		4.00%
Namur Invest [Member] | Long-term Debt [Member] | In 2017 [Member] | Loan Agreement [Member]
Total long-term debt payable		$ 197,536
Loan agreement term		4 years
Repayment of long-term loan amount		$ 350,000
Namur Invest [Member] | Long-term Debt [Member] | In 2016 [Member]
Fixed interest rate on lease		4.85%
Namur Invest [Member] | Long-term Debt [Member] | In 2016 [Member] | Loan Agreement [Member]
Total long-term debt payable		$ 330,561
Loan agreement term		7 years
Repayment of long-term loan amount		$ 440,000
ING [Member] | Long-term Debt [Member] | In 2016 [Member]
Fixed interest rate on lease		2.62%
ING [Member] | Long-term Debt [Member] | In 2016 [Member] | Loan Agreement [Member]
Total long-term debt payable		$ 249,679
Loan agreement term		15 years
Repayment of long-term loan amount		$ 270,000
University of Michigan [Member] | In 2017 [Member] | Clinical Study Research Agreement [Member]
Lease agreement expire period		3 years
Collaborative obligations amount		$ 3,000,000
Collaborative obligations amount due		$ 138,000
Munich University [Member] | In 2016 [Member] | Collaborative Research Agreement [Member]
Lease agreement expire period		3 years
Collaborative obligations amount		$ 360,000
Collaborative obligations amount due		$ 159,240
DKFZ [Member] | In 2016 [Member] | Research Co-operation Agreement [Member]
Lease agreement expire period		5 years
Collaborative obligations amount		$ 400,000
Collaborative obligations amount due		$ 218,139
DKFZ [Member] | In 2015 [Member] | Research Sponsorship Agreement [Member]
Lease agreement expire period		3 years
Collaborative obligations amount		$ 338,984
Collaborative obligations amount due		$ 81,801
University of Taiwan [Member] | In 2018 [Member] | Clinical Study Research Agreement [Member]
Lease agreement expire period		3 years
Collaborative obligations amount		$ 2,550,000
Collaborative obligations amount due		1,660,000
Walloon Region Government [Member] | In 2018 [Member] | Colorectal Cancer Research Agreement [Member]
Amount payable		194,160
Grant receivable		605,000
Repayment of grants		$ 181,500
Terms of agreement description		It is due to pay a 3.53% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €181,500 Euros and the 3.53% royalty on revenue, is equal to the amount of funding received.
Walloon Region Government [Member] | In 2010 [Member]
Amount payable		$ 133,506
Grant receivable		1,050,000
Repayment of grants		$ 314,406
Terms of agreement description		It is due to pay a 6% royalty on such revenue to the Walloon Region. The maximum amount payable to the Walloon Region, in respect of the aggregate of the amount repayable of €314,406 Euros and the 6% royalty on revenue, is twice the amount of funding received.
Other income		$ 733,614
Consulting Services Agreement [Member] | Novis Animal Solutions LLC [Member]
Potential equity interest	5.00%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - Texas A&M University [Member]	Oct. 25, 2019USD ($)
Aggregate value	$ 400,000
Percentage of equity stake	12.50%