VolitionRx Ltd Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Warrants And Options

Warrants And Options

3 Months Ended

Mar. 31, 2018

a) Warrants

The following table summarizes the changes in warrants outstanding of the Company during the three-month period ended March 31, 2018:

	Number of Warrants			Weighted Average Exercise Price ($)
Outstanding at December 31, 2017		1,731,680			2.36
Granted		-			-
Exercised		(26,400	)		2.00
Expired		-			-
Outstanding at March 31, 2018		1,705,280			2.37

Exercisable at March 31, 2018		1,580,280			2.36

Below is a table summarizing the warrants issued and outstanding as of March 31, 2018, which have a weighted average exercise price of $2.37 per share and an aggregate weighted average remaining contractual life of 1.20 years.

Number Outstanding		Number Exercisable		Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Proceeds to Company if Exercised ($)
	3,350		3,350		2.00		0.00		6,700
	948,475		948,475		2.20		0.51		2,086,645
	520,455		520,455		2.40		0.20		1,249,092
	150,000		25,000		2.47		0.41		370,500
	24,000		24,000		3.00		0.01		72,000
	19,000		19,000		3.75		0.01		71,250
	40,000		40,000		4.53		0.06		181,200
	1,705,280		1,580,280				1.20		4,037,387

Warrant expense of $2,199 and $9,945 was recorded in the three-months ended March 31, 2018 and March 31, 2017, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $23,391 and is expected to be recognized over a period of 2.8 years. As of March 31, 2018, the total intrinsic value of warrants was $191,034.

b) Options

The following table summarizes the changes in options outstanding of the Company during the three-month period ended March 31, 2018:

	Number of Options			Weighted Average Exercise Price ($)
Outstanding at December 31, 2017		2,939,134			4.09
Granted		780,000			4.00
Exercised		-			-
Expired/Cancelled		(15,000	)		5.44
Outstanding at March 31, 2018		3,704,134			4.06

Exercisable at March 31, 2018		2,814,134			4.04

Effective January 23, 2018, the Company granted stock options to purchase 780,000 shares of common stock. These options vest on January 23, 2019 and expire 5 years after the vesting date, with an exercise price of $4.00 per share. The Company has calculated the estimated fair market value of these options at $1,930,265, using the Black-Scholes model and the following assumptions: term 6 years, stock price $3.75, exercise price $4.00, 75.4% volatility, 2.55% risk free rate, and no forfeiture rate.

Below is a table summarizing the options issued and outstanding as of March 31, 2018, all of which were issued pursuant to the 2011 Plan (for option issuances prior to 2016) or the 2015 Plan (for option issuances commencing in 2016) and which have a weighted average exercise price of $4.06 per share and a weighted average remaining contractual life of 3.74 years. As of March 31, 2018, an aggregate of 59,000 shares of common stock remained available for future issuance under the 2015 Stock Incentive Plan.

Number Outstanding		Number Exercisable		Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Proceeds to Company if Exercised ($)
	17,766		17,766		2.35		0.01		41,750
	322,500		322,500		2.50		0.08		806,250
	326,667		326,667		3.00		0.16		980,001
	17,767		17,767		3.35		0.01		59,519
	20,000		20,000		3.80		0.01		76,000
	1,895,333		1,115,333		4.00		2.25		7,581,332
	17,767		17,767		4.35		0.02		77,286
	50,000		50,000		4.80		0.06		240,000
	1,031,334		921,334		5.00		1.14		5,156,670
	5,000		5,000		6.31		0.00		31,550
	3,704,134		2,814,134				3.74		15,050,358

Stock option expense of $895,226 and $584,261 was recorded in the three-months ended March 31, 2018 and March 31, 2017, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $1,588,446 and is expected to be recognized over a period of 0.8 years. As of March 31, 2018, the total intrinsic value of stock options was $888.