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

6 Months Ended

Jun. 30, 2018

a) Warrants

The following table summarizes the changes in warrants outstanding of the Company during the six-month period ended June 30, 2018:

	Number of Warrants			Weighted Average Exercise Price ($)
Outstanding at December 31, 2017		1,731,680			2.36
Granted		–			–
Exercised		(29,375	)		2.00
Expired		(375	)		2.00
Outstanding at June 30, 2018		1,701,930			2.37

Exercisable at June 30, 2018		1,576,930			2.36

Below is a table summarizing the warrants issued and outstanding as of June 30, 2018, which have a weighted average exercise price of $2.37 per share and an aggregate weighted average remaining contractual life of 0.95 years.

Number Outstanding		Number Exercisable		Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)		Proceeds to Company if Exercised ($)

	948,475		948,475		2.20		0.37		2,086,645
	520,455		520,455		2.40		0.13		1,249,092
	150,000		25,000		2.47		0.39		370,500
	24,000		24,000		3.00		0.00		72,000
	19,000		19,000		3.75		0.00		71,250
	40,000		40,000		4.53		0.06		181,200
	1,701,930		1,576,930				0.95		4,030,687

Warrant expense of $4,326 and $28,482 was recorded in the six-months ended June 30, 2018 and June 30, 2017, respectively. Total remaining unrecognized compensation cost related to non-vested warrants is approximately $21,264 and is expected to be recognized over a period of 2.5 years. As of June 30, 2018, the total intrinsic value of warrants was $0.

b) Options

The following table summarizes the changes in options outstanding of the Company during the six-month period ended June 30, 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		(120,167	)		4.99
Outstanding at June 30, 2018		3,598,967			4.04

Exercisable at June 30, 2018		2,808,967			4.05

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 June 30, 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 $4.04 per share and a weighted average remaining contractual life of 3.59 years. As of June 30, 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		0.06		806,250
	322,500		322,500		3.00		0.14		967,500
	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		2.18		7,581,332
	17,767		17,767		4.35		0.02		77,286
	50,000		50,000		4.80		0.06		240,000
	930,334		920,334		5.00		1.10		4,651,670
	5,000		5,000		6.31		0.00		31,550
	3,598,967		2,808,967				3.59		14,532,857

Stock option expense of $1,388,295 and $1,220,798 was recorded in the six-months ended June 30, 2018 and June 30, 2017, respectively. Total remaining unrecognized compensation cost related to non-vested stock options is approximately $1,095,378 and is expected to be recognized over a period of 0.57 years. As of June 30, 2018, the total intrinsic value of stock options was $0.