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    Oncocyte Reports First Quarter 2024 Financial Results

    5/15/24 4:05:00 PM ET
    $OCX
    Biotechnology: In Vitro & In Vivo Diagnostic Substances
    Health Care
    Get the next $OCX alert in real time by email

    IRVINE, Calif., May 15, 2024 (GLOBE NEWSWIRE) -- Oncocyte Corporation (NASDAQ:OCX), a precision diagnostics company, today reported financial results for the quarter ended March 31, 2024.

    Recent Highlights

    • Announced global commercialization partnership with Bio-Rad Laboratories, Inc.
    • On track to ship research use only (RUO) GraftAssure™ transplant monitoring test kits to initial customers in Asia, the U.S., and the EU in 2Q 2024. IVD kits are under development for FDA submission.
    • Raised $15.8 million in gross proceeds from equity private placement; as part of the financing, Bio-Rad purchased 8.99% of Oncocyte; new and existing investors invested as well.
    • Reduced cash burn to $3.9 million, reflecting capital-efficient business model.

    "In the first quarter of 2024, Oncocyte made significant progress toward commercializing its innovative blood-based diagnostic tests. That progress was bolstered by a $15.8 million equity private placement and a global strategic partnership with Bio-Rad Laboratories," said Josh Riggs, Oncocyte's CEO.  "We believe that the collaboration with Bio-Rad is pivotal for the upcoming launch of our GraftAssure RUO transplant rejection diagnostic test kit and central to our mission of developing and providing accessible point of care diagnostics and continuous innovation in transplant rejection monitoring."

    "The Bio-Rad partnership validates the efficacy and market opportunity of our proprietary assays and enables us to rapidly enter the growing transplant monitoring market at key academic centers with GraftAssure RUO. It also lays the groundwork for broader commercial expansion. Together with Bio-Rad, we are developing regulated products including VitaGraft™ Kidney IVD, and preparing for clinical adoption. Additionally, our technology has been selected to support multiple Phase 2 clinical studies by pharmaceutical companies that are developing therapeutics to treat and manage anti-body mediated rejection. These therapeutic studies may unlock valuable new commercial applications."

    "Building on the momentum of these achievements, we are preparing to ship to several initial commercial customers in the U.S., the EU, and Asia in Q2. We are encouraged by prospective customers' positive response to GraftAssure's superior affordability, turn-around-time, and ease of use. We are well-positioned to achieve numerous critical commercial and regulatory milestones throughout 2024 and into 2025. We also are continuing to advance the development of our oncology diagnostics pipeline products, DetermaIO and DetermaCNI. Lastly, in Q1 2024, our cash burn stayed low at $3.9 million, reflecting our cost-control measures and financial discipline. We continue to meet our goal of maintaining a low average quarterly burn rate below $5 million."

    2024 First Quarter Financial Results

    Net revenue for the three months ended March 31, 2024 was $176,000, a decrease of 41% compared to the same period in 2023, due to decreased revenue from our Pharma Services business.

    Total cost of revenues for the three months ended March 31, 2024 was $274,000, a decrease of 5% compared to the same period in 2023. Total cost of revenues included $252,000 from the cost of diagnostic tests and testing services we performed for Pharma Services customers, with the remaining cost from noncash amortization expense.

    Research and development expense for the three months ended March 31, 2024 was $2.2 million, an increase of 2% compared to the same period in 2023.

    The increase was driven by continued focused investment in developing kitted versions of assays including DetermaIO™, VitaGraft™ and DetermaCNI™.

    Sales and marketing expense for the three months ended March 31, 2024 was $846,000, an increase of 22% compared to the same period in 2023. The increase was primarily driven by a continued ramp in sales, marketing and commercialization activities related to the commercial launch of GraftAssure.

    General and administrative expense for the three months ended March 31, 2024 was $2.7 million, a decrease of 22% compared to the same period in 2023. The decrease was primarily due to decreased stock-based compensation, personnel expenses, professional fees, and facilities and insurance expenses.

    Loss from operations for the three months ended March 31, 2024 was $9.3 million, compared to income from operations of $5.9 million during the same period in 2023. The increased loss from operations was primarily due to the unrealized noncash change in fair value of contingent consideration. The 2024 loss from operations included a loss of $3.3 million from the change in fair value of contingent consideration, compared to a gain of $18.3 million in 2023. Excluding the change in fair value of contingent consideration, the 2024 loss from operations decreased 52% compared to 2023.

    For Oncocyte's complete financial results for the first quarter ended March 31, 2024, see the Company's quarterly Form 10-Q to be filed with the Securities and Exchange Commission on May 15, 2024.

    Webcast and Conference Call Information

    Oncocyte will host a conference call to discuss first quarter 2024 financial results after market close on Wednesday, May 15, 2024 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call may be accessed live via telephone by dialing toll free (800) 715-9871 for both domestic and international callers. Once dialed in, ask to be joined to the Oncocyte Corporation call. The live webcast of the call may be accessed by visiting the "Events & Presentation" section of the Company's website at https://investors.oncocyte.com.

    About Oncocyte



    Oncocyte is a precision diagnostics company. The Company's tests are designed to help provide clarity and confidence to physicians and their patients. VitaGraft™ is a clinical blood-based solid organ transplantation monitoring test. GraftAssure™ is a research use only (RUO) blood-based solid organ transplantation monitoring test. DetermaIO™ is a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies. DetermaCNI™ is a blood-based monitoring tool for monitoring therapeutic efficacy in cancer patients. For more information about Oncocyte, please visit https://oncocyte.com/. More information about our products, please visit the following web pages:

    VitaGraft Kidney™ - https://oncocyte.com/vitagraft-kidney/

    VitaGraft Liver™ - https://oncocyte.com/vitagraft-liver/

    GraftAssure™ - https://oncocyte.com/graftassure/

    DetermaIO™ - https://oncocyte.com/determa-io/

    DetermaCNI™ - https://oncocyte.com/determa-cni/

    VitaGraft™, GraftAssure™, DetermaIO™, and DetermaCNI™ are trademarks of Oncocyte Corporation.

    Forward-Looking Statements

    Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates," "may," and similar expressions) are forward-looking statements. These statements include those pertaining to, among other things, the anticipated launch of the Company's GraftAssure RUO transplant rejection diagnostic test and the Company's rapid entry into the transplant monitoring market at key academic centers, the expectation that the Company and Bio-Rad will successfully develop regulated products, including VitaGraft Kidney IVD, the Company's high-margin and low-complexity business model, anticipated shipments to commercial customers in Q2, the belief that the Company is well positioned to meet numerous critical commercial and regulatory milestones throughout 2024 and into 2025, and other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of diagnostic tests or products, uncertainty in the results of clinical trials or regulatory approvals, the capacity of Oncocyte's third-party supplied blood sample analytic system to provide consistent and precise analytic results on a commercial scale, potential interruptions to supply chains, the need and ability to obtain future capital, maintenance of intellectual property rights in all applicable jurisdictions, obligations to third parties with respect to licensed or acquired technology and products, the need to obtain third party reimbursement for patients' use of any diagnostic tests. Oncocyte or its subsidiaries commercialize in applicable jurisdictions, and risks inherent in strategic transactions such as the potential failure to realize anticipated benefits, legal, regulatory or political changes in the applicable jurisdictions, accounting and quality controls, potential greater than estimated allocations of resources to develop and commercialize technologies, or potential failure to maintain any laboratory accreditation or certification. Actual results may differ materially from the results anticipated in these forward-looking statements and accordingly such statements should be evaluated together with the many uncertainties that affect the business of Oncocyte, particularly those mentioned in the "Risk Factors" and other cautionary statements found in Oncocyte's Securities and Exchange Commission (SEC) filings, which are available from the SEC's website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Oncocyte undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

    CONTACT:

    Jeff Ramson

    PCG Advisory

    (646) 863-6893

    [email protected]

    - Tables Follow -

    ONCOCYTE CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except per share data)

      March 31, December 31,
       2024   2023 
      (Unaudited)  
    ASSETS    
    CURRENT ASSETS    
         Cash and cash equivalents $5,578  $9,432 
         Accounts receivable, net of allowance for credit losses of $2 and $5, respectively  161   484 
         Prepaid expenses and other current assets  735   643 
         Assets held for sale  61   139 
    Total current assets  6,535   10,698 
         
    NONCURRENT ASSETS    
         Right-of-use and financing lease assets, net  2,199   1,637 
         Machinery and equipment, net, and construction in progress  3,528   3,799 
         Intangible assets, net  56,573   56,595 
         Restricted cash  1,700   1,700 
         Other noncurrent assets  438   463 
    TOTAL ASSETS $70,973  $74,892 
         
    LIABILITIES AND SHAREHOLDERS' EQUITY    
    CURRENT LIABILITIES    
         Accounts payable $908  $953 
         Accrued compensation  2,427   1,649 
         Accrued royalties  1,116   1,116 
         Accrued expenses and other current liabilities  741   452 
         Accrued severance from acquisition  2,314   2,314 
         Right-of-use liabilities, current  821   665 
         Current liabilities of discontinued operations  -   45 
    Total current liabilities  8,327   7,194 
         
    NONCURRENT LIABILITIES    
         Right-of-use liabilities, noncurrent  2,514   2,204 
         Contingent consideration liabilities  43,212   39,900 
         
    TOTAL LIABILITIES  54,053   49,298 
         
    Commitments and contingencies    
         
    Series A Redeemable Convertible Preferred Stock, no par value; stated value $1,000 per share; 5 shares issued and outstanding at March 31, 2024 and December 31, 2023; aggregate liquidation preference of $5,376 and $5,296 as of March 31, 2024 and December 31, 2023, respectively  5,332   5,126 
         
    SHAREHOLDERS' EQUITY    
         Preferred stock, no par value, 5,000 shares authorized; no shares issued and outstanding  -   - 
         Common stock, no par value, 230,000 shares authorized; 8,273 and 8,261 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively  310,553   310,295 
         Accumulated other comprehensive income  40   49 
         Accumulated deficit  (299,005)  (289,876)
    Total shareholders' equity  11,588   20,468 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $70,973  $74,892 
         

    ONCOCYTE CORPORATION

    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

       Three Months Ended

       March 31,

       2024   2023 
         
    Net revenue $176  $297 
         
    Cost of revenues  252   265 
    Cost of revenues – amortization of acquired intangibles  22   22 
    Gross (loss) profit  (98)  10 
         
    Operating expenses:    
    Research and development  2,169   2,127 
    Sales and marketing  846   695 
    General and administrative  2,673   3,412 
    Change in fair value of contingent consideration  3,312   (18,307)
    Impairment loss  -   4,950 
    Impairment loss on held for sale assets  169   1,283 
    Total operating expenses (credits)  9,169   (5,840)
         
    (Loss) income from operations  (9,267)  5,850 
         
    Other (expenses) income:    
         Interest expense  (15)  (11)
         Unrealized gain on marketable equity securities  -   121 
         Other income (expenses), net  153   (1)
    Total other income  138   109 
         
    (Loss) income before income taxes  (9,129)  5,959 
         
    Income taxes  -   - 
         
    (Loss) income from continuing operations  (9,129)  5,959 
    Loss from discontinued operations  -   (2,926)
         
    Net (loss) income $(9,129) $3,033 
         
    Net (loss) income per share:    
    Net (loss) income from continuing operations - basic and diluted $(9,335) $4,899 
    Net loss from discontinued operations - basic and diluted $-  $(2,502)
    Net (loss) income attributable to common stockholders - basic and diluted $(9,335) $2,397 
         
    Net (loss) income from continuing operations per share - basic and diluted $(1.13) $0.82 
    Net loss from discontinued operations per share - basic and diluted $-  $(0.42)
    Net (loss) income attributable to common stockholders per share - basic and diluted $(1.13) $0.40 
         
    Weighted average shares outstanding - basic  8,264   5,958 
    Weighted average shares outstanding - diluted  8,264   5,963 
         

    Oncocyte Corporation

    Reconciliation of Non-GAAP Financial Measure

    Consolidated Adjusted Loss from Operations

    Note: In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes a non-GAAP financial measure (as defined under SEC Regulation G). We believe the adjusted amounts are more representative of our ongoing performance. The following is a reconciliation of the non-GAAP measure to the most directly comparable GAAP measure:

     Three Months Ended
     March 31, December 31, March 31,
      2024   2023   2023 
     (unaudited) (unaudited) (unaudited)
      
    Consolidated GAAP (loss) income from operations$ (9,267) $ (16,179) $ 5,850 
    Stock-based compensation 418   484   816 
    Severance charge -   2   14 
    Depreciation and amortization expense 335   325   472 
    Change in fair value of contingent consideration 3,312   11,185   (18,307)
    Impairment losses -   (4)  4,950 
    Impairment loss on held for sale assets 169   -   1,283 
    Consolidated Non-GAAP loss from operations, as adjusted$ (5,033) $ (4,187) $ (4,922)
          

     



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      $OCX
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • OncoCyte downgraded by KeyBanc Capital Markets

      KeyBanc Capital Markets downgraded OncoCyte from Overweight to Sector Weight

      3/14/22 7:21:22 AM ET
      $OCX
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care