On May 11, 2022 Oncocyte Corporation (Nasdaq: OCX), a precision diagnostics company with the mission to improve patient outcomes by providing personalized insights that inform critical decisions throughout the patient care journey, reported that financial results for the first quarter 2022, ended March 31, 2022 (Press release, Oncocyte, MAY 11, 2022, View Source [SID1234614217]).
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First Quarter and Recent Highlights:
Reported total revenue of $1.4 million in the first quarter of 2022, compared with $1.1 million in the first quarter of 2021.
Launched our CLIA validated lab test for TheraSure Liver Transplant Monitoring, a donor-derived cell-free DNA (dd-cfDNA) test which has shown to successfully achieve an early indication of rejection episodes in organ transplant patients using a digital polymerase chain reaction (dPCR) technique.
Closed a platform partnership with Thermo Fisher to gain access to Ex-US channel for the Determa product line
Completed Irvine facility build out and installed Genexus instruments to begin DetermaIO IVD Kit process.
Completed an equity financing by raising $32.8 million in common stock to strengthen the balance sheet and further support our product portfolio.
"We continued to make solid progress in the first quarter, delivering 73% year over year growth in DetermaRx sample volumes and successfully onboarding new physicians and accounts. We also successfully completed an underwritten financing to strengthen our balance sheet and fuel our upcoming product launch efforts," said Ron Andrews, President and Chief Executive Officer of Oncocyte. "Looking ahead, we remain enthusiastic about our upcoming DetermaIO data releases at ASCO (Free ASCO Whitepaper) in early June and the continued rapid progress we have made to launch our transplant business as we announced last week. We also remain on track to submit three additional oncology tests, DetermaIO, DetermaTx and DetermaCNI, for reimbursement over the next 12-18 months. I appreciate the continued support of our shareholders and look forward to updating you as we execute on our strategic plans."
First Quarter 2022 Financial Results
Total revenue was $1.4 million for the first quarter of 2022, compared to $1.1 million for the prior quarter. First quarter revenues associated with DetermaRx were $1.0 million, up $0.2 million sequentially, and up $0.4 million year over year. Operating expenses for the first quarter 2022 were $9.4 million, compared to $11.4 million, a decrease of $2.0 million from the same period in the prior year. Research and Development expense for the first quarter 2022 was $5.1 million, an increase of $1.8 million from the same period a year ago. The increase in R&D expense was related to increased headcount in support of clinical trials in oncology and transplant. General and Administrative expense for the first quarter of 2022 was $5.7 million, an increase of $0.9 million for the same period in 2021, due primarily due to an increase in personnel and related expenses. Sales and Marketing expense in the quarter was $3.2 million, an increase of $1.0 million year over year, primarily attributable to an increase in headcount and continued ramp in sales and marketing activities related to the transplant business, as well as support the commercialization efforts within oncology.
Net loss was $10.3 million for the first quarter of 2022 and net loss per share was $0.11 on a weighted-average basic and diluted share count of 92.2 million, compared to a net loss of $3.9 million and a net loss per share of $0.05 on a weighted-average basic and diluted share count of 82.1 million in the same period of the prior year.
Cash, cash equivalents, restricted cash and marketable securities were $22.7 million as of March 31, 2022.
Webcast and Conference Call Information
Oncocyte will host a conference call to discuss the first quarter 2022 financial results after market close on Wednesday, May 11, 2022 at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. The conference call can be accessed live over the phone (877) 407-9716 for U.S. callers or (201) 493-6779 for international callers, using conference ID: 13729461. The live webinar can be accessed at View Source