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, today reports financial results for the
second quarter 2022, ended June 30, 2022.
Second Quarter and Recent
Highlights:
- Recent
rightsizing of organization to match new program priorities is
expected to reduce headcount carrying costs by over $4.5 million
annually and, in combination with reprioritization cost reduction
and anticipated strategic activities, annualized operating costs
are expected to be reduced by approximately $12 million in 2023 as
compared to 2022.
- Reported total
revenue of $2.1 million in the second quarter of 2022, compared
with $2.0 million in the second quarter of 2021.
- Received $1.0
million milestone payment from the final delivery of DetermaRx™ to
Burning Rock, our Chinese partner.
- Grew DetermaRx
sample volume by 66% compared to second quarter of 2021 and
increased onboarded physician base by 82% as compared to the same
period in 2021.
- Launched our
CLIA validated laboratory test for our newly branded VitaGraft™
Liver Transplant Monitoring, a donor-derived cell-free DNA
(dd-cfDNA) test.
- Submitted
VitaGraft Liver and VitaGraft Kidney for CMS reimbursement.
- Clinical
Partners presented five abstracts at ASCO and AACR expanding the
evidence supporting DetermaIO™ as clinically relevant to decision
making in six different cancer types including:
- Independent,
prospective randomized clinical trial (RCT) evidence that DetermaIO
can identify responders and expand the market for immune checkpoint
inhibitor (ICI) therapy in colorectal cancer.
- Phase II
independent blinded clinical trial evidence that DetermaIO can
inform the use of pembrolizumab therapy (Keytruda) in the
neoadjuvant treatment of triple negative breast cancer, expanding
upon prior reported RCT data with atezolizumab.
- Closed an
underwritten offering of $32.8 million in net proceeds of common
stock and warrants, and a preferred stock offering of $4.9 million
in net proceeds, to strengthen the balance sheet and further
support our product portfolio.
“Our recent reprioritization efforts have led to
a rightsizing of our employee base to better match the resourcing
required to deliver DetermaIO, DetermaCNI™ and VitaGraft to the
market. The expected program cost reductions combined with the
reduction in headcount and planned monetization of assets through
strategic activities are anticipated to result in a decrease of
approximately $12 million in annualized operating expenses year
over year, extending our cash runway into 2024,” said Ron Andrews,
Chief Executive Officer of Oncocyte. “We continued to make solid
progress in the second quarter, delivering 66% year over year
growth in DetermaRx sample volumes and successfully onboarding new
physicians and accounts. We also successfully completed our CLIA
lab test validation of our VitaGraft product line and submitted
both Liver and Kidney for CMS reimbursement.”
Continuing, Mr Andrews commented, “Looking
ahead, we are excited by the response to the anticipated launch of
our VitaGraft Liver test and expect our first samples from a
high-profile liver transplant center by the end of August. We also
remain on track to submit our dossier for DetermaIO reimbursement
this fall. Despite the continued market headwinds, we believe that
Oncocyte has an incredibly bright future in front of us as the
product development efforts from the past few years are expected to
result in new product launches of high value, reimbursed products
over the next four to six quarters. I would also like to recognize
the promotion of Anish John to CFO and Gisela Paulsen to President
and COO. These are well-deserved promotions for two executives that
have been instrumental in reshaping our priorities and helping find
ways to reduce our burn while still accomplishing our mission. We
are now aligned around key areas where our skill sets can best
serve Oncocyte’s future. I appreciate the continued support of our
shareholders and look forward to updating you as we work to deliver
on the key product milestones throughout the second half of
2022.”
Second Quarter 2022 Financial
Results
Total revenue was $2.1 million for the second
quarter of 2022, compared to $1.4 million for the prior quarter.
Second quarter revenues associated with DetermaRx were $0.8
million, down $0.2 million sequentially, and up $0.2 million year
over year. Operating expenses for the second quarter 2022 were $8.2
million, compared to $13.2 million, a decrease of $5.0 million from
the same period in the prior year. Research and Development expense
for the second quarter 2022 was $5.6 million, an increase of $3.0
million from the same period a year ago. The increase in R&D
expense was due to full integration of the Chronix R&D team,
the growth and enrolment of our clinical trials, and added
headcount related to the buildout of our IVD product development
capabilities. General and Administrative expense for the second
quarter of 2022 was $5.5 million, a decrease of $2.4 million for
the same period in 2021, primarily due to one-time acquisition
related costs related Chronix Biomedical acquisition in the same
period in the prior year. Sales and Marketing expense in the
quarter was $3.5 million, an increase of $0.8 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 $8.3 million for the second quarter
of 2022 and net loss per share was $0.07 on a weighted-average
basic and diluted share count of 113.0 million, compared to a net
loss of $10.5 million and a net loss per share of $0.12 on a
weighted-average basic and diluted share count of 89.8 million in
the same period of the prior year.
Cash, cash equivalents, restricted cash and
marketable securities were $47.1 million as of June 30, 2022.
Webcast and Conference Call
InformationOncocyte will host a conference call to discuss
the second quarter 2022 financial results after market close on
Wednesday, August 10, 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: 13731553. The live
webinar can be accessed at https://investors.oncocyte.com.
About OncocyteOncocyte is a precision
diagnostics company with a mission to improve patient outcomes by
providing personalized insights that inform critical decisions
throughout the patient care journey.
Through its proprietary tests and pharmaceutical services
business, the Company aims to help save lives by accelerating the
diagnosis of cancer and advancing cancer care. The Company’s tests
are designed to help provide clarity and confidence to physicians
and their patients at every stage. DetermaRx™ identifies
early-stage lung cancer patients who are at high risk for cancer
recurrence and who may benefit from adjuvant chemotherapy.
DetermaIO™ is a gene expression test that assesses the tumor
microenvironment to predict response to immunotherapies. The
Company’s pipeline of tests in development also includes
DetermaTx™, which will assess mutational status of a tumor,
DetermaCNI™, a blood-based monitoring test, DetermaMx™, a long-term
recurrence monitoring test, and VitaGraft™, a blood-based solid
organ transplantation monitoring test. In addition, Oncocyte’s
pharmaceutical services provide companies that are developing new
cancer treatments a full suite of molecular testing services to
support the drug development process.
DetermaRx™, DetermaIO™, DetermaTx™, DetermaCNI™, DetermaMx™ and
VitaGraft™ 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,
expected program cost reductions, planned monetization of assets
through strategic activities, the anticipation of a $12 million
improvement in annualized operating expenses related to such cost
reductions and planned monetization of assets, the expectation that
our cash runway will extend well into 2024, the anticipated launch
of our VitaGraft Liver product and the expectation that we will
receive our first samples from a high-profile liver transplant
center by the end of August, the anticipated submission of our
dossier for DetermaIO reimbursement this fall, the expectation of
new product launches of high value, reimbursed products over the
next four to six quarter, 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, the potential impact
of COVID-19 on Oncocyte or its subsidiaries’ financial and
operational results, 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.
Investor & Media Contact
Caroline CornerICR
Westwicke415.202.5678Caroline.corner@westwicke.com
ONCOCYTE
CORPORATION |
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
44,836 |
|
|
$ |
35,605 |
|
|
Accounts receivable |
|
|
1,802 |
|
|
|
1,437 |
|
|
Marketable equity securities |
|
|
579 |
|
|
|
904 |
|
|
Prepaid expenses and other current assets |
|
|
2,151 |
|
|
|
1,197 |
|
|
Total
current assets |
|
|
49,368 |
|
|
|
39,143 |
|
|
|
|
|
|
|
|
NONCURRENT
ASSETS |
|
|
|
|
|
Right-of-use and financing lease assets, net |
|
|
2,489 |
|
|
|
2,779 |
|
|
Machinery and equipment, net, and construction in progress |
|
|
9,087 |
|
|
|
5,748 |
|
|
Goodwill |
|
|
18,684 |
|
|
|
18,684 |
|
|
Intangible assets, net |
|
|
89,341 |
|
|
|
91,245 |
|
|
Restricted cash |
|
|
1,700 |
|
|
|
1,700 |
|
|
Other noncurrent assets |
|
|
382 |
|
|
|
264 |
|
|
TOTAL
ASSETS |
|
$ |
171,051 |
|
|
$ |
159,563 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Accounts payable |
|
$ |
2,465 |
|
|
$ |
2,447 |
|
|
Accrued compensation |
|
|
2,789 |
|
|
|
3,376 |
|
|
Accrued expenses and other current liabilities |
|
|
4,564 |
|
|
|
2,425 |
|
|
Accrued severance from acquisition |
|
|
2,314 |
|
|
|
2,352 |
|
|
Accrued liabilities from acquisition |
|
|
609 |
|
|
|
1,388 |
|
|
Loans payable, net of deferred financing costs |
|
|
574 |
|
|
|
1,313 |
|
|
Right-of-use and financing lease liabilities, current |
|
|
839 |
|
|
|
819 |
|
|
Total
current liabilities |
|
|
14,154 |
|
|
|
14,120 |
|
|
|
|
|
|
|
|
NONCURRENT
LIABILITIES |
|
|
|
|
|
Right-of-use and financing lease liabilities, noncurrent |
|
|
3,134 |
|
|
|
3,545 |
|
|
Contingent consideration liabilities |
|
|
65,666 |
|
|
|
76,681 |
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
|
|
82,954 |
|
|
|
94,346 |
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Series A
Redeemable Convertible Preferred Stock, no par value; stated value
$1,000 per share; 12 shares authorized, 6 shares issued and
outstanding at June 30, 2022; aggregate liquidation preference of
$5,911 as of June 30, 2022 |
|
|
4,854 |
|
|
|
- |
|
|
|
|
|
|
|
|
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; 118,609 and
92,232 shares issued and outstanding at June 30, 2022 and December
31, 2021, respectively |
|
|
289,649 |
|
|
|
252,954 |
|
|
Accumulated other comprehensive loss |
|
|
31 |
|
|
|
37 |
|
|
Accumulated deficit |
|
|
(206,437 |
) |
|
|
(187,774 |
) |
|
Total
shareholders’ equity |
|
|
83,243 |
|
|
|
65,217 |
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
171,051 |
|
|
$ |
159,563 |
|
|
|
|
|
|
|
|
ONCOCYTE
CORPORATION |
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(In
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Six Months
Ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue |
|
$ |
2,067 |
|
|
$ |
2,030 |
|
|
$ |
3,491 |
|
|
$ |
3,154 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
1,405 |
|
|
|
1,350 |
|
|
|
2,426 |
|
|
|
2,088 |
|
|
Cost of revenues – amortization of acquired intangibles |
|
976 |
|
|
|
1,074 |
|
|
|
1,912 |
|
|
|
1,381 |
|
|
Gross
profit |
|
|
(314 |
) |
|
|
(394 |
) |
|
|
(847 |
) |
|
|
(315 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
5,574 |
|
|
|
2,537 |
|
|
|
10,702 |
|
|
|
5,898 |
|
|
Sales and marketing |
|
|
3,522 |
|
|
|
2,673 |
|
|
|
6,759 |
|
|
|
4,927 |
|
|
General and administrative |
|
|
5,511 |
|
|
|
7,934 |
|
|
|
11,164 |
|
|
|
12,698 |
|
|
Change in fair value of contingent consideration |
|
|
(6,359 |
) |
|
|
30 |
|
|
|
(11,015 |
) |
|
|
1,090 |
|
|
Total
operating expenses |
|
|
8,248 |
|
|
|
13,174 |
|
|
|
17,610 |
|
|
|
24,613 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(8,562 |
) |
|
|
(13,568 |
) |
|
|
(18,457 |
) |
|
|
(24,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES), NET |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(21 |
) |
|
|
(49 |
) |
|
|
(51 |
) |
|
|
(117 |
) |
|
Unrealized gain (loss) on marketable equity securities |
|
5 |
|
|
|
173 |
|
|
|
(325 |
) |
|
|
386 |
|
|
Pro rata loss from equity method investment in Razor |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(270 |
) |
|
Gain on extinguishment of debt (PPP loan) |
|
|
- |
|
|
|
1,141 |
|
|
|
- |
|
|
|
1,141 |
|
|
Other income, net |
|
|
278 |
|
|
|
16 |
|
|
|
242 |
|
|
|
18 |
|
|
Total other
expenses, net |
|
|
262 |
|
|
|
1,281 |
|
|
|
(134 |
) |
|
|
1,158 |
|
|
|
|
|
|
|
|
|
|
|
|
LOSS
BEFORE INCOME TAXES |
|
|
(8,300 |
) |
|
|
(12,287 |
) |
|
|
(18,591 |
) |
|
|
(23,770 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit |
|
|
- |
|
|
|
1,794 |
|
|
|
- |
|
|
|
9,358 |
|
|
|
|
|
|
|
|
|
|
|
|
NET
LOSS |
|
$ |
(8,300 |
) |
|
$ |
(10,493 |
) |
|
$ |
(18,591 |
) |
|
$ |
(14,412 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: basic and diluted |
|
113,042 |
|
|
|
89,758 |
|
|
|
102,700 |
|
|
|
85,961 |
|
|
|
|
|
|
|
|
|
|
|
|
ONCOCYTE
CORPORATION |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
thousands) |
|
|
|
|
|
|
|
Six
Months Ended |
|
|
June
30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net loss |
|
$ |
(18,591 |
) |
|
$ |
(14,412 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation expense |
|
|
671 |
|
|
|
327 |
|
Amortization of intangible assets |
|
|
1,904 |
|
|
|
1,381 |
|
Pro rata loss from equity method investment in Razor |
|
|
- |
|
|
|
270 |
|
Stock-based compensation |
|
|
4,242 |
|
|
|
3,286 |
|
Unrealized (gain) loss on marketable equity securities |
|
|
325 |
|
|
|
(386 |
) |
Amortization of debt issuance costs |
|
|
11 |
|
|
|
33 |
|
Change in fair value of contingent consideration |
|
|
(11,015 |
) |
|
|
1,090 |
|
Change in fair value of Series A redeemable convertible preferred
stock second tranche obligation |
|
|
(305 |
) |
|
|
33 |
|
Deferred income tax benefit |
|
|
- |
|
|
|
(9,358 |
) |
Gain on extinguishment of debt (PPP loan) |
|
|
- |
|
|
|
(1,141 |
) |
Accrued severance from Chronix Biomedical acquisition |
|
|
- |
|
|
|
2,452 |
|
|
|
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(365 |
) |
|
|
(817 |
) |
Lease liabilities |
|
|
(94 |
) |
|
|
218 |
|
Prepaid expenses and other assets |
|
|
(773 |
) |
|
|
(103 |
) |
Accounts payable and accrued liabilities |
|
|
239 |
|
|
|
(766 |
) |
Accrued severance and liabilities from Chronix Biomedical
acquisition |
|
|
(817 |
) |
|
|
- |
|
Net cash
used in operating activities |
|
|
(24,568 |
) |
|
|
(17,893 |
) |
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Acquisition of Insight Genetics, net of cash acquired |
|
|
- |
|
|
|
(607 |
) |
Acquisition of Razor Genomics asset, net of cash acquired |
|
|
- |
|
|
|
(6,648 |
) |
Acquisition of Chronix Biomedical, net of cash acquired |
|
|
- |
|
|
|
(4,459 |
) |
Construction in progress and purchases of furniture and
equipment |
|
|
(2,679 |
) |
|
|
(1,452 |
) |
Net cash
used in investing activities |
|
|
(2,679 |
) |
|
|
(13,166 |
) |
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from exercise of stock options |
|
|
- |
|
|
|
1,600 |
|
Proceeds from sale of common shares |
|
|
32,812 |
|
|
|
65,262 |
|
Financing costs to issue common shares |
|
|
(389 |
) |
|
|
(2,676 |
) |
Proceeds from sale of redeemable convertible Series A preferred
shares |
|
|
4,875 |
|
|
|
- |
|
Financing costs to issue redeemable convertible Series A preferred
shares |
|
|
(93 |
) |
|
|
- |
|
Proceeds from sale of common shares under at-the-market
transactions |
|
|
31 |
|
|
|
6,483 |
|
Financing costs for at-the-market sales |
|
|
(1 |
) |
|
|
(203 |
) |
Proceeds from exercise of warrants |
|
|
- |
|
|
|
823 |
|
Common shares received and retired for employee taxes paid |
|
|
- |
|
|
|
(37 |
) |
Repayment of loan payable |
|
|
(750 |
) |
|
|
(750 |
) |
Repayment of financing lease obligations |
|
|
(7 |
) |
|
|
(84 |
) |
Net cash
provided by financing activities |
|
|
36,478 |
|
|
|
70,418 |
|
|
|
|
|
|
NET
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
9,231 |
|
|
|
39,359 |
|
|
|
|
|
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH,
BEGINNING |
|
|
37,305 |
|
|
|
8,843 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH,
ENDING |
|
$ |
46,536 |
|
|
$ |
48,202 |
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
Cash paid for interest |
|
$ |
21 |
|
|
$ |
70 |
|
|
|
|
|
|
SUPPLEMENTAL
SCHEDULE OF NONCASH FINANCING AND INVESTING ACTIVITIES |
|
|
|
|
Common stock issued for acquisition of Razor Genomics asset |
|
$ |
- |
|
|
$ |
5,756 |
|
Deferred tax liability generated from the acquisition of Razor
Genomics asset |
|
|
- |
|
|
|
7,564 |
|
Common stock issued for acquisition of Chronix Biomedical |
|
|
- |
|
|
|
3,299 |
|
Deferred tax liability generated from the acquisition of
Chronix |
|
|
- |
|
|
|
1,794 |
|
Initial fair value of contingent consideration at acquisition
date |
|
|
- |
|
|
|
42,295 |
|
Assumed liability from Chronix Acquisition |
|
|
- |
|
|
|
9,294 |
|
Construction in progress, machinery and equipment purchases
included in accounts payable, accrued liabilities and landlord
liability |
|
|
1,331 |
|
|
|
9 |
|
|
|
|
|
|
Oncocyte Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measure |
|
|
|
|
|
Adjusted Loss from Operations |
|
|
|
|
|
|
|
(Amounts in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended |
|
|
June 30, |
|
December 31, |
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
2021 |
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
GAAP loss from operations - as reported |
$ |
(8,562 |
) |
|
$ |
(35,680 |
) |
|
$ |
(13,568 |
) |
|
Stock-based
compensation expense |
|
2,232 |
|
|
|
1,706 |
|
|
|
1,996 |
|
|
Change in fair value of contingent consideration |
|
(6,359 |
) |
|
|
25,006 |
|
|
|
30 |
|
|
Severance
charge |
|
143 |
|
|
|
255 |
|
|
|
2,452 |
|
|
Depreciation
and amortization expense |
|
1,360 |
|
|
|
1,251 |
|
|
|
1,280 |
|
|
Non-GAAP loss from operations, as adjusted |
$ |
(11,186 |
) |
|
$ |
(7,462 |
) |
|
$ |
(7,810 |
) |
|
|
|
|
|
|
|
|
|
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