- Fourth quarter net revenues of $14.0 million driven by RT-PCR
COVID-19 testing volume
- Full year net revenues of $61.2 million increased 123% over the
prior year
- Positive operating cash flow for 2021 of $3.7 million
- Cash and cash equivalents at 2021 year-end of $28.9
million
- CNSide™ sequential-quarter volume growth continued; academic
customer base expanded
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, reports financial results
for the three and 12 months ended December 31, 2021 and provides a
business update.
“During the fourth quarter we expanded our CNSide customer base
to include several additional prestigious academic institutions
while generating sequential-quarter volume growth,” said Samuel D.
Riccitelli, Biocept’s Chairman, and interim President and CEO. “As
the first commercial service to measure biomarker status in the
central nervous system in real time, CNSide holds promise to play a
critical role in serial quantitative monitoring of patient response
to therapy. Our focus is on generating additional clinical data in
support of establishing CNSide as standard of care for the clinical
management of metastatic cancer involving the central nervous
system. We plan to initiate a two-phased prospective clinical study
during the third quarter, and to continue collaborating with
biopharmaceutical companies and leading research centers to support
their own studies.
“RT-PCR COVID-19 testing volume drove revenue throughout 2021
and we ended the year with positive operating cash flow and a
strong cash position,” he said. “Even with the decline in demand
for COVID-19 testing services we are currently experiencing, we
believe our cash runway is sufficient to fund operations for the
current year, including planned investments in CNSide.
“We are evaluating all aspects of our business with an eye on
shareholder value, and we recently strengthened our leadership with
added expertise in operations, finance, and legal, regulatory and
compliance,” Mr. Riccitelli added. “As previously announced, we
intend to unveil our rationalized business strategy including
near-term milestones in mid-May when we report financial results
for the first quarter of 2022 and resume holding quarterly
investment community conference calls.”
Fourth Quarter Financial Results
Net revenues for the fourth quarter of 2021 were $14.0 million,
compared with $18.5 million for the fourth quarter of 2020, with
the decrease primarily attributable to lower RT-PCR COVID-19
testing. Revenues for the fourth quarter of 2021 included $14.1
million in RT-PCR COVID-19 test revenue, negative $213,000 in
oncology test revenue, $40,000 in development services test revenue
and $3,000 in revenue for distributed products, Target Selector™
RUO kits, CEE-Sure® specimen collection tubes and payments for
development services. Net revenues for the fourth quarter of 2020
included $17.6 million in RT-PCR COVID-19 test revenue, $744,000 in
oncology test revenue, $32,000 in development services test revenue
and $160,000 in revenue for distributed products, Target Selector
RUO kits and CEE-Sure blood collection tubes and payments for
development services.
Biocept accessioned 133,431 total samples during the fourth
quarter of 2021, compared with 145,129 total samples during the
fourth quarter of 2020. The decrease was primarily attributable to
lower RT-PCR COVID-19 testing.
Cost of revenues was unchanged at $10.0 million for the fourth
quarters of 2021 and 2020.
Research and development (R&D) expenses for the fourth
quarter of 2021 were $1.5 million, compared with $1.2 million for
the fourth quarter of 2020, with the increase primarily
attributable to increases in headcount-related expenses and cost
allocations associated with investment in CNSide clinical
development. General and administrative (G&A) expenses for the
fourth quarter of 2021 were $2.7 million, compared with $3.1
million for the fourth quarter of 2020, with the decrease primarily
due to lower consulting expenses and facility costs. Sales and
marketing expenses for the fourth quarter of 2021 were $2.5
million, compared with $2.2 million for the fourth quarter of 2020,
with the increase due to higher sales commissions and marketing
costs related to CNSide.
The net loss attributable to common stockholders for the fourth
quarter of 2021 was $3.0 million, or $0.18 per share on 16.8
million weighted-average shares outstanding. This compares with net
income attributable to common stockholders for the fourth quarter
of 2020 of $1.9 million, or $0.14 per basic and diluted share on
13.6 million weighted-average shares outstanding.
Full Year Financial Results
Net revenues for 2021 were $61.2 million, a 123% increase from
$27.5 million for 2020. Revenues for 2021 included $60.9 million in
commercial test revenue, $147,000 in development services test
revenue and $171,000 in revenue for Target Selector RUO kits and
CEE-Sure blood collection tubes and payments for development
services.
Operating expenses for 2021 were $63.7 million, and included
cost of revenues of $37.8 million, R&D expenses of $5.0
million, G&A expenses of $12.6 million and sales and marketing
expenses of $8.3 million.
Interest and other expense, net, for 2021 was $290,000, compared
with $2.3 million for 2020.
The net loss for 2021 was $2.8 million, or $0.19 per share on
14.8 million weighted-average shares outstanding, which compares
with a net loss for 2020 of $17.8 million, or $1.50 per share on
11.8 million weighted-average shares outstanding.
Biocept reported cash and cash equivalents as of December 31,
2021 of $28.9 million, compared with $14.4 million as of December
31, 2020. During 2021, the Company generated positive cash flow
from operations of $3.7 million, versus negative cash flows from
operations of $19.8 million during 2020.
About Biocept
Biocept, Inc. develops and commercializes molecular diagnostic
assays that provide physicians with clinically actionable
information for treating and monitoring patients diagnosed with a
variety of cancers. In addition to its portfolio of blood-based
liquid biopsy assays, Biocept has developed the CNSide™
cerebrospinal fluid assay that detects cancer that has metastasized
to the central nervous system. Biocept’s patented Target Selector™
technology captures and quantitatively analyzes CSF tumor cells for
tumor-associated molecular markers, using technology first
developed for use in blood. Biocept also is leveraging its
molecular diagnostic capabilities to offer nationwide COVID-19
RT-PCR testing to support public health efforts during this
unprecedented pandemic. For more information, visit
www.biocept.com. Follow Biocept on Facebook, LinkedIn and
Twitter.
Forward-Looking Statements Disclaimer Statement
This news release contains forward-looking statements that are
based upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance that such expectations and assumptions will prove to
be correct. Forward-looking statements are generally identifiable
by the use of words like "may," "will," "should," "could,"
"expect," "anticipate," "estimate," "believe," "intend" or
"project," or the negative of these words or other variations on
these words or comparable terminology. To the extent that
statements in this news release are not strictly historical,
including, without limitation, statements regarding our plan to
initiate the first of two prospective clinical studies during the
third quarter and to continue collaborating with biopharmaceutical
companies and leading research centers to support investigator-led
studies, our expected cash runway, and the capabilities and
performance of our CNSide assay and Target Selector™ technology,
such statements are forward-looking, and are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The reader is cautioned not to put undue reliance on
these forward-looking statements, as these statements are subject
to numerous risks and uncertainties, including risks and
uncertainties associated with the continually evolving COVID-19
pandemic and the risk that our products and services may not
perform as expected. These and other factors are described in
greater detail under the "Risk Factors" heading of our Quarterly
Report on Form 10-Q/A for the quarter ended September 30, 2021, as
filed with the Securities and Exchange Commission (SEC) on February
15, 2022, and under the "Risk Factors" heading of our Annual Report
on Form 10-K for the year ended December 31, 2021, filed with the
SEC on April 5, 2022. The effects of such risks and uncertainties
could cause actual results to differ materially from the
forward-looking statements contained in this news release. We do
not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in
this press release except as required by law. Readers are advised
to review our filings with the SEC at http://www.sec.gov/.
BIOCEPT, INC. CONDENSED BALANCE SHEETS (in
thousands)
December 31,
December 31,
2020
2021
(unaudited) ASSETS Cash $
14,368
$
28,864
Accounts receivable, net
14,145
13,786
Inventories, net
1,930
2,651
Prepaid expenses and other current assets
2,152
391
TOTAL CURRENT ASSETS
32,595
45,692
FIXED ASSETS, NET
2,318
2,401
LEASE RIGHT-OF-USE ASSETS
12,114
11,868
OTHER NON-CURRENT ASSETS
426
456
TOTAL ASSETS $
47,453
$
60,417
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES, NET $
12,496
$
11,773
NON-CURRENT LIABILITIES, NET
11,265
11,164
TOTAL LIABILITIES $
23,761
$
22,937
SHAREHOLDERS' EQUITY
23,692
37,480
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $
47,453
$
60,417
BIOCEPT, INC. CONDENSED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS (in thousands, except shares and per
share data) For the three months ended December
31, For the year ended December 31,
2020
2021
2020
2021
(unaudited) (unaudited) (unaudited) NET
REVENUES $
18,511
$
13,976
$
27,461
$
61,249
COST AND EXPENSES Cost of Revenues
10,013
10,029
21,337
37,764
Research and development expenses
1,231
1,476
5,220
4,960
General and administrative expenses
3,134
2,732
9,973
12,614
Sales and marketing expenses
2,166
2,515
6,400
8,320
Total costs and expenses
16,544
16,752
42,930
63,658
INCOME (LOSS) FROM OPERATIONS
1,967
(2,776
)
(15,469
)
(2,409
)
INTEREST AND OTHER INCOME/(EXPENSE), NET
(65
)
(70
)
(2,338
)
(290
)
INCOME (LOSS) BEFORE INCOME TAXES
1,902
(2,846
)
(17,807
)
(2,699
)
INCOME TAXES
-
(125
)
-
(125
)
NET INCOME (LOSS) AND COMPREHENSIVE INCOME(LOSS) $
1,902
$
(2,971
)
$
(17,807
)
$
(2,824
)
Deemed dividend related to warrants down round provision
-
-
(3
)
-
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS
1,902
(2,971
)
(17,810
)
(2,824
)
NET INCOME (LOSS) PER SHARE - Basic $
0.14
$
(0.18
)
$
(1.50
)
$
(0.19
)
- Diluted $
0.14
$
(0.18
)
$
(1.50
)
$
(0.19
)
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING - Basic
13,396,824
16,812,232
11,845,255
14,775,805
- Diluted
13,604,025
16,812,232
11,845,255
14,775,805
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220406005373/en/
Investor Contact: LHA
Investor Relations Jody Cain Jcain@lhai.com, (310) 691-7100
Media Contact: Sampson PR
Group Andrea Sampson asampson@sampsonprgroup.com, (562)
304-0301
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