- CNSide™ study data featured in three poster presentations at
leading neuro-oncology annual meeting
- Participates in UCSF investigator-initiated study to better
understand the development and progression of metastatic breast
cancer to the central nervous system
- CNSide orders increased 8% over 2Q 2022 and 176% versus 3Q
2021
Conference Call to be held November 28, 2022 at
4:00 p.m. Eastern time
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, reports financial results
for the three and nine months ended September 30, 2022 and provides
a business update.
“Our third quarter financial results reflect solid increases in
CNSide orders, up 8% sequentially and 176% year-over-year,” said
Samuel D. Riccitelli, Biocept’s Chairman, and interim President and
CEO. “We are executing well on our strategy to generate further
evidence to secure higher reimbursement for CNSide and support its
adoption into clinical care guidelines. The first site in our
FORESEE clinical trial is now open for patient enrollment and we
expect at least one additional site to be cleared for enrollment in
the coming months. We recently announced our participation in an
investigator-initiated study with leading breast cancer oncologists
at the University of California San Francisco aimed at learning
more about how metastatic breast cancer develops and progresses.
I’m also pleased that at last week’s Society for Neuro-Oncology
annual meeting three posters featuring CNSide were presented by
prominent neuro-oncologists.”
Third Quarter Financial Results
Net revenues for the third quarter of 2022 were $5.6 million,
which included $4.7 million in RT-PCR COVID-19 test revenue. This
compared with net revenues for the third quarter of 2021 of $17.5
million, which included $16.5 million in RT-PCR COVID-19 test
revenue.
Biocept accessioned 49,874 commercial samples during the third
quarter of 2022, compared with 152,796 commercial samples during
the third quarter of 2021, with the decline due primarily to lower
RT-PCR COVID-19 testing volume. The average value per commercial
accession for the third quarter of 2022 was $111, compared with
$114 for the third quarter of 2021, with the decrease due to payor
mix.
Cost of revenues for the third quarter of 2022 was $5.8 million,
compared with $11.3 million for the prior-year period, with the
decrease primarily related to lower RT-PCR COVID-19 testing
volume.
Research and development (R&D) expenses for the third
quarter of 2022 were $1.4 million compared with $1.3 million for
the third quarter of 2021. General and administrative (G&A)
expenses for the third quarter of 2022 were $3.0 million, compared
with $3.5 million for the third quarter of 2021, with the decrease
primarily due to lower stock-based compensation and lower
headcount. Sales and marketing expenses for the third quarter of
2022 were $1.0 million, compared with $1.9 million for the third
quarter of 2021, with the decrease due primarily to a reduction in
sales commissions expense.
Net loss attributable to common stockholders for the third
quarter of 2022 was $5.5 million, or ($0.33) per share on 17.0
million weighted-average shares outstanding. This compares with net
loss attributable to common stockholders for the third quarter of
2021 of $0.6 million, or ($0.04) per share on 15.4 million
weighted-average shares outstanding.
Nine Month Financial Results
Net revenues for the first nine months of 2022 were $36.1
million, compared with $47.3 million for the first nine months of
2021.
Operating expenses for the first nine months of 2022 were $49.5
million, and included cost of revenues of $24.1 million, R&D
expenses of $4.9 million, G&A expenses of $14.2 million, of
which $3.5 million are non-recurring, and sales and marketing
expenses of $6.3 million. Operating expenses for the first nine
months of 2021 were $46.9 million, and included cost of revenues of
$27.7 million, R&D expenses of $3.5 million, G&A expenses
of $9.9 million and sales and marketing expenses of $5.8
million.
Net loss attributable to common stockholders for the first nine
months of 2022 was $13.6 million, or ($0.80) per share on 16.9
million weighted-average shares outstanding. This compares with net
income attributable to common stockholders for the first nine
months of 2021 of $0.1 million, or $0.01 per diluted share on 14.3
million weighted-average shares outstanding.
Biocept reported cash as of September 30, 2022 of $18.0 million,
compared with $28.9 million as of December 31, 2021.
Conference Call and Webcast
Biocept will hold a conference call on Monday, November 28, 2022
beginning at 4:00 p.m. Eastern time to discuss these results and
answer questions. Participants can pre-register for the conference
call here. Callers who pre-register will be given a conference
passcode and unique PIN to gain immediate access to the call and
bypass the live operator. Participants may pre-register at any
time, including up to and after the call start time.
The conference call can be accessed at the time of the live call
by dialing (855) 656-0927 for domestic callers, (855) 669-9657 for
Canadian callers or (412) 902-4109 for international callers. A
live webcast of the conference call will be available here.
A replay of the call will be available for 48 hours following
its conclusion and can be accessed by dialing (877) 344-7529 for
domestic callers, (855) 669-9658 for Canadian callers or (412)
317-0088 for international callers. Please use event passcode
9945142. A replay of the webcast will be available for 90 days.
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. For more information, visit www.biocept.com.
Follow Biocept on Facebook, LinkedIn, Twitter, and Instagram.
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 "will," "expect," “goal,” “objective,”
"believe" or "intend" 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 strategy to
generate evidence of CNSide’s clinical utility in support of higher
reimbursement and adoption into clinical care guidelines, and our
expectation of at least one additional site to be cleared for
enrollment in the FORESEE trial in the coming months, 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; the
results of clinical utility studies may not demonstrate that an
assay provides clinically meaningful information and value or have
the other benefits that we expect; Medicare and private payors may
not provide coverage and reimbursement or may breach, rescind or
modify their contracts or reimbursement policies or delay payments;
risks related to our need for additional capital; 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 for the
quarter ended June 30, 2022, filed with the Securities and Exchange
Commission (SEC) on November 10, 2022, and in our Quarterly Report
on Form 10-Q for the quarter ended September 30, 2022, being filed
with the SEC today. 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, except share
and per share data)
December 31,
September 30,
2021
2022
Assets
(unaudited)
Current assets:
Cash
$
28,864
$
18,021
Accounts receivable
13,786
15,768
Inventories, net
2,651
1,897
Prepaid expenses and other current
assets
391
949
Total current assets
45,692
36,635
Fixed assets, net
2,401
2,853
Lease right-of-use assets - operating
9,026
8,624
Lease right-of-use assets - finance
2,842
2,598
Other non-current assets
456
392
Total assets
$
60,417
$
51,102
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
7,246
$
3,040
Accrued liabilities
3,018
2,177
Current portion of lease liabilities -
operating
426
494
Current portion of lease liabilities -
finance
1,083
1,053
Supplier financing
-
384
Total current liabilities
11,773
7,148
Non-current portion of lease liabilities -
operating
9,736
9,322
Non-current portion of lease liabilities -
finance
1,428
1,009
Payor liability
-
6,105
Total liabilities
22,937
23,584
Shareholders’ equity:
Preferred stock, $0.0001 par value,
5,000,000 shares authorized; 2,106 shares and 2,090 shares issued
and outstanding at December 31, 2021 and September 30, 2022,
respectively.
—
—
Common stock, $0.0001 par value,
150,000,000 shares authorized; 16,849,805 shares and 17,058,770
shares issued and outstanding at December 31, 2021 and September
30, 2022, respectively.
2
2
Additional paid-in capital
303,829
307,432
Accumulated deficit
(266,351
)
(279,916
)
Total shareholders’ equity
37,480
27,518
Total liabilities and shareholders’
equity
$
60,417
$
51,102
Biocept, Inc.
Condensed Statements of
Operations
(In thousands, except shares
and per share data)
(Unaudited)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021
2022
2021
2022
Net revenues
$
17,470
$
5,587
$
47,273
$
36,143
Costs and expenses:
Cost of revenues
11,265
5,776
27,733
24,133
Research and development expenses
1,303
1,366
3,483
4,945
General and administrative expenses
3,514
3,047
9,884
14,153
Sales and marketing expenses
1,938
975
5,806
6,292
Total costs and expenses
18,020
11,164
46,906
49,523
(Loss) income from operations
(550
)
(5,577
)
367
(13,380
)
Other (expense):
Interest expense, net
(75
)
(52
)
(220
)
(269
)
Other income, net
-
84
-
84
Total other (expense):
(75
)
32
(220
)
(185
)
(Loss) income before income taxes
(625
)
(5,545
)
147
(13,565
)
Income tax expense
—
—
—
—
Net (loss) income and comprehensive (loss)
income
(625
)
(5,545
)
147
(13,565
)
Net (loss) income attributable to common
shareholders
$
(625
)
$
(5,545
)
$
147
$
(13,565
)
Weighted-average shares outstanding used
in computing net (loss) income per share attributable to common
shareholders:
Basic
15,384,469
16,998,031
14,089,537
16,917,412
Diluted
15,384,469
16,998,031
14,330,477
16,917,412
Net (loss) income per common share:
Basic
$
(0.04
)
$
(0.33
)
$
0.01
$
(0.80
)
Diluted
$
(0.04
)
$
(0.33
)
$
0.01
$
(0.80
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221121005819/en/
Investor & Media
Contact: LHA Investor Relations Jody Cain
Jcain@lhai.com, (310) 691-7100
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