Oncocyte Corp Files Q3 2024 10-Q

TL;DR

Oncocyte's Q3 10-Q is in. Check financials and recent warrant/incentive plan news.

AI Summary

Oncocyte Corp filed its 10-Q for the period ending September 30, 2024. The company reported sales revenue for the nine months ended September 30, 2024, and the same period in 2023. It also disclosed information regarding a Securities Purchase Agreement related to a Pre-Funded Warrant dated April 15, 2024, and a subsequent event on October 11, 2024, related to the TwoThousandEighteenIncentivePlan.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Oncocyte Corp, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing details financial performance, potential customer concentration risks, and subsequent events which can carry inherent business risks.

Key Numbers

• 2024-09-30 — Period End Date (Latest financial reporting period)
• 2023-09-30 — Prior Period End Date (For comparative financial analysis)

Key Players & Entities

• Oncocyte Corp (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2024-01-01 (date) — Start of reporting period for sales revenue
• 2023-09-30 (date) — Prior period end for comparison
• 2024-04-15 (date) — Date of Securities Purchase Agreement for Pre-Funded Warrant
• 2024-10-11 (date) — Date of subsequent event related to incentive plan
• InsightGeneticsInc (company) — Mentioned in relation to MilestoneOne
• TwoThousandEighteenIncentivePlan (plan) — Subject of a subsequent event

FAQ

Filing Documents

• ocx-20240930.htm (10-Q) — 2914KB
• ocx-ex10_6.htm (EX-10.6) — 21KB
• ocx-ex31_1.htm (EX-31.1) — 13KB
• ocx-ex31_2.htm (EX-31.2) — 13KB
• ocx-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-24-125365.txt ( ) — 12903KB
• ocx-20240930.xsd (EX-101.SCH) — 1612KB
• ocx-20240930_htm.xml (XML) — 2629KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 4

Financial Statements

Item 1. Financial Statements 4 CONDENSED CONSOLIDATED BALANCE SHEETS 4 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 5 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS 6 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SERIES A REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY 7 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 9 NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 44

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 56

Controls and Procedures

Item 4. Controls and Procedures 56

- OTHER INFORMATION

PART II - OTHER INFORMATION 57

Legal Proceedings

Item 1. Legal Proceedings 57

Risk Factors

Item 1A. Risk Factors 57

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

SIGNATURES

SIGNATURES 61 2 CAUTIONARY NOTE REGARDI NG FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q (this "Report") are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for Oncocyte, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management. Any statements that are not historical fact (including, but not limited to statements that contain words such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "seek," "should," "strategy," "target," "will," "would" or similar expressions or the negative of such terms) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the businesses of Oncocyte, particularly those mentioned in this Report under Risk Factors and those Risk Factors in Part I, Item 1A of our most recent Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission ("SEC"). Except as required by law, Oncocyte undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. The forward-looking statements include, amon

- FIN ANCIAL INFORMATION

PART I - FIN ANCIAL INFORMATION

Fin ancial Statements

Item 1. Fin ancial Statements. ONCOCYTE CORPORATION CONDENSED CONS OLIDATED BALANCE SHEETS (In thousands, except per share data) September 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,363 $ 9,432 Accounts receivable, net of allowance for credit losses of $ 2 and $ 5 , respectively 209 484 Inventories 232 — Deferred financing costs 330 — Prepaid expenses and other current assets 627 643 Assets held for sale 32 139 Total current assets 4,793 10,698 NONCURRENT ASSETS Right-of-use and financing lease assets, net 3,001 1,637 Machinery and equipment, net, and construction in progress 3,494 3,799 Intangible assets, net 56,529 56,595 Restricted cash 1,700 1,700 Other noncurrent assets 699 463 TOTAL ASSETS $ 70,216 $ 74,892 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 872 $ 953 Accrued compensation 1,906 1,649 Accrued royalties 1,116 1,116 Accrued expenses and other current liabilities 985 452 Accrued severance from acquisition 2,314 2,314 Right-of-use and financing lease liabilities, current 1,283 665 Current liabilities of discontinued operations (Note 11) — 45 Contingent consideration liabilities, current 614 393 Total current liabilities 9,090 7,587 NONCURRENT LIABILITIES Right-of-use and financing lease liabilities, noncurrent 2,708 2,204 Contingent consideration liabilities, noncurrent 48,707 39,507 TOTAL LIABILITIES 60,505 49,298 Commitments and contingencies (Note 6) Series A Redeemable Convertible Preferred Stock, no par value; stated value $ 1,000 per share; 5 shares issued and outstanding at December 31, 2023; aggregate liquidation preference of $ 5,296 as of December 31, 2023 — 5,126 SHAREHOLDERS' EQUITY Preferred stock, no par value, 5,000 shares authorized; no shares issued and outstanding

View Full Filing

View this 10-Q filing on SEC EDGAR