Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, reports financial results
for the three months ended March 31, 2023 and provides a business
update.
“I’m exceptionally pleased with the progress being made with our
FORESEE clinical trial, which is specifically designed to generate
evidence of CNSide™’s clinical utility to support adoption into
clinical care guidelines and further broaden physician use. Trial
enrollment is running well in line with our plan, and we’ve now
activated clinical sites in Dallas, Los Angeles and the San
Francisco Bay Area,” said Samuel D. Riccitelli, Biocept’s Chairman,
and interim President and CEO. “In our quest to gain further
physician and payor acceptance, we submitted an article to a
peer-reviewed journal describing our assay, its attributes, and the
work to demonstrate CNSide’s performance validity. We expect two
additional manuscripts to be submitted for peer-review later this
year by leading neuro-oncologists detailing their experience with
CNSide through case study reports.
“We have begun requiring all new customers to sign lab service
agreements prior to commencing use of our assay to facilitate fair
and turnkey reimbursement for CNSide testing, and we are
negotiating similar agreements with current customers. Nearly half
of our existing clients have engaged with us on this matter and
although the program has yielded only two signed agreements to
date, we are hopeful this will allow us to continue to offer CNSide
in a more cost-effective manner going forward,” he added.
“Additionally, our cost-control measures put in place over the past
year continued to drive down expenses.
“We look forward to providing a progress report and updates on
the FORESEE trial when we resume holding quarterly investor calls
with reporting of second quarter financial results in mid-August,”
Mr. Riccitelli concluded.
First Quarter Financial Results
Net revenues for the first quarter of 2023 were $0.7 million,
compared with $19.9 million for the first quarter of 2022, with the
decline due to lower RT-PCR COVID-19 testing volume. In February
2023 the Company ceased providing COVID-19 testing services. The
number of commercial accessions delivered for the first quarters of
2023 and 2022 were 3,085 and 153,056, respectively.
Cost of revenues for the first quarter of 2023 was $3.0 million,
compared with $10.3 million for the first quarter of 2022, with the
decrease primarily associated with the cessation of COVID-19
testing services.
Research and development expenses for the first quarter of 2023
were $1.0 million, compared with $1.8 million for the first quarter
of 2022, with the decrease primarily due to a reduction in
headcount and lower purchases of materials and supplies.
General and administrative expenses for the first quarter of
2023 were $3.0 million, compared with $6.3 million for the first
quarter of 2022. The decrease was primarily due to lower legal and
outside service expenses in the 2023 quarter, and separation
agreements with former executive management in the 2022
quarter.
Sales and marketing expenses for the first quarter of 2023 were
$0.7 million, compared with $3.7 million for the first quarter of
2022, with the decrease primarily due to fewer sales
representatives, lower commission expense and a decrease in outside
services expenses.
Net loss attributable to common stockholders for the first
quarter of 2023 was $7.1 million, or $0.41 per share, compared with
a net loss attributable to common stockholders for the first
quarter of 2022 of $2.2 million, or $0.13 per share.
Biocept reported cash of $6.8 million as of March 31, 2023,
compared with $12.9 million as of December 31, 2022.
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 FORESEE’s
potential to generate evidence of CNSide’s clinical utility to
support adoption into clinical care guidelines and further broaden
physician use and payor acceptance, our expectation that two
additional manuscripts will be submitted for peer-review later this
year by leading neuro-oncologists detailing their experience with
CNSide, our hope that requiring lab service agreements will allow
us to continue to offer CNSide in a more cost-effective manner
going forward, future progress reports on the FORESEE trial and the
timing thereof, and other statements that are not historical fact,
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 that the results of the
FORESEE clinical trial may not support the inclusion of CNSide in
clinical care guidelines; Medicare and private payors may not
provide coverage and reimbursement or may breach, rescind or modify
their contracts or reimbursement policies or delay payments; our
customers may choose not to enter into lab service agreements with
us; 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 in our Annual Report on Form 10-K for the year
ended December 31, 2022, filed with the Securities and Exchange
Commission (SEC) on April 17, 2023, and in our Quarterly Report on
Form 10-Q for the quarter ended March 31, 2023, which is 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)
March 31,
December 31,
2023
2022
Assets
(unaudited)
Current assets:
Cash
$
6,774
$
12,897
Accounts receivable
1,112
2,151
Inventories, net
704
757
Prepaid expenses and other current
assets
500
538
Total current assets
9,090
16,343
Fixed assets, net
2,513
2,572
Lease right-of-use asset - operating
8,339
8,486
Lease right-of-use assets - finance
2,665
3,086
Other non-current assets
386
386
Total assets
$
22,993
$
30,873
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts payable
$
1,533
$
1,523
Accrued liabilities
1,300
2,249
Current portion of lease liability -
operating
541
518
Current portion of lease liabilities -
finance
1,018
1,099
Supplier financing
-
117
Total current liabilities
4,392
5,506
Non-current portion of lease liability -
operating
9,013
9,175
Non-current portion of lease liabilities -
finance
1,011
1,200
Payor liability
6,149
6,132
Total liabilities
20,565
22,013
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value,
5,000,000 shares authorized; 2,090 shares issued and outstanding at
March 31, 2023 and December 31, 2022.
—
—
Common stock, $0.0001 par value,
150,000,000 shares authorized; 17,787,185 shares and 17,070,071
shares issued and outstanding at March 31, 2023 and December 31,
2022, respectively.
2
2
Additional paid-in capital
308,008
307,296
Accumulated deficit
(305,582
)
(298,438
)
Total stockholders’ equity
2,428
8,860
Total liabilities and stockholders’
equity
$
22,993
$
30,873
Biocept, Inc.
Condensed Statements of
Operations
(In thousands, except shares
and per share data)
(Unaudited)
For the Three Months Ended
March 31,
2023
2022
Net revenues
$
673
$
19,945
Costs and expenses:
Cost of revenues
3,028
10,334
Research and development expenses
1,040
1,846
General and administrative expenses
2,988
6,256
Sales and marketing expenses
715
3,658
Total costs and expenses
7,771
22,094
Loss from operations
(7,098
)
(2,149
)
Other expense:
Interest expense, net
(46
)
(61
)
Total other expense:
(46
)
(61
)
Loss before income taxes
(7,144
)
(2,210
)
Income tax expense
—
—
Net loss
(7,144
)
(2,210
)
Net loss attributable to common
stockholders
$
(7,144
)
$
(2,210
)
Weighted-average shares outstanding used
in computing net loss per share attributable to common
stockholders:
Basic
17,620,668
16,849,964
Diluted
17,620,668
16,849,964
Net loss per common share:
Basic
$
(0.41
)
$
(0.13
)
Diluted
$
(0.41
)
$
(0.13
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230510005906/en/
Investor & Media
Contact: LHA Investor Relations Jody Cain Jcain@lhai.com
(310) 691-7100
Biocept (NASDAQ:BIOC)
Historical Stock Chart
From Jan 2025 to Feb 2025
Biocept (NASDAQ:BIOC)
Historical Stock Chart
From Feb 2024 to Feb 2025
