OncoCyte (OCX) Announces Q3 Financial Results, Stock Trades Up 25%
Molecular diagnostics company, OncoCyte Corporation (OCX) announced its third quarter financial results, which earned a positive response from the shareholder community, with the stock trading up ~25%.
Several key highlights in the corporate update included:
- Product Launch and CMS Decision: The CMS (Centers for Medicare and Medicaid Services) provided a positive coverage decision for the VitaGraft Kidney test, the company’s kidney transplant diagnostic test, which will be included in the commercial launch of the company’s initial products in the first half of 2024. Oncocyte’s second transplant test, VitaGraft Liver™, continues under review for CMS coverage.
- Cash Position and Reduced Burn Rate: OncoCyte reported $14.2M in cash and equivalents on hand as of Sept, 30 in addition to a reduction in cash burn to $3.6M in Q3.
- Revenue Generation: Q3 revenue was approximately $0.4M for the quarter, chiefly attributed to an increase in pharma services.
Providing tests and solutions that support diagnosis and treatment, Oncocyte maintains forward progress as it achieves corporate milestones, launches new products and expands partnerships.
In regards to a potential kitting partnership after securing kidney coverage, CEO Josh Riggs stated, “I would say the conversation took a very positive turn when we got the coverage decision and then when this data that was presented at the European Society of Organ Transplant conference (ESOT) about a month-and-a-half ago came out. We feel great about how those conversations are going. It’s a competitive process. And we feel that we’re going to be able to bring something home for the OncoCyte shareholders. It’s very positive.”
Oncocyte is a precision diagnostics company. The Company’s tests are designed to help provide clarity and confidence to physicians and their patients. DetermaIO™ is a gene expression test that assesses the tumor microenvironment in order to predict response to immunotherapies. VitaGraft™ is a blood-based solid organ transplantation monitoring test, and pipeline test DetermaCNI™ is a blood-based monitoring tool for monitoring therapeutic efficacy. For more information, visit www.oncocyte.com.
DetermaIO™, DetermaCNI™, and VitaGraft™ are trademarks of Oncocyte Corporation.