NEW YORK – Oncocyte reported after the close of the market on Monday that its fourth quarter revenues grew nearly fivefold year over year driven largely by pharmaceutical services performed at the company's Nashville laboratory.
The Irvine, California-based company finished the three months ended Dec. 31, 2024, with approximately $1.5 million in revenues compared to $314,000 for the same quarter in 2023.
Oncocyte's Q4 R&D spending fell about 8 percent to $2.3 million from $2.5 million a year ago, which the company said reflected the timing of laboratory expenses. Meanwhile, its SG&A costs rose 65 percent to $3.8 million from $2.3 million a year ago, reflecting added costs associated with commercializing and marketing its research-use-only GraftAssure organ transplant rejection test kits, and continued investments in in vitro diagnostic product development.
The company is developing a kitted test that quantifies donor-derived cell-free DNA as a biomarker to test for organ transplant rejection. It is currently conducting a multicenter clinical trial to produce data to support a submission to the US Food and Drug Administration by the end of this year, with anticipated FDA authorization in 2026.
Oncocyte also noted that in April 2024 Bio-Rad Laboratories made a strategic investment in Oncocyte and subsequently invested in the company two more times. Bio-Rad now holds nearly 10 percent of Oncocyte's outstanding shares.
The firm's fourth quarter net loss attributable to common stockholders was $33.5 million, or $1.93 per share, compared to $16.2 million, or $1.96 per share, in the same quarter a year ago.
The company took a $41.9 million impairment charge in Q4 reflecting its decision to maintain a low rate of investment in its oncology assets as it focuses primarily on commercializing its transplant testing products.
Oncocyte reported $1.9 million in total revenues for 2024, up roughly 25 percent from $1.5 million in 2023.
The company's full-year R&D spending rose roughly 6 percent to $9.8 million from $9.3 million in 2023, while its SG&A expenses edged up slightly to $14.2 million from $14.0 million a year earlier.
Its full-year net loss attributable to common stockholders was $60.9 million, or $4.66 per share, compared to $25.8 million, or $3.75 per share, in 2023.
Oncocyte finished the year with $8.7 million in cash and cash equivalents and $1.7 million in restricted cash. The company noted that this excludes the $29.1 million in gross financing cash flow from its registered direct offering and private placement in February.