Gold prices steady ahead of Fed decision; weekly weakness noted
IRVINE, Calif. - Oncocyte Corp. (NASDAQ:OCX), a diagnostics technology company with a market capitalization of $98.38 million, has announced key advancements in its organ transplant rejection monitoring test kits, along with its financial results for the fourth quarter of 2024. Despite challenging market conditions, the company’s stock has shown strong momentum with a 42.86% year-to-date return. The company reported Q4 revenues of $1.5 million, primarily from pharma services, with full-year revenues reaching $1.9 million.
In July 2024, Oncocyte launched its GraftAssure™ research-use-only (RUO) assay and has since signed on leading transplant centers in the U.S., Germany, the UK, Switzerland, Austria, and Southeast Asia. This assay measures donor-derived cell-free DNA (dd-cfDNA), a molecular biomarker for organ transplant rejection. According to InvestingPro analysis, while the company shows promising product development, analysts anticipate sales challenges in the current year. For deeper insights into Oncocyte’s growth prospects and comprehensive financial analysis, investors can access the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
The company’s strategic partner and investor, Bio-Rad Laboratories (NYSE:BIO), has become a top shareholder, holding approximately 9.66% of Oncocyte’s outstanding shares. Bio-Rad’s investment is expected to support the clinical trial and further commercialization of Oncocyte’s products.
Oncocyte is fully funded for its kitted product development, having raised over $50 million in equity from January 2023 to March 2025. This funding will support the development of the company’s transplant assay program through FDA authorization.
A significant milestone was achieved on December 5, 2024, when Oncocyte had its first meeting with the FDA to discuss marketing authorization of its kitted clinical tests. The company is targeting submission to the FDA by the end of this year, with anticipated FDA authorization in 2026.
In addition to the GraftAssure RUO test kit, Oncocyte’s clinical-use assay, VitaGraft™, received Medicare reimbursement in August 2023. The company expects to announce a series of catalysts in 2025, building upon the momentum of its multi-center clinical trial and the commercial expansion of its RUO test kit.
The Q4 financial overview highlighted a gross profit of $595,000, representing a 40% gross margin, and operating expenses of $34.2 million, including non-cash items such as impairment losses and a gain due to the change in fair value of contingent consideration. Oncocyte’s cash balance at the end of the fourth quarter was approximately $10.3 million. InvestingPro data reveals concerning liquidity metrics, with a current ratio of 0.53 indicating short-term obligations exceed liquid assets. The company’s EBITDA stands at -$21.56 million, and its overall Financial Health Score is rated as WEAK. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading near its fair value. Investors seeking more detailed financial health metrics and additional ProTips can find comprehensive analysis on InvestingPro.
This information is based on a press release statement from Oncocyte Corp. and reflects the company’s focus on commercializing its organ transplant rejection monitoring test kits.
In other recent news, Oncocyte Corporation has announced several notable developments. The company revealed that its VitaGraft Kidney test, designed for kidney transplant patients, has received expanded Medicare coverage. This expansion follows a study demonstrating the test’s ability to detect transplant rejection earlier than current methods. In another update, Oncocyte has entered into an amended lease agreement, which outlines a reduction in its letter of credit amount starting July 2025, potentially easing its cash security requirements. This agreement will see the lease term expire on October 31, 2027, with Induce Biologics USA, Inc. becoming the new tenant. Additionally, Oncocyte has appointed Dr. Paul Billings as its Consulting Chief Medical Officer, bringing over four decades of experience in genomics and precision medicine to the role. Dr. Billings will contribute to the company’s strategic and clinical initiatives in a part-time capacity. These developments reflect Oncocyte’s ongoing efforts to enhance its financial and operational strategies while advancing its diagnostic technologies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.