OncoCyte Corp (NYSEMKT:OCX) reported downbeat earnings last fiscal year. The company said it will present late-breaking abstract at ATS meeting from May 17-22.
At December 31, 2018, the Alameda, California-based OncoCyte had cash and cash equivalents of $8.0 million and marketable equity securities valued at $0.4 million, for a total of $8.4 million of liquid assets.
The balance sheet was strengthened in February 2019 with the successful equity raise of $37.4 million in net proceeds from an underwritten public offering.
For 2018, OncoCyte reported a net loss of $15.8 million, or ($0.42) per share, compared to $19.4 million, or ($0.64) per share, in 2017.
Operating expenses for 2018 were $15.2 million as reported and were $12.5 million on an as adjusted basis.
"OncoCyte has made outstanding progress since our last quarterly update to investors, reporting positive results from our DetermaVu™ R&D Validation Study which demonstrated that DetermaVu™ is a commercially viable assay with the potential to change the treatment paradigm in lung cancer diagnostics," said CEO William Annett.
"Importantly, these results also confirmed the Company’s unique Immune System Interrogation approach provides an exquisitely sensitive and consistent signal for the diagnosis of early stage lung cancer.
"We are excited to investigate the broader application of this technology across multiple solid tumors moving forward and remain highly focused on executing the few remaining steps required for commercialization of DetermaVu™ later this year."
Shares dropped 26 cents, or 6.1%, to $3.99
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