
Biocept Reports Second Quarter 2019 Financial Results
"I'm pleased to report another quarter of strong performance with revenues increasing 45% over the prior-year quarter, as we continue to execute on our new commercial strategy," said
"We have now launched two tumor-specific panels developed in collaboration with
"I'm also pleased to report that our initiative with Prognos has advanced to the next phase as we are beginning to supply them with de-identified information in real time. We believe this partnership will allow us to commercialize data generated from our liquid biopsy testing, with Prognos applying its artificial intelligence technology to its repository of more than 20 billion laboratory records to help life science and pharmaceutical companies develop and market targeted therapies. We are pleased to be the first liquid biopsy company to strike a partnership with Prognos," he concluded.
Review of Second Quarter and Recent Highlights
Commercial Business
- Launched Target Selector™
NGS Lung Panel and Target Selector™NGS Breast Panel , the Company's first two multi-gene liquid biopsy panels, differentiatingBiocept as the only commercial liquid biopsy provider of single-biomarker testing, tumor-specific panels and CTCs analysis. The NGS Panels run onThermo Fisher Scientific's Ion Torrent™ NGS platform and are being marketed to physicians and researchers for the detection and monitoring of actionable biomarkers associated with these tumor-specific cancers.
Commercial Agreements
- Announced an agreement with
Beacon Laboratory Benefit Solutions, Inc. designatingBiocept as a BeaconLBS® Lab-of-Choice.Beacon Laboratory is a nationally recognized provider of laboratory benefit management technology solutions to U.S.-based health and managed care companies, and the designation increases patient access toBiocept's liquid biopsy testing platforms.
Intellectual Property
- Awarded a patent in
China covering methods and devices for the capture of rare cells of interest, including CTCs, that are shed into the bloodstream by solid tumors in which an antibody or mixture of antibodies and a microchannel are used for cell capture, detection and analysis. This patent covers the use of any biological sample type of interest.
Second Quarter Financial Results
Revenues for the second quarter of 2019 were
Cost of revenues for the second quarters of 2019 and 2018 was unchanged at
Research and development (R&D) expenses for the second quarter of 2019 were
Other expenses for the second quarter of 2019 were
The net loss for the second quarter of 2019 was
Six Month Financial Results
Revenues for the first six months of 2019 were
Operating expenses for the first six months of 2019 were
The net loss for the first six months of 2019 was
Conference Call and Webcast
A replay of the call will be available for 48 hours following its conclusion and can be accessed by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers or (412) 317-0088 for other international callers. Please use event passcode 10133829.
About
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 "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," 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 as to our ability to provide physicians with clinically actionable information to improve the outcomes of cancer patients, our ability to grow our business and drive adoption of our products, and the potential success of our collaboration with
Investor Contact:
LHA Investor Relations
Jcain@lhai.com
(310) 691-7100
BIOCEPT, INC. |
|||||
CONDENSED BALANCE SHEETS |
|||||
December 31, |
June 30, |
||||
2018 |
2019 |
||||
(unaudited) |
|||||
ASSETS |
|||||
Cash |
$ |
3,423,373 |
$ |
12,590,597 |
|
Accounts receivable, net |
1,574,325 |
2,208,955 |
|||
Inventories, net |
587,222 |
605,472 |
|||
Prepaid expenses and other current assets |
425,961 |
586,267 |
|||
TOTAL CURRENT ASSETS |
6,010,881 |
15,991,291 |
|||
FIXED ASSETS, NET |
2,739,422 |
1,219,103 |
|||
LEASE RIGHT-OF-USE ASSETS |
— |
2,694,446 |
|||
TOTAL ASSETS |
$ |
8,750,303 |
$ |
19,904,840 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||
CURRENT LIABILITIES, NET |
$ |
4,609,647 |
$ |
5,821,870 |
|
NON-CURRENT LIABILITIES, NET |
1,098,137 |
983,419 |
|||
TOTAL LIABILITIES |
5,707,784 |
6,805,289 |
|||
SHAREHOLDERS' EQUITY |
3,042,519 |
13,099,551 |
|||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
8,750,303 |
$ |
19,904,840 |
BIOCEPT, INC. |
|||||||||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||||||||||||||
For the three months ended June 30, |
For the six months ended June 30, |
||||||||||||||||||||||
2018 |
2019 |
2018 |
2019 |
||||||||||||||||||||
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||||||||||||||||
NET REVENUES |
$ |
822,238 |
$ |
1,191,323 |
$ |
1,629,181 |
$ |
2,215,562 |
|||||||||||||||
COSTS AND EXPENSES |
|||||||||||||||||||||||
Cost of revenues |
$ |
2,699,671 |
$ |
2,673,323 |
$ |
5,134,557 |
$ |
5,272,687 |
|||||||||||||||
Research and development expenses |
1,019,285 |
1,148,280 |
2,089,866 |
2,371,571 |
|||||||||||||||||||
General and administrative expenses |
1,708,970 |
1,676,310 |
3,647,634 |
3,358,147 |
|||||||||||||||||||
Sales and marketing expenses |
1,433,174 |
1,614,732 |
3,069,716 |
2,989,292 |
|||||||||||||||||||
Total costs and expenses |
6,861,100 |
7,112,645 |
13,941,773 |
13,991,697 |
|||||||||||||||||||
LOSS FROM OPERATIONS |
(6,038,862) |
(5,921,322) |
(12,312,592) |
(11,776,135) |
|||||||||||||||||||
WARRANT INDUCEMENT, INTEREST AND OTHER EXPENSE |
(114,239) |
(1,894,690) |
(196,913) |
(1,956,664) |
|||||||||||||||||||
LOSS BEFORE INCOME TAXES |
(6,153,101) |
(7,816,012) |
(12,509,505) |
(13,732,799) |
|||||||||||||||||||
INCOME TAXES |
— |
— |
(739) |
— |
|||||||||||||||||||
NET LOSS AND COMPREHENSIVE LOSS |
$ |
(6,153,101) |
$ |
(7,816,012) |
$ |
(12,510,244) |
$ |
(13,732,799) |
|||||||||||||||
Deemed dividend related to warrants down round provision |
— |
- |
(99,743) |
||||||||||||||||||||
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS |
$ |
(6,153,101) |
$ |
(7,816,012) |
$ |
(12,510,244) |
$ |
(13,832,542) |
|||||||||||||||
NET LOSS PER SHARE |
|||||||||||||||||||||||
- Basic |
$ |
(2.70) |
$ |
(0.38) |
$ |
(5.97) |
$ |
(0.83) |
|||||||||||||||
- Diluted |
$ |
(2.70) |
$ |
(0.38) |
$ |
(5.97) |
$ |
(0.83) |
|||||||||||||||
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
|||||||||||||||||||||||
- Basic |
2,280,115 |
20,466,224 |
2,096,717 |
16,670,184 |
|||||||||||||||||||
- Diluted |
2,280,115 |
20,466,224 |
2,096,717 |
16,670,184 |
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