bioc-10q_20210630.htm
false Q2 0001044378 --12-31 true true P5Y6M P9Y4M9D P9Y1M17D P9Y1M17D 4.52 0.0052 P5Y4M20D 1.631 6.03 0.0115 P5Y11M23D 1.701 P3Y3M18D P2Y10M24D 0001044378 2021-01-01 2021-06-30 xbrli:shares 0001044378 2021-08-12 iso4217:USD 0001044378 2020-12-31 0001044378 2021-06-30 iso4217:USD xbrli:shares 0001044378 2020-04-01 2020-06-30 0001044378 2021-04-01 2021-06-30 0001044378 2020-01-01 2020-06-30 0001044378 us-gaap:CommonStockMember 2019-12-31 0001044378 bioc:SeriesAConvertiblePreferredStockMember 2019-12-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001044378 2019-12-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001044378 2020-01-01 2020-03-31 0001044378 us-gaap:CommonStockMember 2020-01-01 2020-03-31 0001044378 us-gaap:CommonStockMember bioc:CashlessWarrantsMember 2020-01-01 2020-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember bioc:CashlessWarrantsMember 2020-01-01 2020-03-31 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001044378 us-gaap:CommonStockMember bioc:MarchTwoTwoThousandTwentyFinancingTransactionMember 2020-01-01 2020-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember bioc:MarchTwoTwoThousandTwentyFinancingTransactionMember 2020-01-01 2020-03-31 0001044378 bioc:MarchTwoTwoThousandTwentyFinancingTransactionMember 2020-01-01 2020-03-31 0001044378 us-gaap:CommonStockMember bioc:MarchFourTwoThousandTwentyFinancingTransactionMember 2020-01-01 2020-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember bioc:MarchFourTwoThousandTwentyFinancingTransactionMember 2020-01-01 2020-03-31 0001044378 bioc:MarchFourTwoThousandTwentyFinancingTransactionMember 2020-01-01 2020-03-31 0001044378 us-gaap:CommonStockMember bioc:DecemberTwoThousandNineteenFinancingTransactionOverallotmentMember 2020-01-01 2020-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember bioc:DecemberTwoThousandNineteenFinancingTransactionOverallotmentMember 2020-01-01 2020-03-31 0001044378 bioc:DecemberTwoThousandNineteenFinancingTransactionOverallotmentMember 2020-01-01 2020-03-31 0001044378 us-gaap:CommonStockMember 2020-03-31 0001044378 bioc:SeriesAConvertiblePreferredStockMember 2020-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001044378 2020-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001044378 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001044378 us-gaap:CommonStockMember bioc:AprilTwoThousandTwentyFinancingTransactionMember 2020-04-01 2020-06-30 0001044378 us-gaap:AdditionalPaidInCapitalMember bioc:AprilTwoThousandTwentyFinancingTransactionMember 2020-04-01 2020-06-30 0001044378 bioc:AprilTwoThousandTwentyFinancingTransactionMember 2020-04-01 2020-06-30 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001044378 us-gaap:CommonStockMember 2020-06-30 0001044378 bioc:SeriesAConvertiblePreferredStockMember 2020-06-30 0001044378 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001044378 2020-06-30 0001044378 us-gaap:CommonStockMember 2020-12-31 0001044378 bioc:SeriesAConvertiblePreferredStockMember 2020-12-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001044378 2021-01-01 2021-03-31 0001044378 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001044378 us-gaap:CommonStockMember 2021-03-31 0001044378 bioc:SeriesAConvertiblePreferredStockMember 2021-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001044378 2021-03-31 0001044378 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001044378 us-gaap:CommonStockMember bioc:ATMTransactionMember 2021-04-01 2021-06-30 0001044378 us-gaap:AdditionalPaidInCapitalMember bioc:ATMTransactionMember 2021-04-01 2021-06-30 0001044378 bioc:ATMTransactionMember 2021-04-01 2021-06-30 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001044378 us-gaap:CommonStockMember 2021-06-30 0001044378 bioc:SeriesAConvertiblePreferredStockMember 2021-06-30 0001044378 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001044378 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001044378 bioc:FebruaryTwoThousandAndNineteenAndMarchTwoThousandAndNineteenWarrantRepricingAndExchangeTransactionMember 2020-01-01 2020-01-31 0001044378 bioc:FebruaryTwoThousandAndNineteenAndMarchTwoThousandAndNineteenWarrantRepricingAndExchangeTransactionMember us-gaap:WarrantMember 2020-01-31 0001044378 bioc:FebruaryTwoThousandAndNineteenAndMarchTwoThousandAndNineteenWarrantRepricingAndExchangeTransactionMember us-gaap:WarrantMember 2018-01-31 0001044378 us-gaap:WarrantMember 2018-01-31 0001044378 us-gaap:WarrantMember 2020-01-31 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:SanDiegoMember 2020-06-01 2020-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:SanDiegoMember 2020-06-30 xbrli:pure 0001044378 2020-09-03 2020-09-03 0001044378 2020-09-03 0001044378 us-gaap:AccountingStandardsUpdate201409Member 2021-01-01 2021-06-30 0001044378 srt:MaximumMember us-gaap:AccountingStandardsUpdate201409Member us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:ContractedPayersMember 2020-04-01 2020-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:ContractedPayersMember 2021-04-01 2021-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:ContractedPayersMember 2020-01-01 2020-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:ContractedPayersMember 2021-01-01 2021-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:NonContractedPayersMember 2020-04-01 2020-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:NonContractedPayersMember 2021-04-01 2021-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:NonContractedPayersMember 2020-01-01 2020-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:NonContractedPayersMember 2021-01-01 2021-06-30 0001044378 bioc:DevelopmentServicesMember 2020-04-01 2020-06-30 0001044378 bioc:DevelopmentServicesMember 2021-04-01 2021-06-30 0001044378 bioc:DevelopmentServicesMember 2020-01-01 2020-06-30 0001044378 bioc:DevelopmentServicesMember 2021-01-01 2021-06-30 0001044378 bioc:KitsAndBloodCollectionTubesMember 2020-04-01 2020-06-30 0001044378 bioc:KitsAndBloodCollectionTubesMember 2021-04-01 2021-06-30 0001044378 bioc:KitsAndBloodCollectionTubesMember 2020-01-01 2020-06-30 0001044378 bioc:KitsAndBloodCollectionTubesMember 2021-01-01 2021-06-30 0001044378 bioc:CommercialTestRevenueMember 2021-04-01 2021-06-30 0001044378 bioc:CommercialTestRevenueMember 2021-01-01 2021-06-30 0001044378 bioc:CommercialTestRevenueMember bioc:RTPCRCoronavirusAidReliefAndEconomicSecurityActNineteenTestingMember 2021-04-01 2021-06-30 0001044378 bioc:CommercialTestRevenueMember bioc:RTPCRCoronavirusAidReliefAndEconomicSecurityActNineteenTestingMember 2021-01-01 2021-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:CommercialRevenuesRecognizedUponDeliveryMember 2020-04-01 2020-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:CommercialRevenuesRecognizedUponDeliveryMember 2021-04-01 2021-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:CommercialRevenuesRecognizedUponDeliveryMember 2020-01-01 2020-06-30 0001044378 us-gaap:HealthCarePatientServiceMember bioc:CommercialRevenuesRecognizedUponDeliveryMember 2021-01-01 2021-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:CoronavirusAidReliefAndEconomicSecurityActMember bioc:MedicareAndMedicareAdvantageMember 2020-04-01 2020-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:CoronavirusAidReliefAndEconomicSecurityActMember bioc:MedicareAndMedicareAdvantageMember 2021-04-01 2021-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:CoronavirusAidReliefAndEconomicSecurityActMember bioc:MedicareAndMedicareAdvantageMember 2020-01-01 2020-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:CoronavirusAidReliefAndEconomicSecurityActMember bioc:MedicareAndMedicareAdvantageMember 2021-01-01 2021-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:BlueCrossBlueShieldMember 2020-04-01 2020-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:BlueCrossBlueShieldMember 2021-04-01 2021-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:BlueCrossBlueShieldMember 2020-01-01 2020-06-30 0001044378 us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember bioc:BlueCrossBlueShieldMember 2021-01-01 2021-06-30 0001044378 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember bioc:MedicareAndMedicareAdvantageMember bioc:CoronavirusAidReliefAndEconomicSecurityActMember 2020-01-01 2020-12-31 0001044378 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember bioc:MedicareAndMedicareAdvantageMember bioc:CoronavirusAidReliefAndEconomicSecurityActMember 2021-01-01 2021-06-30 0001044378 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember bioc:BlueCrossBlueShieldMember 2020-01-01 2020-12-31 0001044378 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember bioc:BlueCrossBlueShieldMember 2021-01-01 2021-06-30 0001044378 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember bioc:UnitedHealthcareMember 2020-01-01 2020-12-31 0001044378 us-gaap:CreditConcentrationRiskMember us-gaap:AccountsReceivableMember bioc:UnitedHealthcareMember 2021-01-01 2021-06-30 0001044378 2020-01-01 2020-12-31 0001044378 us-gaap:OverAllotmentOptionMember us-gaap:WarrantMember 2020-01-01 2020-01-31 0001044378 2020-01-01 2020-01-31 0001044378 2020-03-02 2020-03-02 0001044378 2020-03-04 2020-03-04 0001044378 2020-04-16 2020-04-16 0001044378 2020-03-02 0001044378 2020-03-04 0001044378 2020-04-16 0001044378 srt:MaximumMember bioc:ControlledEquityOfferingSalesAgreementMember bioc:CantorFitzgeraldAndCoMember 2021-05-12 2021-05-12 0001044378 bioc:ControlledEquityOfferingSalesAgreementMember bioc:CantorFitzgeraldAndCoMember 2021-05-12 2021-05-12 0001044378 bioc:ControlledEquityOfferingSalesAgreementMember bioc:CantorFitzgeraldAndCoMember 2021-04-01 2021-06-30 0001044378 bioc:ControlledEquityOfferingSalesAgreementMember bioc:CantorFitzgeraldAndCoMember 2021-06-30 0001044378 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2021-01-01 2021-06-30 0001044378 2020-01-10 0001044378 srt:MaximumMember 2020-01-10 0001044378 2020-01-10 2020-01-10 0001044378 bioc:WarrantInducementTransactionMember 2020-01-10 0001044378 bioc:WarrantInducementTransactionMember 2020-01-10 2020-01-10 0001044378 bioc:TenJanuaryTwoThousandTwentyWarrantInducementTransactionMember 2021-06-30 0001044378 bioc:TenJanuaryTwoThousandTwentyWarrantInducementTransactionMember us-gaap:MeasurementInputExercisePriceMember 2021-06-30 0001044378 bioc:TenJanuaryTwoThousandTwentyWarrantInducementTransactionMember us-gaap:MeasurementInputExpectedDividendRateMember 2021-06-30 0001044378 bioc:TenJanuaryTwoThousandTwentyWarrantInducementTransactionMember us-gaap:MeasurementInputDiscountRateMember 2021-06-30 0001044378 bioc:TenJanuaryTwoThousandTwentyWarrantInducementTransactionMember us-gaap:MeasurementInputExpectedTermMember 2021-06-30 0001044378 bioc:TenJanuaryTwoThousandTwentyWarrantInducementTransactionMember us-gaap:MeasurementInputPriceVolatilityMember 2021-06-30 0001044378 2019-02-28 0001044378 2019-03-31 0001044378 2019-02-01 2019-02-28 0001044378 2019-03-01 2019-03-31 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001044378 srt:MinimumMember us-gaap:AccountingStandardsUpdate201602Member 2021-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member srt:MaximumMember 2021-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2020-12-31 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2021-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2020-04-01 2020-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2021-04-01 2021-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2020-01-01 2020-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2021-01-01 2021-06-30 0001044378 2020-02-01 2020-02-29 0001044378 2020-03-01 2020-03-31 0001044378 2020-04-01 2020-04-30 0001044378 2020-06-01 2020-06-30 utr:M 0001044378 srt:MinimumMember 2020-02-01 2020-02-29 0001044378 srt:MinimumMember 2020-06-01 2020-06-30 0001044378 srt:MinimumMember 2021-01-01 2021-06-30 0001044378 srt:MaximumMember 2020-02-01 2020-02-29 0001044378 srt:MaximumMember 2020-06-01 2020-06-30 0001044378 srt:MaximumMember 2021-01-01 2021-06-30 0001044378 2020-02-29 0001044378 2020-04-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member 2004-03-31 2004-03-31 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:NancyRidgeRoadInSanDiegoCaliforniaMember 2021-01-01 2021-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:NancyRidgeRoadInSanDiegoCaliforniaMember 2020-06-05 2020-06-05 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:NancyRidgeRoadInSanDiegoCaliforniaMember 2020-06-05 utr:sqft 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:MesaRimRoadInSanDiegoCaliforniaMember 2020-06-01 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:MesaRimRoadInSanDiegoCaliforniaMember 2020-06-01 2020-06-01 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:MesaRimRoadInSanDiegoCaliforniaMember 2021-01-01 2021-06-30 0001044378 us-gaap:AccountingStandardsUpdate201602Member bioc:MesaRimRoadInSanDiegoCaliforniaMember 2020-12-31 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember bioc:NonInducementSharesMember us-gaap:SubsequentEventMember 2021-07-16 2021-07-16 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember bioc:InducementSharesMember 2020-12-01 2020-12-31 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember 2021-06-30 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember bioc:NonInducementSharesMember 2021-06-30 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember bioc:NonInducementSharesMember 2021-01-01 2021-06-30 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember bioc:InducementSharesMember 2021-06-30 0001044378 bioc:TwoThousandThirteenEquityIncentivePlanMember bioc:InducementSharesMember 2021-01-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2020-12-31 0001044378 us-gaap:EmployeeStockOptionMember 2021-06-30 0001044378 srt:MinimumMember 2021-06-30 0001044378 srt:MaximumMember 2021-06-30 0001044378 us-gaap:RestrictedStockUnitsRSUMember 2020-12-31 0001044378 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-06-30 0001044378 us-gaap:RestrictedStockUnitsRSUMember 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:CostOfSalesMember 2020-04-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:CostOfSalesMember 2021-04-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:CostOfSalesMember 2020-01-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:CostOfSalesMember 2021-01-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:ResearchAndDevelopmentExpenseMember 2020-04-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:ResearchAndDevelopmentExpenseMember 2021-04-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:ResearchAndDevelopmentExpenseMember 2020-01-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-04-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:GeneralAndAdministrativeExpenseMember 2021-04-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-01-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:SellingAndMarketingExpenseMember 2020-04-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:SellingAndMarketingExpenseMember 2021-04-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:SellingAndMarketingExpenseMember 2020-01-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember us-gaap:SellingAndMarketingExpenseMember 2021-01-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2021-04-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-06-30 0001044378 bioc:StockOptionsAndRestrictedStockUnitsMember 2021-06-30 0001044378 us-gaap:WarrantMember 2020-12-31 0001044378 us-gaap:WarrantMember 2021-01-01 2021-06-30 0001044378 us-gaap:WarrantMember 2021-06-30 0001044378 us-gaap:WarrantMember 2020-01-01 2020-12-31 0001044378 us-gaap:WarrantMember bioc:FebruaryTwoThousandNineteenFinancingTransactionMember 2019-02-01 2019-02-28 0001044378 us-gaap:WarrantMember bioc:MarchTwoThousandNineteenFinancingTransactionMember 2019-03-01 2019-03-31 0001044378 us-gaap:WarrantMember bioc:MayTwoThousandNineteenWarrantExerciseInducementOfferingMember 2019-05-01 2019-05-31 0001044378 us-gaap:WarrantMember bioc:DecemberTwoThousandNineteenUnderwrittenOfferingMember 2019-12-01 2019-12-31 0001044378 us-gaap:WarrantMember bioc:JanuaryTwoThousandTwentyWarrantExerciseInducementOfferingMember 2020-01-01 2020-01-31 0001044378 bioc:CommonStockWarrantsMember 2020-01-01 2020-06-30 0001044378 bioc:CommonStockWarrantsMember 2021-01-01 2021-06-30 0001044378 us-gaap:RestrictedStockUnitsRSUMember 2020-01-01 2020-06-30 0001044378 us-gaap:RestrictedStockUnitsRSUMember 2021-01-01 2021-06-30 0001044378 us-gaap:ConvertiblePreferredStockMember 2020-01-01 2020-06-30 0001044378 us-gaap:ConvertiblePreferredStockMember 2021-01-01 2021-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0001044378 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-06-30 0001044378 bioc:AccruedOtherLiabilitiesMember 2020-12-31 0001044378 bioc:AccruedOtherLiabilitiesMember 2021-06-30 0001044378 bioc:AegeaBiotechnologiesIncMember 2019-01-01 2019-12-31 0001044378 bioc:AegeaBiotechnologiesIncMember 2020-01-01 2020-12-31 0001044378 bioc:AegeaBiotechnologiesIncMember 2019-01-01 2019-01-01 0001044378 bioc:AegeaBiotechnologiesIncMember 2020-12-31 0001044378 bioc:AegeaBiotechnologiesIncMember 2021-06-30 0001044378 bioc:AegeaBiotechnologiesIncMember bioc:DevelopmentServicesMember 2021-04-01 2021-06-30 0001044378 bioc:AegeaBiotechnologiesIncMember bioc:DevelopmentServicesMember 2021-01-01 2021-06-30 0001044378 us-gaap:SubsequentEventMember 2021-07-01 2021-08-16 0001044378 us-gaap:SubsequentEventMember 2021-08-16

 

UNITED STATES  

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number: 001-36284

 

Biocept, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

80-0943522

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

9955 Mesa Rim Road, San Diego, California

(Address of principal executive offices)

92121

(Zip Code)

(858) 320-8200

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.0001 per share

BIOC

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes  No 

As of August 12, 2021, there were 14,722,958 shares of the Registrant’s common stock outstanding.

 

 

 


 

BIOCEPT, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED

JUNE 30, 2021

INDEX

 

 

 

 

  

Page

 

 

IMPORTANT NOTE REGARDING FORWARD-LOOKING STATEMENTS

  

3

 

 

 

PART I.

 

FINANCIAL INFORMATION

  

 

 

 

 

Item 1.

 

Financial Statements

  

4

 

 

 

 

 

Condensed Balance Sheets as of December 31, 2020 and June 30, 2021 (unaudited)

  

4

 

 

 

 

 

Condensed Statements of Operations and Comprehensive Income/(Loss) for the three and six months ended June 30, 2020 and 2021 (unaudited)

  

5

 

 

 

 

 

Condensed Statements of Shareholders’ Equity for the three and six months ended June 30, 2020 and 2021 (unaudited)

  

6

 

 

 

 

 

Condensed Statements of Cash Flows for the six months ended June 30, 2020 and 2021 (unaudited)

  

8

 

 

 

 

 

Notes to Condensed Financial Statements (unaudited)

  

10

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

23

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

  

37

 

 

 

Item 4.

 

Controls and Procedures

  

37

 

 

 

PART II.

 

OTHER INFORMATION

  

 

 

 

 

Item 1.

 

Legal Proceedings

  

39

 

 

 

 

 

Item 1A.

 

Risk Factors

  

39

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

69

 

 

 

Item 3.

 

Defaults Upon Senior Securities

  

69

 

 

 

Item 4.

 

Mine Safety Disclosures

  

69

 

 

 

Item 5.

 

Other Information

  

69

 

 

 

Item 6.

 

Exhibits

  

69

 

 

 

2


 

IMPORTANT NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or Quarterly Report, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included or incorporated by reference in this Quarterly Report other than statements of historical fact, are forward-looking statements. You can identify these and other forward-looking statements by the use of words such as “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue” or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to such statements.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in our other filings with the Securities and Exchange Commission, or the SEC. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made except as required by law. Readers should, however, review the factors and risks we describe in the reports we file from time to time with the SEC. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date the statement is made, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely upon these statements.

 

3


 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

Biocept, Inc.

Condensed Balance Sheets

 

 

 

 

December 31,

 

 

June 30,

 

 

 

2020

 

 

2021

 

 

 

 

 

 

 

(unaudited)

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

14,367,942

 

 

$

19,451,189

 

Accounts receivable, net

 

 

14,144,911

 

 

 

12,595,694

 

Inventories, net

 

 

1,929,624

 

 

 

3,016,342

 

Prepaid expenses and other current assets

 

 

2,151,527

 

 

 

897,370

 

Total current assets

 

 

32,594,004

 

 

 

35,960,595

 

Fixed assets, net

 

 

2,317,616

 

 

 

2,078,464

 

Lease right-of-use assets - operating

 

 

9,776,349

 

 

 

9,275,168

 

Lease right-of-use assets - finance

 

 

2,337,709

 

 

 

2,850,277

 

Other non-current assets

 

 

425,908

 

 

 

438,776

 

Total assets

 

$

47,451,586

 

 

$

50,603,280

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,364,858

 

 

$

5,705,805

 

Accrued liabilities

 

 

3,165,669

 

 

 

2,410,939

 

Current portion of lease liabilities - operating

 

 

 

 

 

53,741

 

Current portion of lease liabilities - finance

 

 

963,726

 

 

 

1,067,516

 

Supplier financings

 

 

 

 

 

416,471

 

Total current liabilities

 

 

12,494,253

 

 

 

9,654,472

 

Non-current portion of lease liabilities - operating

 

 

9,805,361

 

 

 

9,971,046

 

Non-current portion of lease liabilities - finance

 

 

1,459,550

 

 

 

1,625,939

 

Total liabilities

 

 

23,759,164

 

 

 

21,251,457

 

Commitments and contingencies (see Note 11)

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 5,000,000 authorized; 2,111 shares issued and

   outstanding at December 31, 2020 and June 30, 2021.

 

 

 

 

 

 

Common stock, $0.0001 par value, 150,000,000 authorized; 13,397,041 issued and

   outstanding at December 31, 2020; 14,310,606 issued and outstanding at June 30,

   2021.

 

 

1,340

 

 

 

1,431

 

Additional paid-in capital

 

 

287,217,949

 

 

 

292,105,446

 

Accumulated deficit

 

 

(263,526,867

)

 

 

(262,755,054

)

Total shareholders’ equity

 

 

23,692,422

 

 

 

29,351,823

 

Total liabilities and shareholders’ equity

 

$

47,451,586

 

 

$

50,603,280

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

4


Biocept, Inc.

Condensed Statements of Operations and Comprehensive Income/(Loss)

(Unaudited)

 

 

 

 

For the three months ended

June 30,

 

 

For the six months ended

June 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Net revenues

 

$

917,471

 

 

$

12,047,166

 

 

$

2,364,020

 

 

$

29,803,356

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

2,517,902

 

 

 

7,461,819

 

 

 

5,464,760

 

 

 

16,467,675

 

Research and development expenses

 

 

1,588,716

 

 

 

1,137,614

 

 

 

2,901,392

 

 

 

2,180,339

 

General and administrative expenses

 

 

1,911,239

 

 

 

3,250,859

 

 

 

3,815,672

 

 

 

6,370,663

 

Sales and marketing expenses

 

 

1,333,271

 

 

 

1,944,661

 

 

 

2,798,386

 

 

 

3,867,933

 

Total costs and expenses

 

 

7,351,128

 

 

 

13,794,953

 

 

 

14,980,210

 

 

 

28,886,610

 

(Loss)/income from operations

 

 

(6,433,657

)

 

 

(1,747,787

)

 

 

(12,616,190

)

 

 

916,746

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(55,646

)

 

 

(79,692

)

 

 

(112,342

)

 

 

(144,933

)

Warrant inducement expense

 

 

 

 

 

 

 

 

(2,102,109

)

 

 

 

Total other expense

 

 

(55,646

)

 

 

(79,692

)

 

 

(2,214,451

)

 

 

(144,933

)

(Loss)/income before income taxes

 

 

(6,489,303

)

 

 

(1,827,479

)

 

 

(14,830,641

)

 

 

771,813

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)/income and comprehensive (loss)/income

 

$

(6,489,303

)

 

$

(1,827,479

)

 

$

(14,830,641

)

 

$

771,813

 

Deemed dividend related to warrants down round provision

 

 

 

 

 

 

 

 

(2,774

)

 

 

 

Net (loss)/income attributable to common shareholders

 

$

(6,489,303

)

 

$

(1,827,479

)

 

$

(14,833,415

)

 

$

771,813

 

Weighted-average shares outstanding used in computing net

   (loss)/income per share attributable to common

   shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

12,717,372

 

 

 

13,462,329

 

 

 

10,308,681

 

 

 

13,431,340

 

Diluted

 

 

12,717,372

 

 

 

13,462,329

 

 

 

10,308,681

 

 

 

13,646,789

 

Net (loss)/income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.51

)

 

$

(0.14

)

 

$

(1.44

)

 

$

0.06

 

Diluted

 

$

(0.51

)

 

$

(0.14

)

 

$

(1.44

)

 

$

0.06

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

5


Biocept, Inc.

Condensed Statements of Shareholders’ Equity

(Unaudited)

 

 

 

Common Stock

 

 

Series A

Convertible

Preferred Stock

 

 

Additional

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in Capital

 

 

Deficit

 

 

Total

 

Balance at December 31, 2019

 

 

5,473,848

 

 

$

547

 

 

 

2,133

 

 

$

 

 

$

256,917,285

 

 

$

(245,717,189

)

 

$

11,200,643

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

142,964

 

 

 

 

 

 

142,964

 

Shares issued upon exercise of common stock

   warrants

 

 

696,141

 

 

 

70

 

 

 

 

 

 

 

 

 

2,306,638

 

 

 

 

 

 

2,306,708

 

Shares issued upon cashless exercise of

   common stock warrants

 

 

608,000

 

 

 

61

 

 

 

 

 

 

 

 

 

(61

)

 

 

 

 

 

 

Deemed dividends related to warrants

   downround provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,774

 

 

 

(2,774

)

 

 

 

Shares issued for March 2, 2020 financing

   transaction, net of issuance costs

 

 

2,300,000

 

 

 

230

 

 

 

 

 

 

 

 

 

8,565,270

 

 

 

 

 

 

8,565,500

 

Shares issued for March 4, 2020 financing

   transaction, net of issuance costs

 

 

1,600,000

 

 

 

160

 

 

 

 

 

 

 

 

 

6,093,401

 

 

 

 

 

 

6,093,561

 

Shares issued for exercise of December 2019

   overallotment warrants, net of issuance costs

 

 

192,750

 

 

 

19

 

 

 

 

 

 

 

 

 

659,939

 

 

 

 

 

 

659,958

 

Warrant inducement expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,102,109

 

 

 

 

 

 

2,102,109

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,341,338

)

 

 

(8,341,338

)

Balance at March 31, 2020

 

 

10,870,739

 

 

$

1,087

 

 

 

2,133

 

 

$

 

 

$

276,790,319

 

 

$

(254,061,301

)

 

$

22,730,105

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194,236

 

 

 

 

 

 

194,236

 

Shares issued upon exercise of common stock

   warrants

 

 

20,584

 

 

 

2

 

 

 

 

 

 

 

 

 

72,606

 

 

 

 

 

 

72,608

 

Shares issued for April 2020 financing

   transaction, net of issuance costs

 

 

2,230,000

 

 

 

223

 

 

 

 

 

 

 

 

 

9,577,074

 

 

 

 

 

 

9,577,297

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,489,303

)

 

 

(6,489,303

)

Balance at June 30, 2020

 

 

13,121,323

 

 

$

1,312

 

 

 

2,133

 

 

$

 

 

$

286,634,235

 

 

$

(260,550,604

)

 

$

26,084,943

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

6


Biocept, Inc.

Condensed Statements of Shareholders’ Equity

(Unaudited)

(Continued)

 

 

 

Common Stock

 

 

Series A

Convertible

Preferred Stock

 

 

Additional

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Paid-in Capital

 

 

Deficit

 

 

Total

 

Balance at December 31, 2020

 

 

13,397,041

 

 

$

1,340

 

 

 

2,111

 

 

$

 

 

$

287,217,949

 

 

$

(263,526,867

)

 

$

23,692,422

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

460,201

 

 

 

 

 

 

460,201

 

Shares issued upon exercise of common stock

   warrants

 

 

5,304

 

 

 

 

 

 

 

 

 

 

 

 

18,552

 

 

 

 

 

 

18,552

 

Shares issued upon conversion of preferred

   stock

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued upon exercise of options

 

 

194

 

 

 

 

 

 

 

 

 

 

 

 

760

 

 

 

 

 

 

760

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,599,292

 

 

 

2,599,292

 

Balance at March 31, 2021

 

 

13,402,562

 

 

$

1,340

 

 

 

2,111

 

 

$

 

 

$

287,697,462

 

 

$

(260,927,575

)

 

$

26,771,227

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

494,330

 

 

 

 

 

 

494,330

 

Shares issued for ATM transaction, net of

   issuance costs

 

 

908,044

 

 

 

91

 

 

 

 

 

 

 

 

 

3,913,654

 

 

 

 

 

 

3,913,745

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,827,479

)

 

 

(1,827,479

)

Balance at June 30, 2021

 

 

14,310,606

 

 

$

1,431

 

 

 

2,111

 

 

$

 

 

$

292,105,446

 

 

$

(262,755,054

)

 

$

29,351,823

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

7


Biocept, Inc.

Condensed Statements of Cash Flows

(Unaudited)

 

 

 

 

For the six months ended June 30,

 

 

 

2020

 

 

2021

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

Net (loss)/income

 

$

(14,830,641

)

 

$

771,813

 

Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

477,396

 

 

 

711,099

 

Amortization of right-of-use assets

 

 

(96,962

)

 

 

720,607

 

Change in inventory reserve

 

 

54,202

 

 

 

(59,901

)

Stock-based compensation

 

 

337,200

 

 

 

954,531

 

Warrant inducement expense

 

 

2,102,109

 

 

 

 

Loss on disposal of fixed assets

 

 

459

 

 

 

3,941

 

Increase/(decrease) in cash resulting from changes in:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

347,861

 

 

 

1,549,217

 

Inventory

 

 

(259,900

)

 

 

(1,026,817

)

Prepaid expenses and other current assets

 

 

11,232

 

 

 

1,876,097

 

Accounts payable

 

 

(4,916

)

 

 

(1,921,583

)

Accrued liabilities

 

 

(108,406

)

 

 

(754,730

)

Other non-current assets

 

 

 

 

 

(12,868

)

Net cash (used in)/provided by operating activities

 

 

(11,970,366

)

 

 

2,811,406

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

Purchases of fixed assets

 

 

(35,457

)

 

 

(831,852

)

Net cash used in investing activities

 

 

(35,457

)

 

 

(831,852

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

Net proceeds from issuance of common stock and warrants

 

 

24,236,358

 

 

 

3,913,745

 

Proceeds from exercise of common stock warrants

 

 

2,379,316

 

 

 

18,552

 

Proceeds from exercise of stock options

 

 

 

 

 

760

 

Proceeds from exercise of overallotment warrants

 

 

659,958

 

 

 

 

Payments on finance leases