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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 September 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 November 8, 2021, there were 16,842,246 shares of the Registrant’s common stock outstanding.

 

 

 

 

 


 

BIOCEPT, INC.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED

September 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 September 30, 2021 (Unaudited)

  

4

 

 

 

 

 

Condensed Statements of Operations and Comprehensive (Loss)/Income for the three and nine months ended September 30, 2020 and 2021 (Unaudited)

  

5

 

 

 

 

 

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

  

6

 

 

 

 

 

Condensed Statements of Cash Flows for the nine months ended September 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

  

38

 

 

 

Item 4.

 

Controls and Procedures

  

38

 

 

 

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

  

70

 

 

 

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,

 

 

September 30,

 

 

2020

 

 

2021

 

 

 

 

 

 

(unaudited)

 

Current assets:

 

 

 

 

 

 

 

Cash

$

14,367,942

 

 

$

27,698,334

 

Accounts receivable, net

 

14,144,911

 

 

 

15,972,256

 

Inventories, net

 

1,929,624

 

 

 

2,898,325

 

Prepaid expenses and other current assets

 

2,151,527

 

 

 

686,330

 

Total current assets

 

32,594,004

 

 

 

47,255,245

 

Fixed assets, net

 

2,317,616

 

 

 

2,151,806

 

Lease right-of-use assets - operating

 

9,776,349

 

 

 

9,150,254

 

Lease right-of-use assets - finance

 

2,337,709

 

 

 

2,949,959

 

Other non-current assets

 

425,908

 

 

 

438,776

 

Total assets

$

47,451,586

 

 

$

61,946,040

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

8,364,858

 

 

$

6,087,085

 

Accrued liabilities

 

3,165,669

 

 

 

2,584,015

 

Current portion of lease liabilities - operating

 

 

 

 

404,466

 

Current portion of lease liabilities - finance

 

963,726

 

 

 

1,119,178

 

Supplier financings

 

 

 

 

209,164

 

Total current liabilities

 

12,494,253

 

 

 

10,403,908

 

Non-current portion of lease liabilities - operating

 

9,805,361

 

 

 

9,856,655

 

Non-current portion of lease liabilities - finance

 

1,459,550

 

 

 

1,629,793

 

Total liabilities

 

23,759,164

 

 

 

21,890,356

 

Commitments and contingencies (see Note 10)

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 5,000,000 authorized; 2,111 shares issued and outstanding at December 31, 2020 and September 30, 2021.

 

 

 

 

 

Common stock, $0.0001 par value, 150,000,000 authorized; 13,397,041 issued and outstanding at December 31, 2020; 16,668,937 issued and outstanding at September 30, 2021.

 

1,340

 

 

 

1,667

 

Additional paid-in capital

 

287,217,949

 

 

 

302,382,024

 

Accumulated deficit

 

(263,526,867

)

 

 

(262,328,007

)

Total shareholders’ equity

 

23,692,422

 

 

 

40,055,684

 

Total liabilities and shareholders’ equity

$

47,451,586

 

 

$

61,946,040

 

 

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

4


Biocept, Inc.

Condensed Statements of Operations and Comprehensive (Loss)/Income

(Unaudited)

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

Net revenues

$

6,586,144

 

 

$

17,469,502

 

 

$

8,950,160

 

 

$

47,272,859

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

5,859,370

 

 

 

10,292,299

 

 

 

11,323,668

 

 

 

26,759,975

 

Research and development expenses

 

1,087,741

 

 

 

1,302,893

 

 

 

3,989,133

 

 

 

3,483,232

 

General and administrative expenses

 

3,023,337

 

 

 

3,434,349

 

 

 

6,839,467

 

 

 

9,805,012

 

Sales and marketing expenses

 

1,434,481

 

 

 

1,938,415

 

 

 

4,232,867

 

 

 

5,806,348

 

Total costs and expenses

 

11,404,929

 

 

 

16,967,956

 

 

 

26,385,135

 

 

 

45,854,567

 

(Loss)/income from operations

 

(4,818,785

)

 

 

501,546

 

 

 

(17,434,975

)

 

 

1,418,292

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(59,549

)

 

 

(74,499

)

 

 

(171,891

)

 

 

(219,432

)

Warrant inducement expense

 

 

 

 

 

 

 

(2,102,109

)

 

 

 

Total other expense

 

(59,549

)

 

 

(74,499

)

 

 

(2,274,000

)

 

 

(219,432

)

(Loss)/income before income taxes

 

(4,878,334

)

 

 

427,047

 

 

 

(19,708,975

)

 

 

1,198,860

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

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

$

(4,878,334

)

 

$

427,047

 

 

$

(19,708,975

)

 

$

1,198,860

 

Deemed dividend related to warrants down round provision

 

 

 

 

 

 

 

(2,774

)

 

 

 

 

Net (loss)/income attributable to common shareholders

$

(4,878,334

)

 

$

427,047

 

 

$

(19,711,749

)

 

$

1,198,860

 

Weighted-average shares outstanding used in computing net (loss)/income per share attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

13,333,427

 

 

 

15,384,469

 

 

 

11,324,289

 

 

 

14,089,537

 

Diluted

 

13,333,427

 

 

 

15,625,409

 

 

 

11,324,289

 

 

 

14,330,477

 

Net (loss)/income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.37

)

 

$

0.03

 

 

$

(1.74

)

 

$

0.09

 

Diluted

$

(0.37

)

 

$

0.03

 

 

$

(1.74

)

 

$

0.08

 

 

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

 

 

696,140

 

 

 

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

 

 

10,870,738

 

 

$

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

 

 

13,121,322

 

 

 

1,312

 

 

 

2,133

 

 

 

 

 

 

286,634,235

 

 

 

(260,550,604

)

 

 

26,084,943

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

166,730

 

 

 

 

 

 

166,730

 

Shares issued upon exercise of common stock warrants

 

 

6,546

 

 

 

1

 

 

 

 

 

 

 

 

 

22,387

 

 

 

 

 

 

22,388

 

Shares issued upon cashless exercise of common stock warrants

 

 

268,772

 

 

 

27

 

 

 

 

 

 

 

 

 

(27

)

 

 

 

 

 

 

Costs related to previous financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42,430

)

 

 

 

 

 

(42,430

)

Fractional shares adjustment upon one-for-ten reverse stock split

 

 

(70

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,878,334

)

 

 

(4,878,334

)

Balance at September 30, 2020

 

 

13,396,570

 

 

$

1,340

 

 

 

2,133

 

 

$

 

 

$

286,780,895

 

 

$

(265,428,938

)

 

$

21,353,297

 

 

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

6


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, 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

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

700,512

 

 

 

 

 

 

700,512

 

Shares issued for ATM transaction, net of issuance costs

 

 

2,357,988

 

 

 

236

 

 

 

 

 

 

 

 

 

9,575,140

 

 

 

 

 

 

9,575,376

 

Shares issued upon exercise of options