Biocept Reports 2016 Second Quarter Financial Results
"In the second quarter of 2016, we enjoyed the early success of our PD-L1 test launch, drove continued increases in demand from physicians for our tests, and saw the benefits of our improved billing and collection processes," stated
"Billable samples for the second quarter of 2016 nearly doubled year-over-year to 1,136 and reached 1,946 for the first half of 2016, eclipsing total billable samples for all of 2015," he added. "Key operational accomplishments in the second quarter of 2016 included an expanded menu of available tests and increased physician adoption and ordering of markers, resulting in a greater billable amount per sample and improved economies of scale, lowering costs per sample. We are working diligently to drive continued growth in commercial volume by executing on the priorities we set forth early this year."
Second Quarter and Recent Operational Highlights
Management Appointment
- Named
Timothy C. Kennedy as Chief Financial Officer and Senior Vice President of Operations.Mr. Kennedy brings toBiocept more than 30 years of financial and operational leadership experience, including more than 25 years in the clinical diagnostics industry.
Commercial Biomarker Launches
- Expanded into immuno-oncology with the launch of its PD-L1 protein expression test in mid-June, making
Biocept among the first to commercialize a CLIA-validated, blood-based test for detecting this protein. Physician adoption of the PD-L1 test to date has been robust. - Broadened its commercial assay portfolio with the addition of RET fusion. The detection of alterations in this gene can provide important information for a subgroup of patients with non-small cell lung cancer.
Collaborations
- Signed a master services agreement with a major biopharma company to develop targeted liquid biopsy tests for multiple tumor types and molecular targets. Collaborating with biopharma companies during drug development provides important near-term revenue contributions, as well as the potential for long-term value creation from the development of companion diagnostics for targeted therapies.
Clinical Validation
- Announced that
Biocept's Target Selector™ assay platform was featured in two abstracts at theAmerican Society of Clinical Oncology (ASCO) conference in June. - Announced a collaboration with
MedStar Georgetown University Hospital that further validates the importance ofBiocept's technology to leading research institutions that are seeking to incorporate liquid biopsy into clinical practice.
Second Quarter Financial Results
The Company accessioned 1,136 billable samples in the second quarter of 2016, a 194% increase from the 386 billable samples accessioned during the second quarter of 2015. Total samples reached 1,212 during the second quarter of 2016, up from 409 total samples for the second quarter of 2015.
Revenues for the second quarter of 2016 increased to
Cost of revenues of
Research and development expenses remained relatively unchanged for the second quarters of 2016 and 2015 at
General and administrative expenses for the second quarter of 2016 increased to
Sales and marketing expenses for the second quarter of 2016 increased to
Net loss for the second quarter of 2016 was
Six Month Financial Results
The Company accessioned 1,946 billable assays during the first six months of 2016, up from 675 during the comparable prior-year period. Revenues for the first six months of 2016 increased to
Total costs and expenses increased to
Net loss for the first six months of 2016 was
The Company reported cash and cash equivalents of
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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 improve the diagnosis and treatment of cancer, our ability to grow our
commercial test volume and adoption, our ability to build additional clinical validation of our tests, our ability to improve billing and the reimbursement of our testing and the timeliness of payments, the benefits of collaborating with biopharma companies, and our ability to build on our commercial leadership position in the liquid biopsy field, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our
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CONDENSED BALANCE SHEETS |
||||||
|
|
|||||
2015 |
2016 |
|||||
(unaudited) |
||||||
ASSETS |
||||||
Cash and cash equivalents |
$ |
8,821,329 |
$ |
3,751,570 |
||
Accounts receivable |
34,200 |
86,653 |
||||
Inventories, net |
349,271 |
496,047 |
||||
Prepaid expenses and other current assets |
435,938 |
606,342 |
||||
TOTAL CURRENT ASSETS |
9,640,738 |
4,940,612 |
||||
FIXED ASSETS, NET |
946,180 |
1,362,541 |
||||
TOTAL ASSETS |
$ |
10,586,918 |
$ |
6,303,153 |
||
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
||||||
CURRENT LIABILITIES |
$ |
3,340,788 |
$ |
3,587,962 |
||
NON-CURRENT LIABILITIES, NET |
3,553,395 |
3,134,593 |
||||
TOTAL LIABILITIES |
6,894,183 |
6,722,555 |
||||
SHAREHOLDERS' EQUITY/(DEFICIT) |
3,692,735 |
(419,402) |
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
$ |
10,586,918 |
$ |
6,303,153 |
||
| |||||||||||
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||
(Unaudited) | |||||||||||
For the three months ended |
For the six months ended | ||||||||||
2015 |
2016 |
2015 |
2016 | ||||||||
REVENUES |
$ |
76,768 |
$ |
662,860 |
$ |
226,770 |
$ |
884,229 | |||
COSTS AND EXPENSES |
|||||||||||
Cost of revenues |
1,013,075 |
1,669,571 |
2,160,757 |
3,144,361 | |||||||
Research and development |
744,242 |
716,279 |
1,395,662 |
1,444,355 | |||||||
General and administrative |
1,359,226 |
1,517,664 |
2,651,275 |
3,004,888 | |||||||
Sales and marketing |
851,109 |
1,291,709 |
1,560,565 |
2,596,608 | |||||||
Total costs and expenses |
3,967,652 |
5,195,223 |
7,768,259 |
10,190,212 | |||||||
LOSS FROM OPERATIONS |
(3,890,884) |
(4,532,363) |
(7,541,489) |
(9,305,983) | |||||||
INTEREST AND OTHER INCOME/(EXPENSE), NET |
(143,866) |
(61,308) |
(293,065) |
(161,336) | |||||||
LOSS BEFORE INCOME TAXES |
(4,034,750) |
(4,593,671) |
(7,834,554) |
(9,467,319) | |||||||
INCOME TAXES |
(355) |
(503) |
(1,279) |
(2,053) | |||||||
NET LOSS & COMPREHENSIVE LOSS |
$ |
(4,035,105) |
$ |
(4,594,174) |
$ |
(7,835,833) |
$ |
(9,469,372) | |||
NET LOSS PER SHARE |
|||||||||||
- Basic |
$ |
(0.22) |
$ |
(0.20) |
$ |
(0.55) |
$ |
(0.44) | |||
- Diluted |
$ |
(0.22) |
$ |
(0.20) |
$ |
(0.55) |
$ |
(0.44) | |||
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
|||||||||||
- Basic |
17,998,969 |
23,106,860 |
14,206,885 |
21,403,917 | |||||||
- Diluted |
17,998,969 |
23,106,860 |
14,206,885 |
21,403,917 |
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