Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, reports financial results
for the 12 months ended December 31, 2022 and provides a business
update.
“I could not be prouder of my Biocept colleagues as together we
have worked tirelessly to streamline operations, prioritize
decisions to advance our corporate mission and carefully manage
expenditures. We are more convinced than ever that our proprietary
CNSide™ assay will improve the lives of patients with cancers that
have metastasized to the central nervous system. To support this
conviction, we have completed our evaluation of strategic
alternatives and determined that the best course of action is for
Biocept to further develop and commercialize this important asset
while pursuing various options to extend our cash runway,” said
Samuel D. Riccitelli, Biocept’s Chairman, and interim President and
CEO.
“We’ve implemented cost-efficiency measures such as enhancing
laboratory operations, reducing services from outside vendors and
lowering headcount by more than 40% from our pre-COVID-19 testing
level. Additionally, we will be requiring the majority of our
academic center and hospital customers to enter into lab service
agreements with us to maintain access to CNSide testing. We have
started this process and expect full implementation over the next
few months. We have also executed a few new regional in-network
payor agreements that will allow for improved reimbursement for
certain CNSide testing.
“We are pleased to have opened enrollment in our FORESEE
clinical trial, with the goal of generating clinical utility
evidence that will support the incorporation of CNSide into
clinical care guidelines, which we believe will significantly
broaden both physician and payor adoption,” he added. “We look
forward to discussing our progress and providing updates on the
FORESEE trial during a business update conference call planned for
later this quarter.”
2022 Financial Results
Today Biocept filed with the Securities and Exchange Commission
a Quarterly Report on Form 10-Q/A to amend previously filed
financial statements for the quarters ended March 31, 2022, June
30, 2022 and September 30, 2022. The amendments are related to
calculations for certain stock options and changes in payer class
and implicit price concessions through the Company’s revenue
recognition and account reconciliation process. The amendments
resulted in a change to previously reported net revenues for the
nine months ended September 30, 2022 of $9.4 million.
For 2022, Biocept is reporting net revenues of $25.9 million,
compared with $61.1 million for 2021, with the decline due
primarily to lower RT-PCR COVID-19 testing volume and changes in
implicit price concessions due to payor class changes. The number
of commercial accessions delivered for 2022 and 2021 were 294,182
and 532,520, respectively.
Cost of revenues for 2022 was $28.4 million, compared with $37.8
million for 2021, with the decrease primarily due to lower RT-PCR
COVID-19 testing volume.
Research and development (R&D) expenses for 2022 were $6.2
million, compared with $5.0 million for 2021. R&D expenses in
2022 included costs associated with the FORESEE clinical trial
including work performed by a contract research organization and an
increase in materials and supplies.
General and administrative expenses for 2022 were $16.1 million,
compared with $12.6 million for 2021. The increase was
predominantly due to expenses related to separation agreements with
former executive management, increases in audit and accounting fees
and higher legal expenses.
Sales and marketing expenses for 2022 were $7.1 million,
compared with $8.3 million for 2021, with the decrease primarily
due to fewer sales representatives and lower commission
expense.
Net loss attributable to common stockholders for 2022 was $32.1
million, or $1.89 per share, compared with a net loss attributable
to common stockholders for 2021 of $2.8 million, or $0.19 per
share.
Biocept reported cash of $12.9 million as of December 31, 2022,
compared with $28.9 million as of December 31, 2021.
Conference Call
Biocept will provide advance notice of the business update call
planned for later this quarter including date, time and
participation instructions.
About Biocept
Biocept, Inc. develops and commercializes molecular diagnostic
assays that provide physicians with clinically actionable
information for treating and monitoring patients diagnosed with a
variety of cancers. For more information, visit www.biocept.com.
Follow Biocept on Facebook, LinkedIn, Twitter, and Instagram.
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 "will," "expect," “goal,” “objective,”
"believe" or "intend" 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 regarding our plan to
implement lab service agreements with the majority of our academic
and hospital customers, expected improved reimbursement for CNSide
as a result of our regional in-network payor agreements, our
strategy to generate evidence of CNSide’s clinical utility in
support of adoption into clinical care guidelines and the
broadening of both physician and payor adoption, 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 risks and uncertainties, including that the results of the
FORESEE clinical trial may not support the inclusion of CNSide in
clinical care guidelines; Medicare and private payors may not
provide coverage and reimbursement or may breach, rescind or modify
their contracts or reimbursement policies or delay payments; our
customers may choose not to enter into lab service agreements with
us; risks related to our need for additional capital; and the risk
that our products and services may not perform as expected. These
and other factors are described in greater detail under the "Risk
Factors" heading of our Annual Report on Form 10-K for the year
ended December 31, 2022, which is being filed with the Securities
and Exchange Commission (SEC) today. The effects of such risks and
uncertainties could cause actual results to differ materially from
the forward-looking statements contained in this news release. We
do not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in
this press release except as required by law. Readers are advised
to review our filings with the SEC at http://www.sec.gov/.
Biocept, Inc.
Balance Sheets
(in thousands, except share
and per share data)
December 31,
December 31,
2022
2021
Assets
Current assets:
Cash
$
12,897
$
28,864
Accounts receivable
2,151
13,786
Inventories, net
757
2,651
Prepaid expenses and other current
assets
538
391
Total current assets
16,343
45,692
Fixed assets, net
2,572
2,401
Lease right-of-use asset - operating
8,486
9,026
Lease right-of-use assets - finance
3,086
2,842
Other non-current assets
386
456
Total assets
$
30,873
$
60,417
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
1,523
$
7,246
Accrued liabilities
2,249
3,018
Current portion of lease liability -
operating
518
426
Current portion of lease liabilities -
finance
1,099
1,083
Supplier financing
117
-
Total current liabilities
5,506
11,773
Non-current portion of lease liability -
operating
9,175
9,736
Non-current portion of lease liabilities -
finance
1,200
1,428
Payor liability
6,132
-
Total liabilities
22,013
22,937
Commitments and contingencies (see Note
13)
Stockholders’ equity:
Preferred stock, $0.0001 par value,
5,000,000 shares authorized; 2,090 shares and 2,106 shares issued
and outstanding at December 31, 2022 and 2021, respectively.
—
—
Common stock, $0.0001 par value,
150,000,000 shares authorized; 17,070,071 shares and 16,849,805
shares issued and outstanding at December 31, 2022 and 2021,
respectively.
2
2
Additional paid-in capital
307,296
303,829
Accumulated deficit
(298,438
)
(266,351
)
Total stockholders’ equity
8,860
37,480
Total liabilities and stockholders’
equity
$
30,873
$
60,417
Biocept, Inc.
Statements of
Operations
(in thousands, except shares
and per share data)
For the years ended
December 31,
2022
2021
Net revenues
$
25,858
$
61,249
Costs and expenses:
Cost of revenues
28,440
37,764
Research and development expenses
6,161
4,960
General and administrative expenses
16,113
12,614
Sales and marketing expenses
7,127
8,320
Total costs and expenses
57,841
63,658
Loss from operations
(31,983
)
(2,409
)
Other (expense):
Interest expense, net
(316
)
(290
)
Other income, net
87
-
Total other (expense):
(229
)
(290
)
Loss before income taxes
(32,212
)
(2,699
)
Income tax benefit (expense)
125
(125
)
Net loss
(32,087
)
(2,824
)
Net loss attributable to common
shareholders
$
(32,087
)
$
(2,824
)
Weighted-average shares outstanding used
in computing net loss per share attributable to common
shareholders:
Basic
16,953,812
14,775,805
Diluted
16,953,812
14,775,805
Net loss per common share:
Basic
$
(1.89
)
$
(0.19
)
Diluted
$
(1.89
)
$
(0.19
)
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Investor & Media
Contact: LHA Investor Relations Jody Cain
Jcain@lhai.com, (310) 691-7100
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