OncoCyte Corp ( (OCX) ) has released its Q3 earnings. Here is a breakdown of the information OncoCyte Corp presented to its investors.
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OncoCyte Corporation is a California-based diagnostics technology company focused on developing and commercializing genetic tests for oncology and transplant applications, with innovative products such as VitaGraft and DetermaIO. Recently, OncoCyte released its earnings report for the quarter ended September 30, 2024, highlighting significant financial metrics and strategic developments. The company reported a net revenue of $115,000 for the quarter, a drop from the previous year’s $429,000, reflecting challenges in revenue generation. Meanwhile, operating expenses surged to $13.6 million, leading to a net loss of $13.5 million. Despite the losses, OncoCyte has been actively seeking capital, raising approximately $9.9 million through private placements and at-the-market offerings, and plans to continue financing its operations through strategic partnerships and equity offerings. Looking ahead, OncoCyte’s management is focused on completing development and expanding the commercialization of its products, despite the ongoing financial challenges, aiming to improve its financial health and market position.
