OncoCyte reports Q3 EPS (98c), consensus (44c)

Oncocyte’s (OCX) cash, cash equivalents, and restricted cash balance at the end of the third quarter was approximately $5.1M down $5.9M sequentially. “As mentioned, on October 2, we entered into a securities purchase agreement for a private placement. After deducting banking and legal fees and other transaction-related expenses, net proceeds were approximately $9.4 million from the private placement. We are pleased that our third quarter outgoing cash flow from operations of $5.55 million came in favorable to our budget of $6 million, which was partially a result of operational efficiency and partly a result of inventory manufacturing timing.While we don’t expect to realize meaningful revenue related to our oncology IP within the near term, these studies support partnering discussions with larger companies, support our CMS submission, and validate our research and development pipeline, which is designed to drive sustained rapid growth over the next decade.