The following is a summary of the OncoCyte Corporation (OCX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• OncoCyte reported a net revenue of $176,000 in Q1 2024, marking a 41% decrease from Q1 2023.

• The company's cash reserves declined by $3.9 million in Q1 2024, leaving $5.6 million on the balance sheet.

• GAAP net loss from continuing operations was reported to be $9.1 million, in comparison to a net income of $6 million in Q1 2023.

• The company managed to raise $15.8 million in a recent private placement.

Business Progress:

• OncoCyte is in the initial phases of commercialisation of its GraftAssure product and has initiated a partnership with Bio-Rad Laboratories to increase its influence in reputed academic centers.

• Plans are underway to introduce the VitaGraft Kidney IVD to the market, a proprietary technology that could detect organ rejection in transplant patients much earlier than current methods.

• The company is actively working on introducing its products in the oncology field, specifically DetermaCNI and DetermaIO.

• Significant progress has been made in establishing relationships with potential beta sites for product launches, particularly in Germany. Interest has also been generated in the U.S. and Asia.

• Future recruitments have been planned by the end of the quarter in collaboration with Bio-Rad team to strengthen the business presence by Q4.

More details: OncoCyte IR

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