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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