NEW YORK (GenomeWeb) – OncoCyte said after the close of the market on Tuesday that its second quarter net loss swelled year over year as it continues to advance its flagship liquid biopsy test toward commercialization.
For the three months ended June 30, the Alameda, California-based diagnostic developer incurred a net loss of $4.5 million, or $.12 per share, compared to a loss of $3.8 million, or $.13 per share, in the year-ago period. Analysts on average had expected a loss per share of $.09.
OncoCyte did not report any Q2 revenues, the same as in the year-ago quarter.
The company’s Q2 R&D expenses grew 15 percent to $2.3 million from $2.0 million, and included a $600,000 noncash impairment charge for noncore, intangible assets that OncoCyte had acquired for therapeutic uses but not longer plans to develop or commercialize.
OncoCyte’s SG&A expenses rose 19 percent to $1.9 million from $1.6 million.
The firm ended the quarter with $10.3 million in cash and cash equivalents and $728,000 in marketable securities.
Prior to the end of Q2, OncoCyte received net proceeds of $3.3 million from an at-market registered direct offering of common stock and warrants.
OncoCyte said that it projects that its