OncoCyte Corp ( (OCX) ) has released its Q1 earnings. Here is a breakdown of the information OncoCyte Corp presented to its investors.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
OncoCyte Corporation is a pioneering diagnostics technology company focused on developing molecular diagnostic tests in the fields of organ transplant and oncology, with a mission to improve patient outcomes through innovative testing solutions.
In its latest earnings report for the quarter ended March 31, 2025, OncoCyte Corporation highlighted significant financial developments, including a substantial increase in cash and cash equivalents and a notable rise in net revenue compared to the previous year.
Key financial metrics from the report reveal that OncoCyte’s net revenue increased to $2.1 million from $176,000 in the same quarter last year, driven by the commercialization of its GraftAssureCore (Kidney) test. Despite this revenue growth, the company reported a net loss of $6.7 million, an improvement from the $9.1 million loss in the prior year. The company also successfully raised approximately $28.7 million in net proceeds from a registered direct offering, bolstering its financial position.
Looking forward, OncoCyte’s management remains optimistic about the company’s growth prospects, with plans to continue developing its oncology product line, including DetermaIO, and expand its partnerships for global commercialization. The company anticipates ongoing operating losses as it invests in its development programs but expects its financial position to support operations for the next twelve months.