Education
About Us
Working with TipRanks
Follow Us
OncoCyte Corp (OCX)
NASDAQ:OCX
Top Page
OncoCyte
(NASDAQ:OCX)
Rating:51Neutral
Price Target:
$3.00
▼(-5.06%Downside)
Positive Factors
Investment Opportunity
Analyst recommends a Buy rating and a $5 price target, noting the stock is not being fairly priced, creating an attractive entry point for investors with a long-range view.
Market Potential
Plans for GraftAssureDx suggest future growth opportunities for OncoCyte.
Product Launch
OCX's launch of GraftAssureIQ is going well and OCX continues to sign on transplant centers ahead of its GraftAssureDx Kidney kitted test launch.
Negative Factors
Financial Management
Cash use is a significant topic of discussion, indicating potential financial challenges for OncoCyte.
Market Performance
Shares have traded down 66% since Josh Riggs took the helm on an interim basis.
Trade Risks
Tariff exposure is a concern that could negatively impact OncoCyte.
OncoCyte (OCX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$78.08M
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth178.08%
EPS Growth86.04%
CountryUS
Employees46
SectorHealthcare
Sector Strength42
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.19
Shares Outstanding28,599,285
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)1.04
Price to Sales (P/S)0.00
P/FCF Ratio-0.71
Enterprise Value/Market Cap0.24
Enterprise Value/Revenue2.56
Enterprise Value/Gross Profit9.46
Enterprise Value/Ebitda-0.11
Forecast
1Y Price Target
$6.13Price Target Upside93.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
OncoCyte Business Overview & Revenue Model
Company DescriptionOncoCyte Corporation, a molecular diagnostics company, researches, develops, and commercializes proprietary laboratory-developed tests for the detection of cancer in the United States and internationally. The company offers DetermaRx, a molecular test for early-stage adenocarcinoma of the lung; and DetermaIO, a proprietary gene expression assay. It also provides biomarker discovery testing, assay design and development, and clinical trial support services, as well as various biomarker tests for pharmaceutical companies. The company has a collaboration agreement with Life Technologies Corporation to develop and collaborate in the commercialization of Oncomine Comprehensive Assay Plus and Determa IO assay for use with Ion Torrent Genexus integrated sequencer and purification system. OncoCyte Corporation was incorporated in 2009 and is based in Irvine, California.
How the Company Makes MoneyOncoCyte makes money through the sale of its proprietary diagnostic tests that are designed to detect cancer at various stages. The company generates revenue by marketing these tests to healthcare providers, hospitals, and laboratories. Key revenue streams include the sales of its diagnostic products and potential licensing agreements with other biotech firms. Additionally, OncoCyte may engage in partnerships or collaborations with pharmaceutical companies, research institutions, or healthcare organizations to expand its market reach and enhance its product offerings. Revenue can also be influenced by reimbursement policies and the adoption rate of its technologies in the medical community.
OncoCyte Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: 12.46%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
The earnings call conveyed a cautiously optimistic outlook, with significant progress in clinical trials and strong interest from transplant centers and pharma partners. However, challenges remain in managing revenue volatility and cash burn.Q1-2025 Updates
Positive Updates
Central IRB Approval for Clinical Trial
OncoCyte finalized their clinical trial design and received central IRB approval, marking a key milestone in safety and ethics review for their trial.
Strong Revenue from Pharma Services
Pharma services revenue of $2.1 million exceeded expectations, with gross margins of 62%. A large order late in the quarter enabled invoicing of $1.4 million.
Interest from Top Transplant Centers
OncoCyte expects to welcome at least 3 of the top 10 U.S. transplant centers as clinical trial participants, representing nearly 10% of U.S. transplant volumes.
Global Expansion of RUO Sites
10 sites are currently running OncoCyte's RUO assay in the U.S., Germany, U.K., Switzerland, Austria, and Southeast Asia.
Digital PCR Differentiation
OncoCyte is proving the value of digital PCR as a technology differentiator, offering simpler, faster, and cost-effective solutions compared to NGS.
Positive Feedback on DetermaIO
DetermaIO is showing promise in the drug rescue category, with potential partners expressing admiration for the results.
Strong Cash Position
OncoCyte concluded the first quarter with nearly $33 million in cash, including restricted cash to be accessed later this year.
Negative Updates
Volatile Pharma Services Revenue
Pharma services revenue is expected to be less than $500,000 in Q2, with no services invoiced in April, highlighting revenue lumpiness.
Negative Free Cash Flow
Free cash flow was negative $6.2 million in the quarter, aligned with the target average quarterly cash burn of $6 million.
Potential Delays in FDA Submission
While OncoCyte is on track for FDA submission by year-end, several work streams must come together, posing potential risks to timelines.
Company Guidance
During OncoCyte's First Quarter 2025 Results call, the company outlined key guidance and metrics for the fiscal year. Their primary objectives include finalizing the clinical assay and trial design, completing a clinical trial to submit a data package to the FDA by the end of 2025, and ramping up revenue in 2026 by signing transplant centers for their research use-only kit. OncoCyte aims to have 20 sites trained on their GraftAssure workflow by the end of 2025, expanding from the 10 sites currently using their RUO assay across the U.S., Germany, U.K., Switzerland, Austria, and Southeast Asia. The company achieved central IRB approval for their clinical trial and anticipates participation from at least 3 of the top 10 U.S. transplant centers. Additionally, OncoCyte reported Q1 pharma services revenue of $2.1 million, with gross margins at 62%, and ended the quarter with nearly $33 million in cash. The company targets a cash burn rate of approximately $6 million per quarter until their commercial launch next year.OncoCyte Financial Statement Overview
Summary
OncoCyte faces significant financial challenges. Despite a positive gross profit margin, the net profit margin is deeply negative, and cash flow is constrained with significant negative free cash flow. The balance sheet shows manageable leverage but is offset by negative equity returns.Income Statement
OncoCyte's income statement reveals significant challenges with profitability and growth. The TTM data shows a gross profit margin of 52.57%, which is a positive sign of operational efficiency. However, the net profit margin is deeply negative at -151.44%, indicating substantial losses relative to revenue. Revenue growth has been volatile, with a notable increase in the latest period, yet EBIT and EBITDA margins remain negative, reflecting ongoing operational struggles.35
Negative
Balance Sheet
The balance sheet presents a mixed picture. The debt-to-equity ratio is relatively low, suggesting manageable leverage. However, return on equity (ROE) is negative due to ongoing losses, and the equity ratio stands at 16.93%, indicating a smaller portion of assets funded by equity. Recent improvements in equity levels are a positive sign, but the overall financial health remains challenged by persistent liabilities.40
Negative
Cash Flow
Cash flow analysis highlights significant negative free cash flow, reflecting cash constraints. The operating cash flow to net income ratio is negative, underscoring operational cash challenges. Despite positive financing cash flow, indicative of capital raising efforts, the overall cash position is strained, with limited free cash flow generation.30
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.84M | 1.88M | 1.50M | 958.00K | 7.73M | 1.22M |
| Gross Profit | 2.02M | 740.00K | 413.00K | -18.00K | 188.00K | -639.00K |
| EBITDA | -57.43M | -59.02M | -23.12M | -13.31M | -48.46M | -30.54M |
| Net Income | -58.20M | -60.66M | -27.78M | -73.44M | -64.10M | -29.93M |
Balance Sheet | ||||||
| Total Assets | 60.36M | 35.08M | 74.89M | 100.09M | 159.56M | 55.42M |
| Cash, Cash Equivalents and Short-Term Investments | 31.03M | 8.64M | 9.43M | 20.43M | 36.51M | 7.82M |
| Total Debt | 3.48M | 3.66M | 2.87M | 3.54M | 5.68M | 8.63M |
| Total Liabilities | 50.14M | 47.35M | 49.30M | 65.80M | 94.35M | 21.94M |
| Stockholders Equity | 10.22M | -12.27M | 25.59M | 34.29M | 65.22M | 33.48M |
Cash Flow | ||||||
| Free Cash Flow | -22.93M | -21.23M | -23.61M | -49.91M | -38.19M | -27.21M |
| Operating Cash Flow | -22.74M | -20.71M | -23.32M | -45.57M | -35.94M | -25.98M |
| Investing Cash Flow | -795.00K | -512.00K | -932.00K | -4.34M | -13.96M | -11.75M |
| Financing Cash Flow | 48.99M | 20.43M | 12.19M | 35.81M | 78.36M | 22.80M |
OncoCyte Risk Analysis
OncoCyte disclosed 58 risk factors in its most recent earnings report. OncoCyte reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
We currently market certain IVDs that have not been cleared by the FDA in reliance on the regulatory exemption for IVDs intended for RUO, but if the FDA determines that our RUO tests do not meet the applicable requirements for exemption or have intended uses that are inconsistent with RUO tests, we may be required to suspend commercialization of such products until we can obtain the requisite FDA clearance and/or subject to FDA warning or untitled letters, seizure, injunction, fines, or other enforcement action. Q3, 2024
OncoCyte Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.41B | 0.36 | -61.88% | 2.33% | 16.99% | 1.69% | |
51 Neutral | $78.08M | ― | -428.96% | ― | 178.08% | 86.04% | |
50 Neutral | $75.08M | ― | -60.25% | ― | 255.31% | -141.39% | |
49 Neutral | $86.34M | ― | 149.62% | ― | -18.22% | 44.67% | |
43 Neutral | $77.23M | ― | -456.32% | ― | ― | 0.13% | |
36 Underperform | $113.61M | ― | -34.87% | ― | ― | 15.09% | |
| $45.54M | ― | -876.77% | ― | ― | ― |
* Healthcare Sector Average
Performance Comparison
OCX
OncoCyte
3.34
0.39
13.22%
ATOS
Atossa Therapeutics
0.88
-0.32
-26.67%
MGNX
MacroGenics
1.19
-3.11
-72.33%
ELUT
Aziyo Biologics
2.10
-2.58
-55.13%
SRZN
Surrozen
9.02
-1.68
-15.70%
TELO
Telomir Pharmaceuticals, Inc.
1.53
-2.72
-64.00%
OncoCyte Corporate Events
Product-Related AnnouncementsDelistings and Listing ChangesBusiness Operations and Strategy
OncoCyte Rebrands to Insight Molecular Diagnostics
Positive
Jun 17, 2025
On June 13, 2025, Oncocyte Corporation officially changed its name to Insight Molecular Diagnostics Inc. and relocated its headquarters from Irvine, California, to Nashville, Tennessee. The company’s stock will trade under the new symbol ‘IMDX’ on the Nasdaq Stock Market starting June 18, 2025. This rebranding reflects the company’s expanded strategic direction and diversified product portfolio, including a focus on transplant medicine. iMDx aims to unlock value in the estimated $1 billion market for transplant rejection testing and is committed to delivering a clinically available molecular diagnostic kit for kidney transplant patients. The company is also rebranding its VitaGraft assay under the GraftAssure brand, with new product names GraftAssureCore, GraftAssureIQ, and GraftAssureDx, aligning with regulatory classifications and intended uses.
The most recent analyst rating on (OCX) stock is a Buy with a $4.25 price target. To see the full list of analyst forecasts on OncoCyte stock, see the OCX Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.