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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OncoCyte Corporation | AMEX:OCX | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.72 | 0 | 01:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
California
|
27-1041563
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☒
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
Item 1. |
Financial Statements
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
EXPENSES:
|
||||||||||||||||
Research and development
|
$
|
(1,363
|
)
|
$
|
(1,094
|
)
|
$
|
(4,246
|
)
|
$
|
(3,098
|
)
|
||||
General and administrative
|
(1,219
|
)
|
(1,312
|
)
|
(3,800
|
)
|
(2,081
|
)
|
||||||||
Total operating expenses
|
(2,582
|
)
|
(2,406
|
)
|
(8,046
|
)
|
(5,179
|
)
|
||||||||
Loss from operations
|
(2,582
|
)
|
(2,406
|
)
|
(8,046
|
)
|
(5,179
|
)
|
||||||||
OTHER INCOME (EXPENSES), NET
|
||||||||||||||||
Interest expense, net
|
(13
|
)
|
(9
|
)
|
(19
|
)
|
(16
|
)
|
||||||||
Other expenses, net
|
-
|
(1
|
)
|
-
|
(1
|
)
|
||||||||||
Total other expenses, net
|
(13
|
)
|
(10
|
)
|
(19
|
)
|
(17
|
)
|
||||||||
NET LOSS
|
$
|
(2,595
|
)
|
$
|
(2,416
|
)
|
$
|
(8,065
|
)
|
$
|
(5,196
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.10
|
)
|
$
|
(0.12
|
)
|
$
|
(0.31
|
)
|
$
|
(0.26
|
)
|
||||
Weighted average common shares outstanding: basic and diluted
|
26,560
|
20,970
|
25,797
|
19,803
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
NET LOSS
|
$
|
(2,595
|
)
|
$
|
(2,416
|
)
|
$
|
(8,065
|
)
|
$
|
(5,196
|
)
|
||||
Other comprehensive loss, net of tax:
|
||||||||||||||||
Unrealized gain (loss) on BioTime shares held as available-for-sale securities
|
799
|
(532
|
)
|
(124
|
)
|
(620
|
)
|
|||||||||
COMPREHENSIVE LOSS
|
$
|
(1,796
|
) |
$
|
(2,948
|
)
|
$
|
(8,189
|
)
|
$
|
(5,816
|
)
|
Nine Months Ended
September 30,
|
||||||||
2016
|
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(8,065
|
)
|
$
|
(5,196
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation expense
|
102
|
32
|
||||||
Amortization of intangible assets
|
181
|
181
|
||||||
Stock-based compensation
|
619
|
831
|
||||||
Contingently issuable warrant expense to investors
|
-
|
65
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Amount due to parent, BioTime
|
1,299
|
1,290
|
||||||
Amount due to affiliates
|
111
|
(119
|
)
|
|||||
Prepaid expenses and other current assets
|
197
|
94
|
||||||
Accounts payable and accrued liabilities
|
548
|
275
|
||||||
Accrued interest on related party convertible debt
|
-
|
13
|
||||||
Net cash used in operating activities
|
(5,008
|
)
|
(2,534
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of equipment
|
(19
|
)
|
(11
|
)
|
||||
Proceeds from sale of BioTime shares
|
-
|
44
|
||||||
Security deposit
|
(54
|
)
|
-
|
|||||
Net cash (used in) provided by investing activities
|
(73
|
)
|
33
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of common shares and warrants
|
10,550
|
-
|
||||||
Financing costs paid to issue common shares and warrants
|
(800
|
)
|
-
|
|||||
Proceeds from issuance of common shares
|
-
|
11,650
|
||||||
Proceeds from exercise of options
|
83
|
4
|
||||||
Repayment of capital lease obligation
|
(74
|
)
|
-
|
|||||
Net cash provided by financing activities
|
9,759
|
11,654
|
||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
4,678
|
9,153
|
||||||
CASH AND CASH EQUIVALENTS:
|
||||||||
At beginning of the period
|
7,996
|
257
|
||||||
At end of the period
|
$
|
12,674
|
$
|
9,410
|
1. |
Organization, Basis of Presentation and Liquidity
|
2. |
Summary of Significant Accounting Policies
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||||
2016
|
2015
|
|||||||||
Net loss
|
$
|
(8,065
|
)
|
$
|
(5,196
|
)
|
||||
Weighted average common shares outstanding – basic and diluted
|
25,797
|
19,803
|
||||||||
Net loss per share – basic and diluted
|
$
|
(0.31
|
)
|
$
|
(0.26
|
)
|
Nine Months Ended
September 30,
(Unaudited)
|
||||||||||
2016
|
2015
|
|||||||||
Stock options
|
2,947
|
2,235
|
||||||||
Warrants
|
3,246
|
-
|
3. |
Selected Balance Sheet Components
|
September 30,
2016
(Unaudited)
|
December 31,
2015
|
|||||||||
Prepaid license fees
|
$
|
16
|
$
|
19
|
||||||
Outside research
|
- |
366
|
||||||||
Insurance
|
11
|
|
- | |||||||
Other prepaid expenses and current asset
|
164
|
3
|
||||||||
Prepaid expenses and other current assets
|
$
|
191
|
$
|
388
|
September 30,
2016
(Unaudited)
|
December 31,
2015
|
|||||||||
Accrued bonuses and payroll related expenses
|
$
|
303
|
$
|
325
|
||||||
Other accrued expenses
|
366
|
857
|
||||||||
Accrued expenses and other current liabilities
|
$
|
669
|
$
|
1,182
|
September 30,
2016
(Unaudited)
|
December 31,
2015
|
|||||||||
Intangible assets
|
$
|
2,419
|
$
|
2,419
|
||||||
Accumulated amortization
|
(1,370
|
)
|
(1,189
|
)
|
||||||
Intangible assets, net
|
$
|
1,049
|
$
|
1,230
|
September 30,
2016
(Unaudited)
|
December 31,
2015
|
|||||||||
Equipment and furniture
|
$
|
751
|
$
|
750
|
||||||
Accumulated depreciation
|
(276
|
)
|
(174
|
)
|
||||||
Equipment and furniture, net
|
$
|
475
|
$
|
576
|
4. |
Related Party Transactions
|
5. |
Shareholders’ Equity
|
6. |
Stock-based Compensation
|
Options
|
Shares
Available for
Grant
|
Number of
Options
Outstanding
|
Weighted
Average
Exercise
Price
|
||||||||||||
Outstanding at December 31, 2015
|
1,757
|
2,240
|
$
|
2.03
|
|||||||||||
Options granted
|
(782
|
)
|
782
|
3.35
|
|||||||||||
Options exercised
|
-
|
(40
|
)
|
2.06
|
|||||||||||
Options forfeited
|
5
|
(5
|
)
|
2.16
|
|||||||||||
Options cancelled
|
30
|
(30
|
)
|
2.00
|
|||||||||||
Outstanding at September 30, 2016
|
1,010
|
2,947
|
$
|
2.38
|
|||||||||||
Exercisable at September 30, 2016
|
1,457
|
$
|
1.82
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||||||
Research and development
|
$ |
78
|
$ |
164
|
$ |
174
|
$ |
238
|
||||||||||||
General and administrative
|
180
|
517
|
445
|
593
|
||||||||||||||||
Total stock-based compensation expense
|
$
|
258
|
$
|
681
|
$
|
619
|
$
|
831
|
2016
|
2015
|
|||||||||
Expected life (in years)
|
6.33
|
6.89
|
||||||||
Risk-free interest rates
|
1.37
|
%
|
1.81
|
%
|
||||||
Volatility
|
69.40
|
%
|
74.25
|
%
|
||||||
Dividend yield
|
0.00
|
%
|
0.00
|
%
|
8. |
Commitments and Contingencies
|
9. |
Subsequent Event
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Three Months Ended
September 30,
|
$ Increase
|
% Increase
|
||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||
Research and development expenses
|
$
|
1,363
|
$
|
1,094
|
$
|
+269
|
+24.6
|
%
|
||||||||||||
General and administrative expenses
|
1,219
|
1,312
|
-93
|
-7.1
|
%
|
Nine Months Ended
September 30,
|
$ Increase
|
% Increase
|
||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||
Research and development expenses
|
$
|
4,246
|
$
|
3,098
|
$
|
+1,148
|
+37.1
|
%
|
||||||||||||
General and administrative expenses
|
3,800
|
2,081
|
+1,719
|
+82.6
|
%
|
|
Amount
(1)
|
Percent
|
||||||||||||||||||
Program
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||||
General
|
$
|
1,105
|
$
|
1,091
|
26.0
|
%
|
35.2
|
%
|
||||||||||||
Lung cancer confirmatory diagnostic
|
2,313
|
193
|
54.5
|
%
|
6.3
|
%
|
||||||||||||||
Bladder cancer confirmatory diagnostic
|
363
|
682
|
8.5
|
%
|
22.0
|
%
|
||||||||||||||
Breast cancer confirmatory diagnostic
|
318
|
1,032
|
7.5
|
%
|
33.3
|
%
|
||||||||||||||
Diagnostics laboratory
|
139
|
47
|
3.3
|
%
|
1.5
|
%
|
||||||||||||||
COLX
|
8
|
53
|
0.2
|
%
|
1.7
|
%
|
||||||||||||||
Total
|
$
|
4,246
|
$
|
3,098
|
100
|
%
|
100
|
%
|
(1) |
Amount also includes certain general research and development expenses, such as laboratory supplies, laboratory expenses, rent allocated, and insurance allocated to research and development expenses, incurred directly by BioTime on behalf of OncoCyte and allocated to OncoCyte under the Shared Facilities Agreement.
|
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4. |
Controls and Procedures
|
Item 1. |
Legal Proceedings.
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3 |
Default Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5 |
Other Information
|
Exhibit
Numbers
|
Exhibit Description
|
|
3.1
|
Articles of Incorporation with all amendments (1)
|
|
3.2
|
By-Laws, as amended (1)
|
|
10.1
|
Form of OncoCyte Corporation Securities Purchase Agreement (2)
|
|
10.2
|
Alternate Form of OncoCyte Corporation Securities Purchase Agreement (2)
|
|
10.3
|
Form of OncoCyte Corporation Warrant (2)
|
|
Rule 13a-14(a)/15d-14(a) Certification*
|
||
Section 1350 Certification*
|
||
101
|
Interactive Data Files
|
|
101 INS
|
XBRL Instance Document*
|
|
101SCH
|
XBRL Taxonomy Extension Schema*
|
|
101CAL
|
XBRL Taxonomy Extension Calculation Linkbase*
|
|
101LAB
|
XBRL Taxonomy Extension Label Linkbase*
|
|
101PRE
|
XBRL Taxonomy Extension Presentation Linkbase*
|
|
101DEF
|
XBRL Taxonomy Extension Definition Document*
|
(1) |
Incorporated by reference to OncoCyte Corporation’s Form 10 12(b) filed on November 23, 2015.
|
(2) |
Incorporated by reference to OncoCyte Corporation’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 29, 2016.
|
* |
Filed herewith
|
ONCOCYTE CORPORATION
|
||
Date: November 10, 2016
|
/s/ William Annett
|
|
William Annett
|
||
President and Chief Executive Officer
|
Date: November 10, 2016
|
/s/ Russell L. Skibsted
|
|
Russell L. Skibsted
|
||
Chief Financial Officer
|
1 Year OncoCyte Chart |
1 Month OncoCyte Chart |
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