Insight Molecular Diagnostics Inc. (iMDx), formerly known as Oncocyte Corporation, reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated net revenue of $518,000 for the quarter, a substantial increase from $104,000 in the same period last year, marking a 398% rise. For the first half of 2025, total revenue reached $2.7 million, compared to $280,000 in the first half of 2024, reflecting an increase of 849%. Despite this revenue growth, iMDx reported a net loss of $9.7 million for the quarter, up from a loss of $4.5 million in the prior year, and a total net loss of $16.4 million for the first half, compared to $13.7 million in 2024.

The company attributed its revenue growth primarily to its Laboratory Services, which accounted for $494,000 in the second quarter, largely driven by one key customer. Additionally, iMDx recorded its first revenue from Kitted Products, totaling $24,000. However, the increase in net loss was influenced by a $2.8 million loss from the change in fair value of contingent consideration and rising operating expenses, including a 34% increase in research and development costs, which totaled $3.3 million for the quarter. Sales and marketing expenses also rose by 71% to $1.5 million, reflecting the company's ongoing efforts to ramp up its commercialization activities.

Strategically, iMDx has undergone significant changes, including a rebranding and relocation of its headquarters from Irvine, California, to Nashville, Tennessee, in June 2025. This move coincided with the launch of its GraftAssureCore (Kidney) test, which became commercially available in January 2024 after receiving positive coverage from MolDx. The company also entered a global strategic partnership with Bio-Rad Laboratories to develop and commercialize kitted transplant products, enhancing its operational capabilities and market reach.

Operationally, iMDx reported a total of 28,617,046 shares of common stock outstanding as of June 30, 2025, up from 17,452,824 shares at the end of 2024. The company had $24.3 million in cash and cash equivalents, a significant increase from $8.6 million at the end of 2024, bolstered by a successful $29.1 million offering in February 2025. iMDx's management anticipates continued operating losses as it invests in the development of its diagnostic tests, including the oncology-focused DetermaIO, which is expected to begin commercialization within the next nine months.

Looking ahead, iMDx remains focused on expanding its product offerings and market presence while managing its operational costs. The company is actively pursuing regulatory approvals for its diagnostic tests and exploring additional partnerships to enhance its commercialization efforts. Despite the challenges of operating in a competitive and evolving market, iMDx's strategic initiatives and financial positioning suggest a commitment to long-term growth and innovation in the molecular diagnostics field.

About Insight Molecular Diagnostics Inc.

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