Oncocyte Corporation Reports 1,115% Revenue Increase to $2.1 Million in Latest Quarter

Oncocyte Corporation reported significant financial improvements in its latest quarterly results, with net revenue reaching $2.1 million for the three months ended March 31, 2025, compared to just $176,000 in the same period last year. This increase of approximately 1,115% was primarily driven by a surge in Pharma Services revenue, which accounted for $2.1 million, largely from a single customer. The company’s net loss also narrowed to $6.7 million from $9.1 million year-over-year, reflecting a reduction in losses attributed to increased revenue and a decrease in the change in fair value of contingent consideration.

The company’s total assets grew to $60.4 million as of March 31, 2025, up from $35.1 million at the end of the previous fiscal year. This increase was largely due to a rise in cash and cash equivalents, which surged to $31 million from $8.6 million, following successful capital raises. Oncocyte completed a private placement in February 2025, generating approximately $29.1 million in gross proceeds, which will support ongoing operations and product development.

Strategically, Oncocyte has been focusing on its transplant diagnostics market, particularly with the GraftAssureCore (Kidney) test, which became commercially available in January 2024. The company has also initiated the commercialization of GraftAssureIQ, a research-use-only product, and is working on the DetermaIO test for oncology applications. The partnership with Bio-Rad Laboratories, established in April 2024, aims to enhance the development and commercialization of these products, further expanding Oncocyte's market reach.

Operationally, Oncocyte has seen a notable increase in its workforce, with employee headcount rising to 100 as of March 31, 2025, compared to 80 in the previous year. The company is also investing in marketing and sales efforts to support its product launches, which has contributed to a 43% increase in sales and marketing expenses. The company’s focus on expanding its customer base and enhancing product adoption is expected to drive future revenue growth.

Looking ahead, Oncocyte anticipates continued operating losses as it invests in research and development and marketing initiatives. The company remains committed to its strategic goals, including obtaining regulatory approvals for its diagnostic tests and expanding its market presence. Management believes that the recent capital raises will provide sufficient liquidity to support its operations for at least the next twelve months, despite the inherent uncertainties in the development and commercialization of new diagnostic tests.