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Biocept (BIOC)

Biocept, Inc. develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers, including metastatic tumors involving lung, breast and the central nervous system. Biocept's patented Target Selector™ technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA) with higher sensitivity and specificity than most commercial assays. Additionally, Biocept is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 PCR testing to support public health efforts during this unprecedented pandemic.

BIOC stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

23 May 22
12 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
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Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Mar 22 Philippe Marchand Stock Option Common Stock Grant Acquire A No No 2.32 150,000 348K 150,000
31 Mar 22 Darrell Taylor Stock Option Common Stock Grant Acquire A No No 2.32 15,450 35.84K 15,450
28 Feb 22 Antonino Morales Stock Option Common Stock Grant Acquire A No No 2.39 150,000 358.5K 150,000
28 Feb 22 Riccitelli Samuel D Stock Option Common Stock Grant Acquire A No No 2.39 250,000 597.5K 250,000
18.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 31 37 -16.2%
Opened positions 2 12 -83.3%
Closed positions 8 7 +14.3%
Increased positions 9 9
Reduced positions 9 5 +80.0%
13F shares Current Prev Q Change
Total value 20.8M 24.22M -14.1%
Total shares 3.11M 3.3M -5.7%
Total puts 39K 48.6K -19.8%
Total calls 126.6K 161.7K -21.7%
Total put/call ratio 0.3 0.3 +2.5%
Largest owners Shares Value Change
Vanguard 655.67K $1.52M 0.0%
Intracoastal Capital 607.28K $2.73M 0.0%
Lincoln Park Capital Fund 394.26K $13.17M 0.0%
Globeflex Capital L P 233.58K $542K 0.0%
BLK Blackrock 199.48K $463K +3.5%
AMP Ameriprise Financial 192.04K $446K +1.9%
Geode Capital Management 130.73K $303K 0.0%
Renaissance Technologies 116.4K $270K +27.1%
Bridgeway Capital Management 93.9K $218K NEW
Marshall Wace 92.81K $215K -40.6%
Largest transactions Shares Bought/sold Change
Bridgeway Capital Management 93.9K +93.9K NEW
Marshall Wace 92.81K -63.42K -40.6%
Bailard 0 -42.1K EXIT
Citadel Advisors 19.03K -36.92K -66.0%
Acadian Asset Management 26.58K -35.74K -57.3%
Fortitude Advisory Group L.L.C. 0 -32K EXIT
Occudo Quantitative Strategies 0 -28.66K EXIT
Susquehanna International 0 -28.53K EXIT
Simplex Trading 0 -26.24K EXIT
Renaissance Technologies 116.4K +24.8K +27.1%

Financial report summary

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Risks
  • We need to raise additional capital to continue as a going concern.
  • If we cannot develop products, assays and services to keep pace with rapid advances in technology, medicine and science, our operating results and competitive position could be harmed.
  • If our sole laboratory facility becomes damaged or inoperable, or we are required to vacate the facility, our ability to sell and provide our products and diagnostic assays and pursue our research and development efforts may be jeopardized.*
  • Our business is subject to risks arising from pandemic and epidemic diseases, such as the COVID-19 pandemic.
  • Our RT-PCR COVID-19 testing business revenues will likely decline.*
  • If we cannot compete successfully with our competitors, we may be unable to increase or sustain our revenues or achieve and sustain profitability.*
  • We expect to continue to incur significant expenses to develop and market products and diagnostic assays, which could make it difficult for us to achieve and sustain profitability.*
  • Clinical utility studies are important in demonstrating to both customers and payers an assay’s clinical relevance and value. If we are unable to identify collaborators willing to work with us to conduct clinical utility studies, or the results of those studies do not demonstrate that an assay provides clinically meaningful information and value, commercial adoption of such assay may be slow, which would negatively impact our business.*
  • The loss of key members of our executive management team could adversely affect our business.
  • There is a scarcity of experienced professionals in our industry. If we are not able to retain and recruit personnel with the requisite technical skills, we may be unable to successfully execute our business strategy.
  • Our failure to continue to attract, hire and retain a sufficient number of qualified sales professionals would hamper our ability to increase demand for our products and diagnostic assays, to expand geographically and to successfully commercialize any other products or assays we may develop.
  • Our dependence on commercialization partners for sales of products, assays and services could limit our success in realizing revenue growth.
  • We depend on third parties for the supply of blood samples and other biological materials that we use in our research and development efforts. If the costs of such samples and materials increase or our third-party suppliers terminate their relationship with us, our business may be materially harmed.
  • We currently rely on third-party suppliers for our SCTs, shipping kits, and critical materials needed to perform our current assays, as well as our planned future products, assays and services, and any problems experienced by them could result in a delay or interruption of their supply to us.
  • If we use biological and hazardous materials in a manner that causes injury, we could be liable for damages.
  • We may acquire other businesses or form joint ventures or make investments in other companies or technologies that could harm our operating results, dilute our stockholders’ ownership, increase our debt or cause us to incur significant expense.
  • If we cannot support demand for our current products, assays and services, as well as our planned future products, assays and services, including successfully managing the evolution of our laboratory service, our business could suffer.
  • Billing for our diagnostic assays is complex, and we must dedicate substantial time and resources to the billing process to be paid.
  • We rely on third-party billing provider software, and an in-house billing function, to transmit claims to payers, and any delay in transmitting claims could have an adverse effect on our revenue.
  • We may encounter manufacturing problems or delays that could result in lost revenue.
  • International expansion of our business would expose us to business, regulatory, political, operational, financial and economic risks associated with doing business outside of the United States.
  • If our information technology systems or data, or those of third parties upon which we rely, are or were compromised, we could experience adverse consequences, including, without limitation, regulatory investigations or actions, litigation, interruption to our operations, harm to our reputation, fines, penalties, liability, or a loss of revenues, customers or sales, or other adverse consequences.*
  • We expect to depend on Medicare and a limited number of private payers for a significant portion of our revenues and if these or other payers stop providing reimbursement or decrease the amount of reimbursement for our current assays and our planned future assays, our revenues could decline.*
  • Because of certain Medicare billing policies, we may not receive complete reimbursement for assays provided to Medicare patients. Medicare reimbursement revenues are an important component of our business model, and private payers sometimes look to Medicare determinations when making their own payment determinations; therefore, incomplete or inadequate reimbursement from Medicare would negatively affect our business.*
  • Complying with numerous regulations pertaining to our business is an expensive and time-consuming process, and any failure to comply could result in substantial penalties.
  • If the FDA were to begin requiring approval or clearance of our current products or assays and our planned future products or assays, we could incur substantial costs and time delays associated with meeting requirements for pre-market clearance or approval or we could experience decreased demand for, or reimbursement of, our assays.
  • If we were required to conduct additional clinical studies or trials before continuing to offer assays that we have developed or may develop as LDTs, those studies or trials could lead to delays or failure to obtain necessary regulatory approval, which could cause significant delays in commercializing any future products and harm our ability to achieve sustained profitability.
  • We are subject to federal and state healthcare fraud and abuse laws and regulations and could face substantial penalties if we are unable to fully comply with such laws.
  • We are or may become subject to stringent and changing U.S. and foreign laws, regulations, rules, standards, policies, contractual obligations and other obligations related to data privacy and security, including laws and regulations related to health information. Our failure or perceived failure to comply with such obligations could result in regulatory investigations or actions, enforcement or litigation, fines and penalties, a disruption of the development or delivery of our products and services, reputational harm, loss of revenue or profits, or other adverse effects.*
  • Violation of a state’s prohibition on the corporate practice of medicine could result in a material adverse effect on our business.
  • If we are unable to maintain effective proprietary rights for our products or services, we may not be able to compete effectively in our markets.
  • Third-party claims of intellectual property infringement may prevent or delay our development and commercialization efforts.
  • We may not be successful in obtaining or maintaining necessary rights to our products or services through acquisitions and in-licenses.
  • Although we are not currently involved in any litigation, we may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, which could be expensive, time consuming, and unsuccessful.
  • We may be subject to claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties or that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Our collaborators may assert ownership or commercial rights to inventions we develop from our use of the biological materials which they provide to us, or otherwise arising from the collaboration.
  • Our failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a de-listing of our common stock.
  • Our quarterly operating results may fluctuate significantly.
  • Future sales of our common stock or other securities, or the perception that future sales may occur, may cause the market price of our common stock to decline, even if our business is doing well.*
  • Anti-takeover provisions of our certificate of incorporation, our bylaws and Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove the current members of our board and management.
  • Because we do not expect to pay cash dividends for the foreseeable future, you must rely on appreciation of our common stock price for any return on your investment. Even if we change that policy, we may be restricted from paying dividends on our common stock.
  • Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • Our effective tax rate may fluctuate, and we may incur obligations in tax jurisdictions in excess of accrued amounts.
  • Our ability to use our estimated net operating loss carryforwards and certain other tax attributes may be limited.
  • We could be subject to securities class action litigation.
  • We have incurred and will continue to incur significant costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.
  • If securities or industry analysts issue an adverse opinion regarding our stock or do not publish research or reports about our company, our stock price and trading volume could decline.
Management Discussion
  • Net revenues were approximately $19.9 million for the three months ended March 31, 2022, compared with approximately $17.8 million for the same period in 2021, representing an increase of approximately $2.2 million, or 12%. The increase was primarily attributable to an increase in RT-PCR COVID-19 testing.
  • Revenues for the three months ended March 31, 2022 consist of commercial test revenue, including approximately $18.6 million of RT-PCR COVID-19 testing, approximately $1.3 million of oncology testing and approximately $38,000 in development services revenue. There were no revenues for Target Selector™ RUO kits and CEE-Sure® blood collection tubes for the three months ended March 31, 2022.
  • Revenues for the three months ended March 31, 2021 consist of commercial test revenue, including approximately $16.8 million of RT-PCR COVID-19 testing, approximately $2.5 million of oncology testing, approximately $39,000 in development services test revenue and approximately $62,000 in revenue for distributed products, Target Selector™ RUO kits, CEE-Sure® blood collection tubes and payments from Aegea for services associated with the development of a COVID-19 assay.

Content analysis

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Positive
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Legalese
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H.S. junior Avg
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