Oncocyte reports 2022 net loss of $72.9M; revenue down 27%; sells DetermaRx, cuts workforce

Insight Molecular Diagnostics Inc.

Net loss for 2022 was $72.9M vs $64.1M in 2021; accumulated deficit $260.7M.
Total revenue fell 27% to $5.6M; continuing ops revenue down 56% to $958k.
Sold ~70% of Razor Genomics (DetermaRx) on Feb 16, 2023 for no cash; retains 30% stake.
Reduced workforce by over 40% in Dec 2022; severance costs $1.65M; completed Feb 2023.
Transferred to Nasdaq Capital Market; granted 180-day extension to meet $1.00 bid price.

item 2.02 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

Insight Molecular Diagnostics Inc. reported financial results for the year ended December 31, 2022.

Period: the year ended December 31, 2022
Result: reported results

Exact text from the filing

The financial information provided in this Current Report on Form 8-K (this “Current Report”) that relates to the results of operations or financial condition of Oncocyte Corporation (the “Company,” “Oncocyte,” “we,” “us” or “our”) for the year ended December 31, 2022 is hereby incorporated by reference into this Item 2.02.

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Insight Molecular Diagnostics Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-010926

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