Anuncio • Oct 26
Biocept, Inc.(OTCPK:BIOC.Q) dropped from NASDAQ Composite Index Biocept, Inc. will be removed from NASDAQ Composite Index. Anuncio • Oct 21
Biocept's Securities To Be Delisted from Nasdaq On October 16, 2023, Biocept, Inc. received a letter (“Delisting Notice”) from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Staff had determined that the Company’s securities will be delisted from Nasdaq pursuant to Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, in connection with the filing of a voluntary case under Chapter 7 of Title 11 of the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq. (the “Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on October 13, 2023. Pursuant to the Delisting Notice, Nasdaq’s decision was based on the following factors: (i) The public interest concerns raised by the filing; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq. Specifically, on May 17, 2023, Staff also notified the Company that it failed to maintain a minimum of $2,500,000 in stockholders’ equity required for continued listing pursuant to Listing Rule 5550(b)(1), which deficiency serves as an additional and separate basis for delisting. The Staff letter indicates that the trading of the Company’s common stock and warrants will be suspended at the opening of business on October 25, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq. The Company does not intend to appeal the determination and, therefore, it is expected that its Common Stock will be delisted, which would not affect any actions it may take in bankruptcy. Trading of the Common Stock will be suspended by Nasdaq at the opening of business on October 25, 2023. Anuncio • Oct 19
Biocept, Inc.(NasdaqCM:BIOC) dropped from S&P TMI Index Biocept, Inc.(NasdaqCM:BIOC) dropped from S&P TMI Index Anuncio • Sep 22
Biocept, Inc. Announces the Full Enrollment of 40 Subjects with Breast or Non-Small Cell Lung Cancer Biocept, Inc. announced the full enrollment of 40 subjects with breast or non-small cell lung cancer (NSCLC) who have suspicious or confirmed leptomeningeal metastases (LM) in the feasibility phase of its prospective FORESEE clinical trial (NCT0414123). This trial is evaluating the performance of Biocept's proprietary CNSide assay in monitoring the response to therapy of LM, a cancer in the membranes that surround the brain and spinal cord, and assessing its impact on treatment decisions made by physicians. The FORESEE trial is specifically designed to measure the impact of CNSide on physicians' clinical decisions to generate the data needed to help reach this goal. FORESEE is a two-part prospective clinical trial designed to follow subjects and collect data from each enrollee at four key time points in their treatment, as well as to compare CNSide cell detection in the cerebrospinal fluid to that of conventional cytology. CNSide has notable advantages over current standards of care, such as cytology, clinical evaluation and MRI, which have limited sensitivity and specificity. Biocept expects to have results from the feasibility phase of the FORESEE trial in the first half of 2024 and to then begin enrolling between 40 and 100 subjects in the trial's validation phase. Enrollment is currently open at four clinical sites with two additional sites expected to join the FORESEE trial in The near term. New Risk • Aug 17
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: US$1.4m This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$19m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (327% increase in shares outstanding). Market cap is less than US$10m (US$2.24m market cap). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$9.6m net loss in 3 years). Revenue is less than US$5m (US$1.4m revenue). Reported Earnings • Aug 16
Second quarter 2023 earnings released: US$3.50 loss per share (vs US$16.83 loss in 2Q 2022) Second quarter 2023 results: US$3.50 loss per share (improved from US$16.83 loss in 2Q 2022). Net loss: US$3.63m (loss narrowed 62% from 2Q 2022). Revenue is forecast to grow 57% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Biotechs industry in the US. Anuncio • May 16
Biocept Expects to Receive Non-Compliance Notice Form Nasdaq As reported in Biocept, Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, as filed with the Securities and Exchange Commission on May 10, 2023, the Company's stockholders' equity as of March 31, 2023 was $2.4 million. As a result, the Company does not satisfy one of The Nasdaq Capital Market continued listing requirements set in Nasdaq Stock Market Rule 5550(b) (the Rule"). The Company expects to receive a formal notice (the Notice") from The Nasdaq Stock Market LLC (Nasdaq") on or about May 15, 2023 to formally notify the Company of non-compliance with the Rule. The Company discussed the noncompliance with the Rule with Nasdaq on May 12, 2023. Pursuant to the Notice and Nasdaq rules, the Company will have 45 calendar days after receipt of the Notice to submit a plan to regain compliance with the Rule. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice for the Company to provide evidence of compliance. There can be no assurance that the Company will be able to regain compliance with the Rule. Breakeven Date Change • Apr 27
No longer forecast to breakeven The 2 analysts covering Biocept no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$5.04m in 2025. New consensus forecast suggests the company will make a loss of US$9.00m in 2025. Breakeven Date Change • Apr 18
No longer forecast to breakeven The 2 analysts covering Biocept no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$5.04m in 2025. New consensus forecast suggests the company will make a loss of US$9.00m in 2025. Breakeven Date Change • Feb 14
Forecast to breakeven in 2025 The 2 analysts covering Biocept expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.04m in 2025. Average annual earnings growth of 61% is required to achieve expected profit on schedule. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$2.16, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 12x in the Biotechs industry in the US. Total loss to shareholders of 79% over the past three years. Reported Earnings • Feb 17
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: US$0.041 loss per share (up from US$0.37 loss in 3Q 2020). Revenue: US$17.5m (up 165% from 3Q 2020). Net loss: US$624.7k (loss narrowed 87% from 3Q 2020). Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is expected to shrink by 37% compared to a 187% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 15% share price gain to US$3.95, the stock trades at a trailing P/E ratio of 21.5x. Average forward P/E is 14x in the Biotechs industry in the US. Total loss to shareholders of 65% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS US$0.056 (vs US$0.43 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$34.9m (up 431% from 3Q 2020). Net income: US$854.1k (up US$5.73m from 3Q 2020). Profit margin: 2.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: US$0.14 loss per share (vs US$0.51 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$12.0m (up US$11.1m from 2Q 2020). Net loss: US$1.83m (loss narrowed 72% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 19
Consensus revenue estimates increase to US$37.5m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from US$28.4m to US$37.5m. Forecast losses expected to reduce from -US$1.17 to -US$0.82 per share. Biotechs industry in the US expected to see average net income decline 8.7% next year. Consensus price target of US$12.00 unchanged from last update. Share price was steady at US$4.59 over the past week. Reported Earnings • May 13
First quarter 2021 earnings released: EPS US$0.19 (vs US$1.06 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$17.8m (up US$16.3m from 1Q 2020). Net income: US$2.60m (up US$10.9m from 1Q 2020). Profit margin: 15% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Price Target Changed • May 09
Price target decreased to US$12.00 Down from US$20.30, the current price target is provided by 1 analyst. New target price is 161% above last closing price of US$4.61. Stock is up 12% over the past year. Reported Earnings • Mar 31
Full year 2020 earnings released: US$1.50 loss per share (vs US$12.23 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$27.5m (up 397% from FY 2019). Net loss: US$17.8m (loss narrowed 30% from FY 2019). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 05
New 90-day high: US$6.70 The company is up 51% from its price of US$4.45 on 06 November 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: US$6.23 The company is up 38% from its price of US$4.52 on 21 October 2020. The American market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 22% over the same period. Reported Earnings • Nov 20
Third quarter 2020 earnings released: US$0.43 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$6.59m (up 331% from 3Q 2019). Net loss: US$4.88m (loss narrowed 14% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 71% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 163%. Earnings per share (EPS) missed analyst estimates by 8.5%. Over the next year, revenue is forecast to grow 154%, compared to a 365% growth forecast for the Biotechs industry in the US. Reported Earnings • Nov 17
Third quarter 2020 earnings released: US$0.43 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$6.59m (up 331% from 3Q 2019). Net loss: US$4.88m (loss narrowed 14% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 71% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 17
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 163%. Earnings per share (EPS) missed analyst estimates by 8.5%. Over the next year, revenue is forecast to grow 154%, compared to a 365% growth forecast for the Biotechs industry in the US. Major Estimate Revision • Nov 14
Analysts update estimates The 2020 consensus revenue estimate increased from US$8.33m to US$11.7m. Earning per share (EPS) estimate was further reduced from -US$1.35 to -US$2.11 for the same period. The Biotechs industry in the US is expected to see an average net income growth of 6.5% next year. The consensus price target was lowered from US$20.30 to US$20.00. Share price is up 7.4% to US$4.78 over the past week.