Oncocyte's Announces Another Round Of Layoffs Leaving 20% Of Staff Impacted

Oncocyte Corporation OCX reduced its workforce by approximately 20%, which management said should extend its cash runway in 2024.
Last December, Oncocyte laid off around 40% of its workforce and announced plans to sell its DetermaRx lung cancer test as part of a larger company reorganization.
This included letting go of its chief operating officer and scientific officer. The firm's President and CEO Ronnie Andrews, CFO Mitch Levine, and Chief Commercial Officer Padma Sundar had also all recently resigned.
In August 2022, the company said it is realigning its operations and implementing cost reduction programs to prioritize near-term revenue generators and better manage and preserve its cash.
OncoCyte reported preliminary fourth-quarter 2022 revenues were down 69% to $1.1 million compared to the same period in 2021.
In February, Oncocyte had to pull its common stock from the Nasdaq Global Market and transfer its listing to the Nasdaq Capital Market to gain additional time to regain compliance after Nasdaq determined that the company no longer met its minimum bid price.
In a 10K form filed with the US Securities and Exchange Commission, the company disclosed that the sale of a 70 percent stake in its DetermaRx, which closed in February, had involved no monetary consideration.
However, the transaction allowed the company to eliminate all development and commercialization costs concerning the test.
Price Action: OCX shares are down 3.57% at $0.3322 on the last check Thursday.