Biocept Announces a Delay in the Filing of its Quarterly Report on Form 10-Q

Rhea-AI Summary

Biocept, a molecular diagnostics provider, announced a delay in filing its Quarterly Report on Form 10-Q for the quarter ending June 30, 2022. This delay is due to an ongoing review of its financial statements, particularly concerning previously reported material weaknesses and issues related to HRSA funding for COVID-19 testing services. The duration of this delay is currently unknown.

Positive

• Biocept develops innovative molecular diagnostic assays for cancer treatment and monitoring.

Negative

• Delay in filing the Form 10-Q may create uncertainty among investors.
• Ongoing accounting review highlights previous material weaknesses in financial reporting.

SAN DIEGO--(BUSINESS WIRE)-- Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products, and services, announces a delay in the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. The delay is related to the ongoing accounting review of Biocept’s financial statements as of and for the three months ended June 30, 2022, which ongoing review includes the analysis of previously reported material weaknesses and matters related to the U.S. Health Resources Services Administration (HRSA) and its funding for reimbursement of COVID-19 testing services performed by Biocept.

At this time, the duration of the delay in the Form 10-Q filing cannot be reasonably estimated.

About Biocept

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. In addition to its broad portfolio of blood-based liquid biopsy assays, Biocept has developed the CNSide™ cerebrospinal fluid assay that detects cancer that has metastasized to the central nervous system. Biocept’s patented Target Selector™ technology captures and quantitatively analyzes cerebrospinal fluid tumor cells for tumor-associated molecular markers, using technology first developed for use in blood. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 RT-PCR testing to support public health efforts during this unprecedented pandemic. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220816005413/en/

Investor and Media Contact:

Jody Cain, LHA Investor Relations

Jcain@lhai.com, 310-691-7100

Source: Biocept, Inc.

FAQ

What caused the delay in Biocept's Form 10-Q filing?

The delay is due to an ongoing accounting review of Biocept’s financial statements, including material weaknesses and HRSA funding issues.

When is Biocept's Form 10-Q for June 30, 2022, due?

The duration of the delay in filing the Form 10-Q cannot currently be estimated.

What is Biocept's primary business focus?

Biocept focuses on developing and commercializing molecular diagnostic assays for cancer treatment and monitoring.

How does the delay in the quarterly report affect Biocept's investors?

The delay may raise concerns about financial transparency and could lead to uncertainty among investors.