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

Rhea-AI Summary

Biocept, Inc. (NASDAQ: BIOC) has announced a delay in filing its Quarterly Report on Form 10-Q for the period ending March 31, 2022. This delay is attributed to an ongoing accounting review linked to changes at the U.S. Health Resources Services Administration, which affects funding for COVID-19 testing reimbursements. Biocept plans to submit its 10-Q by May 23, 2022, and will release financial results simultaneously, including details for an investment community conference call.

Positive

• Biocept is set to file its Form 10-Q by May 23, 2022, indicating progress in addressing accounting issues.
• The company continues to develop its molecular diagnostic capabilities, which may sustain future growth.

Negative

• The delay in filing raises concerns about potential accounting issues affecting financial reporting.
• Changes at the U.S. Health Resources Services Administration could impact funding and reimbursement processes.

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 three months ended March 31, 2022. The delay is related to the ongoing accounting review of Biocept’s financial statements as of and for the three months ended March 31, 2022, which ongoing review is a result of a change in circumstances at the U.S. Health Resources Services Administration (HRSA) and the resulting impact on its funding for reimbursement for COVID-19 testing services, including those performed by Biocept.

Biocept expects to file its Form 10-Q on or before May 23, 2022. The company intends to issue a press release announcing financial results for the three months ended March 31, 2022 along with the filing of the Form 10-Q, and in that press release intends to provide a date and time for an investment community conference call to discuss first quarter 2022 financial results as well as the company’s business strategy.

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.

Forward-Looking Statements Disclaimer

This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "expect" and "intend" or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements relating to the expected timing of our Form 10-Q filing, the timing and content of our press release announcing financial results for the three months ended March 31, 2022, the timing and content of our investment community conference call, and our ability to provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors, including the risk that we may discover additional accounting issues which require additional review time, the potential loss of key members of our management team, resource constraints and our products and services may not perform as expected. These and other risks are described in greater detail under the “Risk Factors” heading of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on April 5, 2022. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this news release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC at http://www.sec.gov/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005973/en/

Investor and Media Contact:

Jody Cain, LHA Investor Relations

Jcain@lhai.com, 310-691-7100

Source: Biocept, Inc.

FAQ

What is the reason for Biocept's delay in filing Form 10-Q?

The delay is due to an ongoing accounting review related to changes at the U.S. Health Resources Services Administration affecting COVID-19 testing reimbursements.

When does Biocept plan to file its Form 10-Q?

Biocept expects to file its Form 10-Q on or before May 23, 2022.

What will Biocept announce along with its Form 10-Q filing?

The company intends to announce its financial results for the three months ended March 31, 2022, and details for an investment community conference call.

What are the implications of the delay for Biocept investors?

The delay may signal potential accounting issues that could affect investor confidence and the company's financial health.