During the second quarter, Biocept accessioned 1,066 commercial samples. It also accessioned 1,211 billable samples, compared to 996 samples last year.
The company reported a net loss of $7.81 million or $0.38 per share for the quarter, compared to a loss of $6.15 million or $2.70 per share last year. Analysts were expecting flat earnings.
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Research & development expenses rose 10% annually to $1.1 billion, owing mainly to investments in automation and development of the recently launched Target Selector NGS Lung and Target Selecto NGS Breast liquid biopsy panels.
“We believe this partnership will allow us to commercialize data generated from our liquid biopsy testing, with Prognos applying its artificial intelligence technology to its repository of more than 20 billion laboratory records to help life science and pharmaceutical companies develop and market targeted therapies,” said CEO Michael Nall.
Related: Biocept Q1 2019 Earnings Conference Call Transcript
During the quarter, the company rolled out Target Selector NGS Lung Panel and Target Selector NGS Breast Panel, its first two multi-gene liquid biopsy panels. Also, the management entered into a business partnership with Beacon Laboratory Benefit Solutions, a provider of laboratory benefit management technology solutions.
Biocept shares are currently trading close to the levels seen at the beginning of the year. The stock, which lost about 69% since last year, closed Monday’s regular session higher.