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OncoCyte Corp – ‘10-K’ for 12/31/19 – ‘EX-101.INS’

On:  Wednesday, 3/25/20, at 5:34pm ET   ·   As of:  3/26/20   ·   For:  12/31/19   ·   Accession #:  1493152-20-4738   ·   File #:  1-37648

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/26/20  OncoCyte Corp                     10-K       12/31/19   77:37M                                    M2 Compliance/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    697K 
 2: EX-4.11     Instrument Defining the Rights of Security Holders  HTML     24K 
 3: EX-10.10    Material Contract                                   HTML     31K 
 4: EX-10.24    Material Contract                                   HTML     32K 
 5: EX-10.34    Material Contract                                   HTML     35K 
 6: EX-10.35    Material Contract                                   HTML     50K 
 7: EX-10.36    Material Contract                                   HTML     97K 
 8: EX-21       Subsidiaries List                                   HTML     22K 
 9: EX-23.1     Consent of Experts or Counsel                       HTML     24K 
10: EX-31       Certification -- §302 - SOA'02                      HTML     37K 
11: EX-32       Certification -- §906 - SOA'02                      HTML     25K 
23: R1          Document and Entity Information                     HTML     61K 
60: R2          Balance Sheets                                      HTML     97K 
67: R3          Balance Sheets (Parenthetical)                      HTML     43K 
49: R4          Statements of Operations                            HTML     63K 
24: R5          Statements of Comprehensive Loss                    HTML     35K 
61: R6          Statements of Shareholders' Equity                  HTML     66K 
68: R7          Statements of Cash Flows                            HTML    133K 
47: R8          Organization, Description of the Business and       HTML     37K 
                Liquidity                                                        
26: R9          Summary of Significant Accounting Policies          HTML     80K 
58: R10         Selected Balance Sheet Components                   HTML     41K 
70: R11         Related Party Transactions                          HTML     40K 
46: R12         Equity Method Investment in Razor Genomics, Inc.    HTML     45K 
25: R13         Loan Payable to Silicon Valley Bank                 HTML     44K 
59: R14         Shareholders' Equity                                HTML     32K 
71: R15         Stock-Based Compensation                            HTML     72K 
48: R16         Income Taxes                                        HTML     50K 
27: R17         Commitments and Contingencies                       HTML     66K 
62: R18         Subsequent Events                                   HTML     35K 
69: R19         Summary of Significant Accounting Policies          HTML    136K 
                (Policies)                                                       
35: R20         Summary of Significant Accounting Policies          HTML     34K 
                (Tables)                                                         
28: R21         Selected Balance Sheet Components (Tables)          HTML     47K 
52: R22         Related Party Transactions (Tables)                 HTML     28K 
74: R23         Equity Method Investment in Razor Genomics, Inc.    HTML     29K 
                (Tables)                                                         
36: R24         Loan Payable to Silicon Valley Bank (Tables)        HTML     29K 
29: R25         Stock-Based Compensation (Tables)                   HTML     70K 
53: R26         Income Taxes (Tables)                               HTML     47K 
75: R27         Commitments and Contingencies (Tables)              HTML     44K 
34: R28         Organization, Description of the Business and       HTML     52K 
                Liquidity (Details Narrative)                                    
30: R29         Summary of Significant Accounting Policies          HTML     81K 
                (Details Narrative)                                              
22: R30         Summary of Significant Accounting Policies -        HTML     33K 
                Schedule of Reconciliation of Cash, Cash                         
                Equivalents, and Restricted Cash (Details)                       
44: R31         Summary of Significant Accounting Policies -        HTML     31K 
                Common Stock Equivalents Excluded from Computation               
                of Diluted Net Loss Per Share of Common Stock                    
                (Details)                                                        
73: R32         Selected Balance Sheet Components (Details          HTML     32K 
                Narrative)                                                       
64: R33         Selected Balance Sheet Components - Schedule of     HTML     34K 
                Prepaid Expenses and Other Current Assets                        
                (Details)                                                        
21: R34         Selected Balance Sheet Components - Schedule of     HTML     31K 
                Deposits and Other Noncurrent Assets (Details)                   
43: R35         Selected Balance Sheet Components - Schedule of     HTML     30K 
                Accrued Expenses and Other Current Liabilities                   
                (Details)                                                        
72: R36         Selected Balance Sheet Components - Schedule of     HTML     36K 
                Right of Use Assets, Machinery and Equipment, Net                
                (Details)                                                        
63: R37         Related Party Transactions (Details Narrative)      HTML     99K 
20: R38         Related Party Transactions - Schedule of Aggregate  HTML     36K 
                Use of Fees Charged (Details)                                    
45: R39         Equity Method Investment in Razor Genomics, Inc.    HTML     80K 
                (Details Narrative)                                              
33: R40         Equity Method Investment in Razor Genomics, Inc. -  HTML     53K 
                Schedule of Condensed Balance Sheet Information                  
                (Details)                                                        
39: R41         Loan Payable to Silicon Valley Bank (Details        HTML    106K 
                Narrative)                                                       
77: R42         Loan Payable to Silicon Valley Bank - Schedule of   HTML     45K 
                Future Cash Payments of Loan Payable (Details)                   
55: R43         Shareholders' Equity (Details Narrative)            HTML     62K 
32: R44         Stock-Based Compensation (Details Narrative)        HTML     76K 
38: R45         Stock-Based Compensation - Summary of Stock Option  HTML     90K 
                Activity (Details)                                               
76: R46         Stock-Based Compensation - Schdule of Stock         HTML     46K 
                Options Outstanding, Vested and Exercisable                      
                (Details)                                                        
54: R47         Stock-Based Compensation - Summary of Stock-based   HTML     31K 
                Compensation Expense (Details)                                   
31: R48         Stock-Based Compensation - Schedule of Assumptions  HTML     35K 
                Used to Calculate Fair Value of Stock Options                    
                (Details)                                                        
40: R49         Income Taxes (Details Narrative)                    HTML     55K 
41: R50         Income Taxes - Schedule of Components of Deferred   HTML     50K 
                Tax Assets and Liabilities (Details)                             
18: R51         Income Taxes - Schedule of Income Tax               HTML     49K 
                Reconciliation (Details)                                         
56: R52         Income Taxes - Schedule of Unrecognized Tax         HTML     31K 
                Benefit (Details)                                                
65: R53         Commitments and Contingencies (Details Narrative)   HTML     67K 
42: R54         Commitments and Contingencies - Schedule of         HTML     31K 
                Supplemental Cash Flow Information Related to                    
                Operating and Financing Lease (Details)                          
19: R55         Commitments and Contingencies - Schedule of         HTML     45K 
                Supplemental Balance Sheet Information Related to                
                Operating and Financing Leases (Details)                         
57: R56         Commitments and Contingencies - Schedule of Future  HTML     70K 
                Minimum Lease Commitments for Operating and                      
                Financing Leases (Details)                                       
66: R57         Subsequent Events (Details Narrative)               HTML     71K 
37: XML         IDEA XML File -- Filing Summary                      XML    131K 
50: EXCEL       IDEA Workbook of Financial Reports                  XLSX     96K 
12: EX-101.INS  XBRL Instance -- ocx-20191231                        XML   1.15M 
14: EX-101.CAL  XBRL Calculations -- ocx-20191231_cal                XML    197K 
15: EX-101.DEF  XBRL Definitions -- ocx-20191231_def                 XML    614K 
16: EX-101.LAB  XBRL Labels -- ocx-20191231_lab                      XML   1.15M 
17: EX-101.PRE  XBRL Presentations -- ocx-20191231_pre               XML    855K 
13: EX-101.SCH  XBRL Schema -- ocx-20191231                          XSD    194K 
51: ZIP         XBRL Zipped Folder -- 0001493152-20-004738-xbrl      Zip    166K

‘EX-101.INS’   —   XBRL Instance — ocx-20191231

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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>1. Organization, Description of the Business and Liquidity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">OncoCyte Corporation (“Oncocyte”), incorporated in 2009 in the state of California, is a molecular diagnostics company focused on developing and commercializing proprietary laboratory-developed tests (“LDTs”) to serve unmet medical needs across the cancer care continuum. Oncocyte’s mission is to provide actionable information to physicians and patients at critical decision points to optimize diagnosis and treatment decisions, improve patient outcomes, and reduce overall cost of care. Oncocyte has prioritized lung cancer as its first indication. Lung cancer remains the leading cause of cancer death in the United States, despite the availability of molecular testing and novel therapies to treat patients.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Oncocyte’s first product for commercial release is a proprietary treatment stratification test called DetermaRx™ that identifies which patients with early stage non-small cell lung cancer may benefit from chemotherapy, resulting in a significantly higher, five-year survival rate. Oncocyte is also developing DetermaDx™, as a proprietary non-invasive blood test using molecular markers to determine whether lung nodules detected through imaging are unlikely to be malignant, with the goal of reducing the number of unnecessary invasive and expensive diagnostic biopsy procedures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Oncocyte holds a 25% equity interest in Razor Genomics, Inc. (“Razor”), a privately held company, developing a proprietary treatment stratification laboratory test to assist physicians in the management of non-small cell lung cancer. Razor’s key product is a commercially ready treatment stratification test called “DetermaRx™” for early stage lung cancer. Oncocyte has licensed all rights to commercialize DetermaRx™ and plans to conduct certain clinical trials for purposes of promoting commercialization (see Note 5).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 31, 2020 (the “Merger Date”), Oncocyte completed its acquisition of Insight Genetics, Inc. (“Insight”), pursuant to an Agreement and Plan of Merger, dated as of January 10, 2020 (the “Merger Agreement”), pursuant to which a newly incorporated wholly-owned subsidiary of Oncocyte (“Merger Sub”) merged with and into Insight such that the separate existence of Merger Sub ceased and Insight survived as a wholly-owned subsidiary of Oncocyte (the “Merger”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Prior to the Merger, Insight was a privately held company specializing in the discovery, development and commercialization of the multi-gene molecular, laboratory-developed diagnostic tests that Oncocyte has branded as DetermaIO™. Oncocyte entered into the Merger Agreement to acquire Insight’s technology and pharma service offerings. Insight has a CLIA-certified diagnostic laboratory with the capacity to support clinical trials or assay design on certain commercially available analytic platforms that may be used to develop additional diagnostic tests. Insight has also performed assay development and clinical testing for pharmaceutical and biotechnology companies. See Note 11 for further discussion of the Merger.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Oncocyte is currently devoting substantially all of its efforts on developing and commercializing its lung cancer diagnostic tests DetermaDx™, DetermaRx™ and DetermaIO™.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Liquidity</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For all periods presented, Oncocyte generated no revenues. Since inception, Oncocyte has financed its operations through the sale of common stock, warrants, warrant exercises, bank loans, and sales of Lineage Cell Therapeutics, Inc. (“Lineage”) common shares that it holds as marketable equity securities. Lineage also provided Oncocyte with accounting, billing, bookkeeping, payroll, treasury, payment of accounts payable, and other similar administrative services, and the use of Lineage office and laboratory facilities, under a Shared Facilities and Services Agreement (the “Shared Facilities Agreement”), which was terminated as to all services on September 30, 2019, and as to all use of facilities on December 31, 2019 (see Note 4). Oncocyte has incurred operating losses and negative cash flows since inception and had an accumulated deficit of $93.7 million as of December 31, 2019. Oncocyte expects to continue to incur operating losses and negative cash flows for the foreseeable future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At December 31, 2019, Oncocyte had $22.1 million <font style="background-color: white">of cash and cash equivalents and held Lineage and AgeX Therapeutics, Inc. (“AgeX”) common stock as marketable equity securities with a combined fair market value of $0.4 million. In January 2020, Oncocyte entered into a series of stock purchase agreements pursuant to which Oncocyte sold a total of 3,523,776 shares of common stock for approximately $7.6 million in cash in an offering registered under the Securities Act of 1933, as amended (the “Securities Act”) (see Note 11). On March 20, 2020, Oncocyte entered into an</font> Equity Distribution Agreement with Piper Sandler & Co <font style="background-color: white">for an</font> at-the-market sales agreement (“ATM Agreement”) with Piper Sandler & Co. (the “Sales Agent”), in which Oncocyte may utilize to raise up to $25 million of additional equity capital through the sale of shares of Oncocyte common stock from time to time, if necessary, in at-the-market transactions through the Sales Agent (see Note 11). <font style="background-color: white">Oncocyte believes that its current cash, cash equivalents and marketable equity securities, and its access to additional capital through the ATM Agreement are sufficient to carry out current operations through at least twelve months from the issuance date of the financial statements included in this Report.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="background-color: white">Oncocyte will need to raise additional capital to finance its operations, including the development and commercialization of its cancer diagnostic tests, until such time as it is able to complete development and commercialize one or more tests and generate sufficient revenues to cover its operating expenses. Presently, Oncocyte is devoting substantially all of its efforts on </font>developing and commercializing its cancer diagnostic tests DetermaDx™, DetermaRx™ and DetermaIO™<font style="background-color: white">. Oncocyte may also explore a range of other commercialization options in order to reduce capital needs and the risks associated with the timelines and uncertainty for attaining the Medicare and commercial reimbursement approvals that will be essential for the successful commercialization of Oncocyte’s cancer tests. Those alternative arrangements could include marketing arrangements with other diagnostic companies through which Oncocyte might receive a royalty on sales, or through which it might form a joint venture to market its cancer tests and share in net revenues.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="background-color: white">Delays in the development of DetermaDx™ or DetermaIO</font>™<font style="background-color: white">, or both, or obtaining reimbursement coverage from Medicare for Oncocyte’s cancer diagnostic tests could prevent it from raising sufficient additional capital to finance the completion of development and commercial launch of those tests. Investors may also be reluctant to provide Oncocyte with capital until its tests are approved for reimbursement by Medicare or private insurers or healthcare providers. The unavailability or inadequacy of financing or revenues to meet future capital needs could force Oncocyte to modify, curtail, delay, or suspend some or all aspects of planned operations. Sales of additional equity securities could result in the dilution of the interests of its shareholders. Oncocyte cannot assure that adequate financing will be available on favorable terms, if at all.</font></p>
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<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>2. Summary of Significant Accounting Policies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Prior to February 17, 2017, Lineage consolidated the results of Oncocyte into Lineage’s consolidated results based on Lineage’s ability to control Oncocyte’s operating and financial decisions and policies through its then majority ownership of Oncocyte common stock. Beginning on February 17, 2017, Lineage’s percentage ownership of the outstanding Oncocyte common stock declined below 50%, resulting in a loss of “control” of Oncocyte under GAAP and, as a result, Lineage deconsolidated Oncocyte’s financial statements from Lineage’s consolidated financial statements. As a result of this deconsolidation, Oncocyte is no longer considered a subsidiary of Lineage under GAAP with effect from February 17, 2017. As of December 31, 2019, because Lineage’s ownership interest in Oncocyte decreased to below 20%, Lineage no longer exercises significant influence over the operations and management of Oncocyte. As of the date of this Report, Lineage’s ownership interest in Oncocyte is below 10%. However, Oncocyte may still be considered an affiliate of Lineage.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through the year ended December 31, 2019, to the extent Oncocyte did not have its own employees or human resources for its operations, Lineage or Lineage subsidiaries provided certain employees for administrative or operational services, as necessary, for the benefit of Oncocyte (see Note 4). Accordingly, Lineage allocated expenses such as salaries and payroll related expenses incurred and paid on behalf of Oncocyte based on the amount of time that particular employees devoted to Oncocyte affairs. Other expenses such as legal, accounting, human resources, marketing, travel, and entertainment expenses were allocated to Oncocyte to the extent that those expenses were incurred by or on behalf of Oncocyte. Lineage also allocated certain overhead expenses such as facilities rent and utilities, property taxes, insurance, internet and telephone expenses based on a percentage determined by management. These allocations have been made based upon activity-based allocation drivers such as time spent, percentage of square feet of office or laboratory space used, and percentage of personnel devoted to Oncocyte’s operations or management. Management has evaluated the appropriateness of the percentage allocations on a periodic basis and believes that this basis for allocation is reasonable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates estimates which are subject to significant judgment, including those related to the going concern assessments of Oncocyte financial statements, allocation of direct and indirect expenses, useful lives associated with long-lived intangible assets, equipment and furniture, key assumptions in operating and financing leases, including incremental borrowing rates, loss contingencies, valuation allowances related to deferred income taxes, and assumptions used to value stock-based awards, debt or other equity instruments. Actual results could differ materially from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Going concern assessment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In accordance with FASB’s standard on going concern, Accounting Standard Update, or ASU No. 2014-15, Oncocyte assesses going concern uncertainty in its financial statements to determine if it has sufficient cash, cash equivalents and working capital on hand, including marketable equity securities, and any available borrowings on loans, to operate for a period of at least one year from the date the financial statements are issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to Oncocyte, it will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, Oncocyte makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent Oncocyte deems probable those implementations can be achieved and it has the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair value measurements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte accounts for fair value measurements in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, <i>Fair Value Measurements</i> (“ASC 820”). ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>●</i></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 1</i> – Quoted prices in active markets for identical assets and liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>●</i></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 2</i> – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>●</i></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 3</i> – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In determining fair value, Oncocyte utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. For the periods presented, Oncocyte has no financial assets or liabilities recorded at fair value on a recurring basis, except for cash and cash equivalents consisting of money market funds and marketable equity securities of Lineage and AgeX common stock held by Oncocyte described below. These assets are measured at fair value using the period-end quoted market prices as a Level 1 input.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amounts of cash equivalents, prepaid expenses and other current assets, amounts due to Lineage and other affiliates, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amount of the Loan Payable to Silicon Valley Bank approximates fair value because the loan bears interest at a floating market rate (see Note 6).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and cash equivalents</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash equivalents typically consist of <font style="background-color: white">money market fund investments for capital preservation</font>, with maturities of three months or less when purchased. At December 31, 2019 and 2018, Oncocyte’s cash and cash equivalents balances totaled $22.1 million and $8.0 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Financial instruments that potentially subject Oncocyte to credit risk consist principally of cash and cash equivalents. Oncocyte maintains cash and cash equivalent balances at financial institutions in excess of amounts insured by United States government agencies. Oncocyte places its cash and cash equivalents with high credit quality financial institutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted cash </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte classifies cash that has contractual or legal restrictions imposed by third parties as restricted cash, which is restricted as to withdrawal or use except for the specified purpose under a contract. Oncocyte includes the restricted cash consistent with the nature of the underlying contract and classifies it as part of current assets if the restricted cash will be released in the next twelve months from the balance sheet date, or in deposits and other noncurrent assets if it will be restricted for longer than twelve months from the balance sheet date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte adopted ASU 2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i>, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash, and that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. Prior to the adoption of ASU 2016-18, restricted cash was not included with cash and cash equivalents on the statements of cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet dates that comprise the total of the same such amounts shown in the statements of cash flows in accordance with ASU 2016-18 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,072</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,034</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash included in deposits and other noncurrent assets (see Note 10)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,700</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,772</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,034</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Investments in common stock of privately held companies</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte evaluates whether investments held in common stock of other companies require consolidation of the company under, first, the variable interest entity (“VIE”) model, and then under the voting interest model in accordance with accounting guidance for consolidations under Accounting Standards Codification (“ASC”) 810-10. If consolidation of the entity is not required under either the VIE model or the voting interest model, Oncocyte determines whether the equity method of accounting should be applied in accordance with ASC 323, <i>Investments – Equity Method and Joint Ventures</i>. The equity method applies to investments in common stock or in-substance common stock if Oncocyte exercises significant influence over, but does not control, the entity, typically represented by ownership of 20% or more of the voting interests of a company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte initially records equity method investments at fair value on the date of the acquisition with subsequent adjustments to the investment balance based on Oncocyte’s share of earnings or losses from the investment. The equity method investment balance is shown in noncurrent assets on the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte reviews investments accounted for under the equity method for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be fully recoverable. If a determination is made that an “other-than-temporary” impairment exists, Oncocyte writes down its investment to fair value. On September 30, 2019, Oncocyte acquired a 25% ownership interest in Razor accounted for under the equity method of accounting as further discussed in Note 5.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounting for Lineage and AgeX shares of common stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte accounts for the Lineage <font style="background-color: white">shares it holds, including the AgeX shares of common stock received as a dividend-in-kind on November 28, 2018, as marketable equity securities in accordance with ASC 320-10-25, <i>Investments – Debt and Equity Securities</i>, as amended by Accounting Standards Update (“ASU”) 2016-01, <i>Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</i>, as the shares have a readily determinable fair value quoted on the NYSE American and are held principally to meet future working capital purposes, as necessary. The securities are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">On November 28, 2018, </font>Lineage <font style="background-color: white">distributed shares of AgeX common stock owned by </font>Lineage <font style="background-color: white">to holders of </font>Lineage <font style="background-color: white">common shares, on a pro rata basis, in the ratio of one share of AgeX common stock for every ten </font>Lineage <font style="background-color: white">common shares owned. As a shareholder of </font>Lineage <font style="background-color: white">common stock, Oncocyte received 35,326 shares of AgeX common stock as its pro rata share and recorded a $96,000 dividend in other income and expenses for the year ended December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">For the year ended December 31, 2018, Oncocyte recorded an unrealized loss of $427,000, included in other income and expenses, net, due to the decrease in fair market value of the </font>Lineage <font style="background-color: white">shares from January 1, 2018 to December 31, 2018, and the decrease in the fair market value of the AgeX shares from November 28, 2018 to December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019, Oncocyte held <font style="background-color: white">353,264 and 35,326 shares of common stock of </font>Lineage and AgeX, respectively, as marketable equity securities with a combined fair market value of $379,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Machinery and equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Machinery and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally over a period of 3 to 10 years. For equipment purchased under financing leases, Oncocyte depreciates the equipment based on the shorter of the useful life of the equipment or the term of the lease, ranging from 3 to 5 years, depending on the nature and classification of the financing lease. Maintenance and repairs are expensed as incurred whereas significant renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is reflected in Oncocyte’s results of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Impairment of long-lived assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte assesses the impairment of long-lived assets, which consist primarily of long-lived intangible assets, machinery and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">As part of Oncocyte’s impairment assessment of its intangible assets, Oncocyte determined that certain intangible assets, </font>mainly comprised of patents and patent rights <font style="background-color: white">for therapeutic uses that Oncocyte no longer plans to develop or commercialize, were impaired as of June 30, 2018 and, accordingly, Oncocyte recorded a noncash charge of $625,000 representing the net book value of those assets as of that date, and included that charge in research and development expenses for the year ended December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounting for warrants</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte determines the accounting classification of warrants it issues, as either liability or equity classified, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, <i>Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity</i>, then in accordance with ASC 815-40, <i>Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock</i>. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate Oncocyte to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480-10, Oncocyte assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, and in order to conclude equity classification, Oncocyte also assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP. After all relevant assessments, Oncocyte concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date. Oncocyte does not have any liability classified warrants as of any period presented (see Note 7).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Income taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has filed a standalone U.S. federal income tax return since its inception. For California purposes, Oncocyte activity for 2016 and for the period from January 1, 2017 through February 16, 2017, the date immediately before Lineage owned less than 50% of Oncocyte outstanding common stock, was included in Lineage’s California combined tax return. For periods beginning on February 17, 2017 and thereafter, Oncocyte filed or will file a standalone California income tax return. The provision for state income taxes has been determined as if Oncocyte had filed separate tax returns for the periods presented. Accordingly, the effective tax rate of Oncocyte in future years could vary from its historical effective tax rates depending on the future legal structure of Oncocyte and related tax elections. The historical deferred tax assets, including the operating losses and credit carryforwards generated by Oncocyte, will remain with Oncocyte. Oncocyte accounts for income taxes in accordance with ASC 740, <i>Income Taxes</i>, which prescribes the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. Oncocyte’s judgments regarding future taxable income may change over time due to changes in market conditions, changes in tax laws, tax planning strategies or other factors. If Oncocyte’s assumptions and consequently its estimates change in the future, the valuation allowance may be increased or decreased, which may have a material impact on Oncocyte’s statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. Oncocyte will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2019 and 2018. Oncocyte is not aware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviation for the years ended December 31, 2019 and 2018. Oncocyte is currently unaware of any tax issues under review.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 22, 2017, the United States enacted major federal tax reform legislation, Public Law No. 115-97, commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”), which enacted a broad range of changes to the Internal Revenue Code. Changes to taxes on corporations impacted by the 2017 Tax Act include, but are not limited to, lowering the U.S. federal tax rates to a 21% flat tax rate, eliminating the corporate alternative minimum tax (“AMT”), imposing additional limitations on the deductibility of interest and net operating losses, allowing any net operating loss (“NOLs”) generated in tax years ending after December 31, 2017 to be carried forward indefinitely and generally repealing carrybacks, reducing the maximum deduction for NOL carryforwards arising in tax years beginning after 2017 to a percentage of the taxpayer’s taxable income, and allowing for additional expensing of certain capital expenditures. (see Note 9).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Research and development expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Research and development expenses include both direct expenses incurred by Oncocyte and indirect overhead costs incurred by Lineage and allocated to Oncocyte under the Shared Facilities Agreement as expenses that benefited or supported Oncocyte’s research and development functions. The Shared Facilities Agreement was terminated as of December 31, 2019 (see Note 4). Direct research and development expenses consist primarily of personnel costs and related benefits, including stock-based compensation, consulting fees, and obligations incurred to suppliers. Indirect research and development expenses allocated by Lineage to Oncocyte under the Shared Facilities Agreement (see Note 4), were primarily based on headcount or space occupied, as applicable, and include laboratory supplies, laboratory expenses, rent and utilities, common area maintenance, telecommunications, property taxes and insurance. Research and development costs are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>General and administrative expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">General and administrative expenses include both direct expenses incurred by Oncocyte and indirect overhead costs incurred by Lineage and allocated to Oncocyte under the Shared Facilities Agreement as expenses that benefited or supported Oncocyte’s general and administrative functions (see Note 4). Direct general and administrative expenses consist primarily of compensation and related benefits, including stock-based compensation, for executive and corporate personnel, and professional and consulting fees. Indirect general and administrative expenses allocated by Lineage to Oncocyte under the Shared Facilities Agreement (see Note 4) were primarily based on headcount or space occupied, as applicable, and include costs for financial reporting and compliance, rent and utilities, common area maintenance, telecommunications, property taxes and insurance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Sales and marketing expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="background-color: white">Sales and marketing expenses consist primarily of personnel costs and related benefits, including stock-based compensation, trade show expenses, branding and positioning expenses, and consulting fees. Indirect sales and marketing expenses allocated by Lineage, were primarily based on Oncocyte’s headcount or space occupied, as applicable, and include costs for rent and utilities, common area maintenance, telecommunications, property taxes and insurance, incurred by Lineage and allocated to Oncocyte under the Shared Facilities Agreement </font>(see Note 4)<font style="background-color: white">.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock-based compensation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte recognizes compensation expense related to employee option grants and restricted stock grants, if any, in accordance with FASB ASC 718, <i>Compensation – Stock Compensation</i> (“ASC 718”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All excess tax benefits and tax deficiencies from stock-based compensation awards accounted for under ASC 718 are recognized as income tax benefit or expense, respectively, in the statements of operations. An excess income tax benefit arises when the tax deduction of a share-based award for income tax purposes exceeds the compensation cost recognized for financial reporting purposes and, a tax deficiency arises when the compensation cost exceeds the tax deduction. Because Oncocyte has a full valuation allowance for all periods presented (see Note 9), there was no impact to Oncocyte statements of operations for any excess tax benefits or deficiencies, as any excess benefit or deficiency would be offset by the change in the valuation allowance. Forfeitures are accounted for as they occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte estimates the fair value of employee stock-based payment awards on the grant-date and recognizes the resulting fair value over the requisite service period. For stock-based awards that vest only upon the attainment of one or more performance goals set by Oncocyte at the time of the grant (sometimes referred to as milestone vesting), compensation cost is recognized if and when Oncocyte determines that it is probable that the performance condition or conditions will be, or have been, achieved. Oncocyte uses the Black-Scholes option pricing model for estimating the fair value of options granted under Oncocyte’s equity plans. The fair value of each restricted stock grant, if any, is determined based on the value of the common stock granted or sold. Oncocyte has elected to treat stock-based payment awards with graded vesting schedules and time-based service conditions as a single award and recognizes stock-based compensation on a straight-line basis over the requisite service period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2018, the FASB issued ASU 2018-07, <i>Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</i>, which simplifies the accounting for non-employee share-based payment transactions. The new standard expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. Oncocyte adopted ASU 2018-07 on January 1, 2019. As Oncocyte does not have a significant number of outstanding and unvested non-employee share-based awards, the application of the new standard did not have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Black-Scholes option pricing model requires Oncocyte to make certain assumptions including the expected option term, the expected volatility, the risk-free interest rate and the dividend yield (see Note 8).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding. Oncocyte estimates the expected term of options granted based on its own experience and, in part, based on upon the “simplified method” provided under <i>Staff Accounting Bulletin, Topic 14</i>, or SAB Topic 14, as necessary. For the years ended December 31, 2019 and 2018, Oncocyte estimated the expected volatility using its own stock price volatility to the extent applicable or a combination of its stock price volatility and the stock price volatility of peer companies, for a period equal to the expected term of the options. The risk-free interest rate assumption is based upon observed interest rates on the United States government securities appropriate for the expected term of Oncocyte’s stock options. The dividend yield assumption is based on Oncocyte’s history and expectation of dividend payouts. Oncocyte has never declared or paid any cash dividends on its common stock, and Oncocyte does not anticipate paying any cash dividends in the foreseeable future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Net loss per common share</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Basic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are exercisable to common stock, such as stock options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive. Because Oncocyte reported net losses for all periods presented, all potentially dilutive common stock is antidilutive for those periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following common stock equivalents were excluded from the computation of diluted net loss per common share of common stock for the years ended December 31, 2019 and 2018 because including them would have been antidilutive (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,589</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,578</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,384</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,035</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Segments</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte’s executive management team, as a group, represents the entity’s chief operating decision makers. To date, Oncocyte’s executive management team has viewed Oncocyte’s operations as one segment that includes the research and development of diagnostic tests for the detection of cancer. As a result, the financial information disclosed materially represents all of the financial information related to Oncocyte’s sole operating segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recently adopted accounting pronouncements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 1, 2019, Oncocyte adopted Accounting Standards Update 2016-02, <i>Leases </i>(Topic 842, “ASC 842”) and its subsequent amendments affecting Oncocyte: (i) ASU 2018-10, <i>Codification Improvements to Topic 842, Leases, </i>and (ii) ASU 2018-11, <i>Leases (Topic 842): Targeted improvements,</i> using the modified retrospective method. Oncocyte management determines if an arrangement is a lease at inception. Leases are classified as either financing or operating, with classification affecting the pattern of expense recognition in the statements of operations. When determining whether a lease is a finance lease or an operating lease, ASC 842 does not specifically define criteria to determine “major part of remaining economic life of the underlying asset” and “substantially all of the fair value of the underlying asset.” For lease classification determination, Oncocyte continues to use (i) 75% or greater to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90% or greater to determine whether the present value of the sum of lease payments is substantially of the fair value of the underlying asset. Oncocyte uses either the rate implicit in the lease or its incremental borrowing rate as the discount rate in lease accounting, as applicable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon adoption of ASC 842 and based on the available practical expedients under that standard, Oncocyte did not reassess any expired or existing contracts, reassess the lease classification for any expired or existing leases and reassess initial direct costs for exiting leases. Oncocyte also elected not to capitalize leases that have terms of twelve months or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The adoption of ASC 842 did not have a material impact to Oncocyte’s financial statements because Oncocyte did not have any significant operating leases at the time of adoption. During the year ended December 31, 2019, Oncocyte entered into various operating leases and an embedded operating lease in accordance with ASC 842 discussed in Notes 5 and 10. Oncocyte’s accounting for financing leases (previously referred to as “capital leases”) remained substantially unchanged. Financing leases are included in machinery and equipment, and in financing lease liabilities, current and noncurrent, in Oncocyte’s balance sheets (see Note 10).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recently issued accounting pronouncements not yet adopted</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following accounting standard, which is not yet effective, is presently being evaluated by Oncocyte to determine the impact that it might have on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In December 2019, the FASB issued ASU 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.</i> ASU 2019-12 removes the following exceptions: exception to the incremental approach for intraperiod tax allocation; exception to accounting for basis differences when there are ownership changes in foreign investments; and exception to interim period tax accounting for year to date losses that exceed anticipated losses. ASU 2019-12 also improves financial reporting for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted. Oncocyte will adopt this standard as of January 1, 2021 and is currently evaluating the disclosure requirements and its effect on the financial statements.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>3. Selected Balance Sheet Components</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Prepaid expenses and other current assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019 and 2018, prepaid expenses and other current assets were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid insurance</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">80</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">102</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Prepaid vendors, deposits and service agreements</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">389</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">78</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total prepaid expenses and other current assets</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">505</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Deposits and other noncurrent assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019 and 2018, deposits and other noncurrent assets were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash and security deposit for the Irvine Lease (Note 10)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,850</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Long-term prepaid maintenance contracts</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">262</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total deposits and other noncurrent assets</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,211</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">262</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accrued expenses and other current liabilities</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019 and 2018, accrued expenses and other current liabilities were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Accrued compensation</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,287</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,303</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued vendors and other expenses</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,323</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">806</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses and other current liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,610</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,109</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Right-of-use assets, machinery and equipment, net</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At December 31, 2019 and 2018, rights-of-use assets, machinery and equipment, net, were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,215</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,562</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use assets for operating leases <font style="background-color: white"><sup>(1)</sup></font></font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,856</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation and amortization</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(343</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(948</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use assets, machinery and equipment, net</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,728</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">614</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Oncocyte recorded certain right-of-use assets and liabilities in accordance with ASC 842 (see Notes 5 and 10).</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Depreciation expense amounted to approximately $344,000 and $438,000 for the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, Oncocyte wrote off $0.9 million in fully depreciated machinery and equipment with a corresponding adjustment to accumulated depreciation. During the year ended December 31, 2018, Oncocyte entered into financing leases for laboratory equipment totaling $209,000. No financing leases were entered into for the year ended December 31, 2019.</p>
</us-gaap:SupplementalBalanceSheetDisclosuresTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>4. Related Party Transactions</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Shared Facilities and Service Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On October 8, 2009, Oncocyte and Lineage executed the Shared Facilities Agreement. Beginning on October 1, 2019, Oncocyte ceased using shared services and has hired its own administrative, finance and accounting personnel. Effective December 31, 2019, Oncocyte terminated the Shared Facilities Agreement and is no longer using a portion of Lineage’s facilities in Alameda, California. Under the terms of the Shared Facilities Agreement, Lineage permitted Oncocyte to use Lineage’s office and laboratory facility and equipment located in Alameda, California. Through September 30, 2019, Lineage provided accounting, billing, bookkeeping, payroll, treasury, payment of accounts payable, and other similar administrative services to Oncocyte and through December 31, 2019, Lineage permitted Oncocyte the use of Lineage’s office and laboratory facilities and equipment. In January 2020, Oncocyte moved into its new corporate headquarters in Irvine, California, and continues to operate its laboratories from Brisbane, California (see Notes 10 and 11).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Lineage has charged Oncocyte a Use Fee for services received and usage of facilities, equipment, and supplies. For each billing period, Lineage prorated and allocated costs incurred, as applicable, to Oncocyte. Such costs have included services of Lineage employees, equipment, insurance, lease, professional, software, supplies and utilities. Allocation depends on key cost drivers including actual documented use, square footage of facilities used, time spent, costs incurred by or for Oncocyte, or upon proportionate usage by Lineage and Oncocyte, as reasonably estimated by Lineage (collectively “Use Fees”). Lineage charges Oncocyte a 5% markup on such allocated costs as permitted by the Shared Facilities Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Use Fee was determined and invoiced to Oncocyte on a regular basis, generally monthly or quarterly. If the Shared Facilities Agreement terminates prior to the last day of a billing period, the Use Fee will be determined for the number of days in the billing period elapsed prior to the termination of the Shared Facilities Agreement. Each invoice will be payable in full by Oncocyte within 30 days after receipt. Any invoice, or portion thereof, not paid in full when due will bear interest at the rate of 15% per annum until paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the Use Fees, Oncocyte reimbursed Lineage for any out of pocket costs incurred by Lineage for the purchase of office supplies, laboratory supplies, and other goods and materials and services for the account or use of Oncocyte based on invoices documenting such costs. Lineage has no obligation to purchase or acquire any office supplies or other goods and materials or any services for Oncocyte, and if any such supplies, goods, materials or services are obtained for Oncocyte, Lineage may arrange for the suppliers thereof to invoice Oncocyte directly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Shared Facilities Agreement was not considered a lease under the provisions of ASC 842 discussed in Note 2, because, among other factors, a significant part of the Shared Facilities Agreement is a contract for services, not a tangible asset, and was cancelable by either party without penalty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the aggregate, Lineage charged Use Fees to Oncocyte as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">696</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">882</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">438</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Sales and marketing</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">108</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">310</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total use fees</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,242</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,567</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2018, Oncocyte had $2.1 million outstanding and payable to Lineage and affiliates included in current liabilities on account of Use Fees under the Shared Facilities Agreement. In February 2019, Oncocyte paid the $2.1 million owed to Lineage for prior services provided under the Shared Facilities Agreement. As of December 31, 2019, amounts owed to Lineage under the Shared Facilities Agreement were insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Financing Transactions</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On July 31, 2018, Oncocyte raised approximately $3.3 million in net proceeds, after offering expenses, from the sale of 1,256,118 shares of its common stock and warrants (the “July 2018 Offering”). The shares of common stock and warrants were sold in “Units” at a purchase price of $2.86 per Unit, with each Unit consisting of one share of common stock and one warrant to purchase one share of its common stock (“July 2018 Offering Warrants”). The Units of common stock and warrants were sold in a registered direct offering. Oncocyte’s former Chief Executive Officer, the Chief Financial Officer, the Senior Vice President of Research and Development, and certain members of Oncocyte’s Board of Directors purchased Units in the July 2018 Offering on the same terms as other investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On March 28, 2018, Oncocyte entered into securities purchase agreements with two accredited investors for the private placement of 7,936,508 shares of Oncocyte’s common stock for $1.26 per share, for total gross proceeds of $10.0 million before deducting offering expenses, $8.0 million of which was received in March 2018 and $2.0 million in May 2018. The securities purchase agreements contain certain registration rights. The investors are Broadwood Partners, L.P. (“Broadwood”) and George Karfunkel, who beneficially own more than 5% of Oncocyte’s outstanding common stock. Oncocyte agreed to register the shares sold to the investors for resale under the Securities Act not later than 60 days after the closing of the sale of the shares. Oncocyte also agreed to pay liquidated damages calculated in the manner provided in the securities purchase agreement if Oncocyte did not file the registration statement in a timely manner. Because the registration statement was not filed as required by the securities purchase agreement during the year ended December 31, 2018, Oncocyte accrued $300,000 on account of liquidated damages owed and paid this amount in March 2019. In June 2019, Oncocyte filed a registration statement to register all the shares underlying the securities purchase agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On November 13, 2019, Oncocyte entered into a series of stock purchase agreements in which Oncocyte sold a total of 5,058,824 shares of common stock for approximately $8.6 million in cash in an offering registered under the Securities Act. As part of this offering, Broadwood purchased 1,176,471 shares (see Note 11).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Consulting Services</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During the year ended December 31, 2019, Oncocyte incurred consulting fees of $0.4 million to a firm in which Oncocyte’s current President and Chief Executive Officer, Ronald Andrews, was a partner. Mr. Andrews resigned from this firm as an active partner effective June 30, 2019, the date prior to commencement of his employment by Oncocyte.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>6. <font style="background-color: white">Loan Payable to Silicon Valley Bank</font></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On February 21, 2017, Oncocyte entered into a Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank (the “Bank”) pursuant to which Oncocyte borrowed $2.0 million on March 23, 2017. Payments of interest only on the principal balance were due monthly from the draw date through October 31, 2017, and, beginning on November 1, 2017, monthly payments of principal of approximately $67,000 plus interest are due and payable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The outstanding principal amount plus accrued interest will be due and payable to the Bank at maturity on April 1, 2020, which was paid off on account of the loan refinancing completed in October 2019, including a payment of the $116,000 final payment fee as further discussed below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Oncocyte may prepay in full the outstanding principal balance at any time, subject to a prepayment fee equal to 1.0% of the outstanding principal balance if prepaid after February 21, 2019, which was waived by the Bank due to the refinancing in October 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The outstanding principal amount of the loan, with interest accrued, the final payment fee, and the prepayment fee may become due and payable prior to the applicable maturity date if an “Event of Default” as defined in the Loan Agreement occurs and is not cured within any applicable cure period. Upon the occurrence and during the continuance of an Event of Default, all obligations due to the Bank will bear interest at a rate per annum which is 5% above the then applicable interest rate. An Event of Default includes, among other events, failure to pay interest and principal when due, material adverse changes, which include a material adverse change in Oncocyte’s business, operations, or condition (financial or otherwise), failure to provide the bank with timely financial statements and copies of filings with the Securities and Exchange Commission (the “SEC”), as required, legal judgments or pending or threatened legal actions of $50,000 or more, insolvency, and delisting from the NYSE American. Oncocyte’s obligations under the Loan Agreement are collateralized by substantially all of its assets other than intellectual property such as patents and trade secrets that Oncocyte owns. Accordingly, if an Event of Default were to occur and not be cured, the Bank could foreclose on its security interest in the collateral.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Bank Warrants</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In 2017, in connection with the Loan Agreement, Oncocyte issued common stock purchase warrants to the Bank (the “Bank Warrants”) entitling the Bank to purchase shares of Oncocyte common stock in tranches related to the loan tranches under the Loan Agreement. In conjunction with the availability of the loan, the Bank was issued warrants to purchase 8,247 shares of Oncocyte common stock at an exercise price of $4.85 per share, through February 21, 2027. On March 23, 2017, the Bank was issued warrants to purchase an additional 7,321 shares at an exercise price of $5.46 per share, through March 23, 2027. The Bank may elect to exercise the Bank Warrants on a “cashless exercise” basis and receive a number of shares determined by multiplying the number of shares for which the applicable tranche is being exercised by (A) the excess of the fair market value of the common stock over the applicable exercise price, divided by (B) the fair market value of the common stock. The fair market value of the common stock will be the last closing or sale price on a national securities exchange, interdealer quotation system, or over-the-counter market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The Bank Warrants are classified as equity since, among other factors, they are not mandatorily redeemable, cannot be settled in cash or other assets and require settlement by issuing a fixed number of shares of common stock of Oncocyte. Oncocyte determined the fair value of the Bank Warrants using the Black-Scholes option pricing model to be approximately $62,000, which was recorded as a deferred financing cost against the loan payable balance. Aggregate deferred financing costs of $196,000, recorded against the loan payable balance, are amortized to interest expense over the term of the loan using the effective interest method. As of December 31, 2019, there were no unamortized deferred financing costs on account of the debt extinguishment in October related to the refinancing of the loan discussed below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Amended Loan Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On October 17, 2019, Oncocyte entered into a First Amendment to Loan and Security Agreement (the “Amended Loan Agreement”) with the Bank pursuant to which Oncocyte obtained a new $3 million secured credit facility (“Tranche 1”), a portion of which was used to repay the remaining balance of approximately $400,000 on outstanding loans from the Bank, plus a final payment of $116,000, under the February 21, 2017 Loan Agreement with the Bank discussed above. The credit line under the Amended Loan Agreement may be increased by an additional $2 million (“Tranche 2”) if Oncocyte obtains at least $20 million of additional equity capital, as was the case with the original Loan Agreement, and a positive final coverage determination is received from the Centers for Medicate and Medicaid Services for DetermaRx™ at a specified minimum price point per test (the “Tranche 2 Milestone”), and Oncocyte is not in default under the Amended Loan Agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Payments of interest only on the principal balance will be due monthly from the draw date through March 31, 2020 followed by 24 monthly payments of principal and interest, provided, however, that if the Tranche 2 Milestone is achieved the interest only payment period will be extended through September 30, 2020 followed by 18 equal monthly payments of principal plus interest. The outstanding principal balance of the loan will bear interest at a stated floating annual interest equal to the greater of (a) the prime rate or (b) 5% per annum. As of December 31, 2019, the latest published prime rate was 4.75% per annum.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The principal amount of all loans plus accrued interest will be due and payable to the Bank at maturity on March 31, 2022. At maturity, Oncocyte will also pay the Bank an additional final payment fee of $200,000, which was recorded as a deferred financing charge in October 2019 and is being amortized to interest expense over the term of the loan using the effective interest method. As of December 31, 2019, the unamortized deferred financing cost was $170,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Oncocyte may prepay in full the outstanding principal balance at any time, subject to a prepayment fee equal to 3.0% of the outstanding principal balance if prepaid within one year after October 17, 2019, 2.0% of the outstanding principal balance if prepaid more than one year but less than two years after October 17, 2019, or 1.0% of the outstanding principal balance if prepaid two years or more after October 17, 2019. Any amounts borrowed and repaid may not be reborrowed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The outstanding principal amount of the loan, with interest accrued, the final payment fee, and the prepayment fee may become due and payable prior to the applicable maturity date if an “Event of Default” as defined in the Amended Loan Agreement, substantially unchanged as discussed above. Oncocyte was in compliance with the Amended Loan Agreement as of the filing date of this Report.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On October 17, 2019, in conjunction with Tranche 1 becoming available under the Amended Loan Agreement, Oncocyte issued a common stock purchase warrant to the Bank (the “Bank Warrant”) entitling the Bank to purchase 98,574 shares of Oncocyte common stock at the initial Warrant Price of $1.69 per share through October 17, 2029. The number of shares of common stock issuable upon the exercise of the Bank Warrant will increase on the date of each draw, if any, on Tranche 2. The number of additional shares of common stock issuable upon the exercise of the Bank Warrant will be equal to 0.02% of Oncocyte’s fully diluted equity outstanding for each $1 million draw under Tranche 2. The Warrant Price for Tranche 2 warrant shares will be determined upon each draw of Tranche 2 funds and will be closing price of Oncocyte common stock on the NYSE American or other applicable market on the date immediately before the applicable date on which Oncocyte borrows funds under Tranche 2. The Bank may elect to exercise the Bank Warrant on a “cashless exercise” basis and receive a number of shares determined by multiplying the number of shares for which the Bank Warrant is being exercised by (A) the excess of the fair market value of the common stock over the applicable Warrant Price, divided by (B) the fair market value of the common stock. The fair market value of the common stock will be last closing or sale price on a national securities exchange, interdealer quotation system, or over-the-counter market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The Amended Loan Agreement was considered an extinguishment of the Loan Agreement in accordance with ASC 470-50, <i>Debt Modifications and Extinguishment</i>, and accordingly, Oncocyte recorded a loss on extinguishment of debt of $153,000, which includes the Black-Scholes value of the Bank Warrant, during the year ended December 31, 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Future Cash Payments of Loan Payable</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">As of December 31, 2019, principal and interest payments due on the loan payable in each of the next three years are as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ending December 31,</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Loan Payments</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,561</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">578</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total payments of principal and interest</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,397</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: amounts representing interest</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(197</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total payments of principal before deferred financing costs</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,200</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: deferred financing costs</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(170</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total loan payable, net of deferred financing costs</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,030</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>7. Shareholders’ Equity</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Preferred Stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte is authorized to issue up to 5,000,000 shares of no par value preferred stock. As of December 31, 2019 and 2018, no preferred shares were issued or outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Common Stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has up to 85,000,000 shares of no par value common stock authorized. The holders of Oncocyte’s common stock are entitled to receive ratably dividends when, as, and if declared by the Board of Directors out of funds legally available. Upon liquidation, dissolution, or winding up, the holders of Oncocyte common stock are entitled to receive ratably the net assets available after the payment of all debts and other liabilities and subject to the prior rights of Oncocyte outstanding preferred shares, if any.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of Oncocyte stockholders. The holders of common stock have no preemptive, subscription, or redemption rights. The outstanding shares of common stock are fully paid and non-assessable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="background-color: white">As of December 31, 2019 and 2018, Oncocyte had 57,031,654 and 40,664,496 issued and outstanding shares of common stock, respectively (see Note 11). See Note 4 with respect to certain financing transactions pursuant to which Oncocyte sold shares of common stock and common stock purchase warrants during the years ended December 31, 2019 and 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Common Stock Purchase Warrants</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019, Oncocyte had an aggregate of 3,383,913 common stock purchase warrants issued and outstanding with exercise prices ranging from $1.69 to $5.50 per warrant. The warrants will expire on various dates through March 23, 2027. Certain warrants have “cashless exercise” provisions meaning that the value of a portion of warrant shares may be used to pay the exercise price rather than payment in cash, which may be exercised under any circumstances in the case of the Bank Warrants or, in the case of certain other warrants, only if a registration statement for the warrants and underlying shares of common stock is not effective under the Securities Act or a prospectus in the registration statement is not available for the issuance of shares upon the exercise of the warrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">Oncocyte has considered the guidance in ASC 815-40, <i>Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, </i>which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. This liability classification guidance also applies to financial instruments that may require cash or other form of settlement for transactions outside of the company’s control and, in which the form of consideration to the warrant holder may not be the same as to all other shareholders in connection with the transaction. However, if a transaction is not within the company’s control but the holder of the financial instrument can solely receive the same type or form of consideration as is being offered to all the shareholders in the transaction, then equity classification of the financial instrument is not precluded, if all other applicable equity classification criteria are met. Based on the above guidance and, among other factors, the fact that the warrants cannot be cash settled under any circumstance but require share settlement, all of the outstanding warrants meet the equity classification criteria and have been classified as equity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Stock Option Exercises</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">During the years ended December 31, 2019 and 2018, 575,000 and 20,312 shares of common stock were issued upon the exercise of stock options, from which Oncocyte received $943,000 and $58,000 in cash proceeds, respectively.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>8. Stock-Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Option Plan</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte had a 2010 Stock Option Plan (the “2010 Plan”) under which 5,200,000 shares of common stock were authorized for the grant of stock options or the sale of restricted stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On August 27, 2018, Oncocyte shareholders approved a new Equity Incentive Plan (the “2018 Incentive Plan”) to replace the 2010 Plan. In adopting the 2018 Incentive Plan, Oncocyte terminated the 2010 Plan and will not grant any additional stock options or sell any stock under restricted stock purchase agreements under the 2010 Plan; however, stock options issued under the 2010 Plan will continue in effect in accordance with their terms and the terms of the 2010 Plan until the exercise or expiration of the individual options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The 2018 Incentive Plan reserved 11,000,000 shares of common stock for the grant of stock options or the sale of restricted stock (“Restricted Stock”) or for the settlement of hypothetical units issued with reference to common stock (“Restricted Stock Units”). Oncocyte may also grant stock appreciation rights (“SARs”) under the 2018 Incentive Plan. The 2018 Incentive Plan also permits Oncocyte to issue such other securities as its Board of Directors (the “Board”) or the Compensation Committee (the “Committee”) administering the 2018 Incentive Plan may determine. Awards of stock options, Restricted Stock, SARs, and Restricted Stock Units (“Awards”) may be granted under the 2018 Incentive Plan to Oncocyte employees, directors, and consultants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Awards may vest and thereby become exercisable or have restrictions on forfeiture lapse on the date of grant or in periodic installments or upon the attainment of performance goals, or upon the occurrence of specified events. Awards may not vest, in whole or in part, earlier than one year from the date of grant. Vesting of an Award after the date of grant may be accelerated only in the limited circumstances specified in the 2018 Incentive Plan. In the case of the acceleration of vesting of any performance-based Award, acceleration of vesting shall be limited to actual performance achieved, pro rata achievement of the performance goal(s) on the basis for the elapsed portion of the performance period, or a combination of actual and pro rata achievement of performance goals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No person shall be granted, during any one-year period, options to purchase, or SARs with respect to, more than 1,000,000 shares in the aggregate, or any Awards of Restricted Stock or Restricted Stock Units with respect to more than 500,000 shares in the aggregate. If an Award is to be settled in cash, the number of shares on which the Award is based shall not count toward the individual share limit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No Awards may be granted under the 2018 Incentive Plan more than ten years after the date upon which the 2018 Incentive Plan was adopted by the Board, and no options or SARS granted under the 2018 Incentive Plan may be exercised after the expiration of ten years from the date of grant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Options</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Options granted under the 2018 Incentive Plan may be either “incentive stock options” within the meaning of Section 422(b) of the Internal Revenue Code of 1986, as amended (the “Code”), or “non-qualified” stock options that do not qualify incentive stock options. Incentive stock options may be granted only to Oncocyte employees and employees of subsidiaries. The exercise price of stock options granted under the 2018 Incentive Plan must be equal to the fair market of Oncocyte common stock on the date the option is granted. In the case of an optionee who, at the time of grant, owns more than 10% of the combined voting power of all classes of Oncocyte stock, the exercise price of any incentive stock option must be at least 110% of the fair market value of the common stock on the grant date, and the term of the option may be no longer than five years. The aggregate fair market value of common stock (determined as of the grant date of the option) with respect to which incentive stock options become exercisable for the first time by an optionee in any calendar year may not exceed $100,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The exercise price of an option may be payable in cash or in common stock having a fair market value equal to the exercise price, or in a combination of cash and common stock, or other legal consideration for the issuance of stock as the Board or Committee may approve.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Generally, options will be exercisable only while the optionee remains an employee, director or consultant, or during a specific period thereafter, but in the case of the termination of an employee, director, or consultant’s services due to death or disability, the period for exercising a vested option shall be extended to the earlier of 12 months after termination or the expiration date of the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted Stock and Restricted Stock Units</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In lieu of granting options, Oncocyte may enter into purchase agreements with employees under which they may purchase or otherwise acquire Restricted Stock or Restricted Stock Units subject to such vesting, transfer, and repurchase terms, and other restrictions. The price at which Restricted Stock may be issued or sold will be not less than 100% of fair market value. Employees or consultants, but not executive officers or directors, who purchase Restricted Stock may be permitted to pay for their shares by delivering a promissory note or an installment payment agreement that may be secured by a pledge of their Restricted Stock. Restricted Stock may also be issued for services actually performed by the recipient prior to the issuance of the Restricted Stock. Unvested Restricted Stock for which Oncocyte has not received payment may be forfeited, or Oncocyte may have the right to repurchase unvested shares upon the occurrence of specified events, such as termination of employment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to the restrictions set with respect to the particular Award, a recipient of Restricted Stock generally shall have the rights and privileges of a shareholder, including the right to vote the Restricted Stock and the right to receive dividends; provided that, any cash dividends and stock dividends with respect to the Restricted Stock shall be withheld for the recipient’s account, and interest may be credited on the amount of the cash dividends withheld. The cash dividends or stock dividends so withheld and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the recipient in cash or, at the discretion of the Board or Committee, in shares of common stock having a fair market value equal to the amount of such dividends, if applicable, upon the release of restrictions on the Restricted Stock and, if the Restricted Stock is forfeited, the recipient shall have no right to the dividends.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The terms and conditions of a grant of Restricted Stock Units shall be determined by the Board or Committee. No shares of common stock shall be issued at the time a Restricted Stock Unit is granted. A recipient of Restricted Stock Units shall have no voting rights with respect to the Restricted Stock Units. Upon the expiration of the restrictions applicable to a Restricted Stock Unit, Oncocyte will either issue to the recipient, without charge, one share of common stock per Restricted Stock Unit or cash in an amount equal to the fair market value of one share of common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At the discretion of the Board or Committee, each Restricted Stock Unit (representing one share of common stock) may be credited with cash and stock dividends paid in respect of one share (“Dividend Equivalents”). Dividend Equivalents shall be withheld for the recipient’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld. Dividend Equivalents credited to a recipient’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable) shall be distributed in cash or in shares of common stock having a fair market value equal to the amount of the Dividend Equivalents and earnings, if applicable, upon settlement of the Restricted Stock Unit. If a Restricted Stock Unit is forfeited, the recipient shall have no right to the related Dividend Equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity awards activity </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of Oncocyte equity awards activity under the 2010 Plan and related information follows (in thousands except weighted average exercise price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Options</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Available</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for Grant</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>of Options</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Outstanding</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at January 1, 2018</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,384</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,390</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.25</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,446</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,446</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.39</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(20</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.84</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited, cancelled or expired</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">138</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(645</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.96</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Termination of the 2010 Plan</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(76</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2018</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,171</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.92</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(575</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.64</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited, cancelled or expired</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(405</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.43</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2019</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,191</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.08</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2019</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,206</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.20</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In 2018, under the 2010 Plan, Oncocyte granted certain stock options with exercise prices ranging from $2.30 per share to $3.15 per share, that will vest in increments upon the attainment of specified performance conditions related to the development of <font style="background-color: white">DetermaDx™ and obtaining Medicare reimbursement coverage for that test (“Performance-Based Options”). During the year ended December 31, 2019, certain performance conditions required for vesting were met, and, accordingly, 47,500 shares vested and $101,000 of stock-based compensation expense was recorded with regard to the Performance-Based Options. As of December 31, 2019, there were </font>802,000 <font style="background-color: white">Performance-Based Options outstanding.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At December 31, 2019 and 2018, Oncocyte had approximately $6.5 million and $2.7 million, respectively, of total unrecognized compensation expense related to the 2010 Plan and 2018 Incentive Plan that will be recognized over a weighted-average period of approximately 2.6 and 3.3 years, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of 2018 Incentive Plan activity and related information follows (in thousands except weighted average exercise price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Options</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Available</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for Grant</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>of Options and RSUs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Outstanding</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at January 1, 2018</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">Approval of 2018 Incentive Plan</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(411</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">411</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.21</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited, cancelled or expired</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(50</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.95</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2018</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,639</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">361</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.21</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Option pool increase</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,089</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,089</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.87</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">RSUs granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(170</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">85</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">n/a</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited and cancelled</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">362</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(362</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.42</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2019</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,742</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,173</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.77</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2019</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">396</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.70</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Additional information regarding Oncocyte’s outstanding stock options and vested and exercisable stock options is summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Prices</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>of Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(in thousands)</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Life (Years)</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">$1.34 - $1.98</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">801</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.36</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.82</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">$2.01 - $2.80</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,647</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.42</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.32</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">$3.06 - $5.95</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,831</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.03</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.98</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">$1.34 - $5.95</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,279</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.26</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.91</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte recorded stock-based compensation expense in the following categories on the accompanying statements of operations for the years ended December 31, 2019 and 2018 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">612</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,272</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,154</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Sales and marketing</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">275</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total stock-based compensation expense</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,995</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,479</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The weighted-average estimated fair value of stock options with service-conditions granted during the years ended December 31, 2019 and 2018 was $2.01 and $1.46 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Expected life (in years)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.03</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.65</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rates</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.05</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.85</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79.02</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75.51</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Dividend yield</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The determination of stock-based compensation is inherently uncertain and subjective and involves the application of valuation models and assumptions requiring the use of judgment. If Oncocyte had made different assumptions, its stock-based compensation expense, and net loss for years ended December 31, 2019 and 2018, may have been significantly different.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte does not recognize deferred income taxes for incentive stock option compensation expense and records a tax deduction only when a disqualified disposition has occurred.</p>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>9. Income Taxes</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No provision for income taxes was recorded for the years ended December 31, 2018 and December 31, 2019. Oncocyte has filed standalone U.S. federal income tax returns since its inception. For California purposes, Oncocyte’s activity for 2016 was included in Lineage’s California Combined tax return. As a result of Oncocyte’s deconsolidation from Lineage on February 17, 2017, (see Note 1), Oncocyte has filed a separate California return for tax year 2017 and will continue to do so for subsequent years. The provision for state income taxes has been determined as if Oncocyte had filed separate tax returns for the periods presented. Accordingly, the effective tax rate of Oncocyte in 2019 and future years could vary from its historical effective tax rates depending on the future legal structure of Oncocyte and related tax elections. The deferred tax assets, including the operating loss and credit carryforwards, generated by Oncocyte, will remain with Oncocyte.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The primary components of the deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets/(liabilities):</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss carryforwards and capital loss carryforwards</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,391</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,204</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Research and development credit carryforwards</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,190</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,444</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Marketable equity securities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">393</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Patents and fixed assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">949</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">523</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Stock-based and other compensation</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,166</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,326</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Equity method investment in Razor</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use liability</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">764</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use asset</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(749</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,186</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,890</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,186</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19,890</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax asset</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Due to losses incurred for all periods presented, Oncocyte did not record any provision or benefit for income taxes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Income taxes differed from the amounts computed by applying the applicable U.S. federal income tax rates indicated to pretax losses from operations as a result of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Computed tax benefit at federal statutory rate</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Permanent differences</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">State tax benefit</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Research and development credits</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Adjust basis for available-for-sale-securities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Change in valuation allowance</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019, Oncocyte had net operating loss carryforwards of approximately $79.7 million for U.S. federal income tax purposes and <font style="background-color: white">$52.1</font> million for state income tax purposes. Federal net operating losses generated on or prior to December 31, 2017 expire in varying amounts between 2030 and 2037, while federal net operating losses generated after December 31, 2017 carryforward indefinitely. The state net operating losses expire in varying amounts between 2029 and 2039. Oncocyte also has capital loss carryforwards for federal and state income tax purposes of $0.7 million each which expire between 2020 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019, Oncocyte has research and development credit carryforwards for federal and state purposes of $1.4 million and $1.5 million, respectively. The federal credits will expire between 2030 and 2039, while the state credits have no expiration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. Oncocyte established a full valuation allowance for all periods presented due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The change in the valuation allowance was $4.3 million and $4.8 million for the years ended December 31, 2019 and 2018, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has uncertain tax benefits (“UTBs”) totaling $2.9 million as of December 31, 2019 which were netted against deferred tax assets subject to valuation allowance as shown below. Oncocyte did not have any material UTBs as of December 31, 2018. The UTBs had no effect on the effective tax rate and there would be no cash tax impact for any period presented. Oncocyte recognizes interest and penalties related to UTBs, when they occur, as a component of income tax expense. There were no interest or penalties recognized for the years ended December 31, 2018 and 2019. Oncocyte does not expect its UTBs to change significantly over the next twelve months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(in thousands)</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at the beginning of the year</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Additions based on tax positions related to current year</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,301</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Adjustments based on tax positions related to prior years</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,587</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at end of year</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,888</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Other Income Tax Matters</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Internal Revenue Code Section 382 places a limitation (“Section 382 Limitation”) on the amount of taxable income that can be offset by NOL carryforwards after a change in control (generally greater than 50% change in ownership within a three-year period) of a loss corporation. California has similar rules. Generally, after a change in control, a loss corporation cannot deduct NOL carryforwards in excess of the Section 382 Limitation. Due to these “change in ownership” provisions, utilization of the NOL and tax credit carryforwards may be subject to an annual limitation regarding their utilization against taxable income in future periods. To date, Oncocyte has not experienced such an ownership change. Subsequent ownership changes may affect the limitation in future years.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In general, Oncocyte is no longer subject to tax examination by the Internal Revenue Service or state taxing authorities for years before 2015. Although the federal and state statutes are closed for purposes of assessing additional income tax in those prior years, the taxing authorities may still make adjustments to the NOL and credit carryforwards used in open years. Therefore, the tax statutes should be considered open as it relates to the NOL and credit carryforwards used in open years. For tax years that remain open to examination, potential examinations may include questioning of the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with the Internal Revenue Code or state tax laws. Oncocyte’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte’s practice is to recognize interest and penalties related to income tax matters in tax expense. As of December 31, 2019 and 2018, Oncocyte has no accrued interest and penalties.</p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>10. Commitments and Contingencies</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has certain commitments other than those discussed in Note 5.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Office Lease Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 23, 2019, Oncocyte entered into an Office Lease Agreement (the “Irvine Lease”) of a building containing approximately 26,800 square feet of rentable space located at 15 Cushing in Irvine California (the “Premises”) that will serve as Oncocyte’s new principal executive and administrative offices and laboratory facility. Oncocyte completed the relocation of its offices to the Premises in January 2020 and will construct a clinical diagnostic laboratory and a research laboratory at the Premises and then relocate its laboratories to the Premises later in 2020.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Irvine Lease has an initial term of 89 calendar months, plus any fraction of the calendar month in which the “Commencement Date” occurs (the “Term”). The Commencement Date will occur 150 days after December 24, 2019, the date on which Oncocyte took possession of the Premises, which is expected to be on June 1, 2020. Oncocyte has an option to extend the term of the Lease for a period of five years (the “Extended Term”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte will pay base monthly rent in the amount of $61,640 during the first 12 months of the Term. Base monthly rent will increase annually, over the base monthly rent then in effect, by 3.5%. If the Term or Extended Term commences or expires on a day other than the first day of a calendar month, the base monthly rent, and expenses and taxes payable by Oncocyte under the Lease as described below, will be prorated for the partial month. Oncocyte will not be obligated to pay base monthly rent during the period of its occupancy of the Premises prior to the Commencement Date and will be entitled to an abatement of 50% of the base monthly rent during the first ten calendar months of the Term. If the Lease is terminated based on the occurrence of an “event of default,” Oncocyte will be obligated to pay the abated rent to the lessor.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If Oncocyte exercises its option to extend the Term, the initial base monthly rent during the Extended Term will be the greater of the base monthly rent in effect during the last year of the Term or the prevailing market rate. The prevailing market rate will be determined based on annual rental rates per square foot for comparable space in the area where the Premises are located. If Oncocyte does not agree with the prevailing market rate proposed by the lessor, the rate may be determined through an appraisal process. The base monthly rent during the Extended Term shall be subject to the same annual rent adjustment as applicable for base monthly rent during the Term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to base monthly rent, Oncocyte will pay in monthly installments (a) all costs and expenses, other than certain excluded expenses, incurred by the lessor in each calendar year in connection with operating, maintaining, repairing (including replacements if repairs are not feasible or would not be effective) and managing the Premises and the building in which the Premises are located (“Expenses”), and (b) all real estate taxes and assessments on the Premises and the building in which the Premises are located, all personal property taxes for property that is owned by Landlord and used in connection with the operation, maintenance and repair of the Premises, and costs and fees incurred in connection with seeking reductions in such tax liabilities (“Taxes”). Subject to certain exceptions, Expenses shall not be increased by more than 4% annually on a cumulative, compounded basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte is entitled to an abatement of its obligations to pay Expenses and Taxes while constructing improvements to the Premises constituting “Tenant’s Work” under the Lease prior to the Commencement Date, except that (a) Oncocyte will be obligated to pay 43.7% of Expenses and Taxes during the period prior to the Commencement Date for its use of the second floor of the Premises, which is already built out as office space, and (b) the abatement will end prior to the Commencement Date if Oncocyte completes its “Tenant’s Work” for its laboratory space and opens the ground floor for use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The lessor has agreed to provide Oncocyte with a “Tenant Improvement Allowance” in the amount of $1,340,000 to pay for the plan, design, permitting, and construction of the improvements constituting Tenant’s Work. The lessor shall be entitled to retain 1.5% of the Tenant Improvement Allowance as an administrative fee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has provided the lessor with a security deposit in the amount of $150,000 and a letter of credit in the amount of $1,700,000. The lessor may apply the security deposit, in whole or in part, for the payment of rent and any other amount that Oncocyte is or becomes obligated to pay under the Irvine Lease but fails to pay when due and beyond any cure period. The lessor may draw on the letter of credit from time to time to pay any amount that is unpaid and due, or if the original issuing bank notifies the lessor that the letter of credit will not be renewed or extended for the period required under the Irvine Lease and Oncocyte fails to timely provide a replacement letter of credit, or an event of default under the Irvine Lease occurs and continues beyond the applicable cure period, or if certain insolvency or bankruptcy or insolvency with respect to Oncocyte occur. Oncocyte is required to restore any portion of the security deposit that is applied by the lessor to payments due under the Lease, and Oncocyte is required to restore the amount available under the letter of credit to the required amount if any portion of the letter of credit is drawn by the lessor. Commencing on the 34th month of the Term, (a) the amount of the letter of credit that Oncocyte is required to maintain shall be reduced on a monthly basis, in equal installments, to amortize the required amount to zero at the end of the Term, and (b) Oncocyte will have the right to cancel the letter of credit at any time if it meets certain market capitalization and balance sheet thresholds; provided, in each case, that Oncocyte is not in then default under the Lease beyond any applicable notice and cure period and the lessor has not determined that an event exists that would lead to an event of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To obtain the letter of credit, Oncocyte has provided the issuing bank with a restricted cash deposit that the bank will hold to cover its obligation to pay any draws on the letter of credit by the lessor. The restricted cash may not be used for any other purpose.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Irvine Lease is an operating lease under ASC 842 included in the tables below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Adoption and application of ASC 842</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The tables below provide the amounts recorded in connection with the adoption of ASC 842 as of, and during, the year ended December 31, 2019, for Oncocyte’s operating and financing leases (see Note 2).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">Under the Laboratory Agreement discussed in Note 5, Oncocyte assumed all of Razor’s Laboratory Agreement payment obligations amounting to $450,000 per year. Although Oncocyte is not a party to any lease agreement with Razor or Encore, under the terms of the Laboratory Agreement, Oncocyte received landlord’s consent for the use of the laboratory at Razor’s Brisbane, California location (the “Brisbane Facility”) under the terms of a sublease to which Encore is the sublessee. The sublease expires on March 31, 2023 (the “Brisbane Lease”). The laboratory fee payments to Encore include both laboratory services and the use of the Brisbane Facility. Under the provisions of the Laboratory Agreement, if Oncocyte terminates the Laboratory Agreement prior to the expiration of the Brisbane Lease, Oncocyte shall assume the costs related to the subletting or early termination of the Brisbane Lease. If the Laboratory Agreement were to be terminated on December 31, 2019, the aggregate payments due to the landlord for early cancellation of the Brisbane Lease would be approximately $450,000 (aggregate payments from December 31, 2019 through March 31, 2023). Oncocyte determined that the Laboratory Agreement contains an embedded operating lease for the Brisbane Facility and Oncocyte allocated the aggregate payments to this lease component for purposes of calculating the net present value of the right-of-use asset and liability as of the inception of the Laboratory Agreement in accordance with ASC 842, as shown in the table below.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Financing lease</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019, Oncocyte has one financing lease remaining through September 2021 for certain laboratory equipment with aggregate remaining payments of $141,000 shown in the table below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Operating and Financing leases </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents supplemental cash flow information related to operating and financing leases for the year ended December 31, 2019 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash paid for amounts included in the measurement of financing lease liabilities:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 84%; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating cash flows from financing leases</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financing cash flows from financing leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">454</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Right-of-use assets obtained in exchange for right-of-use lease liabilities:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating leases, including the Irvine Lease</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,866</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents supplemental balance sheet information related to operating and financing leases as of December 31, 2019 (in thousands, except lease term and discount rate):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Financing Leases</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 84%; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment, gross</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">209</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(93</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment, net</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">116</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Current liabilities</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent liabilities</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">Total financing lease liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted average remaining lease term</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.3 years</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financing leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.8 years</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted average discount rate</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financing leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.6</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents future minimum lease commitments as of December 31, 2019 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Operating Leases</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financing Leases</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ending December 31,</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 61%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394</font></td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">879</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">60</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">951</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">850</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">839</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,463</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total minimum lease payments</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,376</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: amounts representing interest</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,279</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: Tenant Improvement Allowance, net of administrative fee</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,320</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)<sup>(1)</sup></font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Present value of net minimum lease payments</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,777</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with ASC 842, a tenant allowance should be included in the measurement of the consideration in the lease agreement at inception and reflected as a reduction to the right-of-use asset and a corresponding reduction to the right-use-liability if the lessee both controls the construction of the tenant improvements and the expects to fully earn all of the tenant allowance. Oncocyte has met both conditions at the inception of the Irvine Lease and has recorded the Tenant Improvement Allowance accordingly. As the cash for the Tenant Improvement Allowance is received from the lessor under the terms of the Irvine Lease, the corresponding right-of-use liability will increase and will be amortized as part of the right-of use asset and liability amortization over the term of the Irvine Lease in accordance with ASC 842.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Wistar License Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has entered into a License Agreement with The Wistar Institute of Anatomy and Biology (“Wistar”) that entitles Oncocyte to use certain patents, know-how and data belonging to Wistar.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the License Agreement, Oncocyte has obtained an exclusive, worldwide license under certain patents, and under certain know-how and data (“Technical Information”) belonging to Wistar, for use in the field of molecular diagnostics for lung cancer, including, but not limited to confirmatory, companion and recurrence diagnostics for any type of lung cancer with detection through whole blood, fractionated blood, plasma, serum and/or other biological samples. Oncocyte has the right to grant sublicenses of the licensed patents and Technical Information subject to certain conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte paid Wistar an initial license fee and will pay Wistar royalties on “net sales” of “licensed products,” as such terms are defined in the License Agreement. The royalty rates will range from 3% to 5% depending upon the amount of cumulative net sales. The amount of royalties payable to Wistar will be reduced by the amount of any royalties that Oncocyte must pay to any third parties on the sale of the licensed products, but subject to a maximum reduction of 50%. The obligation to pay royalties to Wistar will terminate on a licensed product by-licensed product and country-by-country basis until the later of (i) the date a valid claim of a licensed patent covering the licensed product no longer exists, or (ii) the tenth (10th) anniversary of the first commercial sale of the licensed product in each country.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte will pay Wistar a minimum annual royalty each year, which in each case will be credited against total royalties due during the year in which the minimum royalty is paid. Oncocyte will also be obligated to pay Wistar an annual license maintenance fee in the mid-five figures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte will also pay Wistar a portion of any non-royalty sublicensing income that Oncocyte may receive from any sub-licensee. Non-royalty sublicensing income will include any consideration received from a sub-licensee for granting the sublicense, but excluding royalties, the fair market value of any equity or debt securities sold to a sub-licensee, and any payments received from a sub-licensee for any related research conducted by Oncocyte for the sub-licensee.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte also will pay Wistar (a) milestone payments upon the occurrence of certain milestone events in the development and commercialization of a licensed product, and (b) all past or ongoing costs incurred or to be incurred by Wistar, including government fees and attorneys’ fees, in the course of prosecuting the licensed patents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has agreed to use commercially reasonable diligent efforts, directly or through sub-licensees, to develop and commercialize licensed products. Oncocyte has agreed that it or a sub-licensee will commence commercial sale of a licensed product by a specified date. If sales of a licensed product do not commence by the specified date, Oncocyte may purchase up to three one-year extensions of the deadline by paying Wistar a designated fee for the applicable extension. Oncocyte has agreed to purchase additional extensions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has agreed to indemnify Wistar and its trustees, managers, officers, agents, employees, faculty, affiliated investigators, personnel and staff from and against certain claims and liabilities related to the License Agreement and development, manufacture and sale of licensed products, excluding liabilities that result from or arise out of an indemnified party’s gross negligence or willful misconduct.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Wistar has the right to terminate the License Agreement, subject to certain notice and cure periods and <i>force majeure</i> delays in certain cases, if any of the following occur: (a) Oncocyte fails to pay any amount payable to Wistar; (b) Oncocyte materially breaches any covenant or agreement or any continuing representation or warranty contained in the License Agreement; (c) Oncocyte becomes subject to certain bankruptcy or insolvency events, (d) Oncocyte dissolves or ceases operations, (e) Oncocyte or any of its affiliates or sub-licensees or affiliates of any our sub-licensees challenges the validity, patentability, scope, construction, enforceability, non-infringement, or Wistar’s ownership of any issued patent comprising the licensed patents, or assists any third party in any such challenge; or (f) Oncocyte fails to fulfill its product development and commercialization diligence obligations and related performance milestones.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte may terminate the License Agreement, with or without cause, upon the passage of a specified period of time after giving Wistar written notice of termination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Litigation – General</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte will be subject to various claims and contingencies in the ordinary course of its business, including those related to litigation, business transactions, employee-related matters, and other matters. When Oncocyte is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, Oncocyte will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated, Oncocyte discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved could be material.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Tax Filings</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte tax filings are subject to audit by taxing authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. Management believes Oncocyte has adequately provided for any ultimate amounts that are likely to result from these audits; however, final assessments, if any, could be significantly different than the amounts recorded in the financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Employment Contracts</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has entered into employment contracts with certain executive officers. Under the provisions of the contracts, Oncocyte may be required to incur severance obligations for matters relating to changes in control, as defined, and involuntary terminations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Indemnification</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the normal course of business, Oncocyte may provide indemnification of varying scope under Oncocyte’s agreements with other companies or consultants, typically Oncocyte’s clinical research organizations, investigators, clinical sites, suppliers and others. Pursuant to these agreements, Oncocyte will generally agree to indemnify, hold harmless, and reimburse the indemnified parties for losses and expenses suffered or incurred by the indemnified parties arising from claims of third parties in connection with the use or testing of Oncocyte’s diagnostic tests. Indemnification provisions could also cover third party infringement claims with respect to patent rights, copyrights, or other intellectual property pertaining to Oncocyte’s diagnostic tests. The term of these indemnification agreements will generally continue in effect after the termination or expiration of the particular research, development, services, or license agreement to which they relate. The Purchase Agreement also contains provisions under which Oncocyte has agreed to indemnify Razor and Encore from losses and expenses resulting from breaches or inaccuracy of Oncocyte’s representations and warranties and breaches or nonfulfillment of Oncocyte’s covenants, agreements, and obligations under the Purchase Agreement. The potential future payments Oncocyte could be required to make under these indemnification agreements will generally not be subject to any specified maximum amounts. Historically, Oncocyte has not been subject to any claims or demands for indemnification. Oncocyte also maintains various liability insurance policies that limit Oncocyte’s financial exposure. As a result, Oncocyte management believes that the fair value of these indemnification agreements is minimal. Accordingly, Oncocyte has not recorded any liabilities for these agreements as of December 31, 2019 and 2018.</p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following common stock equivalents were excluded from the computation of diluted net loss per common share of common stock for the years ended December 31, 2019 and 2018 because including them would have been antidilutive (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,589</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,578</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,384</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,035</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At December 31, 2019 and 2018, rights-of-use assets, machinery and equipment, net, were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,215</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,562</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use assets for operating leases <font style="background-color: white"><sup>(1)</sup></font></font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,856</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation and amortization</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(343</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(948</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use assets, machinery and equipment, net</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,728</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">614</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Oncocyte recorded certain right-of-use assets and liabilities in accordance with ASC 842 (see Notes 5 and 10).</font></td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte recorded stock-based compensation expense in the following categories on the accompanying statements of operations for the years ended December 31, 2019 and 2018 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">612</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,272</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,154</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Sales and marketing</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">275</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total stock-based compensation expense</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,995</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,479</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Expected life (in years)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.03</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.65</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest rates</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.05</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.85</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Volatility</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79.02</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75.51</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Dividend yield</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the aggregate, Lineage charged Use Fees to Oncocyte as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">696</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">882</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">438</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">375</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Sales and marketing</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">108</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">310</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total use fees</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,242</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,567</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of Oncocyte equity awards activity under the 2010 Plan and related information follows (in thousands except weighted average exercise price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Options</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Available</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for Grant</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>of Options</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Outstanding</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">Balance at January 1, 2018</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,384</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,390</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.25</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,446</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,446</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.39</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(20</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.84</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited, cancelled or expired</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">138</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(645</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.96</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Termination of the 2010 Plan</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(76</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2018</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,171</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.92</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(575</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.64</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited, cancelled or expired</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(405</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.43</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2019</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,191</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.08</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2019</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,206</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.20</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A summary of 2018 Incentive Plan activity and related information follows (in thousands except weighted average exercise price):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Options</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Available</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>for Grant</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>of Options and RSUs</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Outstanding</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at January 1, 2018</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">Approval of 2018 Incentive Plan</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,000</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(411</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">411</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.21</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited, cancelled or expired</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(50</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.95</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2018</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,639</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">361</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.21</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Option pool increase</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,000</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,089</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,089</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.87</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">RSUs granted</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(170</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">85</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">n/a</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options exercised</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Options forfeited and cancelled</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">362</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(362</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.42</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at December 31, 2019</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,742</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,173</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.77</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2019</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">396</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.70</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Research and development expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Research and development expenses include both direct expenses incurred by Oncocyte and indirect overhead costs incurred by Lineage and allocated to Oncocyte under the Shared Facilities Agreement as expenses that benefited or supported Oncocyte’s research and development functions. The Shared Facilities Agreement was terminated as of December 31, 2019 (see Note 4). Direct research and development expenses consist primarily of personnel costs and related benefits, including stock-based compensation, consulting fees, and obligations incurred to suppliers. Indirect research and development expenses allocated by Lineage to Oncocyte under the Shared Facilities Agreement (see Note 4), were primarily based on headcount or space occupied, as applicable, and include laboratory supplies, laboratory expenses, rent and utilities, common area maintenance, telecommunications, property taxes and insurance. Research and development costs are expensed as incurred.</p>
</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>General and administrative expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">General and administrative expenses include both direct expenses incurred by Oncocyte and indirect overhead costs incurred by Lineage and allocated to Oncocyte under the Shared Facilities Agreement as expenses that benefited or supported Oncocyte’s general and administrative functions (see Note 4). Direct general and administrative expenses consist primarily of compensation and related benefits, including stock-based compensation, for executive and corporate personnel, and professional and consulting fees. Indirect general and administrative expenses allocated by Lineage to Oncocyte under the Shared Facilities Agreement (see Note 4) were primarily based on headcount or space occupied, as applicable, and include costs for financial reporting and compliance, rent and utilities, common area maintenance, telecommunications, property taxes and insurance.</p>
</us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock>
<OCX:SalesAndMarketingCostsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Sales and marketing expenses</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><font style="background-color: white">Sales and marketing expenses consist primarily of personnel costs and related benefits, including stock-based compensation, trade show expenses, branding and positioning expenses, and consulting fees. Indirect sales and marketing expenses allocated by Lineage, were primarily based on Oncocyte’s headcount or space occupied, as applicable, and include costs for rent and utilities, common area maintenance, telecommunications, property taxes and insurance, incurred by Lineage and allocated to Oncocyte under the Shared Facilities Agreement </font>(see Note 4)<font style="background-color: white">.</font></p>
</OCX:SalesAndMarketingCostsPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Net loss per common share</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Basic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share reflects the weighted-average number of shares of common stock outstanding plus the potential effect of dilutive securities or contracts which are exercisable to common stock, such as stock options and warrants (using the treasury stock method) and shares issuable in future periods, except in cases where the effect would be anti-dilutive. Because Oncocyte reported net losses for all periods presented, all potentially dilutive common stock is antidilutive for those periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following common stock equivalents were excluded from the computation of diluted net loss per common share of common stock for the years ended December 31, 2019 and 2018 because including them would have been antidilutive (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ended December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Stock options</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,589</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,578</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Warrants</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,384</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,035</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recently adopted accounting pronouncements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 1, 2019, Oncocyte adopted Accounting Standards Update 2016-02, <i>Leases </i>(Topic 842, “ASC 842”) and its subsequent amendments affecting Oncocyte: (i) ASU 2018-10, <i>Codification Improvements to Topic 842, Leases, </i>and (ii) ASU 2018-11, <i>Leases (Topic 842): Targeted improvements,</i> using the modified retrospective method. Oncocyte management determines if an arrangement is a lease at inception. Leases are classified as either financing or operating, with classification affecting the pattern of expense recognition in the statements of operations. When determining whether a lease is a finance lease or an operating lease, ASC 842 does not specifically define criteria to determine “major part of remaining economic life of the underlying asset” and “substantially all of the fair value of the underlying asset.” For lease classification determination, Oncocyte continues to use (i) 75% or greater to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90% or greater to determine whether the present value of the sum of lease payments is substantially of the fair value of the underlying asset. Oncocyte uses either the rate implicit in the lease or its incremental borrowing rate as the discount rate in lease accounting, as applicable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon adoption of ASC 842 and based on the available practical expedients under that standard, Oncocyte did not reassess any expired or existing contracts, reassess the lease classification for any expired or existing leases and reassess initial direct costs for exiting leases. Oncocyte also elected not to capitalize leases that have terms of twelve months or less.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The adoption of ASC 842 did not have a material impact to Oncocyte’s financial statements because Oncocyte did not have any significant operating leases at the time of adoption. During the year ended December 31, 2019, Oncocyte entered into various operating leases and an embedded operating lease in accordance with ASC 842 discussed in Notes 5 and 10. Oncocyte’s accounting for financing leases (previously referred to as “capital leases”) remained substantially unchanged. Financing leases are included in machinery and equipment, and in financing lease liabilities, current and noncurrent, in Oncocyte’s balance sheets (see Note 10).</p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<OCX:ScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019 and 2018, accrued expenses and other current liabilities were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Accrued compensation</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,287</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,303</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued vendors and other expenses</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,323</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">806</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Accrued expenses and other current liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,610</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,109</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</OCX:ScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesTableTextBlock>
<us-gaap:ProceedsFromIssuanceOrSaleOfEquity contextRef="From2018-07-30to2018-07-31_custom_JulyTwoThousandEighteenOfferingMember_custom_CommonStockAndWarrantsMember" unitRef="USD" decimals="-3"> 3300000 </us-gaap:ProceedsFromIssuanceOrSaleOfEquity>
<us-gaap:ShareBasedCompensation contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 2995000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2019-01-01to2019-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_ResearchAndDevelopmentExpenseMember" unitRef="USD" decimals="-3"> 612000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2019-01-01to2019-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_SellingGeneralAndAdministrativeExpensesMember" unitRef="USD" decimals="-3"> 2272000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2019-01-01to2019-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_SellingAndMarketingExpenseMember" unitRef="USD" decimals="-3"> 111000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2018-01-01to2018-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_ResearchAndDevelopmentExpenseMember" unitRef="USD" decimals="-3"> 50000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2018-01-01to2018-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_SellingGeneralAndAdministrativeExpensesMember" unitRef="USD" decimals="-3"> 1154000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2018-01-01to2018-12-31_us-gaap_EmployeeStockOptionMember_us-gaap_SellingAndMarketingExpenseMember" unitRef="USD" decimals="-3"> 275000 </us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 1479000 </us-gaap:ShareBasedCompensation>
<OCX:AccountingForSharesOfCommonStockPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounting for Lineage and AgeX shares of common stock</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte accounts for the Lineage <font style="background-color: white">shares it holds, including the AgeX shares of common stock received as a dividend-in-kind on November 28, 2018, as marketable equity securities in accordance with ASC 320-10-25, <i>Investments – Debt and Equity Securities</i>, as amended by Accounting Standards Update (“ASU”) 2016-01, <i>Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</i>, as the shares have a readily determinable fair value quoted on the NYSE American and are held principally to meet future working capital purposes, as necessary. The securities are measured at fair value and reported as current assets on the balance sheet based on the closing trading price of the security as of the date being presented.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">On November 28, 2018, </font>Lineage <font style="background-color: white">distributed shares of AgeX common stock owned by </font>Lineage <font style="background-color: white">to holders of </font>Lineage <font style="background-color: white">common shares, on a pro rata basis, in the ratio of one share of AgeX common stock for every ten </font>Lineage <font style="background-color: white">common shares owned. As a shareholder of </font>Lineage <font style="background-color: white">common stock, Oncocyte received 35,326 shares of AgeX common stock as its pro rata share and recorded a $96,000 dividend in other income and expenses for the year ended December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">For the year ended December 31, 2018, Oncocyte recorded an unrealized loss of $427,000, included in other income and expenses, net, due to the decrease in fair market value of the </font>Lineage <font style="background-color: white">shares from January 1, 2018 to December 31, 2018, and the decrease in the fair market value of the AgeX shares from November 28, 2018 to December 31, 2018.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019, Oncocyte held <font style="background-color: white">353,264 and 35,326 shares of common stock of </font>Lineage and AgeX, respectively, as marketable equity securities with a combined fair market value of $379,000.</p>
</OCX:AccountingForSharesOfCommonStockPolicyTextBlock>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019 and 2018, prepaid expenses and other current assets were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Prepaid insurance</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">80</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">102</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Prepaid vendors, deposits and service agreements</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">389</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">78</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total prepaid expenses and other current assets</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">505</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">180</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
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<us-gaap:OtherNonoperatingIncomeExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 91000 </us-gaap:OtherNonoperatingIncomeExpense>
<us-gaap:NonoperatingIncomeExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> -187000 </us-gaap:NonoperatingIncomeExpense>
<us-gaap:NonoperatingIncomeExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> -552000 </us-gaap:NonoperatingIncomeExpense>
<us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2019-01-01to2019-12-31" unitRef="USDPShares" decimals="INF"> -0.44 </us-gaap:EarningsPerShareBasicAndDiluted>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>11. Subsequent Events</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Sales of Common Stock</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 29.7pt">On January 2, 2020, Oncocyte entered into Subscription Agreements with selected investors, including Broadwood and certain funds and accounts managed by Pura Vida Investments LLC, in a registered direct offering of 3,523,776 shares of common stock, no par value, at an offering price of $2.156 per share, for an aggregate purchase price of approximately $7.6 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Acquisition of Insight Genetics, Inc.</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 31, 2020, Oncocyte completed its acquisition of Insight Genetics, Inc., pursuant to a previously announced Agreement and Plan of Merger, dated as of January 10, 2020 (see Note 1).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Merger Consideration at Closing</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the terms of the Merger Agreement, Oncocyte agreed to pay $7 million in cash and $5 million of Oncocyte common stock (the “Merger Consideration”), subject to a holdback for indemnity claims not to exceed ten percent of the total Merger Consideration. On the Merger Date, Oncocyte delivered approximately $11.4 million in Merger Consideration, consisting of $6.4 million in cash, which was net of a $0.6 million cash holdback, and 1.9 million shares of Oncocyte common stock, which includes the stock holdback shares discussed below, valued at $5 million, based on the average closing price of Oncocyte common stock on the NYSE American during the five trading days immediately preceding the date of the Merger Agreement. The parties agreed to holdback $0.6 million in cash (“Cash Holdback”) and approximately 0.2 million shares of Oncocyte common stock (“Stock Holdback”) through December 31, 2020, in the event that Oncocyte has indemnity claims. The Stock Holdback shares are considered to be issued and outstanding shares of Oncocyte common stock as of the Merger Date but were placed in an escrow account and will be released from escrow after the holdback period, less any shares that may be returned to Oncocyte on account of any indemnity claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Milestone Payments (Contingent Consideration)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to the Merger Consideration, Oncocyte may also pay contingent consideration of up to $6.0 million in any combination of cash or shares of Oncocyte common stock if certain milestones are achieved (the “Contingent Consideration”), which consist of (i) a $1.5 million clinical trial completion and data publication milestone, (ii) $3.0 million for an affirmative final local coverage determination from Centers for Medicare and Medicaid Services (“CMS”) for a specified lung cancer test, and (iii) up to $1.5 million for achieving certain CMS reimbursement milestones.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Revenue Share (Royalties) (Royalty Contingent Consideration)</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As additional consideration for Insight’s shareholders, the Merger Agreement provides for Oncocyte to pay a revenue share of not more than ten percent of net collected revenues for current Insight pharma service offerings over a period of ten years, and a tiered revenue share percentage of net collected revenues through the end of the technology lifecycle if certain new cancer tests are developed and commercialized using Insight technology.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Registration Rights</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the Merger Agreement, Oncocyte agreed to file a registration statement with the SEC and to use reasonable efforts to register under the Securities Act the resale of the shares of common stock issued in connection with the Merger within six months following the closing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>Workforce</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In connection with the closing of the Merger, Oncocyte did not assume sponsorship of the Insight Equity Incentive Plan. Accordingly, the Insight Equity Incentive Plan and all related stock options to purchase shares of Insight common stock outstanding immediately prior to the Merger, were canceled on the Merger Date for no consideration. At the Merger Date, all of Insight’s employees ceased employment with Insight and Oncocyte offered employment agreements to certain of those former Insight employees, principally in laboratory roles and certain administrative roles (“New Oncocyte Employees”), including granting of new equity awards under the Oncocyte 2018 Equity Incentive Plan. All Oncocyte stock option awards granted to the New Oncocyte Employees have vesting terms and conditions consistent with stock options granted to most other Oncocyte employees.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Stock Option Grants</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In February 2020, Oncocyte granted stock options to purchase 2.1 million common shares with an exercise price of $2.63 per share to its employees, including to “New Oncocyte Employees”, under the 2018 Incentive Plan. These grants are subject to the customary vesting terms and conditions in accordance with the 2018 Incentive Plan.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>ATM Agreement</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">On March 20, 2020, Oncocyte entered into an</font> Equity Distribution Agreement (“ATM Agreement”) with Piper Sandler & Co. as “Sales Agent”, which Oncocyte may utilize to raise up to $25 million of additional equity capital through the sale of shares of Oncocyte common stock in “at-the- market” transactions through the Sales Agent.</p>
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<us-gaap:Depreciation contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 438000 </us-gaap:Depreciation>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 48850000 </us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 10000000 </us-gaap:ProceedsFromIssuanceOfCommonStock>
<us-gaap:FinanceLeasePrincipalPayments contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 454000 </us-gaap:FinanceLeasePrincipalPayments>
<us-gaap:FinanceLeasePrincipalPayments contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 381000 </us-gaap:FinanceLeasePrincipalPayments>
<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 8034000 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2017-12-31" unitRef="USD" decimals="-3"> 7600000 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
<us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 23772000 </us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
<us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherComprehensiveIncomeLossNetOfTax contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:LossContingencyDamagesAwardedValue contextRef="From2019-03-01to2019-03-31" unitRef="USD" decimals="-3"> 300000 </us-gaap:LossContingencyDamagesAwardedValue>
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<us-gaap:EquityMethodInvestments contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 10964000 </us-gaap:EquityMethodInvestments>
<us-gaap:EquityMethodInvestments contextRef="AsOf2019-12-31_custom_RazorGenomicsIncMember" unitRef="USD" decimals="-3"> 11245000 </us-gaap:EquityMethodInvestments>
<us-gaap:EquityMethodInvestments contextRef="AsOf2019-12-31_custom_DevelopmentAgreementMember_custom_EncoreClinicalIncMember" unitRef="USD" decimals="-3"> 4000000 </us-gaap:EquityMethodInvestments>
<us-gaap:EquityMethodInvestments contextRef="AsOf2019-12-31_custom_RazorGenomicsIncMember_us-gaap_PreferredStockMember" unitRef="USD" decimals="-3"> 10000000 </us-gaap:EquityMethodInvestments>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b>5. Equity Method Investment in Razor Genomics, Inc.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">On September 30, 2019, Oncocyte completed the purchase of 1,329,870 shares of Razor Series A Convertible Preferred Stock, par value $0.0001 per share (the “Preferred Stock”), representing 25% of the outstanding equity of Razor on a fully diluted basis, for $10 million in cash (the “Initial Closing”) pursuant to a Subscription and Stock Purchase Agreement (the “Purchase Agreement”), dated September 4, 2019, among Oncocyte, Encore Clinical, Inc. (“Encore”), and Razor. Pursuant to the Purchase Agreement, Oncocyte entered into Minority Holder Stock Purchase Agreements of like tenor (the “Minority Purchase Agreements”) with the shareholders of Razor other than Encore (the “Minority Shareholders”) for the future purchase of the shares of Razor common stock they own. Oncocyte has also entered into certain other agreements with Razor and Encore, including a Sublicense and Distribution Agreement (the “Sublicense Agreement”), a Development Agreement (the “Development Agreement”), and an amendment to a Laboratory Services Agreement (the “Laboratory Agreement”) pursuant to which Oncocyte became a party to that agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Purchase Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Purchase Agreement, Oncocyte has the option to acquire the balance of the outstanding shares of Razor common stock from Encore under the Purchase Agreement and from the Minority Shareholders under the Minority Purchase Agreements (the “Option”) for an additional $10 million in cash and Oncocyte common stock valued at $5 million in total (the “Additional Purchase Payment”). If the issuance of shares of Oncocyte common stock having a market value of $5 million would require Oncocyte to issue a number of shares that, when combined with any shares issuable under the Development Agreement discussed below, would exceed 19.99% of the issued and outstanding shares of Oncocyte common stock or the outstanding voting power of its shares as of the date of the Purchase Agreement, Oncocyte may deliver a number of shares of common stock that would not exceed that combined 19.99% limit and an amount of cash necessary to bring the combined value of cash and shares to $5 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has agreed to exercise the Option if, within a specified time frame, certain milestones are met related to the contracting of clinical trial sites for a clinical trial of DetermaRx™. Even if DetermaRx™ clinical trial milestones are not met within the time frame referenced in the Purchase Agreement and the Minority Purchase Agreements, Oncocyte will have the option, but not the obligation, to purchase the balance of the outstanding Razor common stock from Encore and the Minority Shareholders for the Additional Purchase Payment that would be applicable if the milestones were met. Oncocyte’s obligations to purchase the Razor shares from Encore and the Minority Shareholders are subject to the satisfaction of certain conditions customary for a transaction of this kind.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Development Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Development Agreement, Razor reserved as a “Clinical Trial Expense Reserve” $4 million of the proceeds it received at the Initial Closing from the sale of the Preferred Stock to Oncocyte, to fund Razor’s share of costs incurred in connection with a clinical trial of DetermaRx™ for purposes of promoting commercialization (“Clinical Trial”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte and Encore will each appoint two representatives to a joint steering committee (“Steering Committee”), which will be formed under the terms of the Development Agreement to oversee the Clinical Trial. Acting by majority vote of the appointed representatives, the Steering Committee will make all design, execution, and termination decisions related to the Clinical Trial, but any deadlocked decisions other than approval of the Clinical Trial budgets, will be resolved by a member designated by Encore. The Steering Committee will agree on a total budget and an initial annual budget for the Clinical Trial. The annual budget will be reviewed and may be revised annually by a majority vote of the Steering Committee. Oncocyte will be responsible for all expenses for the Clinical Trial that exceed the Clinical Trial Expense Reserve up to the total budget amount approved by the Steering Committee, which is expected to cover multiple years and is estimated to be up to $12 million for Oncocyte’s portion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Development Agreement provides for certain payments by Oncocyte to Encore if certain product reimbursement, Clinical Trial, and financing milestones are attained. Oncocyte has paid Encore $1 million in cash as a milestone payment for the receipt of a preliminary positive coverage decision from the Centers for Medicare and Medicaid Services Molecular Diagnostic Services Program (“CSM/MolDx”) for DetermaRx™ (the “Preliminary Coverage Milestone Payment”). In the event Razor receives the final positive coverage decision from CMS/MolDx for reimbursement of patient costs of DetermaRx™ within 12 months after the Initial Closing, Oncocyte will pay Encore $4 million (“CMS Final Milestone Payment”). Oncocyte will account for those milestone payments as part of its equity method investment in Razor.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon completion of enrollment of the full number of patients for the Clinical Trial, Oncocyte will issue to Encore and the Minority Shareholders shares of Oncocyte common stock with an aggregate market value at the date of issue equal to $3 million (“Clinical Trial Milestone Payment”). If the issuance of shares of our common stock having a market value of $3 million would require us to issue a number of shares that, when combined with any shares we issued under the Purchase Agreement and the Minority Shareholder Purchase Agreements, would exceed 19.99% of the issued and outstanding shares of Oncocyte common stock or the outstanding voting power of its shares as of the date of the Purchase Agreement, Oncocyte may deliver a number of shares of our common stock that would not exceed that combined 19.99% limit and an amount of cash necessary to bring the combined value of cash and shares to $3 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If within a specified time frame Encore is substantially responsible for obtaining funding to Oncocyte or Razor for the Clinical Trial from any third-party pharmaceutical company, a portion of such additional funding amount will be paid to Encore, subject to a $3 million cap on the payment to Encore if the funding is provided by a designated pharmaceutical company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Sublicense Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Sublicense Agreement, Razor granted to Oncocyte an exclusive worldwide sublicense under certain patent rights applicable to DetermaRx™ in the field of use covered by the applicable license held by Razor for purposes of commercialization and development of DetermaRx™ (the “License Agreement’).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte will make royalty payments to Encore and the Minority Shareholders based on the net cash revenues actually collected from the commercialization of DetermaRx™, less certain related costs including certain payments by Oncocyte to third parties as royalties and revenue share payments owed by Razor to third parties with respect to revenues from the commercialization of DetermaRx™. The initial royalty rate payable to Encore and the Minority Shareholders will be a low double-digit percentage and will decline as certain cumulative net revenue benchmarks are reached, with a single digit royalty rate payable to them as the benchmarks are attained. Royalties will be payable to Encore and the Minority Shareholders on a quarterly basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Laboratory Agreement</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Laboratory Agreement, Oncocyte has assumed Razor’s Laboratory Agreement payment obligations of $450,000 per year (see Note 10). The Laboratory Agreement gives Oncocyte the right to use Razor’s CLIA laboratory in Brisbane, California. Oncocyte pays Encore a quarterly fee for services related to operating and maintaining the CLIA laboratory, including certain staffing. The Laboratory Agreement will expire on September 29, 2021, but Oncocyte may extend the term for additional one-year periods, or Oncocyte may terminate the agreement at its option after it completes the purchase of the shares of Razor common stock from Razor stockholders pursuant to the Purchase Agreement and Minority Purchase Agreements. Oncocyte also has the right to terminate the Laboratory Agreement if there is an event or occurrence that adversely affects, in any material respect, DetermaRx™ or its prospects or its ability to be commercialized, and it remains continuing and uncured</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Accounting for the Razor Investment</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The Razor investment is being accounted for under the equity method of accounting under ASC 323 because Oncocyte exercises significant influence over, but does not control, the Razor entity. Oncocyte does not control the Razor entity because, among other factors, Oncocyte is entitled to designate one person to serve on a three-member board of directors of Razor, with the other two members designated by Encore, and any deadlocked decisions by the Steering Committee, other than with respect to the Clinical Trial budget, will be resolved by a member designated by Encore.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The Razor Preferred Stock is considered to be in-substance common stock for purposes of the ASC 323 equity method investment in Razor. The equity method investment in Razor is considered an asset, rather than a business, because, among other factors, Razor has no workforce, no commercial product, no revenues, no distribution system and no facilities. Substantially all of the fair value of Razor’s assets at the Initial Closing was concentrated in Razor’s intangible asset, DetermaRx™, thus satisfying the requirements of the screen test in accordance with Accounting Standards Update (“ASU”) 2017-01<i>, Business combinations (Topic 805): Clarifying the Definition of a Business</i>. The aggregate payments of $11.245 million, including $10 million for the Razor Preferred Stock, the $1 million Preliminary Coverage Milestone Payment, and $0.245 million in transaction expenses, made by Oncocyte will be amortized over a 10-year useful life of DetermaRx™ and will be reflected in Oncocyte’s pro rata earnings and losses of the equity method investment in Razor. Under ASC 323, contingent consideration arrangements, including the CMS Final Milestone Payment, the Clinical Trial Milestone Payment, and the Additional Purchase Payment discussed above, are recorded only if the consideration is both probable and estimable in accordance with ASC 450, <i>Contingencies</i>. As of December 31, 2019, and through the date of this Report, none of the contingent consideration payments were recorded as no amounts were probable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><i>Summarized financial data for Razor</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For the period from September 30, 2019 through December 31, 2019, the initial period during which Razor was an equity method investment of Oncocyte, Razor did not engage in significant operations, accordingly, Razor’s standalone results of operations were immaterial. The following table summarizes Razor’s standalone selected balance sheet information as of December 31, 2019 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b> </b></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><i>Condensed Balance Sheet information <sup>(1)</sup></i></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 80%"><font style="font: 10pt Times New Roman, Times, Serif">Current assets</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent assets</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Current liabilities</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent liabilities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Stockholders’ equity</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><sup>(1)</sup></b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The condensed balance sheet information of Razor as of December 31, 2019 is provided for informational purposes only. Razor is not included in Oncocyte’s balance sheet as of December 31, 2019 because Razor is accounted for under the equity method of accounting and not consolidated with Oncocyte’s financial statements for any period presented.</font></td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:EquityMethodInvestmentsTextBlock>
<OCX:OperatingAndFinanceLeaseCashFlowTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents supplemental cash flow information related to operating and financing leases for the year ended December 31, 2019 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash paid for amounts included in the measurement of financing lease liabilities:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 82%; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating cash flows from financing leases</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">35</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financing cash flows from financing leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">454</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Right-of-use assets obtained in exchange for right-of-use lease liabilities:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating leases, including the Irvine Lease</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,866</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</OCX:OperatingAndFinanceLeaseCashFlowTableTextBlock>
<OCX:OperatingAndFinanceLeaseBalanceSheetTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents supplemental balance sheet information related to operating and financing leases as of December 31, 2019 (in thousands, except lease term and discount rate):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Financing Leases</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 82%; padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment, gross</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">209</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(93</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Machinery and equipment, net</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">116</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Current liabilities</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent liabilities</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">58</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt"><font style="font: 10pt Times New Roman, Times, Serif">Total financing lease liabilities</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted average remaining lease term</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7.3 years</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financing leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.8 years</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted average discount rate</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Operating leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">Financing leases</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9.6</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin: 0pt"></p>
</OCX:OperatingAndFinanceLeaseBalanceSheetTableTextBlock>
<OCX:EquityMethodInvestmentDescription contextRef="From2019-01-01to2019-12-31"> The equity method applies to investments in common stock or in-substance common stock if Oncocyte exercises significant influence over, but does not control, the entity, typically represented by ownership of 20% or more of the voting interests of a company. </OCX:EquityMethodInvestmentDescription>
<OCX:EquityMethodInvestmentDescription contextRef="From2019-01-01to2019-12-31_srt_ParentCompanyMember"> As of the date of this Report, Lineage's ownership interest in Oncocyte is below 10%. </OCX:EquityMethodInvestmentDescription>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2019-01-01to2019-12-31_custom_StockOptionsMember" unitRef="Shares" decimals="INF"> 1589000 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2019-01-01to2019-12-31_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 3384000 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2018-01-01to2018-12-31_custom_StockOptionsMember" unitRef="Shares" decimals="INF"> 3578000 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2018-01-01to2018-12-31_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 4035000 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:OperatingLeaseRightOfUseAsset contextRef="AsOf2018-12-31" unitRef="USD" id="Foot-00-0" xsi:nil="true"/>
<us-gaap:OperatingLeaseRightOfUseAsset contextRef="AsOf2019-12-31" unitRef="USD" id="Foot-00-1" decimals="-3"> 2856000 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:RepaymentsOfLinesOfCredit contextRef="From2019-10-16to2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember2025229515" unitRef="USD" decimals="-3"> 400000 </us-gaap:RepaymentsOfLinesOfCredit>
<us-gaap:RepaymentsOfLinesOfCredit contextRef="From2020-01-30to2020-01-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember_srt_MaximumMember" unitRef="USD" decimals="-3"> 1500000 </us-gaap:RepaymentsOfLinesOfCredit>
<us-gaap:AdditionalPaidInCapital contextRef="AsOf2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember2025229515" unitRef="USD" decimals="-3"> 20000000 </us-gaap:AdditionalPaidInCapital>
<us-gaap:LineOfCreditFacilityDescription contextRef="From2019-10-16to2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember2025229515"> The credit line under the Amended Loan Agreement may be increased by an additional $2 million ("Tranche 2") if Oncocyte obtains at least $20 million of additional equity capital, as was the case with the original Loan Agreement, and a positive final coverage determination is received from the Centers for Medicate and Medicaid Services for the Razor assay at a specified minimum price point per test (the "Tranche 2 Milestone"), and Oncocyte is not in default under the Amended Loan Agreement. </us-gaap:LineOfCreditFacilityDescription>
<us-gaap:LineOfCreditFacilityDescription contextRef="From2019-10-16to2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember2025229515"> Oncocyte may prepay in full the outstanding principal balance at any time, subject to a prepayment fee equal to 3.0% of the outstanding principal balance if prepaid within one year after October 17, 2019, 2.0% of the outstanding principal balance if prepaid more than one year but less than two years after October 17, 2019, or 1.0% of the outstanding principal balance if prepaid two years or more after October 17, 2019. Any amounts borrowed and repaid may not be reborrowed. </us-gaap:LineOfCreditFacilityDescription>
<us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd contextRef="AsOf2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember2025229515" unitRef="Percentage" decimals="INF"> 0.05 </us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd>
<us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd contextRef="AsOf2020-01-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="Percentage" decimals="INF"> 0.10 </us-gaap:LineOfCreditFacilityInterestRateAtPeriodEnd>
<us-gaap:LineOfCreditFacilityInterestRateDescription contextRef="From2019-10-16to2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember2025229515"> Payments of interest only on the principal balance will be due monthly from the draw date through March 31, 2020 followed by 24 monthly payments of principal and interest, provided, however, that if the Tranche 2 Milestone is achieved the interest only payment period will be extended through September 30, 2020 followed by 18 equal monthly payments of principal plus interest. The outstanding principal balance of the loan will bear interest at a stated floating annual interest equal to (a) the greater of 0.75% above the prime rate or 4.25% for Tranche 1 loans, or (b) the greater of the prime rate or 5% per annum for Tranche 2 loans. </us-gaap:LineOfCreditFacilityInterestRateDescription>
<us-gaap:EquityMethodInvestmentsPolicy contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Investments in common stock of privately held companies</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte evaluates whether investments held in common stock of other companies require consolidation of the company under, first, the variable interest entity (“VIE”) model, and then under the voting interest model in accordance with accounting guidance for consolidations under Accounting Standards Codification (“ASC”) 810-10. If consolidation of the entity is not required under either the VIE model or the voting interest model, Oncocyte determines whether the equity method of accounting should be applied in accordance with ASC 323, <i>Investments – Equity Method and Joint Ventures</i>. The equity method applies to investments in common stock or in-substance common stock if Oncocyte exercises significant influence over, but does not control, the entity, typically represented by ownership of 20% or more of the voting interests of a company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte initially records equity method investments at fair value on the date of the acquisition with subsequent adjustments to the investment balance based on Oncocyte’s share of earnings or losses from the investment. The equity method investment balance is shown in noncurrent assets on the consolidated balance sheets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte reviews investments accounted for under the equity method for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be fully recoverable. If a determination is made that an “other-than-temporary” impairment exists, Oncocyte writes down its investment to fair value. On September 30, 2019, Oncocyte acquired a 25% ownership interest in Razor accounted for under the equity method of accounting as further discussed in Note 5.</p>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Recently issued accounting pronouncements not yet adopted</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following accounting standard, which is not yet effective, is presently being evaluated by Oncocyte to determine the impact that it might have on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">In December 2019, the FASB issued ASU 2019-12, <i>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.</i> ASU 2019-12 removes the following exceptions: exception to the incremental approach for intraperiod tax allocation; exception to accounting for basis differences when there are ownership changes in foreign investments; and exception to interim period tax accounting for year to date losses that exceed anticipated losses. ASU 2019-12 also improves financial reporting for franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacted changes in tax laws in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted. Oncocyte will adopt this standard as of January 1, 2021 and is currently evaluating the disclosure requirements and its effect on the financial statements.</p>
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<us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="From2018-03-27to2018-03-28_custom_SecuritiesPurchaseAgreementMember_custom_TwoAccreditedInvestorsMember_us-gaap_PrivatePlacementMember_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 10000000 </us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
<us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="From2018-03-01to2018-03-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoAccreditedInvestorsMember_us-gaap_PrivatePlacementMember_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 8000000 </us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
<us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="From2018-05-01to2018-05-31_custom_SecuritiesPurchaseAgreementMember_custom_TwoAccreditedInvestorsMember_us-gaap_PrivatePlacementMember_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 2000000 </us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
<us-gaap:ProfessionalFees contextRef="From2019-01-01to2019-12-31_custom_RonaldAndrewsMember" unitRef="USD" decimals="-3"> 400000 </us-gaap:ProfessionalFees>
<OCX:ScheduleOfFutureMinimumLeaseCommitmentsForOperatingAndFinancingLeasesTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table presents future minimum lease commitments as of December 31, 2019 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Operating Leases</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financing Leases</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ending December 31,</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 59%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 16%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394</font></td> <td style="width: 3%"> </td> <td style="width: 2%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">879</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">60</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">951</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">850</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">839</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Thereafter</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,463</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total minimum lease payments</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,376</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: amounts representing interest</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,279</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: Tenant Improvement Allowance, net of administrative fee</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,320</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)<sup>(1)</sup></font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Present value of net minimum lease payments</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,777</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with ASC 842, a tenant allowance should be included in the measurement of the consideration in the lease agreement at inception and reflected as a reduction to the right-of-use asset and a corresponding reduction to the right-use-liability if the lessee both controls the construction of the tenant improvements and the expects to fully earn all of the tenant allowance. Oncocyte has met both conditions at the inception of the Irvine Lease and has recorded the Tenant Improvement Allowance accordingly. As the cash for the Tenant Improvement Allowance is received from the lessor under the terms of the Irvine Lease, the corresponding right-of-use liability will increase and will be amortized as part of the right-of use asset and liability amortization over the term of the Irvine Lease in accordance with ASC 842.</font></td></tr> </table> <p style="margin: 0pt"></p>
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<us-gaap:StockholdersEquity contextRef="AsOf2017-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 59968000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity contextRef="AsOf2018-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 74742000 </us-gaap:StockholdersEquity>
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<us-gaap:StockholdersEquity contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 30838000 </us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 124583000 </us-gaap:StockholdersEquity>
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<us-gaap:StockholdersEquity contextRef="AsOf2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3"> -93745000 </us-gaap:StockholdersEquity>
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<us-gaap:SharesOutstanding contextRef="AsOf2018-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="-3"> 40664000 </us-gaap:SharesOutstanding>
<us-gaap:SharesOutstanding contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="-3"> 57032000 </us-gaap:SharesOutstanding>
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<us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true"/>
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<us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> -15754000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3"> -22426000 </us-gaap:NetIncomeLoss>
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<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationGross contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 1479000 </us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationGross>
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<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationGross contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 1479000 </us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationGross>
<us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationGross contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 2995000 </us-gaap:StockIssuedDuringPeriodValueShareBasedCompensationGross>
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<us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationGross contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> 9192000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="-3"> 15793000 </us-gaap:StockIssuedDuringPeriodSharesNewIssues>
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<OCX:AmortizationOfRightOfUseAssetsAndLiabilities contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeLossFromEquityMethodInvestments contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> -281000 </us-gaap:IncomeLossFromEquityMethodInvestments>
<us-gaap:IncomeLossFromEquityMethodInvestments contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 3000000 </us-gaap:ProceedsFromRepaymentsOfDebt>
<us-gaap:ProceedsFromRepaymentsOfDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:InterestPaidNet contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 171000 </us-gaap:InterestPaidNet>
<us-gaap:InterestPaidNet contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 142000 </us-gaap:InterestPaidNet>
<OCX:DeferredFinalCommitmentFeeForBankLoan contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 200000 </OCX:DeferredFinalCommitmentFeeForBankLoan>
<OCX:DeferredFinalCommitmentFeeForBankLoan contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:EquipmentPurchasedUnderFinancingLeases contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:EquipmentPurchasedUnderFinancingLeases contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 209000 </OCX:EquipmentPurchasedUnderFinancingLeases>
<us-gaap:StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 370000 </us-gaap:StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants>
<us-gaap:StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 370000 </us-gaap:StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants>
<us-gaap:StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants contextRef="From2019-01-01to2019-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants contextRef="From2019-01-01to2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true"/>
<OCX:StockIssuedDuringPeriodSharesIssuanceOfWarrants contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As of December 31, 2019 and 2018, deposits and other noncurrent assets were comprised of the following (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%"><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash and security deposit for the Irvine Lease (Note 10)</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,850</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Long-term prepaid maintenance contracts</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">262</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total deposits and other noncurrent assets</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,211</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">262</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfOtherAssetsNoncurrentTextBlock>
<us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">As of December 31, 2019, principal and interest payments due on the loan payable in each of the next three years are as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Year Ending December 31,</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Loan Payments</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,258</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,561</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">578</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total payments of principal and interest</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,397</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: amounts representing interest</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(197</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total payments of principal before deferred financing costs</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,200</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Less: deferred financing costs</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(170</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total loan payable, net of deferred financing costs</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,030</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
<OCX:SchduleOfStockOptionsOutstandingVestedAndExercisableTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Additional information regarding Oncocyte’s outstanding stock options and vested and exercisable stock options is summarized below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of December 31, 2019</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Options Outstanding</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exercise Prices</b></font></td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>of Shares</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>(in thousands)</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Remaining</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Contractual</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Life (Years)</b></p></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">$1.34 - $1.98</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">801</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.36</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 13%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.82</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">$2.01 - $2.80</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,647</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.42</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.32</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">$3.06 - $5.95</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,831</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.03</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.98</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">$1.34 - $5.95</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,279</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.26</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.91</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</OCX:SchduleOfStockOptionsOutstandingVestedAndExercisableTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The primary components of the deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Deferred tax assets/(liabilities):</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Net operating loss carryforwards and capital loss carryforwards</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,391</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,204</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Research and development credit carryforwards</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,190</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,444</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Marketable equity securities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">393</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Patents and fixed assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">949</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">523</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Stock-based and other compensation</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,166</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,326</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Equity method investment in Razor</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use liability</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">764</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Right-of-use asset</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(749</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,186</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,890</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Valuation allowance</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,186</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19,890</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Net deferred tax asset</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Income taxes differed from the amounts computed by applying the applicable U.S. federal income tax rates indicated to pretax losses from operations as a result of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Computed tax benefit at federal statutory rate</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21</font></td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Permanent differences</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">State tax benefit</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Research and development credits</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Adjust basis for available-for-sale-securities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Change in valuation allowance</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">)%</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31,</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>(in thousands)</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at the beginning of the year</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 72%"><font style="font: 10pt Times New Roman, Times, Serif">Additions based on tax positions related to current year</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,301</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Adjustments based on tax positions related to prior years</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,587</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Balance at end of year</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,888</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock>
<us-gaap:SaleOfStockConsiderationReceivedOnTransaction contextRef="From2020-01-01to2020-01-31_us-gaap_SubsequentEventMember_custom_StockPurchaseAgreementsMember" unitRef="USD" decimals="-3"> 7600000 </us-gaap:SaleOfStockConsiderationReceivedOnTransaction>
<us-gaap:SaleOfStockConsiderationReceivedOnTransaction contextRef="From2020-03-19to2020-03-20_us-gaap_SubsequentEventMember_custom_EquityDistributionAgreementMember_custom_PiperSandlerAndCoMember" unitRef="USD" decimals="-3"> 25000000 </us-gaap:SaleOfStockConsiderationReceivedOnTransaction>
<us-gaap:SaleOfStockConsiderationReceivedOnTransaction contextRef="From2019-11-12to2019-11-13_custom_StockPurchaseAgreementsMember" unitRef="USD" decimals="-3"> 8600000 </us-gaap:SaleOfStockConsiderationReceivedOnTransaction>
<us-gaap:DividendsCommonStockCash contextRef="From2018-01-01to2018-12-31_us-gaap_ParentCompanyMember" unitRef="USD" decimals="-3"> 96000 </us-gaap:DividendsCommonStockCash>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2019-01-01to2019-12-31_us-gaap_MachineryAndEquipmentMember_srt_MinimumMember"> P3Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2019-01-01to2019-12-31_us-gaap_MachineryAndEquipmentMember_srt_MaximumMember"> P10Y </us-gaap:PropertyPlantAndEquipmentUsefulLife>
<us-gaap:LesseeOperatingLeaseTermOfContract contextRef="AsOf2019-12-31_us-gaap_EquipmentMember_srt_MinimumMember"> P3Y </us-gaap:LesseeOperatingLeaseTermOfContract>
<us-gaap:LesseeOperatingLeaseTermOfContract contextRef="AsOf2019-12-31_us-gaap_EquipmentMember_srt_MaximumMember"> P5Y </us-gaap:LesseeOperatingLeaseTermOfContract>
<OCX:IntangibleAssetsNoncashCharge contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 625000 </OCX:IntangibleAssetsNoncashCharge>
<us-gaap:IncomeTaxExaminationPenaltiesAndInterestExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxExaminationPenaltiesAndInterestExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.21 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>
<us-gaap:NumberOfOperatingSegments contextRef="From2019-01-01to2019-12-31" unitRef="sqft" decimals="INF"> 1 </us-gaap:NumberOfOperatingSegments>
<OCX:FinancingLeaseObligation contextRef="AsOf2018-12-31_custom_LaboratoryEquipmentMember" unitRef="USD" decimals="-3"> 209000 </OCX:FinancingLeaseObligation>
<OCX:FinancingLeaseObligation contextRef="AsOf2019-12-31_custom_LaboratoryEquipmentMember" unitRef="USD" xsi:nil="true"/>
<OCX:PrepaidVendorsDepositsAndServiceAgreements contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:PrepaidVendorsDepositsAndServiceAgreements contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 389000 </OCX:PrepaidVendorsDepositsAndServiceAgreements>
<OCX:DepositsAndOtherNoncurrentAssets contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 262000 </OCX:DepositsAndOtherNoncurrentAssets>
<OCX:DepositsAndOtherNoncurrentAssets contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 2211000 </OCX:DepositsAndOtherNoncurrentAssets>
<OCX:RestrictedCashAndSecurityDepositForLease contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:RestrictedCashAndSecurityDepositForLease contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 1850000 </OCX:RestrictedCashAndSecurityDepositForLease>
<us-gaap:PrepaidExpenseNoncurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 262000 </us-gaap:PrepaidExpenseNoncurrent>
<us-gaap:PrepaidExpenseNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 268000 </us-gaap:PrepaidExpenseNoncurrent>
<us-gaap:OtherAssetsNoncurrent contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:OtherAssetsNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 93000 </us-gaap:OtherAssetsNoncurrent>
<OCX:RestrictedCashIncludedInDepositsAndOtherNoncurrentAssets contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:RestrictedCashIncludedInDepositsAndOtherNoncurrentAssets contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 1700000 </OCX:RestrictedCashIncludedInDepositsAndOtherNoncurrentAssets>
<OCX:LeaseTermDescription contextRef="From2019-01-01to2019-12-31"> Oncocyte continues to use (i) 75% or greater to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90% or greater to determine whether the present value of the sum of lease payments is substantially of the fair value of the underlying asset. </OCX:LeaseTermDescription>
<OCX:ScheduleOfReconciliationOfCashCashEquivalentsAndRestrictedCashTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet dates that comprise the total of the same such amounts shown in the statements of cash flows in accordance with ASU 2016-18 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,072</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,034</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash included in deposits and other noncurrent assets (see Note 10)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,700</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,772</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,034</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</OCX:ScheduleOfReconciliationOfCashCashEquivalentsAndRestrictedCashTableTextBlock>
<OCX:CumulativeEffectOfAdjustmentForAdoptionOnAccumulatedOtherComprehensiveLoss contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true"/>
<OCX:CumulativeEffectOfAdjustmentForAdoptionOnAccumulatedOtherComprehensiveLoss contextRef="From2018-01-01to2018-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" unitRef="USD" decimals="-3"> 888000 </OCX:CumulativeEffectOfAdjustmentForAdoptionOnAccumulatedOtherComprehensiveLoss>
<OCX:CumulativeEffectOfAdjustmentForAdoptionOnAccumulatedOtherComprehensiveLoss contextRef="From2018-01-01to2018-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3"> -888000 </OCX:CumulativeEffectOfAdjustmentForAdoptionOnAccumulatedOtherComprehensiveLoss>
<OCX:CumulativeEffectOfAdjustmentForAdoptionOnAccumulatedOtherComprehensiveLoss contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Basis of presentation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white">The financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Prior to February 17, 2017, Lineage consolidated the results of Oncocyte into Lineage’s consolidated results based on Lineage’s ability to control Oncocyte’s operating and financial decisions and policies through its then majority ownership of Oncocyte common stock. Beginning on February 17, 2017, Lineage’s percentage ownership of the outstanding Oncocyte common stock declined below 50%, resulting in a loss of “control” of Oncocyte under GAAP and, as a result, Lineage deconsolidated Oncocyte’s financial statements from Lineage’s consolidated financial statements. As a result of this deconsolidation, Oncocyte is no longer considered a subsidiary of Lineage under GAAP with effect from February 17, 2017. As of December 31, 2019, because Lineage’s ownership interest in Oncocyte decreased to below 20%, Lineage no longer exercises significant influence over the operations and management of Oncocyte. As of the date of this Report, Lineage’s ownership interest in Oncocyte is below 10%. However, Oncocyte may still be considered an affiliate of Lineage.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Through the year ended December 31, 2019, to the extent Oncocyte did not have its own employees or human resources for its operations, Lineage or Lineage subsidiaries provided certain employees for administrative or operational services, as necessary, for the benefit of Oncocyte (see Note 4). Accordingly, Lineage allocated expenses such as salaries and payroll related expenses incurred and paid on behalf of Oncocyte based on the amount of time that particular employees devoted to Oncocyte affairs. Other expenses such as legal, accounting, human resources, marketing, travel, and entertainment expenses were allocated to Oncocyte to the extent that those expenses were incurred by or on behalf of Oncocyte. Lineage also allocated certain overhead expenses such as facilities rent and utilities, property taxes, insurance, internet and telephone expenses based on a percentage determined by management. These allocations have been made based upon activity-based allocation drivers such as time spent, percentage of square feet of office or laboratory space used, and percentage of personnel devoted to Oncocyte’s operations or management. Management has evaluated the appropriateness of the percentage allocations on a periodic basis and believes that this basis for allocation is reasonable.</p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Use of estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates estimates which are subject to significant judgment, including those related to the going concern assessments of Oncocyte financial statements, allocation of direct and indirect expenses, useful lives associated with long-lived intangible assets, equipment and furniture, key assumptions in operating and financing leases, including incremental borrowing rates, loss contingencies, valuation allowances related to deferred income taxes, and assumptions used to value stock-based awards, debt or other equity instruments. Actual results could differ materially from those estimates.</p>
</us-gaap:UseOfEstimates>
<OCX:GoingConcernAssessmentPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Going concern assessment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In accordance with FASB’s standard on going concern, Accounting Standard Update, or ASU No. 2014-15, Oncocyte assesses going concern uncertainty in its financial statements to determine if it has sufficient cash, cash equivalents and working capital on hand, including marketable equity securities, and any available borrowings on loans, to operate for a period of at least one year from the date the financial statements are issued, which is referred to as the “look-forward period” as defined by ASU No. 2014-15. As part of this assessment, based on conditions that are known and reasonably knowable to Oncocyte, it will consider various scenarios, forecasts, projections, estimates and will make certain key assumptions, including the timing and nature of projected cash expenditures or programs, and its ability to delay or curtail expenditures or programs, if necessary, among other factors. Based on this assessment, as necessary or applicable, Oncocyte makes certain assumptions around implementing curtailments or delays in the nature and timing of programs and expenditures to the extent Oncocyte deems probable those implementations can be achieved and it has the proper authority to execute them within the look-forward period in accordance with ASU No. 2014-15.</p>
</OCX:GoingConcernAssessmentPolicyTextBlock>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fair value measurements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte accounts for fair value measurements in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, <i>Fair Value Measurements</i> (“ASC 820”). ASC 820 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px; text-align: justify"> </td> <td style="width: 24px; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>●</i></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 1</i> – Quoted prices in active markets for identical assets and liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>●</i></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 2</i> – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</font></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>●</i></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Level 3</i> – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</font></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In determining fair value, Oncocyte utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value. For the periods presented, Oncocyte has no financial assets or liabilities recorded at fair value on a recurring basis, except for cash and cash equivalents consisting of money market funds and marketable equity securities of Lineage and AgeX common stock held by Oncocyte described below. These assets are measured at fair value using the period-end quoted market prices as a Level 1 input.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amounts of cash equivalents, prepaid expenses and other current assets, amounts due to Lineage and other affiliates, accounts payable, accrued expenses and other current liabilities approximate fair values because of the short-term nature of these items.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The carrying amount of the Loan Payable to Silicon Valley Bank approximates fair value because the loan bears interest at a floating market rate (see Note 6).</p>
</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash and cash equivalents</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Cash equivalents typically consist of <font style="background-color: white">money market fund investments for capital preservation</font>, with maturities of three months or less when purchased. At December 31, 2019 and 2018, Oncocyte’s cash and cash equivalents balances totaled $22.1 million and $8.0 million, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Financial instruments that potentially subject Oncocyte to credit risk consist principally of cash and cash equivalents. Oncocyte maintains cash and cash equivalent balances at financial institutions in excess of amounts insured by United States government agencies. Oncocyte places its cash and cash equivalents with high credit quality financial institutions.</p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Machinery and equipment</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Machinery and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally over a period of 3 to 10 years. For equipment purchased under financing leases, Oncocyte depreciates the equipment based on the shorter of the useful life of the equipment or the term of the lease, ranging from 3 to 5 years, depending on the nature and classification of the financing lease. Maintenance and repairs are expensed as incurred whereas significant renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is reflected in Oncocyte’s results of operations.</p>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Impairment of long-lived assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte assesses the impairment of long-lived assets, which consist primarily of long-lived intangible assets, machinery and equipment, whenever events or changes in circumstances indicate that such assets might be impaired and the carrying value may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the expected undiscounted future cash flows attributable to the asset are less than the carrying amount of the asset, an impairment loss equal to the excess of the asset’s carrying value over its fair value is recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="background-color: white">As part of Oncocyte’s impairment assessment of its intangible assets, Oncocyte determined that certain intangible assets, </font>mainly comprised of patents and patent rights <font style="background-color: white">for therapeutic uses that Oncocyte no longer plans to develop or commercialize, were impaired as of June 30, 2018 and, accordingly, Oncocyte recorded a noncash charge of $625,000 representing the net book value of those assets as of that date, and included that charge in research and development expenses for the year ended December 31, 2018.</font></p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<OCX:AccountingForWarrantsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounting for warrants</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte determines the accounting classification of warrants it issues, as either liability or equity classified, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, <i>Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity</i>, then in accordance with ASC 815-40, <i>Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock</i>. Under ASC 480, warrants are considered liability classified if the warrants are mandatorily redeemable, obligate Oncocyte to settle the warrants or the underlying shares by paying cash or other assets, or warrants that must or may require settlement by issuing variable number of shares. If warrants do not meet liability classification under ASC 480-10, Oncocyte assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, and in order to conclude equity classification, Oncocyte also assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP. After all relevant assessments, Oncocyte concludes whether the warrants are classified as liability or equity. Liability classified warrants require fair value accounting at issuance and subsequent to initial issuance with all changes in fair value after the issuance date recorded in the statements of operations. Equity classified warrants only require fair value accounting at issuance with no changes recognized subsequent to the issuance date. Oncocyte does not have any liability classified warrants as of any period presented (see Note 7).</p>
</OCX:AccountingForWarrantsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Income taxes</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte has filed a standalone U.S. federal income tax return since its inception. For California purposes, Oncocyte activity for 2016 and for the period from January 1, 2017 through February 16, 2017, the date immediately before Lineage owned less than 50% of Oncocyte outstanding common stock, was included in Lineage’s California combined tax return. For periods beginning on February 17, 2017 and thereafter, Oncocyte filed or will file a standalone California income tax return. The provision for state income taxes has been determined as if Oncocyte had filed separate tax returns for the periods presented. Accordingly, the effective tax rate of Oncocyte in future years could vary from its historical effective tax rates depending on the future legal structure of Oncocyte and related tax elections. The historical deferred tax assets, including the operating losses and credit carryforwards generated by Oncocyte, will remain with Oncocyte. Oncocyte accounts for income taxes in accordance with ASC 740, <i>Income Taxes</i>, which prescribes the use of the asset and liability method, whereby deferred tax asset or liability account balances are calculated at the balance sheet date using current tax laws and rates in effect. Valuation allowances are established when necessary to reduce deferred tax assets when it is more likely than not that a portion or all of the deferred tax assets will not be realized. Oncocyte’s judgments regarding future taxable income may change over time due to changes in market conditions, changes in tax laws, tax planning strategies or other factors. If Oncocyte’s assumptions and consequently its estimates change in the future, the valuation allowance may be increased or decreased, which may have a material impact on Oncocyte’s statements of operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The guidance also prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not sustainable upon examination by taxing authorities. Oncocyte will recognize accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2019 and 2018. Oncocyte is not aware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviation for the years ended December 31, 2019 and 2018. Oncocyte is currently unaware of any tax issues under review.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 22, 2017, the United States enacted major federal tax reform legislation, Public Law No. 115-97, commonly referred to as the 2017 Tax Cuts and Jobs Act (“2017 Tax Act”), which enacted a broad range of changes to the Internal Revenue Code. Changes to taxes on corporations impacted by the 2017 Tax Act include, but are not limited to, lowering the U.S. federal tax rates to a 21% flat tax rate, eliminating the corporate alternative minimum tax (“AMT”), imposing additional limitations on the deductibility of interest and net operating losses, allowing any net operating loss (“NOLs”) generated in tax years ending after December 31, 2017 to be carried forward indefinitely and generally repealing carrybacks, reducing the maximum deduction for NOL carryforwards arising in tax years beginning after 2017 to a percentage of the taxpayer’s taxable income, and allowing for additional expensing of certain capital expenditures. (see Note 9).</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:CompensationRelatedCostsPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock-based compensation</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte recognizes compensation expense related to employee option grants and restricted stock grants, if any, in accordance with FASB ASC 718, <i>Compensation – Stock Compensation</i> (“ASC 718”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All excess tax benefits and tax deficiencies from stock-based compensation awards accounted for under ASC 718 are recognized as income tax benefit or expense, respectively, in the statements of operations. An excess income tax benefit arises when the tax deduction of a share-based award for income tax purposes exceeds the compensation cost recognized for financial reporting purposes and, a tax deficiency arises when the compensation cost exceeds the tax deduction. Because Oncocyte has a full valuation allowance for all periods presented (see Note 9), there was no impact to Oncocyte statements of operations for any excess tax benefits or deficiencies, as any excess benefit or deficiency would be offset by the change in the valuation allowance. Forfeitures are accounted for as they occur.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte estimates the fair value of employee stock-based payment awards on the grant-date and recognizes the resulting fair value over the requisite service period. For stock-based awards that vest only upon the attainment of one or more performance goals set by Oncocyte at the time of the grant (sometimes referred to as milestone vesting), compensation cost is recognized if and when Oncocyte determines that it is probable that the performance condition or conditions will be, or have been, achieved. Oncocyte uses the Black-Scholes option pricing model for estimating the fair value of options granted under Oncocyte’s equity plans. The fair value of each restricted stock grant, if any, is determined based on the value of the common stock granted or sold. Oncocyte has elected to treat stock-based payment awards with graded vesting schedules and time-based service conditions as a single award and recognizes stock-based compensation on a straight-line basis over the requisite service period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In June 2018, the FASB issued ASU 2018-07, <i>Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</i>, which simplifies the accounting for non-employee share-based payment transactions. The new standard expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. Oncocyte adopted ASU 2018-07 on January 1, 2019. As Oncocyte does not have a significant number of outstanding and unvested non-employee share-based awards, the application of the new standard did not have a material impact on its financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Black-Scholes option pricing model requires Oncocyte to make certain assumptions including the expected option term, the expected volatility, the risk-free interest rate and the dividend yield (see Note 8).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The expected term of employee stock options represents the weighted-average period that the stock options are expected to remain outstanding. Oncocyte estimates the expected term of options granted based on its own experience and, in part, based on upon the “simplified method” provided under <i>Staff Accounting Bulletin, Topic 14</i>, or SAB Topic 14, as necessary. For the years ended December 31, 2019 and 2018, Oncocyte estimated the expected volatility using its own stock price volatility to the extent applicable or a combination of its stock price volatility and the stock price volatility of peer companies, for a period equal to the expected term of the options. The risk-free interest rate assumption is based upon observed interest rates on the United States government securities appropriate for the expected term of Oncocyte’s stock options. The dividend yield assumption is based on Oncocyte’s history and expectation of dividend payouts. Oncocyte has never declared or paid any cash dividends on its common stock, and Oncocyte does not anticipate paying any cash dividends in the foreseeable future.</p>
</us-gaap:CompensationRelatedCostsPolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Segments</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte’s executive management team, as a group, represents the entity’s chief operating decision makers. To date, Oncocyte’s executive management team has viewed Oncocyte’s operations as one segment that includes the research and development of diagnostic tests for the detection of cancer. As a result, the financial information disclosed materially represents all of the financial information related to Oncocyte’s sole operating segment.</p>
</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<us-gaap:CommitmentsAndContingencies contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommitmentsAndContingencies contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DebtInstrumentFaceAmount contextRef="c20170323_DebtInstrumentAxis_LoanAndSecurityAgreementMember" unitRef="USD" decimals="-3"> 2000000 </us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFrequencyOfPeriodicPayment contextRef="From2019-01-01to2019-12-31_custom_LoanAndSecurityAgreementMember"> Payments of interest only on the principal balance were due monthly from the draw date through October 31, 2017, and, beginning on November 1, 2017 </us-gaap:DebtInstrumentFrequencyOfPeriodicPayment>
<us-gaap:DebtInstrumentPeriodicPayment contextRef="From2019-01-01to2019-12-31_custom_LoanAndSecurityAgreementMember" unitRef="USD" decimals="-3"> 67000 </us-gaap:DebtInstrumentPeriodicPayment>
<us-gaap:DebtInstrumentInterestRateDuringPeriod contextRef="From2019-01-01to2019-12-31_custom_AmendedLoanAgreementMember" unitRef="Percentage" decimals="INF"> 0.0475 </us-gaap:DebtInstrumentInterestRateDuringPeriod>
<us-gaap:LongTermDebtPercentageBearingFixedInterestRate contextRef="AsOf2019-12-31_custom_LoanAndSecurityAgreementMember" unitRef="Percentage" decimals="INF"> 0.05 </us-gaap:LongTermDebtPercentageBearingFixedInterestRate>
<OCX:DebtDefaultLegalActionAmount contextRef="AsOf2019-12-31_custom_LoanAndSecurityAgreementMember_srt_MinimumMember" unitRef="USD" decimals="-3"> 50000 </OCX:DebtDefaultLegalActionAmount>
<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights contextRef="c20170221_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="Shares" decimals="INF"> 8247 </us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights>
<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights contextRef="c20170323_ClassOfWarrantOrRightAxis_WarrantMember" unitRef="Shares" decimals="INF"> 7321 </us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights>
<us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights contextRef="AsOf2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember_custom_BankWarrantMember2025229531" unitRef="Shares" decimals="INF"> 98574 </us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights>
<us-gaap:DeferredFinanceCostsNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 170000 </us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="AsOf2019-12-31_us-gaap_WarrantMember" unitRef="USD" decimals="-3"> 62000 </us-gaap:DeferredFinanceCostsNet>
<us-gaap:DeferredFinanceCostsNet contextRef="AsOf2019-10-17_custom_AmendedLoanAgreementMember" unitRef="USD" decimals="-3"> 170000000 </us-gaap:DeferredFinanceCostsNet>
<us-gaap:PaymentsOfDebtIssuanceCosts contextRef="From2019-01-01to2019-12-31_us-gaap_WarrantMember274721406" unitRef="USD" decimals="-3"> 196000 </us-gaap:PaymentsOfDebtIssuanceCosts>
<us-gaap:LinesOfCreditCurrent contextRef="AsOf2019-10-17_custom_AmendedLoanAgreementMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" unitRef="USD" decimals="-3"> 3000000 </us-gaap:LinesOfCreditCurrent>
<us-gaap:LinesOfCreditCurrent contextRef="AsOf2019-10-17_us-gaap_SubsequentEventMember_custom_AmendedLoanAgreementMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember2025229515" unitRef="USD" decimals="-3"> 2000000 </us-gaap:LinesOfCreditCurrent>
<us-gaap:LinesOfCreditCurrent contextRef="AsOf2019-12-23_custom_OfficeLeaseAgreementMember" unitRef="USD" decimals="0"> 1700000 </us-gaap:LinesOfCreditCurrent>
<OCX:DilutedEquityOutstanding contextRef="From2019-10-16to2019-10-17_custom_AmendedLoanAgreementMember_custom_BankWarrantMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" unitRef="USD" decimals="-3"> 1000000 </OCX:DilutedEquityOutstanding>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 1258000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 1561000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 578000 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
<OCX:PaymentsOfPrincipalAndInterest contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 3397000 </OCX:PaymentsOfPrincipalAndInterest>
<OCX:LoanPayableAmountsRepresentingInterest contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> -197000 </OCX:LoanPayableAmountsRepresentingInterest>
<us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 3200000 </us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:LoansPayable contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 3030000 </us-gaap:LoansPayable>
<OCX:CommonStockPurchaseWarrantsSharesIssued contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF"> 3383913 </OCX:CommonStockPurchaseWarrantsSharesIssued>
<us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF"> 3383913 </us-gaap:ClassOfWarrantOrRightOutstanding>
<us-gaap:WarrantsAndRightsOutstandingMaturityDate contextRef="AsOf2019-12-31"> 2027-03-23 </us-gaap:WarrantsAndRightsOutstandingMaturityDate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="AsOf2019-12-31_custom_TwoThousandTenStockOptionPlanMember" unitRef="Shares" decimals="INF"> 5200000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:CommonStockCapitalSharesReservedForFutureIssuance contextRef="AsOf2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 11000000 </us-gaap:CommonStockCapitalSharesReservedForFutureIssuance>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 1446000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 411000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 4089000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2019-01-01to2019-12-31_us-gaap_StockAppreciationRightsSARSMember" unitRef="Shares" decimals="INF"> 1000000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2019-01-01to2019-12-31_us-gaap_RestrictedStockUnitsRSUMember" unitRef="Shares" decimals="INF"> 500000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="From2019-01-01to2019-12-31"> P8Y3M4D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="From2019-01-01to2019-12-31_us-gaap_StockAppreciationRightsSARSMember"> P10Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeOneMember"> P8Y4M9D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeTwoMember"> P8Y5M1D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeThreeMember"> P8Y11D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription contextRef="From2019-01-01to2019-12-31"> The price at which Restricted Stock may be issued or sold will be not less than 100% of fair market value. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember"> The exercise price of stock options granted under the 2018 Incentive Plan must be equal to the fair market of Oncocyte common stock on the date the option is granted. In the case of an optionee who, at the time of grant, owns more than 10% of the combined voting power of all classes of Oncocyte stock, the exercise price of any incentive stock option must be at least 110% of the fair market value of the common stock on the grant date, and the term of the option may be no longer than five years. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription>
<OCX:FairMarketValueOfCommonStockPercentage contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Percentage" decimals="INF"> 1.10 </OCX:FairMarketValueOfCommonStockPercentage>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2019-01-01to2019-12-31" unitRef="USDPShares" decimals="INF"> 1.34 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenStockOptionPlanMember_custom_EmployeesAndConsultantsMember" unitRef="USDPShares" decimals="INF"> 2.30 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeOneMember" unitRef="USDPShares" decimals="INF"> 1.34 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeTwoMember" unitRef="USDPShares" decimals="INF"> 2.01 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeThreeMember" unitRef="USDPShares" decimals="INF"> 3.06 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2019-01-01to2019-12-31" unitRef="USDPShares" decimals="INF"> 5.95 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenStockOptionPlanMember_custom_EmployeesAndConsultantsMember" unitRef="USDPShares" decimals="INF"> 3.15 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeOneMember" unitRef="USDPShares" decimals="INF"> 1.98 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeTwoMember" unitRef="USDPShares" decimals="INF"> 2.80 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2019-01-01to2019-12-31_custom_ExercisePriceRangeThreeMember" unitRef="USDPShares" decimals="INF"> 5.95 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="From2019-01-01to2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="From2019-01-01to2019-12-31_custom_PerformanceBasedOptionsMember" unitRef="Shares" decimals="INF"> 47500 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares>
<us-gaap:AllocatedShareBasedCompensationExpense contextRef="From2019-01-01to2019-12-31_custom_PerformanceBasedOptionsMember" unitRef="USD" decimals="-3"> 101000 </us-gaap:AllocatedShareBasedCompensationExpense>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2017-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 3390000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 4171000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2017-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 4173000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF"> 7279000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 3191000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 361000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31_custom_PerformanceBasedOptionsMember_custom_EmployeesMember" unitRef="Shares" decimals="INF"> 802000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31_custom_ExercisePriceRangeOneMember" unitRef="Shares" decimals="INF"> 801000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31_custom_ExercisePriceRangeTwoMember" unitRef="Shares" decimals="INF"> 3647000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2019-12-31_custom_ExercisePriceRangeThreeMember" unitRef="Shares" decimals="INF"> 2831000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 2700000 </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 6500000 </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="From2019-01-01to2019-12-31"> P2Y7M6D </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="From2018-01-01to2018-12-31"> P3Y3M19D </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31" unitRef="USDPShares" decimals="INF"> 2.01 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.39 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.21 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31" unitRef="USDPShares" decimals="INF"> 1.46 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.87 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares contextRef="AsOf2017-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 1384000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares contextRef="AsOf2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares contextRef="AsOf2017-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares contextRef="AsOf2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 6742000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares contextRef="AsOf2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares contextRef="AsOf2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 4639000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares>
<OCX:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedOptionPoolIncrease contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 6000000 </OCX:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedOptionPoolIncrease>
<OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableGrantsInPeriodGross contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 1446000 </OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableGrantsInPeriodGross>
<OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableGrantsInPeriodGross contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 411000 </OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableGrantsInPeriodGross>
<OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableGrantsInPeriodGross contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 4089000 </OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableGrantsInPeriodGross>
<OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableRestrictedStockOptionsGrantsInPeriodGross contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> -170000 </OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableRestrictedStockOptionsGrantsInPeriodGross>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 138000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 50000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="From2019-01-01to2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 362000 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares>
<OCX:SharesAvailableForGrantOptionsTermination contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> -76000 </OCX:SharesAvailableForGrantOptionsTermination>
<OCX:NumberOfOptionsOutstandingApprovalOfTwoThousandEighteenIncentivePlan contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionPoolIncrease contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockOptionsGrantsInPeriodGross contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 85000 </OCX:ShareBasedCompensationArrangementByShareBasedPaymentAwardRestrictedStockOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 645000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 50000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2019-01-01to2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 405000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 362000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<OCX:NumberOfOptionsOutstandingTermination contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 396000 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="Shares" decimals="INF"> 2206000 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2017-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 3.25 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.92 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2017-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.77 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2019-12-31" unitRef="USDPShares" decimals="INF"> 2.91 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 3.08 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.21 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2019-12-31_custom_ExercisePriceRangeOneMember" unitRef="USDPShares" decimals="INF"> 1.82 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2019-12-31_custom_ExercisePriceRangeTwoMember" unitRef="USDPShares" decimals="INF"> 2.32 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2019-12-31_custom_ExercisePriceRangeThreeMember" unitRef="USDPShares" decimals="INF"> 3.98 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<OCX:WeightedAverageExercisePriceApprovalOfTwoThousandEighteenIncentivePlan contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" xsi:nil="true"/>
<OCX:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsPoolIncreaseInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.84 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 1.64 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" xsi:nil="true"/>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 3.96 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 1.95 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 3.43 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 3.42 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<OCX:WeightedAverageExercisePriceOptionsTermination contextRef="From2018-01-01to2018-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" xsi:nil="true"/>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2019-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 2.70 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2019-12-31_custom_TwoThousandTenPalnActivityMember" unitRef="USDPShares" decimals="INF"> 3.20 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="From2019-01-01to2019-12-31"> P6Y11D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="From2018-01-01to2018-12-31"> P5Y7M24D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.0205 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.0285 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.7902 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.7551 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.00 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.00 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate>
<us-gaap:IncomeTaxExpenseBenefit contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxExpenseBenefit contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 15204000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 19391000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2019-12-31_custom_FederalMember" unitRef="USD" decimals="-3"> 79700000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2019-12-31_custom_StateMember" unitRef="USD" decimals="-3"> 52100000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsOperatingLossCarryforwards contextRef="AsOf2019-12-31_custom_FederalandStateMember" unitRef="USD" decimals="-3"> 700000 </us-gaap:DeferredTaxAssetsOperatingLossCarryforwards>
<OCX:NetOperatingLossExpirationPeriodDescription contextRef="From2019-01-01to2019-12-31_custom_FederalMember"> between 2030 and 2037 </OCX:NetOperatingLossExpirationPeriodDescription>
<OCX:NetOperatingLossExpirationPeriodDescription contextRef="From2019-01-01to2019-12-31_custom_StateMember"> between 2029 and 2037 </OCX:NetOperatingLossExpirationPeriodDescription>
<OCX:NetOperatingLossExpirationPeriodDescription contextRef="From2019-01-01to2019-12-31_custom_FederalandStateMember"> between 2020 and 2023 </OCX:NetOperatingLossExpirationPeriodDescription>
<us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 2444000 </us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch>
<us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 2190000 </us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch>
<us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch contextRef="AsOf2019-12-31_custom_FederalandStateMember" unitRef="USD" decimals="-3"> 1400000 </us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch>
<us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch contextRef="AsOf2019-12-31_custom_FederalandStateMember_us-gaap_ResearchAndDevelopmentExpenseMember" unitRef="USD" decimals="-3"> 1500000 </us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsResearch>
<OCX:CreditCarryforwardExpirationTerm contextRef="From2019-01-01to2019-12-31_custom_FederalandStateMember"> between 2030 and 2039 </OCX:CreditCarryforwardExpirationTerm>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 4300000 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 4800000 </us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:OtherInformationPertainingToIncomeTaxes contextRef="From2018-01-01to2018-12-31"> The amount of taxable income that can be offset by NOL carryforwards after a change in control (generally greater than 50% change in ownership within a three-year period) of a loss corporation. </us-gaap:OtherInformationPertainingToIncomeTaxes>
<us-gaap:UnrecognizedTaxBenefits contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:UnrecognizedTaxBenefits contextRef="AsOf2017-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:UnrecognizedTaxBenefits contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 2888000 </us-gaap:UnrecognizedTaxBenefits>
<us-gaap:IncomeTaxExaminationPenaltiesAndInterestAccrued contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:IncomeTaxExaminationPenaltiesAndInterestAccrued contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:DeferredTaxAssetsPatentsAndFixedAssets contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 523000 </OCX:DeferredTaxAssetsPatentsAndFixedAssets>
<OCX:DeferredTaxAssetsPatentsAndFixedAssets contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 949000 </OCX:DeferredTaxAssetsPatentsAndFixedAssets>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 1326000 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
<us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 1166000 </us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost>
<OCX:DeferredTaxRightOfUseLiability contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:DeferredTaxRightOfUseLiability contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 764000 </OCX:DeferredTaxRightOfUseLiability>
<OCX:DeferredTaxRightOfUseAsset contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:DeferredTaxRightOfUseAsset contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> -749000 </OCX:DeferredTaxRightOfUseAsset>
<us-gaap:DeferredTaxAssetsGross contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 19890000 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsGross contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 24186000 </us-gaap:DeferredTaxAssetsGross>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 19890000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 24186000 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:EffectiveIncomeTaxRateReconciliationDeductions contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> -0.02 </us-gaap:EffectiveIncomeTaxRateReconciliationDeductions>
<us-gaap:EffectiveIncomeTaxRateReconciliationDeductions contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.00 </us-gaap:EffectiveIncomeTaxRateReconciliationDeductions>
<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.02 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.10 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>
<us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsResearch contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> -0.02 </us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsResearch>
<us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsResearch contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.01 </us-gaap:EffectiveIncomeTaxRateReconciliationTaxCreditsResearch>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.00 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> -0.01 </us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent>
<OCX:EffectiveIncomeTaxRateReconciliationAdjustBasisForAvailableforsalesecurities contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.00 </OCX:EffectiveIncomeTaxRateReconciliationAdjustBasisForAvailableforsalesecurities>
<OCX:EffectiveIncomeTaxRateReconciliationAdjustBasisForAvailableforsalesecurities contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.00 </OCX:EffectiveIncomeTaxRateReconciliationAdjustBasisForAvailableforsalesecurities>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> -0.19 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> -0.31 </us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF"> 0.00 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF"> 0.00 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>
<us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 1301000 </us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions>
<us-gaap:UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 1587000 </us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions>
<us-gaap:UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:AreaOfLand contextRef="AsOf2019-12-23_custom_OfficeLeaseAgreementMember" unitRef="sqft" decimals="INF"> 26800 </us-gaap:AreaOfLand>
<us-gaap:PaymentsForRent contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember" unitRef="USD" decimals="0"> 61640 </us-gaap:PaymentsForRent>
<OCX:CapitalLeaseAgreementImputedAnnualInterestRate contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember_custom_MonthlyRentMember" unitRef="Percentage" decimals="INF"> 0.035 </OCX:CapitalLeaseAgreementImputedAnnualInterestRate>
<OCX:CapitalLeaseAgreementImputedAnnualInterestRate contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember_custom_FirstTenCalendarMember" unitRef="Percentage" decimals="INF"> 0.50 </OCX:CapitalLeaseAgreementImputedAnnualInterestRate>
<OCX:CapitalLeaseAgreementImputedAnnualInterestRate contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember_custom_LandlordMember" unitRef="Percentage" decimals="INF"> 0.04 </OCX:CapitalLeaseAgreementImputedAnnualInterestRate>
<us-gaap:PaymentsForProceedsFromTenantAllowance contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember" unitRef="USD" decimals="0"> 1340000 </us-gaap:PaymentsForProceedsFromTenantAllowance>
<OCX:PercentageOfAdiministrativeFeePaidOnOriginalCostOfEquipment contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember" unitRef="Percentage" decimals="INF"> 0.015 </OCX:PercentageOfAdiministrativeFeePaidOnOriginalCostOfEquipment>
<us-gaap:SecurityDeposit contextRef="AsOf2019-12-23_custom_OfficeLeaseAgreementMember" unitRef="USD" decimals="0"> 150000 </us-gaap:SecurityDeposit>
<us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 2866000 </us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability>
<OCX:PropertySubjectToOrAvailableForFinanceLeaseGross contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 209000 </OCX:PropertySubjectToOrAvailableForFinanceLeaseGross>
<OCX:AccumulatedDepreciationForfinanceLease contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> -93000 </OCX:AccumulatedDepreciationForfinanceLease>
<OCX:PropertyPlantAndEquipmentNetFinanceLease contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 116000 </OCX:PropertyPlantAndEquipmentNetFinanceLease>
<us-gaap:FinanceLeaseLiabilityCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 71000 </us-gaap:FinanceLeaseLiabilityCurrent>
<us-gaap:FinanceLeaseLiabilityNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 58000 </us-gaap:FinanceLeaseLiabilityNoncurrent>
<us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2019-12-31"> P7Y3M19D </us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1 contextRef="AsOf2019-12-31"> P1Y9M18D </us-gaap:FinanceLeaseWeightedAverageRemainingLeaseTerm1>
<us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2019-12-31" unitRef="Percentage" decimals="INF"> 0.112 </us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent>
<us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent contextRef="AsOf2019-12-31" unitRef="Percentage" decimals="INF"> 0.096 </us-gaap:FinanceLeaseWeightedAverageDiscountRatePercent>
<us-gaap:SharePrice contextRef="AsOf2020-01-02_us-gaap_SubsequentEventMember_custom_SubscriptionAgreementsMember" unitRef="USDPShares" decimals="INF"> 2.156 </us-gaap:SharePrice>
<us-gaap:SharePrice contextRef="AsOf2020-02-29_us-gaap_SubsequentEventMember" unitRef="USDPShares" decimals="INF"> 2.63 </us-gaap:SharePrice>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="From2020-01-09to2020-01-10_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 11400000 </us-gaap:BusinessCombinationConsiderationTransferred1>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="AsOf2020-01-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 7000000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="AsOf2020-01-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember_us-gaap_CommonStockMember" unitRef="USD" decimals="-3"> 5000000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="AsOf2020-01-10_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 6400000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents contextRef="AsOf2020-01-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember_srt_MaximumMember" unitRef="USD" decimals="-3"> 6000000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents>
<OCX:BusinessCombinationNetCashHoldback contextRef="AsOf2020-01-10_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 600000 </OCX:BusinessCombinationNetCashHoldback>
<OCX:BusinessCombinationNetCashHoldback contextRef="AsOf2020-12-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 600000 </OCX:BusinessCombinationNetCashHoldback>
<OCX:StockHoldbackShareValue contextRef="AsOf2020-01-10_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 5000000 </OCX:StockHoldbackShareValue>
<OCX:PaymentsOfMilestone contextRef="From2020-01-30to2020-01-31_us-gaap_SubsequentEventMember_custom_MergerAgreementsMember" unitRef="USD" decimals="-3"> 1500000 </OCX:PaymentsOfMilestone>
<us-gaap:DividendIncomeOperating contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true"/>
<us-gaap:DividendIncomeOperating contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3"> 96000 </us-gaap:DividendIncomeOperating>
<OCX:StockOptionExercisable contextRef="From2019-01-01to2019-12-31_custom_TwoThousandEighteenPalnActivityMember_srt_MaximumMember" unitRef="USD" decimals="-3"> 100000 </OCX:StockOptionExercisable>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 394000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 879000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 951000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 850000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 839000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFive>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 2463000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive>
<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 6376000 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue>
<us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" id="Foot-02-0" decimals="-3"> 2279000 </us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount>
<OCX:LeasseeTenantImprovementAllowanceNetOfAdministrativeFee contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> -1320000 </OCX:LeasseeTenantImprovementAllowanceNetOfAdministrativeFee>
<us-gaap:OperatingLeaseLiability contextRef="AsOf2019-12-31_custom_OperatingLeaseMember" unitRef="USD" decimals="-3"> 2777000 </us-gaap:OperatingLeaseLiability>
<us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" decimals="-3"> 81000 </us-gaap:FinanceLeaseLiabilityPaymentsDueNextTwelveMonths>
<us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" decimals="-3"> 60000 </us-gaap:FinanceLeaseLiabilityPaymentsDueYearTwo>
<us-gaap:FinanceLeaseLiabilityPaymentsDueYearThree contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:FinanceLeaseLiabilityPaymentsDueYearFive contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:FinanceLeaseLiabilityPaymentsDueAfterYearFive contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:FinanceLeaseLiabilityPaymentsDue contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" decimals="-3"> 141000 </us-gaap:FinanceLeaseLiabilityPaymentsDue>
<us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" decimals="-3"> 12000 </us-gaap:FinanceLeaseLiabilityUndiscountedExcessAmount>
<OCX:LeasseeFinancingTenantImprovementAllowanceNetOfAdministrativeFee contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:FinanceLeaseLiability contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 129000 </us-gaap:FinanceLeaseLiability>
<us-gaap:FinanceLeaseLiability contextRef="AsOf2019-12-31_custom_FinancingLeaseMember" unitRef="USD" decimals="-3"> 129000 </us-gaap:FinanceLeaseLiability>
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<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted cash </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte classifies cash that has contractual or legal restrictions imposed by third parties as restricted cash, which is restricted as to withdrawal or use except for the specified purpose under a contract. Oncocyte includes the restricted cash consistent with the nature of the underlying contract and classifies it as part of current assets if the restricted cash will be released in the next twelve months from the balance sheet date, or in deposits and other noncurrent assets if it will be restricted for longer than twelve months from the balance sheet date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Oncocyte adopted ASU 2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i>, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and restricted cash, and that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. Prior to the adoption of ASU 2016-18, restricted cash was not included with cash and cash equivalents on the statements of cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet dates that comprise the total of the same such amounts shown in the statements of cash flows in accordance with ASU 2016-18 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27.5pt"> </p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2019</b></font></td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 58%"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,072</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,034</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash included in deposits and other noncurrent assets (see Note 10)</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,700</font></td> <td> </td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows</font></td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,772</font></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,034</font></td> <td> </td></tr> </table> <p style="margin: 0pt"></p>
</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
<us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross contextRef="From2019-01-01to2019-12-31_custom_DevelopmentAgreementMember_custom_EncoreClinicalIncMember_custom_MinorityShareholdersMember" unitRef="USD" decimals="-3"> 3000000 </us-gaap:ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross>
<OCX:PrepaymentFeeIfPrepaidTwoYearsOrMore contextRef="From2019-01-01to2019-12-31_custom_LoanAndSecurityAgreementMember" unitRef="Percentage" decimals="INF"> 0.010 </OCX:PrepaymentFeeIfPrepaidTwoYearsOrMore>
<OCX:SharesAvailableForGrantOutstanding contextRef="From2018-01-01to2018-12-31_custom_TwoThousandEighteenPalnActivityMember" unitRef="Shares" decimals="INF"> 5000000 </OCX:SharesAvailableForGrantOutstanding>
<OCX:DeferredTaxAssetsEquityMethodInvestment contextRef="AsOf2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:DeferredTaxAssetsEquityMethodInvestment contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 81000 </OCX:DeferredTaxAssetsEquityMethodInvestment>
<us-gaap:DeferredTaxAssetsEquityMethodInvestments contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3"> 393000 </us-gaap:DeferredTaxAssetsEquityMethodInvestments>
<us-gaap:DeferredTaxAssetsEquityMethodInvestments contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3"> 394000 </us-gaap:DeferredTaxAssetsEquityMethodInvestments>
<OCX:RepaymentsOfPrincipalAndBankFeesFromRefinancingOfBankLoan contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3"> 516000 </OCX:RepaymentsOfPrincipalAndBankFeesFromRefinancingOfBankLoan>
<OCX:RepaymentsOfPrincipalAndBankFeesFromRefinancingOfBankLoan contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
<OCX:MilestonePaymentDescription contextRef="From2019-01-01to2019-12-31_custom_DevelopmentAgreementMember_custom_EncoreClinicalIncMember_custom_MinorityShareholdersMember"> In the event Razor receives the final positive coverage decision from CMS/MolDx for reimbursement of patient costs of DetermaRx™ within 12 months after the Initial Closing, Oncocyte will pay Encore $4 million ("CMS Final Milestone Payment"). </OCX:MilestonePaymentDescription>
<OCX:ExpensesAndTaxesDescription contextRef="From2019-12-22to2019-12-23_custom_OfficeLeaseAgreementMember"> Oncocyte is entitled to an abatement of its obligations to pay Expenses and Taxes while constructing improvements to the Premises constituting "Tenant's Work" under the Lease prior to the Commencement Date, except that (a) Oncocyte will be obligated to pay 43.7% of Expenses and Taxes during the period prior to the Commencement Date for its use of the second floor of the Premises, which is already built out as office space, and (b) the abatement will end prior to the Commencement Date if Oncocyte completes its "Tenant's Work" for its laboratory space and opens the ground floor for use. </OCX:ExpensesAndTaxesDescription>
<OCX:RoyaltyExpensesDescription contextRef="From2019-01-01to2019-12-31_custom_LicenseAgreementMember"> The royalty rates will range from 3% to 5% depending upon the amount of cumulative net sales. The amount of royalties payable to Wistar will be reduced by the amount of any royalties that Oncocyte must pay to any third parties on the sale of the licensed products, but subject to a maximum reduction of 50%. The obligation to pay royalties to Wistar will terminate on a licensed product by-licensed product and country-by-country basis until the later of (i) the date a valid claim of a licensed patent covering the licensed product no longer exists, or (ii) the tenth (10th) anniversary of the first commercial sale of the licensed product in each country. </OCX:RoyaltyExpensesDescription>
<srt:ScheduleOfCondensedBalanceSheetTableTextBlock contextRef="From2019-01-01to2019-12-31">
<p style="margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table summarizes Razor’s standalone selected balance sheet information as of December 31, 2019 (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><b> </b></p> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif"><i>Condensed Balance Sheet information <sup>(1)</sup></i></font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 82%"><font style="font: 10pt Times New Roman, Times, Serif">Current assets</font></td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="width: 15%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent assets</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Current liabilities</font></td> <td> </td> <td><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent liabilities</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font: 10pt Times New Roman, Times, Serif">Stockholders’ equity</font></td> <td> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,000</font></td> <td> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><b><sup>(1)</sup>The condensed balance sheet information of Razor as of December 31, 2019 is provided for informational purposes only. Razor is not included in Oncocyte’s balance sheet as of December 31, 2019 because Razor is accounted for under the equity method of accounting and not consolidated with Oncocyte’s financial statements for any period presented.</b></p>
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<OCX:Seenote10foradditionaldisclosures contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true"/>
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<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US"> Oncocyte recorded certain right-of-use assets and liabilities in accordance with ASC 842 (see Notes 5 and 10). </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-02" xml:lang="en-US"> In accordance with ASC 842, a tenant allowance should be included in the measurement of the consideration in the lease agreement at inception and reflected as a reduction to the right-of-use asset and a corresponding reduction to the right-use-liability if the lessee both controls the construction of the tenant improvements and the expects to fully earn all of the tenant allowance. Oncocyte has met both conditions at the inception of the Irvine Lease and has recorded the Tenant Improvement Allowance accordingly. As the cash for the Tenant Improvement Allowance is received from the lessor under the terms of the Irvine Lease, the corresponding right-of-use liability will increase and will be amortized as part of the right-of use asset and liability amortization over the term of the Irvine Lease in accordance with ASC 842. </link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-03" xml:lang="en-US"> The condensed balance sheet information of Razor as of December 31, 2019 is provided for informational purposes only. Razor is not included in Oncocyte’s balance sheet as of December 31, 2019 because Razor is accounted for under the equity method of accounting and not consolidated with Oncocyte’s financial statements for any period presented. </link:footnote>
</link:footnoteLink>
</xbrli:xbrl>

6 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/16/24  Oncocyte Corp.                    10-K       12/31/23   87:30M                                    M2 Compliance LLC/FA
 4/12/23  Oncocyte Corp.                    10-K       12/31/22   94:11M                                    M2 Compliance LLC/FA
 5/02/22  Oncocyte Corp.                    10-K/A     12/31/21   12:649K                                   M2 Compliance LLC/FA
 3/11/22  Oncocyte Corp.                    10-K       12/31/21   90:10M                                    M2 Compliance LLC/FA
 4/30/21  OncoCyte Corp.                    10-K/A     12/31/20    2:488K                                   M2 Compliance LLC/FA
 3/19/21  OncoCyte Corp.                    10-K       12/31/20   93:7.4M                                   M2 Compliance LLC/FA
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