Filed
Pursuant to Rule 424(b)(3)
Registration
No. 333-279350
PROSPECTUS
Oncocyte
Corporation
5,419,788
Shares of Common Stock
This
prospectus relates to the resale by the selling stockholders named in this prospectus from time to time of up to 5,419,788 shares of
our common stock, no par value per share. These 5,419,788 shares of common stock consist of:
| ● |
5,076,900
shares of common stock (the “PIPE Shares”) that were issued pursuant to the securities purchase agreement, dated as of
April 11, 2024, by and among us and the purchasers named therein (the “Purchase Agreement”); and |
| |
|
| ● |
342,888
shares of common stock (the “Pre-Funded Warrant Shares”) issuable upon the exercise of pre-funded warrants (the “Pre-Funded
Warrants”) that were issued pursuant to the Purchase Agreement. |
The
PIPE Shares and the Pre-Funded Warrants were issued in reliance upon the exemption from the registration requirements in Section 4(a)(2)
of the Securities Act and/or Regulation D promulgated thereunder, as applicable. We are registering the resale of the PIPE Shares and
the Pre-Funded Warrant Shares.
Our
registration of the shares of common stock covered by this prospectus does not mean that the selling stockholders will offer or sell
any of such shares of common stock. The selling stockholders named in this prospectus, or their donees, pledgees, transferees or other
successors-in-interest, may resell the shares of common stock covered by this prospectus through public or private transactions at prevailing
market prices, at prices related to prevailing market prices or at privately negotiated prices. For additional information on the possible
methods of sale that may be used by the selling stockholders, you should refer to the section of this prospectus entitled “Plan
of Distribution.”
We
are registering the resale of the PIPE Shares and Pre-Funded Warrant Shares covered by this prospectus as required by the Registration
Rights Agreement, dated April 11, 2024, by and among the Company and investors named therein (the “Registration Rights Agreement”).
The selling stockholders will receive all of the proceeds from any sales of the shares offered hereby. We will not receive any of the
proceeds, but we will incur expenses in connection with the offering. To the extent the Pre-Funded Warrants are exercised for cash, if
at all, we will receive the exercise price of the Pre-Funded Warrants. We intend to use those proceeds, if any, for general corporate
purposes and working capital.
Any
shares of common stock subject to resale hereunder will have been issued by us and acquired by the selling stockholders prior to any
resale of such shares pursuant to this prospectus.
No
underwriter or other person has been engaged to facilitate the sale of the common stock in this offering. We will bear all costs, expenses
and fees in connection with the registration of the common stock. The selling stockholders will bear all commissions and discounts, if
any, attributable to their respective sales of our common stock.
Our
common stock is traded on The Nasdaq Capital Market under the symbol “OCX.” On May 22, 2024, the last reported closing
sale price of our common stock on The Nasdaq Capital Market was $2.85 per share.
Investment
in our common stock involves risk. See “Risk Factors” contained in this prospectus, in our periodic reports filed from time
to time with the Securities and Exchange Commission, which are incorporated by reference in this prospectus and in any applicable prospectus
supplement. You should carefully read this prospectus and the accompanying prospectus supplement, together with the documents we incorporate
by reference, before you invest in our common stock.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the adequacy or the accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is May 23, 2024.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of the registration statement that we filed with the Securities and Exchange Commission (the “SEC”) pursuant
to which the selling stockholders named herein may, from time to time, offer and sell or otherwise dispose of the shares of our common
stock covered by this prospectus. As permitted by the rules and regulations of the SEC, the registration statement filed by us includes
additional information not contained in this prospectus.
This
prospectus and the documents incorporated by reference into this prospectus include important information about us, the securities being
offered and other information you should know before investing in our securities. You should not assume that the information contained
in this prospectus is accurate on any date subsequent to the date set forth on the front cover of this prospectus or that any information
we have incorporated by reference is correct on any date subsequent to the date of the document incorporated by reference, even though
this prospectus is delivered or shares of common stock are sold or otherwise disposed of on a later date. It is important for you to
read and consider all information contained in this prospectus, including the documents incorporated by reference therein, in making
your investment decision. You should also read and consider the information in the documents to which we have referred you under “Where
You Can Find More Information” and “Incorporation of Certain Information by Reference” in this prospectus.
You
should rely only on this prospectus and the information incorporated or deemed to be incorporated by reference in this prospectus. We
have not, and the selling stockholders have not, authorized anyone to give any information or to make any representation to you other
than those contained or incorporated by reference in this prospectus. If anyone provides you with different or inconsistent information,
you should not rely on it. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy securities in
any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
We
further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference in this prospectus were made solely for the benefit of the parties to such agreement, including, in
some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation,
warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly,
such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.
Unless
otherwise indicated, information contained or incorporated by reference in this prospectus concerning our industry, including our general
expectations and market opportunity, is based on information from our own management estimates and research, as well as from industry
and general publications and research, surveys and studies conducted by third parties. Management estimates are derived from publicly
available information, our knowledge of our industry and assumptions based on such information and knowledge, which we believe to be
reasonable. In addition, assumptions and estimates of our and our industry’s future performance are necessarily uncertain due to
a variety of factors, including those described in “Risk Factors” beginning on page 4 of this prospectus. These and other
factors could cause our future performance to differ materially from our assumptions and estimates.
PROSPECTUS
SUMMARY
This
summary provides an overview of selected information contained elsewhere or incorporated by reference in this prospectus and does not
contain all of the information you should consider before investing in our securities. You should carefully read the prospectus, the
information incorporated by reference and the registration statement of which this prospectus is a part in their entirety before investing
in our securities, including the information discussed under “Risk Factors” in this prospectus and the documents incorporated
by reference and our financial statements and related notes that are incorporated by reference in this prospectus. In this prospectus,
unless the context indicates otherwise, “Oncocyte,” the “Company,” the “registrant,” “we,”
“us,” “our,” or “ours” refer to Oncocyte Corporation and its subsidiaries.
Overview
We
are a partner in the healthcare and life science field to researchers and physicians through our development and acquisitions of proprietary
molecular technologies in the fields of oncology and transplantation. Through a series of acquisitions, we have built a portfolio of
differentiated content with utility in well-established clinical and research markets.
With
the increased adoption of precision medicine, healthcare providers are relying on advanced testing to identify patients who will benefit
from new, targeted treatments and therapies that are more effective and often have fewer side effects than chemotherapy and other traditional
treatments. In addition to identifying these individualized treatment options, researchers and healthcare providers are looking to new
technologies to rapidly identify when medical or therapeutic interventions are necessary. We are leveraging our experience in oncology
and transplantation to develop and commercialize diagnostic testing at our licensed and accredited laboratory as well as focusing on
the development of distributable kitted formats of these technologies so that researchers may study how these tests can be further utilized
in other types of cancers. Commercialization of these products, which are intended to be sold for research purposes in the United States
and labeled “For Research Use Only”, is expected to occur through a mix of direct sales, partnering and distribution agreements,
and licensing.
We
have a laboratory and pharma services lab, certified under the Clinical Laboratory Improvements Amendment and accredited by the Collage
of American Pathologists, in Nashville, Tennessee, and a research and development lab in Göttingen, Germany. We may sometimes refer
to our technologies as “diagnostic tests.” Our laboratory developed tests are intended to help support and inform physician
decision-making but are not themselves diagnostic or prescriptive of treatment decisions. They are critical to our ability to carry out
our mission to improve patient outcomes by providing patient specific insights that inform critical provider decisions throughout the
patient care journey. We believe that if clinicians are given the right information and educational tools, they will make the right choices
with their patients.
We
believe that the experience of our team with diverse technologies through our pharma services activities (acquired through Insight Genetics),
strong scientific integrity regarding evidence generation and innovation mentality, alongside our flexibility in operations and regulatory
strategy, will drive our success, differentiate us from our competition, and are foundational to our future.
We
plan to expand our role in the rapidly evolving healthcare market by strengthening our positions across our portfolio of capabilities,
growing strategic opportunities that drive new business, and differentiating our unique offerings, capabilities, and financial performance.
To do so, we are focusing on executing the technology priorities discussed below, which have evolved to reflect our operations and strategic
vision.
Implications
of Being a Smaller Reporting Company
We
are a “smaller reporting company” and accordingly may provide less public disclosure than larger public companies. As a result,
the information that we provide to our stockholders may be different than you might receive from other public reporting companies in
which you hold equity interests.
April
2024 PIPE
On
April 11, 2024, we entered into the Purchase Agreement with certain accredited investors for the issuance and sale in a private placement
(the “Private Placement”) of an aggregate of 5,419,788 PIPE Shares and Pre-Funded Warrants to purchase up to 342,888 shares
of common stock, with an exercise price of $0.0001 per share. The purchase price for one PIPE Share was $2.9164, and the purchase price
for one Pre-Funded Warrant was $2.9163. Certain of our directors and officers subscribed for 42,373 of the shares of common stock sold
in the Private Placement, at a purchase price of $2.95 per share of common stock.
A
holder of the Pre-Funded Warrants may not exercise any portion of such holder’s Pre-Funded Warrants to the extent that the holder,
together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the Company’s
outstanding shares of common stock immediately after exercise, except that upon at least 61 days’ prior notice from the holder
to the Company, the holder may increase the beneficial ownership limitation to up to 9.99% of the number of shares of common stock outstanding
immediately after giving effect to the exercise.
In
connection with the Private Placement, the Company entered into the Registration Rights Agreement, dated as of April 11, 2024, with the
investors named therein, pursuant to which the Company agreed to prepare and file a registration statement with the SEC registering the
resale of the PIPE Shares and the shares of common stock underlying the Pre-Funded Warrants no later than 30 days after the date of the
Registration Rights Agreement, and to use best efforts to have the registration statement declared effective as promptly as practical
thereafter, and in any event no later than 60 days following the date of the Registration Rights Agreement (or 75 days following the
date of the Registration Rights Agreement in the event of a “full review” by the SEC).
Needham
& Company, LLC served as the Company’s exclusive placement agent in connection with the Private Placement.
Corporate
information
We
were incorporated in September 2009 in the state of California. Our principal executive offices are located at 15 Cushing, Irvine, California
92618. Our telephone number is (949) 409-7600. Our website is www.oncocyte.com. Information accessed through our website is not incorporated
into this prospectus and is not a part of this prospectus.
THE
OFFERING
| Common
Stock to be Offered by the Selling Stockholders |
|
Up
to 5,419,788 shares of our common stock, which are comprised of (i) 5,076,900 PIPE Shares, and (ii) 342,888 Pre-Funded Warrant Shares. |
| |
|
|
| Use
of Proceeds |
|
All
shares of our common stock offered by this prospectus are being registered for the accounts of the selling stockholders and we will
not receive any proceeds from the sale of these shares. However, we will receive proceeds from the exercise of the Pre-Funded Warrants
if such Pre-Funded Warrants are exercised for cash. We intend to use those proceeds, if any, for general corporate purposes and working
capital. See “Use of Proceeds” beginning on page 6 of this prospectus for additional information. |
| |
|
|
| Registration
Rights |
|
Under
the terms of the Registration Rights Agreement, we agreed to file this registration statement
with respect to the registration of the resale by the selling stockholders of the PIPE Shares
and the Pre-Funded Warrant Shares, as applicable, by the 30th calendar day following the
date of the Registration Rights Agreement, and to use best efforts to have the registration
statement declared effective as promptly as practical, and in any event, no later than the
60th calendar day following the date of the Registration Rights Agreement or in the event
of a full review by the SEC, 75 days. In addition, we agreed that, upon the registration
statement being declared effective under the Securities Act of 1933, as amended (the “Securities
Act”), we will use our best efforts to maintain the effectiveness of the registration
statement until the date that (i) the selling stockholders have sold all of the shares of
common stock issuable under the Registration Rights Agreement or (ii) such shares may be
resold by the selling stockholders pursuant to Rule 144 of the Securities Act, without the
requirement for us to be in compliance with the current public information required under
such rule and without volume or manner-of-sale restriction.
See
“Selling Stockholders” on page 7 of this prospectus for additional information. |
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|
|
| Plan
of Distribution |
|
The
selling stockholders named in this prospectus, or their pledgees, donees, transferees, distributees,
beneficiaries or other successors-in-interest, may offer or sell the shares of common stock
from time to time through public or private transactions at prevailing market prices, at
prices related to prevailing market prices or at privately negotiated prices. The selling
stockholders may also resell the shares of common stock to or through underwriters, broker-dealers
or agents, who may receive compensation in the form of discounts, concessions or commissions.
See
“Plan of Distribution” beginning on page 11 of this prospectus for additional information on the methods of sale that
may be used by the selling stockholders. |
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|
|
| Nasdaq
Capital Market Symbol |
|
Our
common stock is listed on The Nasdaq Capital Market under the symbol “OCX.” |
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|
| Risk
Factors |
|
Investing
in our common stock involves significant risks. See “Risk Factors” beginning on page 4 of this prospectus and the documents
incorporated by reference in this prospectus. |
RISK
FACTORS
Investing
in our securities involves a high degree of risk. In addition to the other information contained in this prospectus and in the documents
we incorporate by reference, you should carefully consider the risks discussed below and under the heading “Risk Factors”
in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as well as any amendment or update to our risk factors
reflected in subsequent filings with the SEC, before making a decision about investing in our securities. The risks and uncertainties
discussed below and in the documents incorporated by reference are not the only ones facing us. Additional risks and uncertainties not
presently known to us, or that we currently see as immaterial, may also harm our business. If any of these risks occur, our business,
financial condition and operating results could be harmed, the trading price of our common stock could decline and you could lose part
or all of your investment.
The
sale of a substantial amount of our shares in the public market could adversely affect the prevailing market price of our securities.
We
are registering for resale up to 5,419,788 shares of our common stock held by the selling stockholders, which is a significant number
of shares compared to the current number of total shares of common stock issued and outstanding. Sales of substantial amounts of shares
of our common stock in the public market, or the perception that such sales might occur, could adversely affect the market price of our
common stock. We cannot predict if and when selling stockholders may sell such shares of our common stock in the public markets. Furthermore,
in the future, we may issue additional shares of our common stock or other equity or debt securities convertible into shares of our common
stock. Any such issuance could result in substantial dilution to our existing stockholders and could cause the market price of our securities
to decline.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the information incorporated by reference in this prospectus contain “forward-looking statements,” which include
information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation.
Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,”
“continue,” “expects,” “anticipates,” “future,” “intends,” “plans,”
“believes,” “estimates,” and similar expressions, as well as statements in future tense, are intended to identify
forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not
be accurate indications of when such performance or results will actually be achieved. Forward-looking statements are based on information
we have when those statements are made or our management’s good faith belief as of that time with respect to future events, and
are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or
suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:
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● |
the
timing and potential achievement of future milestones; |
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● |
the
timing and our ability to obtain and maintain coverage and reimbursements from the Centers for Medicare and Medicaid Services and
other third-party payers; |
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●
|
our
plans to pursue research and development of diagnostic test candidates; |
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●
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the
potential commercialization of diagnostic tests currently in development; |
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● |
the
timing and success of future clinical research and the period during which the results of the clinical research will become available; |
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● |
the
potential receipt of revenue from current sales of our diagnostic tests and/or diagnostic tests in development; |
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● |
our
assumptions regarding obtaining reimbursement and reimbursement rates of our current diagnostic tests and/or diagnostic tests in
development; |
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● |
our
estimates regarding future orders of tests and our ability to perform a projected number of tests; |
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●
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our
estimates and assumptions around the patient populations, market size and price points for reimbursement for our diagnostic tests; |
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our
estimates regarding future revenues, operating expenses, and future capital requirements; |
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our
intellectual property position; |
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● |
the
impact of government laws and regulations; and |
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● |
our
competitive position. |
You
should read this prospectus and any related free-writing prospectus and the documents incorporated by reference in this prospectus with
the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different
from what we expect. The forward-looking statements contained or incorporated by reference in this prospectus are expressly qualified
in their entirety by this cautionary statement. We do not undertake any obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
USE
OF PROCEEDS
All
shares of our common stock offered by this prospectus are being registered for the accounts of the selling stockholders and we will not
receive any proceeds from the sale of these shares. However, will receive proceeds from the exercise of the Pre-Funded Warrants if such
Pre-Funded Warrants are exercised for cash. We intend to use those proceeds, if any, for general corporate purposes and working capital.
SELLING
STOCKHOLDERS
The
common stock being offered by the selling stockholders are those previously issued to the selling stockholders, and those issuable to
the selling stockholders upon exercise of the Pre-Funded Warrants, as applicable. For additional information regarding the issuances
of those shares of common stock and the Pre-Funded Warrants, see “April 2024 PIPE” above. We are registering the shares of
common stock in order to permit the selling stockholders to offer the shares for resale from time to time. Except as described below
under “Relationships with the Selling Stockholders,” the selling stockholders have not had any material relationship with
us within the past three years.
The
table below lists the selling stockholders and other information regarding the beneficial ownership of the shares of common stock by
each of the selling stockholders. The second column lists the number of shares of common stock beneficially owned by each selling stockholders,
based on its ownership of the shares of common stock and Pre-Funded Warrants, as of May 16, 2024, assuming exercise of the Pre-Funded
Warrants held by the selling stockholders on that date, without regard to any limitations on exercises.
The
fourth column lists the shares of common stock being offered by this prospectus by the selling stockholders.
In
accordance with the terms of the Registration Rights Agreement with the selling stockholders, this prospectus generally covers the resale
of the sum of (i) the number of shares of common stock issued to the selling stockholders in the “April 2024 PIPE” described
above and (ii) the maximum number of shares of common stock issuable upon exercise of the Pre-Funded Warrants, determined as if such
outstanding Pre-Funded Warrants were exercised in full as of the trading day immediately preceding the date this registration statement
was initially filed with the SEC, each as of the trading day immediately preceding the applicable date of determination and all subject
to adjustment as provided in the Registration Rights Agreement, without regard to any limitations on the exercise of the Pre-Funded Warrants.
The fifth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus. The selling stockholders
may sell all, some or none of their shares in this offering. See “Plan of Distribution.”
Unless
otherwise indicated, all information contained in the table below and the footnotes thereto is based upon information provided to us
by the selling shareholders. The percentage of shares owned prior to and after the offering is based on 13,364,637 shares of common stock
outstanding as of May 16, 2024. Unless otherwise indicated in the footnotes to this table, we believe that each selling shareholder
has sole voting and investment power with respect to the common stock indicated as beneficially owned. Except as otherwise indicated
below, based on the information provided to us by the selling shareholders, and to the best of our knowledge, no selling shareholder
is a broker-dealer or an affiliate of a broker-dealer.
| | |
Shares
of Common Stock Beneficially Owned Before Offering | | |
Maximum
Number of Shares of Common Stock | | |
Shares
of Common Stock Beneficially Owned After Offering | |
| Selling
Shareholders | |
Number | | |
Percentage | | |
Offered | | |
Number | | |
Percentage | |
| Broadwood Partners, L.P. (1) | |
| 5,079,316 | (2) | |
| 37.58 | % | |
| 2,420,000 | (3) | |
| 2,659,316 | | |
| 19.68 | % |
| Bigger Capital Fund, LP(4) | |
| 257,167 | (5) | |
| *
| % | |
| 257,167 | (6) | |
| - | | |
| *
| % |
| Bio-Rad Laboratories, Inc. (7) | |
| 1,200,109 | (8) | |
| 8.98 | % | |
| 1,200,109 | (9) | |
| - | | |
| *
| % |
| Newtown Road 130 Holdings LLC (10) | |
| 431,433 | (11) | |
| 3.22 | % | |
| 120,011 | (12) | |
| 242,844 | | |
| 1.81 | % |
| Proactive Capital Partners, LP(13) | |
| 34,289 | (14) | |
| *
| % | |
| 34,289 | (15) | |
| - | | |
| *
| % |
| Iroquois Master Fund Ltd. (16) | |
| 68,578 | (17) | |
| *
| % | |
| 68,578 | (18) | |
| - | | |
| *
| % |
| Iroquois Capital Investment Group LLC(19) | |
| 102,867 | (20) | |
| *
| % | |
| 102,867 | (21) | |
| - | | |
| *
| % |
| Special Situations Cayman Fund, L.P. (22) | |
| 1,448,611 | (23) | |
| 10.45 | % | |
| 154,869 | (24) | |
| 762,834 | | |
| 5.64 | % |
| Special Situations Fund III Q.P. L.P. | |
| 1,448,611 | (25) | |
| 10.45 | % | |
| 530,908 | (26) | |
| 762,834 | | |
| 5.64 | % |
| 3i, LP(27) | |
| 171,444 | (28) | |
| 1.28 | % | |
| 171,444 | (29) | |
| - | | |
| *
| % |
| James Stloff ttee Dustin Nathanial Satloff
Trust u/a 6/1/93(30) | |
| 425,756 | (31) | |
| 3.19 | % | |
| 34,289 | (32) | |
| 254,311 | | |
| 1.90 | % |
| James Stloff ttee Theodore Jeanl Satloff Trust
u/a10/4/93 (30) | |
| 425,756 | (33) | |
| 3.19 | % | |
| 34,289 | (34) | |
| 254,311 | | |
| 1.90 | % |
| James Satloff ttee Emily U Satloff Family Trust
u/e 3/25/93(30) | |
| 425,756 | (35) | |
| 3.19 | % | |
| 34,289 | (36) | |
| 254,311 | | |
| 1.90 | % |
| James Saltoff(30) | |
| 425,756 | (37) | |
| 3.19 | % | |
| 68,578 | (38) | |
| 254,311 | | |
| 1.90 | % |
| Joshua Riggs | |
| 3,390 | (39) | |
| *
| % | |
| 3,390 | (40) | |
| - | | |
| *
| % |
| Ekkehard Scheutz | |
| 10,404 | (41) | |
| *
| % | |
| 5,085 | (42) | |
| 5,085 | | |
| *
| % |
| John P. Gutfreund(10) | |
| 431,433
| (43) | |
| 3.22 | % | |
| 68,578 | (44) | |
| 242,844 | | |
| 1.81 | % |
| Emanuel Neuman | |
| 17,145
| (45) | |
| *
| % | |
| 17,145 | (46) | |
| - | | |
| *
| % |
| Ann Unterberg | |
| 109,934
| (47) | |
| * | % | |
| 34,289 | (48) | |
| 75,645 | | |
| *
| % |
| Andrew Arno | |
| 136,850 | (49) | |
| 1.02 | % | |
| 33,898 | (50) | |
| 102,952 | | |
| *
| % |
| Mary A Debare | |
| 62,014
| (51) | |
| *
| % | |
| 25,716 | (52) | |
| 36,298 | | |
| *
| % |
*
Less than 1%
| (1) | The
shares of common stock are directly owned by Broadwood Partners, L.P. (“Broadwood”).
Broadwood Capital, Inc. is the general partner of Broadwood. Neal Bradsher is the President
of Broadwood Capital, Inc. Broadwood Capital, Inc. shares voting power over and may be deemed
to beneficially own the shares of common stock owned by Broadwood. Mr. Bradsher shares voting
power over and may be deemed to beneficially own the shares of common stock owned by Broadwood. |
| (2) | Includes
5,079,316 shares of common stock consisting of (i) 2,509,066 shares of common stock, (ii)
150,093 shares of common stock underlying certain warrants, (iii) 157 shares of common stock
owned by Neal Bradsher, and (iv) 2,420,000 PIPE Shares. |
| (3) | The
shares that may be sold under this prospectus are comprised of 2,420,000 PIPE Shares. |
| (4) | The
shares of common stock are directly owned by Bigger Capital Fund, LP (“Bigger Capital”).
Michael Bigger, the managing member of Bigger Capital, may be deemed to beneficially own
the shares of common stock owned by Bigger Capital. The address of the principal business
office of Bigger Capital is 11700 West Charleston BLVD. #170-659, Las Vegas, NV, 89135. |
| (5) | Includes
257,167 shares of common stock consisting of 257,167 PIPE Shares |
| (6) | The
shares that may be sold under this prospectus are comprised of 257,167 PIPE Shares. |
| (7) | The
shares of common stock are directly owned by Bio-Rad Laboratories, Inc. (“Bio-Rad”).
Norman Schwartz has voting and investment control over the securities held by Bio-Rad and
may be deemed to beneficially own the shares of common stock owned by Bio-Rad. The address
of the principal business office of Bio-Rad is 1000 Alfred Nobel Dr., Hercules, California
94547. |
| (8) | Includes
1,200,109 shares of common stock consisting of 1,200,109 PIPE Shares |
| (9) | The
shares that may be sold under this prospectus are comprised of 1,200,109 PIPE Shares. |
| (10) | Includes
shares of common stock held by John P. Gutfreund, his minor children and Newtown Road 130
Holdings LLC (“Newtown”). Mr. Gutfreund is the managing member and a control
person of Newtown and may be deemed to beneficially own any securities directly owned by
Newtown. |
| (11) | Includes
431,433 shares of common stock, consisting of (i) 153,969 shares of common stock, (ii) 120,011
PIPE Shares, (iii) 49,625 shares of common stock underlying certain warrants, (iv) 68,578
PIPE Shares held by Mr. Gutfreund, (v) 35,750 shares of common stock held by Mr. Gutfreund,
(vi) 1,250 shares of common stock held for the benefit of the minor children of Mr. Gutfreund
and (vii) 2,250 shares of common stock underlying certain warrants held by Mr. Gutfreund. |
| (12) | The
shares that may be sold under this prospectus are comprised of 120,011 PIPE Shares. |
| (13) | The
shares of common stock are directly owned by Proactive Capital Partners, LP (“Proactive
Capital”). Jeffrey S. Ramson has voting and investment control over the securities
held by Proactive Capital and may be deemed to beneficially own the shares of common stock
owned by Proactive Capital. The address of the principal business office of Proactive Capital
is 950 3rd Avenue, Suite 2700, New York, N.Y. 10022. |
| (14) | Includes
34,289 shares of common stock consisting of 34,289 PIPE Shares |
| (15) | The
shares that may be sold under this prospectus are comprised of 34,289 PIPE Shares. |
| (16) | The
shares of common stock are directly owned by Iroquois Master Fund Ltd (“IMF”).
Kimberly Page has sole voting and dispositive power over the shares held by. As such, Ms.
Page may be deemed to be the beneficial owner of all shares of common stock held by IMF.
The address of the principal business office of IMF is 2 Overhill Road, Suite 400, Scarsdale,
NU 10583. |
| (17) | Includes
68,578 shares of common stock consisting of 68,578 PIPE Shares. |
| (18) | The
shares that may be sold under this prospectus are comprised of 68,578 PIPE Shares. |
| (19) | The
shares of common stock are directly owned by Iroquois Capital Investment Group LLC (“ICIG”).
Mr. Abbe exercises sole voting and dispositive power over the shares held by ICIG. As such,
Mr. Abbe may be deemed to be the beneficial owner of all shares of common stock held by ICIG.
The address of the principal business office of ICIG is 2 Overhill Road, Suite 400, Scarsdale,
NU 10583. |
| (20) | Includes
102,867 shares of common stock consisting of 102,867 PIPE Shares. |
| (21) | The
shares that may be sold under this prospectus are comprised of 102,867 PIPE Shares. |
| (22) | Includes
shares of common stock held by Special Situations Cayman Fund, L.P. (“Cayman”),
Special Situations Fund III QP, L.P. (“SSFQP”), AWM Investment Company, Inc.
(“AWM”), Special Situations Private Equity Fund, L.P. (“SSPE”) and
Special Situations Life Sciences Fund, L.P. (“SSLS”). AWM is the investment adviser
to Cayman and SSFQP. David Greenhouse and Adam Stettner are the principal owners of AWM.
Through their control of AWM, Messrs. Greenhouse and Stettner share voting and investment
control over the portfolio securities of each of Cayman and SSFQP. Messrs. Greenhouse and
Stettner disclaim any beneficial ownership of the reported shares other than to the extent
of any pecuniary interest in each of them may have therein. AWM is also the investment adviser
to SSPE and SSLS. The principal place of business for each of AWM, Cayman, SSFQP, SSPE, and
SSLS is 527 Madison Avenue, Suite 2600, New York NY 10022. |
| (23) | Includes
1,448,611 shares of common stock consisting of (i) 608,049 shares of common stock, (ii) 77,435
PIPE shares, (iii) 77,434 shares of common stock issuable upon the exercise of the Pre-Funded
Warrants, (iv) 117,261 shares of common stock underlying certain warrants, (v) 18,762 shares
of common stock underlying certain warrants held by SSPE, and (vi) 18,762 shares of common
stock underlying certain warrants held by SSLS, (vii) 265,454 PIPE shares held by SSFQP,
and (viii) 265,454 shares of common stock issuable upon the exercise of the Pre-Funded Warrants
held by SSFQP. |
| (24) | The
shares that may be sold under this prospectus are comprised of 77,435 PIPE Shares and 77,434
shares of common stock issuable upon the exercise of the Pre-Funded Warrants. |
| (25) | Includes
1,448,611 shares of common stock consisting of (i) 608,049 shares of common stock, (ii) 265,454
PIPE shares, (iii) 265,454 shares of common stock issuable upon the exercise of the Pre-Funded
Warrants, (iv) 117,261 shares of common stock underlying certain warrants, (v) 18,762 shares
of common stock underlying certain warrants held by SSPE, and (vi) 18,762 shares of common
stock underlying certain warrants held by SSLS, (vii) 77,435 PIPE shares held by Cayman,
and (viii) 77,434 shares of common stock issuable upon the exercise of the Pre-Funded Warrants
held by Cayman. |
| (26) | The
shares that may be sold under this prospectus are comprised of 265,454 PIPE Shares and 265,454
shares of common stock issuable upon the exercise of the Pre-Funded Warrants. |
| (27) | The
shares of common stock are directly owned by 3i, LP (“3i”). Maier Joshua Tarlow
is the manager of 3i Management, LLC, the general partner of 3i, and has sole voting control
and investment discretion over securities beneficially owned directly or indirectly by 3i
Management, LLC and 3i. The principal business address of 3i is 2 Wooster Street, 2nd Floor,
New York, NY 10013. 3i’s principal business is that of a private investor. |
| (28) | Includes
171,444 shares of common stock consisting of 171,444 PIPE shares. |
| (29) | The
shares that may be sold under this prospectus are comprised of 171,444 PIPE Shares. |
| (30) | Includes
shares of common stock held by James Stloff ttee Theodore Jeanl Satloff Trust u/a10/4/93
(“Theodore”), James Satloff ttee Emily U Satloff Family Trust u/e 3/25/93 (“Emily”),
James Stloff ttee Dustin Nathanial Satloff Trust u/a 6/1/93 (“Dustin Nathanial,”
and together with Theodore and Emily, the “Satloff Trusts”) and James Satloff.
James Satloff may be deemed to beneficially own the shares of common stock owned by the Satloff
Trusts. |
| (31) | Includes
425,756 shares of common stock, consisting of (i) 50,862 shares of common stock, (ii) 34,289
PIPE Shares, (iii) 50,862 shares of common stock held by Emily, (iv) 50,862 shares of common
stock held by Theodore, (v) 101,725 shares of common stock held by James Satloff, (vi) 34,289
PIPE Shares held by Emily, (vii) 34,289 PIPE Shares held by Theodore, and (viii) 68,578 PIPE
Shares held by James Satloff. |
| (32) | The
shares that may be sold under this prospectus are comprised of 34,289 PIPE Shares. |
| (33) | Includes
425,756 shares of common stock, consisting of (i) 50,862 shares of common stock, (ii) 34,289
PIPE Shares, (iii) 50,862 shares of common stock held by Emily, (iv) 50,862 shares of common
stock held by Dustin Nathanial, (v) 101,725 shares of common stock held by James Satloff,
(vi) 34,289 PIPE Shares held by Emily, (vii) 34,289 PIPE Shares held by Dustin Nathanial,
(viii) 68,578 PIPE Shares held by James Satloff. |
| (34) | The
shares that may be sold under this prospectus are comprised of 34,289 PIPE Shares. |
| (35) | Includes
425,756 shares of common stock, consisting of (i) 50,862 shares of common stock, (ii) 34,289
PIPE Shares, (iii) 50,862 shares of common stock held by Theodore, (iv) 50,862 shares of
common stock held by Dustin Nathanial, (v) 101,725 shares of common stock held by James Satloff,
(vi) 34,289 PIPE Shares held by Theodore, (vii) 34,289 PIPE Shares held by Dustin Nathanial,
(viii) 68,578 PIPE Shares held by James Satloff. |
| |
(36) |
The shares that may be sold
under this prospectus are comprised of 34,289 PIPE Shares. |
| |
(37) |
Includes 425,756 shares of
common stock, consisting of (i) 101,725 shares of common stock, (ii) 68,578 PIPE Shares, (iii) 50,862 shares of common stock held by
Theodore, (iv) 50,862 shares of common stock held by Dustin Nathanial, (v) 50,862 shares of common stock held by Emily, (vi) 34,289
PIPE Shares held by Theodore, (vii) 34,289 PIPE Shares held by Dustin Nathanial, (viii) 34,289 PIPE Shares held by Emily. |
| (38) | The
shares that may be sold under this prospectus are comprised of 68,578 PIPE Shares. |
| (39) | Includes
3,390 shares of common stock comprised of 3,390 PIPE Shares. |
| (40) | The
shares that may be sold under this prospectus are comprised of 3,390 PIPE Shares. |
| (41) | Includes
10,404 shares of common stock consisting of (i) 5,319 shares of common stock, and (ii) 5,085
PIPE Shares. |
| (42) | The
shares that may be sold under this prospectus are comprised of 5,085 PIPE Shares. |
| (43) | Includes
431,433 shares of common stock, consisting of (i) 35,750 shares of common stock, (ii) 68,578
PIPE Shares, (iii) 2,250 shares of common stock underlying certain warrants, (iv) 120,011
PIPE Shares held by Newtown, (v) 153,969 shares of common stock held by Newtown, (vi) 1,250
shares of common stock held for the benefit of the minor children of Mr. Gutfreund and (vii)
49,625 shares of common stock underlying certain warrants held by Newtown. |
| (44) | The
shares that may be sold under this prospectus are comprised of 68,578 PIPE Shares. |
| (45) | Includes
17,145 shares of common stock consisting of 17,145 PIPE Shares |
| (46) | The
shares that may be sold under this prospectus are comprised of 17,145 PIPE Shares. |
| (47) | Includes
109,934 shares of common stock consisting of (i) 75,645 shares of common stock, and (ii)
17,145 PIPE Shares. |
| (48) | The
shares that may be sold under this prospectus are comprised of 34,289 PIPE Shares. |
| (49) | Includes
136,850 shares of common stock consisting of (i) 102,952 shares of common stock, and (ii)
33,898 PIPE Shares. |
| (50) | The
shares that may be sold under this prospectus are comprised of 33,898 PIPE Shares. |
| (51) | Includes
62,014 shares of common stock consisting of (i) 36,298 shares of common stock, and (ii) 25,716
PIPE Shares |
| (52) | The
shares that may be sold under this prospectus are comprised of 25,716 PIPE Shares. |
PLAN
OF DISTRIBUTION
Each
selling stockholder of the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any
or all of their securities covered hereby on the Nasdaq Capital Market or any other stock exchange, market or trading facility on which
the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A selling stockholder may use
any one or more of the following methods when selling securities:
| ● |
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| ● |
block
trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block
as principal to facilitate the transaction; |
| ● |
purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
| ● |
an
exchange distribution in accordance with the rules of the applicable exchange; |
| ● |
privately
negotiated transactions; |
| ● |
settlement
of short sales; |
| ● |
in
transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated
price per security; |
| ● |
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
| ● |
a
combination of any such methods of sale; or |
| ● |
any
other method permitted pursuant to applicable law. |
The
selling stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available,
rather than under this prospectus.
Broker-dealers
engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA 2121.
In
connection with the sale of the securities or interests therein, the selling stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The selling stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
selling stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each selling stockholder has informed us that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
We
are required to pay certain fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify
the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.
We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the selling stockholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
us to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect
or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar
effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state
securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the selling stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the selling stockholders or any other person. We will make copies of this prospectus available to the selling stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
LEGAL
MATTERS
The
validity of the securities offered by this prospectus will be passed upon for us by Haynes and Boone, LLP, New York, New York.
EXPERTS
The
consolidated financial statements of Oncocyte Corporation as of and for the year ended December 31, 2023, incorporated by reference in
this registration statement and accompanying prospectus have been audited by Marcum LLP, an independent registered public accounting
firm, as stated in their report, which includes an explanatory paragraph as to the Company’s ability to continue as a going concern.
Such consolidated financial statements have been incorporated herein by reference in reliance on the report of such firm given upon
their authority as experts in accounting and auditing.
The
consolidated financial statements of Oncocyte Corporation as of and for the year ended December 31, 2022, incorporated by reference in
this registration statement and accompanying prospectus have been audited by WithumSmith+Brown, PC, independent registered public accounting
firm, as stated in their report. Such consolidated financial statements have been incorporated herein by reference in reliance on the
report of such firm given upon their authority as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the securities offered by this
prospectus. This prospectus, filed as part of the registration statement, does not contain all the information set forth in the registration
statement and its exhibits and schedules, portions of which have been omitted as permitted by the rules and regulations of the SEC. For
further information about us, we refer you to the registration statement and to its exhibits and schedules.
We
file annual, quarterly and current reports and other information with the SEC. The SEC maintains an internet website at www.sec.gov
that contains periodic and current reports, proxy and information statements, and other information regarding registrants that are
filed electronically with the SEC.
These
documents are also available, free of charge, through the Investors section of our website, which is located at www.oncocyte.com. Information
contained on our website is not incorporated by reference into this prospectus and you should not consider information on our website
to be part of this prospectus.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
SEC allows us to “incorporate by reference” the information we have filed with it, which means that we can disclose important
information to you by referring you to those documents. The information we incorporate by reference is an important part of this prospectus,
and later information that we file with the SEC will automatically update and supersede this information. We incorporate by reference
the documents listed below and any future documents (excluding information furnished pursuant to Items 2.02 and 7.01 of Form 8-K) we
file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this prospectus and prior
to the termination of the offering:
| ● |
Our
Annual Report on Form
10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 16, 2024; |
| |
|
| ● |
Our Quarterly Report on Form 10-Q, filed with the SEC
on May 15, 2024; |
| |
|
| ● |
Our
Current Reports on Form 8-K, filed with the SEC on April
11, 2024 and April
12, 2024; and |
| |
|
| ● |
The
description of our common stock contained in our Registration Statement on Form
8-A, filed on March 1, 2021, as updated by Exhibit 4.13 to our Annual Report on Form 10-K for the year ended December 31, 2023,
filed with the SEC on April 16, 2024, and any amendments or reports filed for the purpose of updating such description. |
All filings filed by us pursuant to the Exchange
Act, after the date of the initial filing of this registration statement and prior to the effectiveness of such registration statement
(excluding information furnished pursuant to Items 2.02 and 7.01 of Form 8-K) shall also be deemed to be incorporated by reference into
the prospectus.
You
should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to provide
you with different information. Any statement contained in a document incorporated by reference into this prospectus will be deemed to
be modified or superseded for the purposes of this prospectus to the extent that a later statement contained in this prospectus or in
any other document incorporated by reference into this prospectus modifies or supersedes the earlier statement. Any statement so modified
or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus. You should not assume
that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents
incorporated by reference in this prospectus.
5,419,788
Shares
COMMON
STOCK
PROSPECTUS
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