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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Shareholders' Equity | 10. Shareholders’ Equity Preferred Stock Oncocyte is authorized to issue 5,000,000 shares of no par value preferred stock. As of March 31, 2021, no preferred shares were issued or outstanding. Common Stock Oncocyte has 150,000,000 shares of common stock, no par value, authorized. As of March 31, 2021 and December 31, 2020, respectively, Oncocyte had 88,914,128 and 69,116,802 shares of common stock issued and outstanding. Common Stock Purchase Warrants As of March 31, 2021, Oncocyte had an aggregate of 3,135,662 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 October 17, 2029. 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 2017 Bank Warrants and 2019 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. Oncocyte has considered the guidance in ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock, 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. Reconciliation of Changes in Shareholders’ Equity The following tables show changes in components of shareholders’ equity for the three months ended March 31, 2021 (unaudited and in thousands).
|  | Common Stock |  |  | Accumulated Other Comprehensive |  |  | Accumulated |  |  | Total Shareholders’ |
|  | Shares |  |  | Amount |  |  | Loss |  |  | Deficit |  |  | Equity |
BALANCE AT JANUARY 1, 2021 |  |  | 69,117 |  |  | $ | 157,160 |  |  | $ | - |  |  | $ | (123,677) |  |  | $ | 33,483 |
Net loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3,919) |  |  |  | (3,919) |
Stock-based compensation |  |  | - |  |  |  | 1,290 |  |  |  | - |  |  |  | - |  |  |  | 1,290 |
Sale of common shares, including at-the-market transactions |  |  | 18,427 |  |  |  | 71,746 |  |  |  | - |  |  |  | - |  |  |  | 71,746 |
Financing costs paid to issue common shares, including at-the-market transactions |  |  | - |  |  |  | (2,878) |  |  |  | - |  |  |  | - |  |  |  | (2,878) |
Exercise of stock options |  |  | 140 |  |  |  | 348 |  |  |  | - |  |  |  | - |  |  |  | 348 |
Exercise of warrants |  |  | 248 |  |  |  | 802 |  |  |  | - |  |  |  | - |  |  |  | 802 |
Issuance of common stock to Razor Genomics |  |  | 982 |  |  |  | 5,756 |  |  |  | - |  |  |  | - |  |  |  | 5,756 |
BALANCE AT MARCH 31, 2021 |  |  | 88,914 |  |  | $ | 234,224 |  |  | $ | - |  |  | $ | (127,596) |  |  | $ | 106,628 |
The following table shows changes in components of shareholders’ equity for the three months ended March 31, 2020 (unaudited and in thousands).
|  | Common Stock |  |  | Accumulated Other Comprehensive |  |  | Accumulated |  |  | Total Shareholders’ |
|  | Shares |  |  | Amount |  |  | Loss |  |  | Deficit |  |  | Equity |
BALANCE AT JANUARY 1, 2020 |  |  | 57,032 |  |  | $ | 124,583 |  |  | $ | - |  |  | $ | (93,745) |  |  | $ | 30,838 |
Net loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,732) |  |  |  | (7,732) |
Stock-based compensation |  |  | - |  |  |  | 937 |  |  |  | - |  |  |  | - |  |  |  | 937 |
Sale of common shares |  |  | 3,523 |  |  |  | 7,597 |  |  |  | - |  |  |  | - |  |  |  | 7,597 |
Financing costs paid to issue common shares |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | (1) |
Shares issued upon vesting of RSU, net of shares retired to pay employees’ taxes |  |  | 13 |  |  |  | (14) |  |  |  | - |  |  |  | - |  |  |  | (14) |
Issuance of common stock for Insight Genetics acquisition |  |  | 1,916 |  |  |  | 5,000 |  |  |  | - |  |  |  | - |  |  |  | 5,000 |
BALANCE AT MARCH 31, 2020 |  |  | 62,484 |  |  | $ | 138,102 |  |  | $ | - |  |  | $ | (101,477) |  |  | $ | 36,625 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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