Oncocyte Reports Successful 2024; Sets Stage for 2025 Catalysts Q4 2024 revenue of $1.5 million in pharma services; full year revenue of $1.9 million GraftAssure RUO assay launched July 2024 Signed strategic partner and

Reports Successful 2024; Sets Stage for 2025 Catalysts

Calif., March 24, 2025 (GLOBE NEWSWIRE) - Oncocyte Corp. (Nasdaq: OCX), a diagnostics technology company, today published the following

letter to shareholders in conjunction with its fourth quarter results:

Our dynamic team is making swift progress toward delivering a regulated organ transplant rejection monitoring test kit to

the market next year. To be clear, this test kit is the assay that we expect can generate future material and self-sustaining revenue

within a few years. In 2024, we began to drive commercial awareness of our tests and capture market share in the estimated $1 billion

total addressable transplant rejection testing market.

our November 2024 update, our confidence in the transplant opportunity has grown in line with the enthusiasm we see among leading transplant

centers to participate in our clinical trial as part of our FDA submission. With the clinical trial agreement process already underway,

we are eager to name these globally recognized and well-respected institutions in the coming weeks.

expect that our clinical trial will be conducted at several leading U.S. transplant centers and a leading transplant research institution

in Europe, reinforcing the global credibility of our approach. We are sincerely impressed by the demand that we see among transplant

centers to become part of our clinical trial. Their strong interest has exceeded our expectations, underscoring the need for localized

and reliable testing solutions.

recap the significance of this trial, in January 2023, when we first decided to commercialize our transplant intellectual property (IP)

by designing a kitted test, we essentially planted a flag that said we would put our assay through the approval processes of the FDA

and its EU equivalent. This decision was significant because in the U.S., we estimate that most complex molecular diagnostics tests are

run without FDA authorization and are instead performed in siloed, centralized labs. Moreover, these North American lab tests

are not easily accessible to hospitals in the rest of the world. Regulatory authorization is a key step toward achieving our mission

to democratize access to these important tests. With regulatory authorization, we anticipate selling test kits to hospital labs, thereby

empowering hospitals to run the tests themselves to expediently deliver actionable results.

is our belief that if we do the hard work of designing a lab test in kitted form, and achieving regulatory authorization, we will not

only democratize access to these tests - thus bringing care closer to the patient and helping hospitals to operate more sustainably

- but also create a rapidly growing, high-margin, recurring business model.

December 5, 2024, we had our first meeting with the FDA. We were pleased with the collaborative nature of the discussion and our reviewers'

feedback. As we continue to develop our kitted product technology alongside our clinical trial, we are targeting submission to the FDA

by the end of this year, followed by FDA authorization in 2026.

our research-use-only version of the transplant assay, which has been in the field since July, has generated invaluable feedback

from leading transplant center labs, allowing us to refine the product for an enhanced user experience. These collaborations continue

to build momentum, increasing awareness within the transplant community and reinforcing the potential for clinical use of digital PCR

technology for transplant rejection testing.

is at a pivotal stage in commercializing what we expect to be an industry-transforming organ transplant rejection monitoring test. We

aim to deliver proven, more affordable, faster tests that can be run at local labs.

we are developing a kitted test that quantifies a molecular biomarker known as donor-derived cell-free DNA (dd-cfDNA). Our scientists

in Germany and the U.S. have played a critical role over the past decade in developing the science that helped establish dd-cfDNA as

a trusted biomarker1 of transplant rejection, and we are now commercializing that technology using a market disruptive approach.

goal is to enable transplant centers to use our kits to capture the potential patient benefit of a rapid response time and the business

benefit of generating laboratory revenue by running the test. In addition to designing a laboratory test in kitted form, our assay uses

a digital-PCR workflow that we believe offers distinct advantages over assays run on Next-Generation Sequencing (NGS) technology.

expect meaningful revenue in transplant rejection testing after we have reached the clinical in-vitro diagnostic (IVD2) stage

of our kitted product development. In the meantime, we believe that customers who are now adopting GraftAssure test kits for research

use are motivated in part by the eventual opportunity to use our IVD kits to measure this biomarker in their own labs.

also can run our clinical-use assay, VitaGraftTM, at our clinical lab in Nashville, Tenn. We received Medicare reimbursement

for the test run at our lab in August 2023.

back: 2024 Highlights

launched the research version of our kitted transplant assay in July 2024: Bringing research centers online with our GraftAssure

RUO assay was a key part of our land-and-expand strategy to drive commercial adoption of our tests. This also was an important step toward

capturing market share in an estimated $1 billion global total addressable market for transplant rejection testing. In 2H 2024, we signed

leading transplant centers in the U.S. and Germany, as well as the UK, Switzerland, Austria, and Southeast Asia. Within six months of

launch, transplant centers representing about 9% of German transplant volumes and about 2% of U.S. transplant volumes had signed on to

use GraftAssure RUO in its early launch phase.

claims expansion for transplant rejection monitoring: In January 2025, we announced that Medicare coverage for our assay expanded

following a study showing that monitoring with Oncocyte's assay significantly reduces time to rejection diagnosis in patients with

newly developed donor-specific antibodies (DSA). The Molecular Diagnostics program (MolDX) confirmed the use of VitaGraft Kidney to monitor

patients with newly developed donor-specific antibodies (dnDSA+) for antibody-mediated rejection (AMR). This achievement followed the

publication of a groundbreaking study demonstrating VitaGraft Kidney's ability to detect AMR in dnDSA+ patients up to 11

months earlier than the current standard of care. Early detection of transplant rejection is growing in significance as novel therapeutic

treatments show promising early results in treating antibody mediated rejection. Indeed, leveraging our clinical assay in our laboratories

to support data generation is a key lever in our strategy that increases the market potential for our kitted product.

a key strategic partner and investor: In April 2024, we welcomed Bio-Rad Laboratories (NYSE: BIO) as a strategic investor and partner.

Bio-Rad subsequently invested in Oncocyte two additional times. Bio-Rad now is a top shareholder, holding approximately 9.66% of Oncocyte's

outstanding shares as of today. In addition to its equity investments, Bio-Rad has pledged to provide valuable financial support for

the upcoming clinical trial and further commercialization assistance, underscoring the depth of its strategic partnership with Oncocyte.

the science of transplant and oncology, with favorable data published in:

a productive first meeting with the FDA: As noted above, one of our most significant milestones was our pre-submission meeting with

the FDA on December 5, 2024. At that meeting, we received valuable feedback regarding their expectations for marketing authorization

of our kitted clinical tests. The FDA clarified that we may proceed using the de novo pathway rather than a 510(k) submission. We view

this as a meaningful accomplishment - it establishes a new device category for our kitted test and reinforces the uniqueness and

potentially large clinical value of our technology. We are in continuous dialogue with the FDA with the next meeting scheduled in the

funded our clinical assay development and streamlined our capital structure: From January 2023 until March 2025, we raised $57 million

in equity from new and existing investors. This includes the $29 million from our February 2025 registered direct offering and concurring

private placement, in which our five largest shareholders, including Bio-Rad, led the funding round. We expect the offering proceeds

to fully fund the development of our transplant assay program through FDA authorization. Also in 2024, we redeemed all remaining shares

of our Series A Redeemable Convertible Preferred Stock - positioning us favorably with a streamlined capital structure ahead of

a growth inflection point.

our team: In June 2024, in preparation for the next several years of sustained, rapid growth, we welcomed Andrea James as Chief Financial

Officer. She has a proven track record of guiding financial strategy through multiple phases of growth, raising and stewarding capital,

and building relationships with high quality institutional investors. In January 2025, we appointed Dr. Paul Billings as Consulting Chief

Medical Officer. Dr. Billings is a recognized pioneer in genomics and precision medicine with over 40 years of experience spanning academia,

government, and the biotechnology industry, including as Chief Medical Officer at Natera, Inc., during the commercialization phase of

its blood test for kidney transplant rejection as well as its cancer blood test that can identify minimal residual disease. He also has

been an advisor or a physician leader with Laboratory Corporation of America Holdings, Quest Diagnostics, Life Technologies Corp, Johnson

& Johnson, and Thermo Fisher Scientific, contributing to transformative advances in molecular medicine. Dr. Billings has substantial

experience in commercializing novel assays in precision medicine. He will provide key regulatory and reimbursement support and assist

with business development efforts and strategic partnerships.

believe that our market opportunity is promising, and that we must continue to focus and execute. As the market shifts away from centralized

testing, our easy-to-use technology positions us to potentially lead the transition to decentralized, in-lab diagnostics.

with favorable data expected later this year regarding our transplant assay, we anticipate further validation of our assay's performance,

which we believe will be instrumental in driving adoption and securing payer support.

three major goals this year:

the above immediate regulatory and product development objectives, we are preparing for a broader industry shift in transplant care.

By 2028, we expect localized, real-time monitoring to become the standard of care, and we believe that we are well-positioned to capture

an outsized share of this evolving and growing market.

enthusiasm we have seen from transplant centers, patient advocates, and industry partners reinforces our belief that we are building

something transformative. We remain confident that the next few years will define the future of transplant diagnostics and solidify our

leadership in this space.

Oncocyte Management Team

2024 Financial Overview