OTC:BICX
BioCorRx Inc.
A biotech company with significant cash burn and minimal recent revenue that relies heavily on financing inflows to sustain operations.
Key Metrics
Investment Thesis
Bull Case
Investors might consider this stock for speculative biotech exposure, given the substantial paid-in capital that has shielded operations so far and the potential for a breakthrough product to reverse the current negative earnings trajectory.
Bear Case
The investment case is weak due to an inability to generate revenue, a deepening retained earnings deficit, and heavy reliance on external financing to cover operating expenses and interest costs in a market with shrinking sales figures.
About BioCorRx Inc.
BioCorRx Inc. (BICX) is a biotechnology firm focused on developing innovative therapeutic solutions, primarily operating in the specialized pharmaceutical research sector with limited current revenue generation.
Analysis
Management Discussion
Management has successfully secured $1.1M in financing cash flow to offset operations-driven cash burn of -$1.1M, but the company continues to accumulate significant losses with no accounts receivable and a deteriorating revenue trend over the last three years.
Industry Overview
The biotechnology industry is capital-intensive and volatile, requiring significant upfront investment in R&D before commercialization, which mirrors BioCorRx's current stage of high expenditure with minimal return on investment.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $213.8K | $89.2K | $7.7K |
| Cost of Revenue | $18.9K | $36.0K | $1.7K |
| Gross Profit | $194.9K | $53.2K | $6.0K |
| Operating Expenses | $4.9M | $3.9M | $5.1M |
| Operating Income | $-4.7M | $-3.8M | $-5.1M |
| R&D | $1.5M | $891.1K | $1.5M |
| G&A | $3.4M | $2.9M | $3.6M |
| Stock-Based Comp | $354.5K | $277.1K | $229.6K |
| D&A | $27.4K | $26.8K | $33.1K |
| Depreciation | — | $25.6K | $32.0K |
| Other OpEx | $42.7K | $110.8K | $-43.9K |
| Non-Operating Income | $321.2K | $17.3K | $-89.6K |
| Interest Expense | $151.0K | $194.0K | $776.8K |
| Pre-Tax Income | $-4.4M | $-3.8M | $-5.2M |
| Income Tax | $0 | $0 | $0 |
| Continuing Ops | $-4.4M | $-3.8M | $-5.2M |
| Discontinued Ops | $8.8M | $0 | $0 |
| Net Income | $4.4M | $-3.8M | $-5.2M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $4.4M | $-3.8M | $-5.2M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $316.9K | $187.1K | $118.0K |
| Accounts Receivable | — | $740 | $0 |
| Other Current Assets | — | $186.4K | $118.0K |
| Long-Term Assets | $449.7K | $201.8K | $267.9K |
| PP&E (Net) | $76.6K | $50.9K | $19.0K |
| Operating Leases | $270.4K | $97.3K | $199.2K |
| LT Investments | $44.5K | — | — |
| Other LT Assets | $58.2K | $53.5K | $49.8K |
| Total Assets | $766.6K | $388.9K | $385.9K |
| Current Liabilities | $5.4M | $6.4M | $8.2M |
| Accounts Payable | $2.0M | $2.5M | $3.0M |
| Current Leases | $134.3K | $122.7K | $40.1K |
| Other Current Liab | $3.2M | $3.8M | $5.1M |
| Long-Term Liabilities | $3.6M | $3.9M | $4.5M |
| LT Operating Leases | $181.3K | $10.9K | $159.1K |
| Other LT Liab | $3.4M | $3.9M | $4.4M |
| Total Liabilities | $9.0M | $10.3M | $12.7M |
| Shareholders' Equity | $-8.2M | $-10.0M | $-12.4M |
| Paid-In Capital | $66.1M | $68.1M | $71.0M |
| Retained Earnings | $-74.3M | $-78.1M | $-83.2M |
| Total L&E | $766.6K | $388.9K | $385.9K |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $4.4M | $-3.8M | $-5.2M |
| Non-Cash Adjustments | $-7.1M | $1.4M | $2.8M |
| Working Capital Changes | $645.3K | $515.4K | $1.4M |
| Cash from Operations | $-2.0M | $-1.9M | $-1.1M |
| Capital Expenditures | $0 | — | — |
| Cash from Investing | $0 | $0 | $0 |
| Cash from Financing | $2.0M | $1.8M | $1.1M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-17.2K | $-3.4K | $22.8K |
| Beginning Cash | $85.8K | $68.6K | $65.2K |
| Ending Cash | $68.6K | $65.2K | $88.0K |
Frequently Asked Questions
How does BioCorRx Inc. make money?
The company's financial structure suggests a primary segment in early-stage drug discovery or R&D, characterized by substantial operating expenses ($5.1M) including $1.5M in research and development, alongside negligible revenue from continuing operations.
What are the main risks for BICX?
The company faces severe liquidity risks with a massive accumulated deficit ($-83.2M) and negative net profit (-$5.2M), limited revenue growth showing a decline from $0.2M in 2022 to zero in 2024, and high debt obligations represented by total liabilities of $12.7M against minimal current assets.
What is BICX's competitive advantage?
The firm leverages significant paid-in capital ($71.0M) to fund high-risk, high-reward pipeline development and maintains a large asset base of long-term operating lease assets ($199M), indicating strategic facility positioning for future expansion.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.