I does look like a very surprising loss, if accurate, but obviously those are de rigueur in biotech even for testing companies. Invitae's 2018 loss was $128 million (but at that point they were likely generating much greater revenue than IncellDx).

Anyway, it's hard to say what would be truly excessive depending on IncellDx's growth projections and what they are spending cash on to get to those targets but it is a much bigger number than I would expect. And of course, Cytodyn is on pace to lose $175 million this year so the streets are filled with blood all around.