bioAffinity Technologies, Inc. reported its financial results for the third quarter of 2025, revealing a net revenue of $1.45 million for the three months ending September 30, a decrease of approximately 38% compared to $2.35 million in the same period of 2024. For the nine months ending September 30, 2025, the company generated $4.57 million in revenue, down from $7.15 million in the prior year. The company’s operating expenses for the third quarter were $3.74 million, leading to a loss from operations of $2.29 million, compared to a loss of $1.97 million in the third quarter of 2024. The net loss for the quarter was $5.05 million, significantly higher than the $2.00 million loss reported in the same quarter last year.
The company experienced a notable increase in cash and cash equivalents, which rose to $7.67 million as of September 30, 2025, compared to $1.11 million at the end of 2024. This increase was primarily attributed to successful capital raises, including gross proceeds of approximately $13.4 million during the third quarter. The total assets of bioAffinity Technologies also grew to $11.55 million, up from $6.51 million at the end of 2024, reflecting the company’s strategic efforts to bolster its financial position.
In terms of operational developments, bioAffinity Technologies has been focusing on expanding its diagnostic capabilities. The company’s first diagnostic test, CyPath® Lung, is aimed at the early detection of lung cancer and is marketed through its subsidiary, Precision Pathology Laboratory Services, LLC. The company has also been developing its flow cytometry platform to enhance diagnostic tests for asthma and chronic obstructive pulmonary disease (COPD). The acquisition of Precision Pathology Services in September 2023 has allowed the company to consolidate additional revenue streams, including patient service fees and histology service fees.
Despite the challenges in revenue generation, bioAffinity Technologies has made significant strides in its operational metrics. The company reported a total of 3,466,260 shares of common stock outstanding as of September 30, 2025, following a reverse stock split. The company’s accumulated deficit increased to approximately $65.42 million, reflecting ongoing investments in research and development. Looking ahead, management has expressed concerns regarding the company’s ability to continue as a going concern without additional funding, as it anticipates continued losses and negative cash flows. The company plans to seek further capital through equity or debt securities to support its operations and development plans.
About bioAffinity Technologies, Inc.
bioAffinity Technologies develops noninvasive diagnostic tests for early lung cancer detection using flow cytometry and AI-driven analysis of sputum samples. Its flagship product, CyPath Lung, aims to improve diagnostic accuracy, reduce unnecessary invasive procedures, and support timely treatment. The company also explores therapeutic discoveries and operates a clinical laboratory, serving high-risk populations and healthcare providers worldwide in the growing cancer diagnostics market.
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