bioAffinity Technologies Reports 47% Revenue Decline and Increased Losses in Q2 2025

bioAffinity Technologies, Inc. reported a significant decline in financial performance for the second quarter of 2025, with net revenue of $1.27 million, down 47% from $2.40 million in the same period last year. For the first half of 2025, total revenue was $3.12 million, a decrease of 35% compared to $4.80 million in the first half of 2024. The company also experienced a net loss of $4.06 million for the quarter, compared to a loss of $2.11 million in the prior year, reflecting a 93% increase in losses. The accumulated deficit as of June 30, 2025, reached approximately $60.4 million.

The company’s operational metrics showed a notable shift, particularly in its customer base and revenue streams. The decline in revenue was attributed to reduced patient service fees, which fell to $2.51 million from $4.21 million year-over-year. The company’s laboratory services segment generated $1.27 million in revenue for the quarter, a decrease from $2.39 million in the previous year. The filing indicated that the company is still in the early stages of commercializing its CyPath® Lung diagnostic test, which is aimed at noninvasive lung cancer detection.

In terms of strategic developments, bioAffinity Technologies completed a public offering in May 2025, raising approximately $3.25 million in gross proceeds. This offering included the issuance of 10.16 million shares of common stock and warrants to purchase additional shares. The company also formed a new subsidiary, Precision Pathology Laboratory Services, LLC, in August 2023, to enhance its laboratory capabilities and expand its service offerings. The total number of common shares outstanding increased to 28.46 million as of June 30, 2025, up from 15.58 million at the end of 2024.

Operationally, the company reported a decrease in cash and cash equivalents, which fell to $802,835 from $1.11 million at the end of 2024. The total liabilities surged to $6.89 million, compared to $3.91 million at the end of the previous fiscal year, primarily due to the recognition of a warrant liability of approximately $3.97 million. The company’s employee headcount remained stable, but the filing indicated that ongoing operational challenges and the need for additional capital could impact future growth.

Looking ahead, bioAffinity Technologies expressed concerns regarding its ability to continue as a going concern, citing substantial doubt about its financial viability over the next twelve months without additional funding. The company plans to seek further capital through equity or debt securities, strategic partnerships, or grants to support its operations and development plans. The management's outlook remains cautious, emphasizing the need for increased revenue generation to sustain operations and fund ongoing research and development initiatives.