bioAffinity Technologies Reports $1.85 Million Revenue and $2.66 Million Net Loss for Q1 2025

bioAffinity Technologies, Inc. reported a net revenue of approximately $1.85 million for the three months ended March 31, 2025, a decrease of 23% compared to $2.41 million for the same period in 2024. The decline in revenue is attributed to the company's strategic decision to discontinue certain unprofitable pathology services while focusing on its high-margin diagnostic test, CyPath® Lung. Despite the overall revenue drop, the company saw a significant increase in CyPath® Lung testing revenue, which rose approximately 275% to $169,000, driven by a 200% increase in total test results delivered.

Operating expenses for the first quarter of 2025 totaled approximately $4.48 million, a slight increase from $4.35 million in the prior year. The rise in expenses was primarily due to a 12% increase in selling, general, and administrative costs, which reached $2.45 million, reflecting additional personnel and support services to enhance sales of CyPath® Lung. Research and development expenses decreased by 7% to $367,000, while clinical development costs surged by 183% to $138,000, reflecting increased professional fees related to the company's clinical strategy.

The company reported a net loss of approximately $2.66 million for the first quarter of 2025, compared to a net loss of $1.96 million in the same quarter of 2024. This loss was exacerbated by increased operational costs and a decrease in overall revenue. As of March 31, 2025, bioAffinity Technologies had an accumulated deficit of approximately $56.3 million and cash and cash equivalents of $0.4 million, raising concerns about its ability to continue as a going concern. The company has indicated that it will need to raise additional capital to support its operations and development plans.

In terms of strategic developments, bioAffinity Technologies completed a public offering on May 7, 2025, raising approximately $3.25 million in gross proceeds. This offering included 10,156,250 shares of common stock and warrants to purchase additional shares. The company also announced plans to increase the list price of CyPath® Lung to $2,900 from $1,900, following an evaluation of reimbursement provisions with private insurance carriers. Furthermore, the company is actively seeking to expand its commercialization efforts and improve financial performance through targeted cost-saving measures.

Looking ahead, bioAffinity Technologies anticipates that it will continue to incur significant losses as it develops its diagnostic tests and therapeutic products. The company has expressed substantial doubt about its ability to continue as a going concern for at least the next twelve months, contingent on its ability to generate revenue and secure additional financing. The management is focused on raising capital through equity or debt securities and exploring strategic partnerships to support its ongoing operations and growth initiatives.