bioAffinity Technologies Reports Q2 2026 Financial Results with $3.4M Net Loss and 19% Revenue Growth

bioAffinity Technologies, Inc. reported its financial results for the second quarter and first half of 2026, revealing a net loss of approximately $3.4 million for the three months ended June 30, 2026, compared to a net loss of $4.1 million for the same period in 2025. For the six months ended June 30, 2026, the company recorded a net loss of about $7.0 million, slightly higher than the $6.7 million loss reported in the prior year. The company’s total revenue for the second quarter increased by 19% to $1.5 million, driven primarily by a significant rise in sales of its CyPath® Lung diagnostic test, which saw a 210% increase in revenue to $474,000.

In terms of operational metrics, bioAffinity Technologies reported a 216% growth in unit sales of the CyPath® Lung diagnostic test in the second quarter of 2026 compared to the same period in 2025. The number of physician offices and clinics ordering the test increased by 122% year-over-year. The company has also surpassed the total number of tests completed in all of 2025, delivering over 1,200 test reports to physicians by July 2026. However, total net revenue for the first half of 2026 decreased by 8% to approximately $2.9 million, primarily due to the discontinuation of certain unprofitable pathology services.

The company’s operating expenses for the second quarter rose to approximately $4.8 million, up from $3.8 million in the prior year, reflecting increased costs in clinical development and selling, general, and administrative expenses. Notably, clinical development expenses surged by 268% to $476,000, attributed to the opening of clinical trial sites and patient enrollment for a longitudinal clinical trial that began in March 2026. The company’s accumulated deficit reached approximately $75.6 million as of June 30, 2026, with cash and cash equivalents reported at $2.4 million.

Strategically, bioAffinity Technologies has made significant moves, including a public offering in June 2026 that raised approximately $3.2 million in gross proceeds. The company is also advancing its therapeutic discoveries and has activated 11 clinical sites for its CyPath® Lung trial, with financial support from the John P. Murtha Cancer Center Research Program. However, the company faces challenges, including a notice from Nasdaq regarding non-compliance with minimum bid price requirements, prompting an appeal to maintain its listing.

Looking ahead, bioAffinity Technologies acknowledges substantial doubt about its ability to continue as a going concern for at least the next twelve months, given its current cash position and ongoing losses. The company plans to seek additional capital through equity or debt financing to support its operations and product development. The management emphasizes the need for increased revenue from its diagnostic tests and therapeutic products to achieve profitability and sustain operations.