Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 308

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 308
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Affinity Technologies’ revenue was generated
in three ways: (1) royalties from our diagnostic test, CyPath® Lung, (2) clinical
flow cytometry services provided to Village Oaks related to  CyPath® Lung test, and (3) CyPath®
Lung tests purchased by the U.S. Department of Defense (“DOD”) for an observational study, “Detection of Abnormal
Respiratory Cell Populations in Lung Cancer Screening Patients Using the CyPath® Lung Assay (NCT05870592),” and
research and development on using bronchoalveolar lavage fluid as a biological sample to assess cardiopulmonary function and exercise
performance in military personnel post-COVID-19 infection. The royalty income from CyPath® Lung and clinical flow cytometry
services income, beginning September 19, 2023, are related party income, and therefore, eliminated from consolidated net revenues. See
net revenue summarized in the table below.

    Year Ended December 31, 

    2024  
    2023 
  
    Patient service fees1 
    $8,175,670  
    $2,199,558 
  
    Histology service fees 
     1,103,751  
     272,660 
  
    Medical director fees 
     66,576  
     19,324 
  
    Department of Defense observational studies 
     8,654  
     19,442 
  
    Other revenues 
     7,371  
     21,515 
  
    Total net revenue 
    $9,362,022  
    $2,532,499 

    1
    Patient
    services fees includes direct billing for CyPath® Lung diagnostic test of approximately $516,000 and $35,000 for the years
    ended December 31, 2024 and 2023, respectively.

 57 

Operating
Expenses

    Year Ended  
    Change in 2024 

    December 31,  
    Versus 2023 

    2024  
    2023  
    $  
    % 
  
    Operating expenses: 

    Direct costs and expenses 
    $5,983,475  
    $1,740,884  
    $4,242,591  
     244%
  
    Research and development 
     1,461