Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 61

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 7
Chunk 61
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 under
development are designed to detect specific receptors in sputum that determine the effectiveness of new and emerging therapies for asthma
and COPD that have proved to effectively treat some but not all patients.

Through
our wholly owned subsidiary, OncoSelect® Therapeutics, LLC, we have conducted research that has led to discoveries and
advancement of novel cancer therapeutic approaches that specifically and selectively target cancer cells. We continue to advance research
and development for use of this technology for topical treatment of squamous cell skin cancer. We expect to present our findings at conferences
and publish our research in peer-reviewed journals in the near future. We intend to seek strategic partners to develop our therapeutic
discoveries which could result in broad-spectrum cancer treatments in the future.

Research
and optimization of our platform technologies are conducted in laboratories at our wholly owned subsidiary PPLS and leased laboratory
space at The University of Texas at San Antonio.

Current
Year Financial Highlights

Key
financial results for the nine months ended September 30, 2025, include:

    ●
    CyPath®
    Lung testing revenue increased approximately 86% to $619,000 as compared to $332,000 for the nine months ended September 30, 2024,
    due to an increase in total test results delivered to 775 for the nine months ended September 30, 2025.

    ●
    Sales
    of CyPath® Lung reached a record high in the third quarter of 2025, representing a 95% increase over the previous
    quarter. The increase reflects growing adoption by Veterans’ hospitals and market expansion in the mid-Atlantic region. In
    the first nine months of 2025, sales of CyPath® Lung rose 97% over the same period in 2024.

    ●
    The
    Company raised approximately $10.4 million in gross proceeds from equity transactions in the current quarter to fund operating activities.

    ●
    Primarily
    as a result of the Company’s targeted strategic actions to discontinue certain unprofitable pathology services, reduce costs
    through operational efficiency, and drive sales growth for CyPath® Lung, consolidated revenue decreased approximately
    36% to $4.6 million as compared to $7.2 million for the nine months ended September 30, 2024.

19

Recent
Developments

Financial
Results

On
November 5, 2025, the Company announced sales of CyPath® Lung saw consistent