Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016927
Chunk: 94

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 94
---
 cease operations altogether, or file for bankruptcy.

Results of Operations

Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024

Net loss for the three months ended March 31, 2025, was approximately $2.7 million, compared to a net loss of approximately $2.0 million for the three months ended March 31, 2024.

Revenue

Since acquisition of the clinical pathology laboratory on September 19, 2023, additional revenue streams have been consolidated. PPLS generates three sources of revenue: (1) patient service fees, (2) histology service fees, and (3) medical director fees. The Company recognizes as revenue the amount that reflects the consideration to which it expects to be entitled in exchange for goods sold or services rendered primarily upon completion of the testing process (when results are reported) or when services have been rendered.

|                                             |     | For the Three Months Ended 
 March                      
 31,                        |      2025 |     |   |      2024 |
|:--------------------------------------------|:----|:---------------------------|----------:|:----|:--|----------:|
| Patient service fees1                       |     | $                          | 1,570,382 |     | $ | 2,149,049 |
| Histology service fees                      |     |                            |   263,754 |     |   |   237,972 |
| Medical director fees                       |     |                            |    16,588 |     |   |    16,058 |
| Department of Defense observational studies |     |                            |         — |     |   |     2,885 |
| Other revenues                              |     |                            |     2,873 |     |   |       427 |
| Total net revenue                           |     | $                          | 1,853,597 |     | $ | 2,406,391 |

1Patient services fees include direct billing for CyPath ®Lung diagnostic test of approximately $169,000 and $45,000 for the three months ended March 31, 2025 and 2024, respectively.

Net revenue totaled approximately $1.9 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively. The decrease is attributable to discontinuing certain unprofitable pathology services to focus on high-margin services such as our diagnostic test, CyPath ®Lung