Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 36

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 36
---
 procedures, reduced patient anxiety, and lower medical costs.

Commercial
laboratory services, including CyPath® Lung, are performed at our wholly owned subsidiary PPLS which we acquired by purchasing
the assets of Village Oaks Pathology Services, P.A., a Texas professional association d/b/a Precision Pathology Services, that included
the CAP-accredited and CLIA-certified commercial laboratory it owned. We own and operate the clinical anatomic and clinical pathology
laboratory. CyPath® Lung is offered for sale to physicians by PPLS.

We continue to advance development our flow cytometry+AI platform for diagnostic
tests targeted at Chronic Obstructive Pulmonary Disease (COPD) and asthma. Diagnostics 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 six months ended June 30, 2025, include:

    ●
    CyPath®
    Lung testing revenue increased approximately 62% to $323,000 as compared to $199,000 for the six months ended June 30, 2024, due
    to an increase in total test results delivered of 169 for the six months ended June 30, 2025.

    ●
    Consolidated revenue decreased
    approximately 35% to $3.1 million as compared to $4.8 million for the six months ended June 30, 2024, 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.

    ●