Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 39

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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 us when needed in order to allow us to continue our operations
or, if available, on terms acceptable to us. If we do not raise sufficient funds in a timely manner, we may be forced to curtail operations,
delay our clinical trials, cease operations altogether, or file for bankruptcy.

21

Results
of Operations

Three
Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2024

Net
loss for the three months ended September 30, 2025, was approximately $5.1 million, compared to a net loss of approximately $2.0 million
for the three months ended September 30, 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 September
                                            30, 

    2025  
    2024 
  
    Patient service
    fees1 
    $1,172,948  
    $2,049,851 
  
    Histology service fees 
     255,586  
     281,861 
  
    Medical director fees 
     17,274  
     16,943 
  
    Department of Defense observational
    studies 
     —  
     1,731 
  
    Other
    revenues 
     258  
     — 
  
    Total
    net revenue 
    $1,446,066  
    $2,350,386 

1
Patient services fees include direct billing for CyPath® Lung diagnostic tests as well as anatomical tests and pathology
services unrelated to CyPath® Lung including services discontinued due to unprofitability.

Consolidated
revenue decreased approximately $0.9 million, or 38%, to $1.5 million for the three months ended September 30, 2025, as compared to $2.4
million for the three months ended September 30, 2024, primarily as a result of the Company’s