Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 67

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 67
---
ology 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 

1 Patient 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.

Operating Expenses

    Three Months Ended  
    Change in 2025 

    March 31,  
    Versus 2024 

    2025  
    2024  
    $  
    % 
  
    Operating expenses: 

    Direct costs and expenses 
    $1,367,860  
    $1,573,441  
    $(205,581) 
     (13)%
  
    Research and development 
     367,386  
     393,639  
     (26,253) 
     (7)%
  
    Clinical development 
     138,353  
     48,960  
     89,393  
     183%
  
    Selling, general and administrative 
     2,452,549  
     2,185,944  
     266,605