Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 40

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 40
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 targeted strategic actions to discontinue
certain unprofitable pathology services and drive sales growth for CyPath® Lung. CyPath® Lung testing revenue
increased approximately $63,000, or 47%, to $296,000 for the three months ended September 30, 2025, compared to $133,000 for the three
months ended September 30, 2024, as a result of a total of 385 test results delivered for the three months ended September 30, 2025,
compared to 172 tests for the three months ended September 30, 2024.

Operating
Expenses

    Three
    Months Ended  
    Change
    in 2025 

    September
    30,  
    Versus
    2024 

    2025  
    2024  
    $  
    % 
  
    Operating expenses: 

    Direct
    costs and expenses 
    $942,211  
    $1,440,158  
    $(497,947) 
     (35)%
  
    Research
    and development 
     330,589  
     274,497  
     56,092  
     20%
  
    Clinical
    development 
     143,311  
     93,705  
     49,606  
     53%
  
    Selling,
    general and administrative 
     2,209,441  
     2,364,592  
     (155,151) 
     (7)%
  
    Depreciation
    and amortization 
     113,360  
     151,298  
     (37,938) 
     (25)%
  
    Total
    operating expenses 
    $3,738,912  
    $4,324,250  
    $(585,338) 
     (14)%

Operating
expenses totaled approximately $3.7 million and $4.3 million during the three months ended September 30, 2025 and 2024, respectively.
The decrease in operating expenses is the result of the following factors:

Direct
costs and expenses

Our
direct costs and expenses are primarily direct labor for pathology services, laboratory supplies and reagents, laboratory equipment,
and allocated shared facilities. Direct costs and expenses totaled $0.9 million and $1.4