Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 111

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 111
---
 of lung cancer,
which could lead to increased survival, fewer unnecessary invasive 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 now own and operate the clinical anatomic and clinical pathology
laboratory. CyPath® Lung is offered for sale to physicians by PPLS.

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 expect to present our findings at conferences
and publish our research 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 year ended December 31, 2024 include:

●Consolidated
                                            revenue increased approximately 270% to $9.4 million as compared to $2.5 million for the year ended December
                                            31, 2023, primarily as a result of the acquisition of PPLS in September 2023.

●CyPath® Lung testing revenue increased approximately 1,400%
to $0.5 million as compared to $35 thousand for the year ended December 31, 2023, due to an increase in total test results delivered of
more than 600 for the current year.

●Raised
                                            approximately $6.9 million in gross proceeds from equity transactions to fund operating activities.

Recent
Financial Developments

Targeted
Strategic Actions

In
March 2025, we announced targeted strategic actions to improve financial
performance and accelerate the commercial growth of CyPath® Lung, taking steps to deliver approximately $4 million in annual cost
savings at our subsidiary PPLS, while increasing resources to expand CyPath® Lung sales in high-potential national markets. Specifically,
cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain pathology services
with suboptimal profit