Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 44

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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 Versus
    2024 

    2025  
    2024  
    $  
    % 
  
    Operating expenses: 

    Direct
    costs and expenses 
    $3,326,673  
    $4,421,309  
    $(1,094,636) 
     (25)%
  
    Research
    and development 
     1,009,347  
     1,070,569  
     (61,222) 
     (6)%
  
    Clinical
    development 
     410,943  
     194,127  
     216,816  
     112%
  
    Selling,
    general and administrative 
     6,876,551  
     7,023,311  
     (146,760) 
     (2)%
  
    Depreciation
    and amortization 
     381,177  
     452,005  
     (70,828) 
     (16)%
  
    Total
    operating expenses 
    $12,004,691  
    $13,161,321  
    $(1,156,620) 
     (9)%

Operating
expenses totaled approximately $12.0 million and $13.2 million during the nine 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 approximately $3.3 million and $4.4 million during the nine months
ended September 30, 2025 and 2024, respectively. The decrease of approximately $1.1 million for 2025 compared to 2024 was primarily attributable
to the targeted strategic actions which occurred in March 2025, aimed at streamlining operations and reducing costs related to our lab
operations.

Research
and Development Expenses

Our
research and development expenses consist primarily of expenditures for laboratory operations, preclinical and clinical studies, compensation,
and consulting costs.

Research
and development expenses totaled $1.0 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively. The
decrease of