Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 71

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 7
Chunk 71
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 for the nine
months ended September 30, 2024, as a result of a total of 775 test results delivered for the nine months ended September 30, 2025, compared
to 393 tests for the nine months ended September 30, 2024.

Operating
Expenses

    Nine
    Months Ended  
    Change
    in 2025 

    September
    30,  
    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