Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 243

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 243
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 the year ended December 31, 2024 was approximately $9.0 million, compared to a net loss of approximately $7.9 million for the
year ended December 31, 2023, resulting from the operational activities described below.

Revenue

Post-acquisition,
additional revenue streams have been generated starting September 19, 2023. PPLS generates three sources of revenue: (1) patient service
fees, (2) histology service fees, and (3) medical director fees. Pre-acquisition, bioAffinity Technologies’ revenue was generated
in three ways: (1) royalties from our diagnostic test, CyPath® Lung, (2) clinical
flow cytometry services provided to Village Oaks related to  CyPath® Lung test, and (3) CyPath®
Lung tests purchased by the U.S. Department of Defense (“DOD”) for an observational study, “Detection of Abnormal
Respiratory Cell Populations in Lung Cancer Screening Patients Using the CyPath® Lung Assay (NCT05870592),” and
research and development on using bronchoalveolar lavage fluid as a biological sample to assess cardiopulmonary function and exercise
performance in military personnel post-COVID-19 infection. The royalty income from CyPath® Lung and clinical flow cytometry
services income, beginning September 19, 2023, are related party income, and therefore, eliminated from consolidated net revenues. See
net revenue summarized in the table below.

    Year Ended December 31, 

    2024  
    2023 
  
    Patient service fees1 
    $8,175,670  
    $2,199,558 
  
    Histology service fees 
     1,103,751  
     272,660 
  
    Medical director fees 
     66,576  
     19,324 
  
    Department of Defense observational studies 
     8,654  
     19,442 
  
    Other revenues 
     7,371  
     21,515 
  
    Total net revenue 
    $9,362,022  
    $2,532,499 

    1
    Patient
    services fees includes direct billing for CyPath® Lung diagnostic test of approximately $516,000 and $35,000 for the years
    ended December 31, 2024 and 2023, respectively.