Company: BIAF
Filing Date: 2025-05-07
Form Type: 424B4
Source: 0001641172-25-008977
Chunk: 86

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-07
Form: 424B4
Chunk 86
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 Ended December 31, 2023

Our results of operations have varied significantly from year to year and quarter to quarter and may vary significantly in the future. Net loss for 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                              |     |                    |