Company: BIAF
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004915
Chunk: 89

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: DRS
Chunk 89
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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