Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 34

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 34
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 use of this technology for topical treatment of squamous cell skin cancer. We expect to present our findings at conferences
and publish our research in peer-reviewed journals in the near future. We intend to seek strategic partners to develop our therapeutic
discoveries which could result in broad-spectrum cancer treatments in the future.

Research
and optimization of our platform technologies are conducted in laboratories at our wholly owned subsidiary PPLS and leased laboratory
space at The University of Texas at San Antonio.

Current
Year Financial Highlights

Key
financial results for the nine months ended September 30, 2025, include:

    ●
    CyPath®
    Lung testing revenue increased approximately 86% to $619,000 as compared to $332,000 for the nine months ended September 30, 2024,
    due to an increase in total test results delivered to 775 for the nine months ended September 30, 2025.

    ●
    Sales
    of CyPath® Lung reached a record high in the third quarter of 2025, representing a 95% increase over the previous
    quarter. The increase reflects growing adoption by Veterans’ hospitals and market expansion in the mid-Atlantic region. In
    the first nine months of 2025, sales of CyPath® Lung rose 97% over the same period in 2024.

    ●
    The
    Company raised approximately $10.4 million in gross proceeds from equity transactions in the current quarter to fund operating activities.

    ●
    Primarily
    as a result of the Company’s targeted strategic actions to discontinue certain unprofitable pathology services, reduce costs
    through operational efficiency, and drive sales growth for CyPath® Lung, consolidated revenue decreased approximately
    36% to $4.6 million as compared to $7.2 million for the nine months ended September 30, 2024.

19

Recent
Developments

Financial
Results

On
November 5, 2025, the Company announced sales of CyPath® Lung saw consistent month-over-month and quarter-over-quarter
growth. Tests processed in October 2025 continue the upward trend with completed tests representing a 111% increase over the monthly
average for the first nine months of 2025. Third-quarter sales volume increased 95% over the prior quarter. Medical centers ordering
multiple CyPath® Lung tests increased 106% in the third-quarter compared to the prior quarter and increased by 67% in
October compared