Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 43

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 43
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 revenue streams have been consolidated. PPLS generates
three sources of revenue: (1) patient service fees, (2) histology service fees, and (3) medical director fees. The Company recognizes
as revenue the amount that reflects the consideration to which it expects to be entitled in exchange for goods sold or services rendered
primarily upon completion of the testing process (when results are reported) or when services have been rendered.

    For
                                            the Nine Months Ended September
                                            30, 

    2025  
    2024 
  
    Patient service
    fees1 
    $3,685,397  
    $6,259,806 
  
    Histology service fees 
     827,944  
     811,914 
  
    Medical director fees 
     51,171  
     50,136 
  
    Department of Defense observational
    studies 
     —  
     8,654 
  
    Other
    revenues 
     4,634  
     23,919 
  
    Total
    net revenue 
    $4,569,146  
    $7,154,429 

1
Patient services fees include direct billing for CyPath® Lung diagnostic tests and anatomical testing and pathology
services wholly unrelated to CyPath® Lung including those services discontinued due to unprofitability.

Consolidated
revenue decreased approximately $2.6 million, or 36%, to $4.6 million for the nine months ended September 30, 2025, as compared to $7.2
million for the nine months ended September 30, 2024, primarily as a result of the Company’s targeted strategic actions to discontinue
certain unprofitable pathology services and drive sales growth for CyPath® Lung. CyPath® Lung testing revenue
increased approximately $287,000, or 86%, to $619,000 for the nine months ended September 30, 2025, compared to $332,000 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,