Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 5

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 7
Chunk 5
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    Medical director fees 
     16,588  
     16,058 
  
    Department of Defense observational studies 
     —  
     2,885 
  
    Other revenues 
     2,873  
     427 
  
    Total net revenue 
    $1,853,597  
    $2,406,391 

1 Patient services fees include direct
billing for CyPath® Lung diagnostic test of approximately $169,000 and $45,000 for the three months ended March 31, 2025
and 2024, respectively.

Net
revenue totaled approximately $1.9 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively. The decrease
is attributable to discontinuing certain unprofitable pathology services to focus on high-margin services such as our diagnostic test,
CyPath® Lung.

Operating Expenses

    Three Months Ended  
    Change in 2025 

    March 31,  
    Versus 2024 

    2025  
    2024  
    $  
    % 
  
    Operating expenses: 

    Direct costs and expenses 
    $1,367,860  
    $1,573,441  
    $(205,581) 
     (13)%
  
    Research and development 
     367,386  
     393,639  
     (26,253) 
     (7)%
  
    Clinical development 
     138,353  
     48,960  
     89,393  
     183%
  
    Selling, general and administrative 
     2,452,549  
     2,185,944  
     266,605  
     12%
  
    Depreciation and amortization 
     154,588  
     149,637  
     4,951  
     3%
  
    Total operating expenses 
    $4,480,736  
    $4,351,621  
    $129,115  
     3%

Operating expenses totaled
approximately $4.5 million and $4.4 million for the three months ended March 31, 2025 and 2024, respectively. The increase in
operating expenses is the result of the following factors:

Direct costs and expenses

Our direct