Revenue Growth - Record revenue of $9.4 million in 2024, a 270% increase from $2.5 million in 2023[3] - Net revenue for 2024 reached $9,362,022, a significant increase from $2,532,499 in 2023, representing a growth of approximately 269%[21] - Anticipated total revenue for 2025 is projected to be between $6 million to $8 million, including $1 to $2 million from CyPath lung tests[4] Product Adoption - CyPath® Lung orders increased by approximately 1,400% compared to full-year 2023, indicating strong physician adoption[3] - The number of signed physician offices grew by over 300% in 2024, positioning the company for continued growth in 2025[3] Operating Expenses - Operating expenses for 2024 totaled $18.3 million, up from $10.5 million in 2023, reflecting expanded operations and increased marketing efforts[11] - Total operating expenses for 2024 were $18,315,467, up from $10,505,727 in 2023, indicating a rise of about 74%[21] - Selling, general and administrative expenses rose to $9,943,473 in 2024 from $6,790,654 in 2023, marking an increase of approximately 46%[21] Net Loss - Net loss for 2024 was $9.0 million, or $0.75 per share, compared to a net loss of $7.9 million, or $0.91 per share, in 2023[13] - Loss from operations increased to $(8,953,445) in 2024 compared to $(7,973,228) in 2023, reflecting a deterioration of approximately 12%[21] - Net loss for 2024 was $(9,039,831), compared to $(7,937,011) in 2023, which is an increase of about 14%[21] - Net loss per common share improved to $(0.75) in 2024 from $(0.91) in 2023, showing a reduction in loss per share by approximately 17%[21] Cash Position - Cash and cash equivalents decreased to $1.1 million as of December 31, 2024, down from $2.8 million in 2023[14] Research and Development - Research and development expenses remained relatively stable at $1,461,227 in 2024 compared to $1,467,936 in 2023, showing a slight decrease of about 0.5%[21] Clinical Trials and Patents - The FDA pivotal study protocol has been submitted for a clinical trial expected to enroll approximately 3,500 patients in 2025[8] - The company received a patent from the Japan Patent Office for its method using flow cytometry to predict lung disease[7] Economic Impact - The economic validation study indicated potential savings of $379 million for Medicare patients and $895 million for private insurance patients if CyPath® Lung is added to standard care[3] Interest Income and Expense - Interest income decreased to $17,610 in 2024 from $122,131 in 2023, a decline of about 86%[21] - Interest expense increased significantly to $(92,475) in 2024 from $(37,125) in 2023, representing an increase of approximately 149%[21] Shareholder Information - Weighted average common shares outstanding increased to 12,125,029 in 2024 from 8,747,509 in 2023, a rise of about 39%[21]
bioAffinity Technologies(BIAF) - 2024 Q4 - Annual Results