bioAffinity Technologies(BIAF) - 2025 Q3 - Quarterly Results

Revenue Performance - CyPath Lung testing revenue increased by 86% year over year for the first nine months of 2025, driven by higher test volumes and growing clinical adoption[3] - CyPath Lung testing revenue for Q3 2025 increased approximately 122% year over year, reflecting growth in physician adoption and total test results delivered[9] - Net revenue for the three months ended September 30, 2025, was $1,446,066, a decrease from $2,350,386 in the same period of 2024, representing a decline of approximately 38.4%[21] Operating Expenses - Operating expenses for Q3 2025 were $3.7 million, down 16% from $4.3 million in Q3 2024, due to lower direct costs related to laboratory operations[10] - Total operating expenses for the three months ended September 30, 2025, were $3,738,912, down from $4,324,250 in 2024, reflecting a reduction of about 13.5%[21] Net Loss - Net loss for Q3 2025 was $5.1 million, or $4.74 per share, compared to a net loss of $2.0 million, or $4.84 per share, for Q3 2024[11] - The net loss for the three months ended September 30, 2025, was $5,051,084, compared to a net loss of $2,000,840 in the same period of 2024, indicating an increase in losses of approximately 152.5%[21] - Net loss per common share, basic and diluted, was $(4.74) for the three months ended September 30, 2025, compared to $(4.84) in 2024, showing a minor improvement of approximately 2.1%[21] Cash Position - Cash and cash equivalents as of September 30, 2025, were $7.7 million, up from $1.1 million as of December 31, 2024[12] - The company raised approximately $10.4 million in gross proceeds from equity transactions in Q3 2025 to fund ongoing operations and growth initiatives[6] Research and Development - Research and development expenses increased by 20% year-over-year to $330,000, primarily due to expenditures for lab supplies and preclinical studies[16] - Research and development expenses increased to $330,589 for the three months ended September 30, 2025, compared to $274,497 in 2024, marking a rise of about 20.5%[21] Test Volume - The number of CyPath Lung tests processed increased by 97% in the first nine months of 2025 compared to the same period in 2024[3] Patent Portfolio - The company expanded its patent portfolio with a new U.S. patent protecting the diagnostic algorithm and test method used to detect lung cancer[3] Other Financial Metrics - Interest income for the three months ended September 30, 2025, was $1,088, down from $2,228 in 2024, a decrease of approximately 51.1%[21] - The change in fair value of warrants issued resulted in a loss of $(2,747,460) for the three months ended September 30, 2025, with no comparable figure in 2024[21] - The provision for income tax expense for the three months ended September 30, 2025, was $3,182, compared to $2,559 in 2024, indicating a slight increase of about 24.4%[21] - The weighted average common shares outstanding increased to 1,066,350 for the three months ended September 30, 2025, compared to 412,936 in 2024, reflecting a significant increase of approximately 158.5%[21] - The loss from operations for the three months ended September 30, 2025, was $(2,292,846), compared to $(1,973,864) in 2024, representing an increase in operational losses of about 16.2%[21]