bioAffinity Technologies(BIAF) - 2025 Q4 - Annual Results

Revenue Performance - Revenue from CyPath® Lung increased by 87% year-over-year, with total revenue for the company at $6.2 million, down from $9.4 million in 2024 due to strategic discontinuation of unprofitable services [15]. - Net revenue decreased to $6,161,959 in 2025 from $9,362,022 in 2024, representing a decline of approximately 34.5% [21]. - The forecast for unit sales of CyPath® Lung in 2026 reflects an increase of greater than 100% over 2025, with a corresponding increase in revenues [10]. Test Utilization and Market Demand - The number of CyPath® Lung tests performed rose by 99% compared to 2024, reflecting growing clinical utilization and physician adoption [3]. - Orders for CyPath® Lung by physicians and clinics increased by 67% year-over-year, driven by peer-to-peer marketing and positive real-world experiences [3]. - The market opportunity for CyPath® Lung is projected to exceed $4.7 billion by 2030, driven by a 62% increase in indeterminate pulmonary nodules detected in the U.S. [10]. Financial Position and Expenses - Operating expenses decreased by 9% to $16.7 million in 2025, primarily due to strategic actions aimed at streamlining operations [15]. - Total operating expenses were $16,734,467 in 2025, down from $18,315,467 in 2024, a reduction of about 8.6% [21]. - Research and development expenses were $1,383,359 in 2025, slightly down from $1,461,227 in 2024, a decrease of about 5.3% [21]. Losses and Financial Challenges - The net loss for 2025 was $14,909,754, compared to a net loss of $9,039,831 in 2024, indicating an increase in losses of approximately 65.5% [21]. - The company reported a loss from operations of $10,572,508 in 2025, which is an increase from the loss of $8,953,445 in 2024 [21]. Cash and Assets - Cash and cash equivalents as of December 31, 2025, were $6.5 million, compared to $1.1 million at the end of 2024 [15]. - Cash and cash equivalents rose to $6,449,782 in 2025 from $1,105,291 in 2024, an increase of approximately 484.5% [19]. - Total assets increased to $10,960,772 in 2025 from $6,513,667 in 2024, representing a growth of about 68.1% [19]. - Total liabilities decreased to $3,683,116 in 2025 from $3,911,631 in 2024, a reduction of approximately 5.8% [19]. - Stockholders' equity increased to $7,277,656 in 2025 from $2,602,036 in 2024, marking an increase of about 179.5% [19]. Strategic Initiatives - The company raised approximately $16.9 million in gross proceeds during 2025 to fund CyPath® Lung clinical development and operational expansion [4]. - The company plans to enroll up to 2,000 patients in a longitudinal trial to evaluate CyPath® Lung as a noninvasive diagnostic for high-risk patients [11]. - The company expanded its intellectual property portfolio with multiple patent allowances and acceptances in 2025, enhancing international protection for its diagnostic technology [4]. Shareholder Information - The weighted average common shares outstanding increased to 1,721,082 in 2025 from 404,167 in 2024, reflecting a significant increase due to the reverse stock split [21].