Core Insights - bioAffinity Technologies, Inc. (BIAF) reported a revenue decline of 22.9% year-over-year for Q1 2025, totaling $1.9 million, primarily due to changes in revenue contributions from various services [2] - Despite the revenue drop, the net loss per share improved to $0.16 from $0.20 in the previous year, although the absolute loss increased to $2.7 million from $1.9 million due to a higher share count [2] - The company's flagship diagnostic, CyPath Lung, experienced a significant sales increase of 276% year-over-year, indicating strong market acceptance and operational scaling [3] - Management is implementing strategic changes, including discontinuing low-margin services and cutting costs, expected to save approximately $3.8 million annually [4] - The company ended the quarter with $0.4 million in cash but has since raised $1.4 million through warrant exercises and $3.3 million via a public offering to support commercialization and clinical development [7] - bioAffinity received acceptance of a patent application for CyPath Lung from the Australian Patent Office, enhancing its international commercialization potential [9] Financial Performance - Revenues for Q1 2025 were $1.9 million, down from $2.4 million in Q1 2024 [2] - Operating expenses increased by 2.9% to $4.5 million, while direct costs declined by 13.1% to $1.4 million [2] - R&D expenses fell by 6.7% to $367,386, but clinical development expenses rose sharply from $48,960 to $138,353 [2] Strategic Initiatives - The company is focusing on commercial execution and operational changes to support CyPath Lung's growth [5] - Recent enhancements in test processing increased data acquisition throughput by 50% and reduced per-test costs by over 25% [6] - Management's strategic pivot aims to concentrate resources on high-margin diagnostics while improving overall profitability [4] Market Position and Future Outlook - The company did not provide forward-looking financial guidance but indicated a continued focus on expanding CyPath Lung's market presence [8] - The strong demand for CyPath Lung is supported by over 600 tests delivered in 2024, with continued momentum into 2025 [3]