Quarterly ResultMay 11, 2026, 06:07 AM
bioAffinity Technologies Q1 Net Loss $(3.63)M; Going Concern Doubt
AI Summary
bioAffinity Technologies reported an increased net loss of $(3.63) million for the first quarter of 2026, compared to $(2.66) million in the prior year. Net revenue decreased to $1.35 million, and the company's cash and cash equivalents significantly declined to $3.1 million. Management has concluded there is substantial doubt about the company's ability to continue as a going concern for at least the next twelve months, necessitating further capital raises.
Key Highlights
- Net loss for Q1 2026 increased to $(3,630,610) from $(2,660,417) in Q1 2025.
- Net revenue decreased to $1,351,527 in Q1 2026 from $1,853,597 in Q1 2025.
- Cash and cash equivalents decreased to $3,098,366 at March 31, 2026, from $6,449,782 at December 31, 2025.
- Company reported an accumulated deficit of approximately $72.2 million at March 31, 2026.
- Net cash used in operating activities increased to $(3,227,240) in Q1 2026 from $(1,641,775) in Q1 2025.
- Clinical development expenses rose to $334,040 in Q1 2026 from $138,353 in Q1 2025.
- Selling, general and administrative expenses increased to $3,241,602 in Q1 2026 from $2,452,549 in Q1 2025.
- Patient service fees for CyPath Lung increased to $361,000 in Q1 2026 from $169,000 in Q1 2025.