| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 1.45 | 14.2% | 38.3% |
| Total Income | 1.45 | 14.2% | 38.3% |
| Expenditure | 3.74 | 1.3% | 13.4% |
| PBT | -5.05 | 25.3% | 152.5% |
| Net Profit | -5.05 | 24.4% | 152.5% |
| OPM | — | ||
| NPM | — | ||
| EPS | -4.74 | 2688.2% | 2862.5% |
bioAffinity Technologies Reports Q3 2025 Financial Results
04 May 2026 · 4 May, 7:10 am
Summary
bioAffinity Technologies reported a decrease in total revenue to $1.5 million for the quarter ended September 30, 2025, compared to $2.4 million for the same period in 2024, primarily due to discontinuing unprofitable pathology services. However, CyPath® Lung testing revenue increased approximately 122% year over year. Operating expenses decreased by 16% to $3.7 million. The company raised $10.4 million in gross proceeds from equity transactions and ended the quarter with $7.7 million in cash and cash equivalents.
Key Highlights
- 1
CyPath® Lung revenues increased 86% year over year for the first nine months of 2025, driven by higher test volumes and growing clinical adoption, including the Veterans Administration (VA).
- 2
Sales of CyPath® Lung reached a record high in the third quarter of 2025, representing a 92% increase over the previous quarter.
- 3
In the first nine months of 2025, the number of CyPath® Lung tests processed increased by 97% over the same period in 2024.
- 4
Total revenues decreased from $2.4 million to $1.5 million for the three months ended September 30, 2025, due to the Company’s strategic decision to discontinue unprofitable pathology services.
- 5
The company raised approximately $10.4 million in gross proceeds from equity transactions to fund ongoing operations and growth initiatives.
- 6
Operating expenses for the third quarter of 2025 were $3.7 million, down 16% from $4.3 million in the third quarter of 2024.
- 7
Cash and cash equivalents as of September 30, 2025, were $7.7 million, compared with $1.1 million as of December 31, 2024.
Management Comments
Maria Zannes
In the third quarter of 2025, our primary focus was on driving the adoption of CyPath® Lung while maintaining fiscal discipline. The strong increase in CyPath® Lung testing revenue reflects growing confidence among physicians who are recognizing our test’s ability to detect early-stage lung cancer when it is most treatable. The continued publication of case studies in which patients have benefited from Stage 1A lung cancer detection and others have been spared unnecessary and costly biopsies is particularly impactful. Our marketing program to the VA is showing results in terms of both sales and interest in participating in our upcoming longitudinal study. Our work with the VA is especially meaningful since we know veterans are at higher risk for lung cancer due to environmental and occupational exposures during their service. Now VA clinicians have access to a powerful tool to detect lung cancer early when treatment can save lives. We raised approximately $10.4 million in gross proceeds from equity transactions in the third quarter to fund ongoing operations. We are also seeing the results of our targeted strategic actions announced in March to streamline laboratory operations and reduce costs by discontinuing certain unprofitable pathology services at our wholly owned laboratory. This has allowed us to focus additional resources on our flagship diagnostic, CyPath® Lung. We expanded our intellectual property portfolio for the second quarter in a row with an important U.S. patent that protects our proprietary algorithm which results in CyPath® Lung’s superior test performance of 92% sensitivity and 87% specificity for patients with small pulmonary nodules. And we were delighted to welcome two new members to our board. Mr. Rios’ business and financial expertise combined with Dr. Oppenheimer’s clinical and strategic leadership will be invaluable as we increase sales of CyPath® Lung, develop companion diagnostics for asthma and COPD, and continue to build shareholder value.
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