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bioAffinity Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $2,350,386 from $298,484 in the same quarter of the previous year. This increase is attributed to the acquisition of a clinical pathology laboratory.
Operating expenses for the quarter were $4,324,250, up from $2,592,988 in the same quarter of the previous year. The increase is due to higher direct costs and expenses associated with the laboratory operations.
The company reported a net loss of $2,000,840 for the quarter, compared to a net loss of $2,290,884 in the previous year. The decrease in net loss is primarily due to increased revenue offsetting higher operating expenses.
Cash used in operating activities was $5,587,634 for the nine months ended September 30, 2024, compared to $4,421,503 in the previous year. The increase is due to higher operating expenses.
Cash provided by financing activities was $3,601,726, primarily from equity transactions, compared to cash used of $260,179 in the previous year.
bioAffinity had cash and cash equivalents of $756,580 as of September 30, 2024. The company acknowledges its dependence on additional capital to support future operations beyond March 2025.
The filing also details recent developments, including the acquisition of a clinical pathology laboratory and the issuance of new warrants and securities purchase agreements.
bioAffinity Technologies continues to focus on developing its diagnostic tests and advancing therapeutic discoveries, with an emphasis on increasing revenue from its CyPath® Lung test.
The company identified risks related to its financial position, including the need for additional capital and the potential impact of management's significant ownership of common stock.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the bioAffinity Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.