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bioAffinity Technologies Inc. (BIAF-17.99%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing noninvasive diagnostics for early-stage lung cancer and other lung diseases using flow cytometry and machine learning. Their primary product, CyPath® Lung, is offered through their subsidiary, Precision Pathology Laboratory Services, LLC (PPLS).
For the fiscal year 2024, bioAffinity reported consolidated revenue of $9.4 million, a significant increase from $2.5 million in 2023, largely due to the acquisition of PPLS in September 2023. The company also reported a net loss of $9.0 million compared to a net loss of $7.9 million in the previous year.
Operating expenses for the year totaled $18.3 million, an increase from $10.5 million in 2023. The increase was attributed to the full-year operation of PPLS and expanded sales efforts for CyPath® Lung.
The company raised approximately $6.9 million in gross proceeds from equity transactions during the year to fund its operations.
bioAffinity announced strategic actions in March 2025 to improve financial performance, including cost savings of approximately $4 million annually at PPLS and increasing resources to expand CyPath® Lung sales.
The company highlighted recent developments, including a pivotal study protocol submission to the FDA and the announcement of case studies demonstrating the benefits of CyPath® Lung.
bioAffinity also continues research to expand its platform technology to detect other lung diseases and to develop cancer therapeutics through its subsidiary OncoSelect® Therapeutics, LLC.
The company noted it has an accumulated deficit of $53.6 million as of December 31, 2024, and cash and cash equivalents of approximately $1.1 million, raising substantial doubt about its ability to continue as a going concern without additional funding.
bioAffinity plans to seek additional capital through equity or debt financing, strategic relationships, or grants to support its operations and development activities.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.