bioAffinity Technologies, Inc. (NASDAQ:BIAF) released its financial results for the year ended December 31, 2025, according to a statement issued Friday.
The biotechnology company reported revenue of $6.2 million in 2025, representing a 34% decline from $9.4 million in 2024. The decrease was largely attributed to the company’s decision to discontinue certain unprofitable pathology services at its subsidiary, Precision Pathology Laboratory Services.
Despite the overall revenue decline, the company’s CyPath Lung diagnostic test delivered strong growth. Revenue from CyPath Lung rose 87% year over year, while the number of tests performed increased 99% compared with 2024. The number of physician offices and clinics ordering the test also expanded, climbing 67% from the previous year.
Operating expenses declined 9% to $16.7 million in 2025. Research and development costs totaled $1.4 million, while selling, general and administrative expenses remained stable at $9.9 million.
bioAffinity reported a net loss of $14.9 million for 2025, compared with $9.0 million in 2024. The larger loss was mainly driven by changes in the fair value of warrants, expanded commercial activities, and higher clinical development spending. The company’s return on assets was -163% for the twelve months ending Q3 2025, reflecting continued operational challenges.
During the year, bioAffinity raised approximately $16.9 million in gross proceeds through equity financings. Cash and cash equivalents totaled $6.5 million at the end of 2025, compared with $1.1 million at the close of 2024.
In March 2026, the company enrolled its first patient in a longitudinal clinical study evaluating CyPath Lung, which is expected to recruit up to 2,000 patients across 17 medical centers.
Looking ahead, bioAffinity expects CyPath Lung unit sales to grow by more than 100% in 2026 compared with 2025.
Additional developments
In other recent updates, bioAffinity Technologies announced a collaborative study with Brooke Army Medical Center to validate CyPath Lung as an early diagnostic tool for lung cancer. The study will enroll 30 to 50 patients and aims to broaden sample collection methods, with results expected by mid-2026.
The company also presented new research at the American Academy of Allergy, Asthma and Immunology annual meeting, demonstrating its diagnostic platform’s capability to identify antibody drug receptors in sputum samples for asthma treatments.
In a clinical case highlighted by the company, the CyPath Lung test helped prevent an unnecessary biopsy for an elderly patient with a suspicious lung nodule.
bioAffinity also expanded its Medical and Scientific Advisory Board, appointing three pulmonary specialists to support wider adoption of the CyPath Lung test.
Separately, the company confirmed the transfer of full ownership of Village Oaks Pathology Services from Dr. Roby P. Joyce to Dr. James Humphreys following a succession agreement.
These developments reflect bioAffinity’s ongoing efforts to expand its diagnostic capabilities and strengthen collaborations aimed at advancing early detection technologies.