bioAffinity Technologies, Inc. reported financial results for the three months ended March 31, 2025, on May 15, 2025. The company announced total revenue of $1.9 million for the quarter, a decrease from $2.4 million in the first quarter of 2024, primarily due to the strategic discontinuation of unprofitable pathology services.
Despite the overall revenue decline, CyPath® Lung testing revenue surged approximately 276% year-over-year. The net loss for the quarter was $2.7 million, or $0.16 per share, compared to a net loss of $2.0 million, or $0.20 per share, in the prior-year period.
Cash and cash equivalents stood at $0.4 million as of March 31, 2025. Subsequent to the quarter-end, the company raised $1.4 million from warrant exercises in February 2025 and $3.3 million in a public offering in May 2025. Strategic actions implemented in March 2025 are expected to reduce annual costs by approximately $3.8 million, and operational enhancements have increased test throughput by 50% and lowered per-test cost by over 25%.
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