bioAffinity Technologies (BIAF) Q1 2026 earnings summary

Executive summary

• CyPath® Lung unit sales grew 146% year-over-year in Q1 2026, with revenue up 114% to $361,000, reflecting increased physician adoption and clinical use.

• Consolidated revenue declined to $1.4 million in Q1 2026 due to discontinuation of unprofitable pathology services, partially offset by CyPath® Lung growth.

• Net loss widened to $3.6 million in Q1 2026 from $2.7 million in Q1 2025, driven by higher operating expenses and increased clinical development costs.

• Expansion of physician offices and clinics ordering CyPath® Lung grew 69% year-over-year, reflecting sales force productivity and strategic market focus.

• A large-scale longitudinal clinical trial, partially funded by the U.S. Department of Defense, was launched to further validate CyPath® Lung and support its adoption in military and VA medical centers.

Financial highlights

• Net revenue: $1.4 million in Q1 2026, primarily from patient service fees, histology services, and medical director fees.

• Net loss: $3.6 million ($0.81 per share) in Q1 2026 vs. $2.7 million ($4.80 per share) in Q1 2025.

• Operating expenses increased to $5.0 million from $4.5 million year-over-year, mainly due to higher selling, general, and administrative costs and clinical development.

• Direct costs and expenses decreased 32% year-over-year to $0.9 million, reflecting strategic cost actions.

• Cash and cash equivalents were $3.1 million as of March 31, 2026, down from $6.4 million at year-end 2025.

Outlook and guidance

• Management expects continued losses and negative cash flows for the foreseeable future.

• Additional capital is required to fund operations beyond June 2026; failure to secure funding may result in curtailment or cessation of operations.

• Growth in CyPath® Lung adoption and revenue expected to accelerate throughout 2026, supported by commercial initiatives and increased awareness.

• Focus for the remainder of 2026 is on scaling commercial execution, expanding into new geographic markets, and advancing the diagnostic pipeline.