bioAffinity Technologies (BIAF) Q4 2025 earnings summary

Executive summary

• Achieved record revenue and unit sales for CyPath® Lung in 2025, with a 99% increase in tests performed and an 87% rise in related revenue year-over-year.

• Discontinued unprofitable pathology services, resulting in a 34% decrease in total revenue and a 9% reduction in operating expenses compared to 2024.

• Expanded physician network by 67% year-over-year, driven by peer-to-peer marketing and positive clinical experiences.

• Strengthened leadership with key appointments and raised $16.9 million in equity financings to support growth.

Financial highlights

• 2025 revenue was $6.2 million, down from $9.4 million in 2024 due to strategic discontinuation of certain services.

• CyPath® Lung testing revenue increased 87% year-over-year.

• Operating expenses decreased 9% to $16.7 million.

• Net loss widened to $14.9 million from $9.0 million in 2024, mainly due to warrant fair value changes and increased sales and clinical development costs.

• Cash and cash equivalents rose to $6.5 million at year-end, up from $1.1 million in 2024.

Outlook and guidance

• Forecasts unit sales of CyPath® Lung to more than double in 2026, with corresponding revenue growth.

• Plans to expand geographically and increase physician adoption, targeting both diagnostic and post-treatment surveillance markets.

• Market opportunity for CyPath® Lung projected to exceed $4.7 billion by 2030, with a 10% CAGR from 2024-2030.