bioAffinity Technologies, Inc. reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2024. The company achieved consolidated revenue of approximately $9.4 million, a substantial increase of about 270% compared to $2.5 million in 2023. This growth was primarily driven by the acquisition of Precision Pathology Laboratory Services, LLC (PPLS) in September 2023, which expanded the company’s operational capabilities and revenue streams. Notably, revenue from the CyPath® Lung testing service surged approximately 1,400%, reaching $0.5 million from just $35,000 in the previous year, attributed to an increase of over 600 tests delivered.
The company’s operating expenses also rose, totaling $18.3 million in 2024, up from $10.5 million in 2023, marking a 74% increase. This rise in expenses was largely due to the full-year operational costs of PPLS, which included direct labor, laboratory supplies, and expanded sales efforts for CyPath® Lung. Despite the revenue growth, bioAffinity reported a net loss of approximately $9.0 million for 2024, compared to a net loss of $7.9 million in 2023, reflecting the ongoing costs associated with scaling operations and developing its diagnostic products.
Strategically, bioAffinity has taken steps to enhance its financial performance and accelerate the growth of CyPath® Lung. In March 2025, the company announced targeted actions aimed at achieving approximately $4 million in annual cost savings at PPLS. These measures include labor cost reductions and operational efficiency improvements, as well as a focus on high-margin services. Additionally, the company has engaged in various financing activities, raising approximately $6.9 million in gross proceeds from equity transactions to support its operations.
Operationally, bioAffinity has made significant strides in expanding its market presence. The company has initiated a pivotal clinical trial for CyPath® Lung, with plans to enroll 3,200 patients across multiple sites, including 22 Veterans Administration medical centers. The trial aims to secure FDA de novo classification for the test, which would enhance its marketability. As of the end of 2024, bioAffinity employed 57 individuals, with a focus on retaining skilled personnel to support its growth and operational needs.
Looking ahead, bioAffinity Technologies remains focused on increasing its revenue through the commercialization of CyPath® Lung and the development of additional diagnostic tests and therapeutic products. However, the company acknowledges the need for further capital to sustain its operations and fund future growth initiatives. The management has expressed confidence in the potential for revenue growth but recognizes the inherent risks and uncertainties associated with the biotechnology industry, including regulatory approvals and market acceptance of its products.
About bioAffinity Technologies, Inc.
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