bioAffinity Technologies (NASDAQ:BIAF) reported fiscal year 2025 results that underscore an aggressive transition from a broad laboratory service model to a specialized, high-growth diagnostic powerhouse focused on early-stage lung cancer detection.
The San Antonio-based company reported total revenue of $6.2 million for the year ended December 31, 2025.
While this represents a decrease from the $9.4 million reported in 2024, the decline was a direct result of management’s decision to discontinue unprofitable non-core lab services.
In contrast, the company’s primary growth driver, CyPath® Lung, saw testing revenue skyrocket 87% year-over-year.
This surge was fueled by expanded physician adoption and successful integration into clinical settings, including the U.S. Department of Veterans Affairs (VA) network.
Operational efficiency improved throughout the year as the company streamlined its lab operations.
Total operating expenses fell 9% to $16.7 million, while selling, general, and administrative (SG&A) expenses remained stable at $9.9 million.
Research and development spending held steady at $1.4 million, focusing on the continued refinement of the CyPath® platform’s flow cytometry and AI-driven analysis.
Meanwhile, bioAffinity reported a net loss of $14.9 million for the year, compared to a $9 million loss in 2024.
The wider loss was primarily attributed to non-cash accounting adjustments related to the fair value of warrants, as well as increased investments in the commercial sales force and clinical development required to support the rapid scaling of CyPath® Lung.
Elsewhere, the company’s liquidity position significantly strengthened during the period.
bioAffinity ended 2025 with $6.5 million in cash and cash equivalents, up from just $1.1 million at the end of 2024.