bioAffinity Technologies Inc. (BIAF) reported full‑year 2025 results that showed total revenue of $6.2 million, a 34% decline from $9.4 million in 2024. The drop reflects the company’s decision to discontinue unprofitable pathology services and concentrate resources on its high‑margin CyPath Lung test.
CyPath Lung revenue grew 87% year‑over‑year, and the company performed 775 tests, a 99% jump in test volume. Orders from physician offices and clinics increased 67%, driven by heightened awareness and peer‑to‑peer marketing. The strong growth in the flagship product offsets the overall revenue decline and signals expanding market adoption.
Net loss widened to $14.9 million from $9.0 million a year earlier. The increase is largely attributable to higher sales and marketing spend and to increased clinical development costs, as well as a fair‑value charge on warrants. The company’s focus on scaling CyPath Lung and investing in clinical studies is the primary driver of the loss expansion.
Cash and cash equivalents rose to $6.5 million after the company raised $16.9 million in equity financing. The infusion extends BIAF’s runway into mid‑2026, providing a financial cushion for ongoing commercialization and research activities.
"We believe our focus on improving care for patients at risk for lung cancer and other pulmonary diseases will create long‑term value for our shareholders," said President and CEO Maria Zannes. The statement underscores the company’s commitment to the CyPath Lung platform as the core of its growth strategy.
By exiting legacy pathology services, BIAF has streamlined its operations and positioned itself to capture a larger share of the lung‑cancer diagnostics market. The shift is expected to improve profitability over time as the company scales its high‑margin product line.
The results demonstrate that while BIAF is investing heavily in sales, marketing, and clinical development, the rapid expansion of CyPath Lung test volume and orders provides a solid foundation for future revenue growth and potential margin improvement.
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