bioAffinity Technologies, Inc. reported financial results for the year ended December 31, 2024, on March 31, 2025, announcing record revenue of $9.4 million. This represents a significant increase from $2.5 million in the prior year, primarily driven by a full year of consolidated operations from Precision Pathology Laboratory Services (PPLS), acquired in September 2023.
The company reported a net loss of $9.0 million, or $0.75 per share, for 2024, compared to a net loss of $7.9 million, or $0.91 per share, in 2023. Operating expenses for 2024 totaled $18.3 million, up from $10.5 million in 2023, reflecting the full-year impact of PPLS operations and increased commercialization efforts for CyPath® Lung.
As of December 31, 2024, cash and cash equivalents stood at $1.1 million. Subsequent to year-end, the company raised aggregate gross proceeds of $1.4 million through warrant exercises in February 2025. For 2025, the company anticipates total revenue between $6 million and $8 million, including $1 million to $2 million from CyPath® Lung sales, with an expected increase in clinical development expenses for its FDA pivotal study.
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