bioAffinity Technologies reports 87% jump in lung cancer test revenue

bioAffinity Technologies Inc. (NASDAQ: BIAF) reported revenue from its CyPath Lung diagnostic test increased 87% in 2025, while the number of tests performed rose 99% year-over-year. The company streamlined operations by discontinuing unprofitable pathology services to focus resources on its lung cancer diagnostic.

Total company revenue declined 34% to $6.2 million from $9.4 million in 2024, reflecting the strategic decision to eliminate certain laboratory services. Operating expenses decreased 9% to $16.7 million. The net loss widened to $14.9 million from $9.0 million in 2024, primarily due to changes in warrant valuations and expanded clinical development activities.

The number of physician offices and clinics ordering CyPath Lung tests increased 67% compared to 2024. The company raised $16.9 million in gross proceeds through equity transactions during 2025, increasing cash and equivalents to $6.5 million from $1.1 million at the end of 2024.

bioAffinity appointed Gordon Downie as chief medical officer and added Roberto Rios and John Oppenheimer to its board of directors. The company expanded its intellectual property portfolio with patent allowances in the U.S., Canada, China, and Australia for its flow cytometry-based diagnostic technology.

The company projects CyPath Lung unit sales will increase more than 100% in 2026. bioAffinity enrolled its first patient in a longitudinal study of up to 2,000 patients across 17 medical centers to evaluate the test's sensitivity and specificity over two years. The study receives support from the John P. Murtha Cancer Center Research Program.

CyPath Lung uses flow cytometry and artificial intelligence to analyze sputum samples for early lung cancer detection, demonstrating 92% sensitivity and 87% specificity in clinical studies for patients with small indeterminate lung nodules.

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