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bioAffinity Technologies, Inc. (BIAF)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 net revenue was $1.27M, down 47% year-over-year and down 31% sequentially as the company exited low-margin pathology services to focus on CyPath Lung; operating loss was $2.52M and net loss was $4.06M ($0.17 per share) .
  • CyPath Lung commercialization continued to gain traction: YTD CyPath Lung testing revenue rose 62% year-over-year to $0.323M; June and July delivered back-to-back record monthly sales, with July tests up 72% versus the H1 monthly average .
  • Pricing was increased to $2,900 per test to align with private payer reimbursement, and logistics were expanded via Cardinal Health OptiFreight to support national delivery reliability .
  • Revenue came in below sparse Street consensus ($1.27M vs $1.51M; one estimate) as non-core service discontinuation weighed on total revenue; EPS comparison coverage appears limited and potentially non-comparable due to normalization differences . Values retrieved from S&P Global.
  • Capital raised ($3.25M May offering) and patent/IP progress underpin liquidity and pipeline optionality, while warrant remeasurement and offering costs drove a larger GAAP net loss in Q2 .

What Went Well and What Went Wrong

What Went Well

  • CyPath Lung adoption strengthened: “testing revenue up 62% for the first half of the year,” with record monthly sales in June and July; July tests +72% vs H1 monthly average .
  • Strategic pricing and logistics: List price increased to $2,900 to enhance per-test profitability; partnership with Cardinal Health OptiFreight improves sample tracking and national delivery reliability .
  • Clinical and IP momentum: Case studies showed detection of Stage 1A cancers missed by other tests; patents granted across multiple geographies and siRNA-based therapy presented at the 2025 RNA Therapeutics Conference .

What Went Wrong

  • Top-line decline from service rationalization: Q2 revenue fell to $1.27M from $2.40M in Q2 2024 and $1.85M in Q1 2025 as unprofitable pathology services were discontinued, reducing near-term revenue base .
  • Margin pressure intensified: EBIT margin deteriorated to approximately -198% in Q2 (vs -142% in Q1 and -87% in Q2 2024), reflecting lower revenue and ongoing operating costs. Values retrieved from S&P Global.
  • Non-cash and offering-related expenses: Net loss increased year-over-year due to a ~$1.5M non-cash warrant remeasurement and offering costs tied to the May 2025 financing .

Financial Results

Revenue, EPS, Operating Income and Margins

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD)$2,397,652 $1,853,597 $1,269,483
Operating Income (Loss) ($USD)$(2,087,798) $(2,627,139) $(2,515,560)
Net Loss ($USD)$(2,110,279) $(2,660,417) $(4,060,787)
EPS (Basic & Diluted, $USD)$(0.19) $(0.16) $(0.17)
EBIT Margin %-87.08%*-141.73%*-198.16%*

Values with asterisks retrieved from S&P Global.

Operating Expenses Breakdown

Category ($USD)Q2 2024Q1 2025Q2 2025
Direct costs and expenses$1,407,710 $1,367,860 $1,016,602
Research & development$402,433 $367,386 $311,372
Clinical development$51,462 $138,353 $129,279
SG&A$2,472,775 $2,452,549 $2,214,561
Depreciation & amortization$151,070 $154,588 $113,229
Total operating expenses$4,485,450 $4,480,736 $3,785,043

KPIs and Commercial Progress

KPIQ2 2024Q1 2025Q2 2025
CyPath Lung test list price ($)——$2,900
CyPath Lung testing revenue YTD ($USD)——$323,000
Monthly test volume trend—Building on >600 tests delivered in 2024 Back-to-back record months in June/July; July +72% vs H1 monthly avg
Logistics capability——Cardinal Health OptiFreight partnership for national delivery

Balance Sheet Highlights

Metric ($USD)Dec 31, 2024Mar 31, 2025Jun 30, 2025
Cash & cash equivalents$1,105,291 $444,706 $802,835
Total assets$6,513,667 $5,547,283 $4,751,075
Total liabilities$3,911,631 $4,107,879 $6,887,183 (includes warrant liability)
Share count (issued & outstanding)15,576,674 18,255,825 28,459,541

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Total RevenueFY 2025$6M–$8M (issued Mar 31, 2025) No update in Q2 2025 release Maintained
CyPath Lung RevenueFY 2025$1M–$2M (issued Mar 31, 2025) No update in Q2 2025 release Maintained
PricingOngoing—CyPath Lung list price increased to $2,900 N/A (commercial action)

No OpEx, OI&E, tax rate, or dividend guidance was disclosed in Q2 materials .

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was available in the document set (we searched the catalog and found none for Aug–Sep 2025). We instead track themes from Q1 and Q2 press releases.

TopicPrevious Mentions (Q1 2025)Current Period (Q2 2025)Trend
Product performance (CyPath Lung)Sales up 276% YoY; throughput +50%, unit cost -25% post-process improvements YTD testing revenue +62% YoY; record months June/July; July +72% vs H1 monthly average Strengthening adoption and productivity gains
Pricing/reimbursement—List price increased to $2,900 to align with private payers Pricing power/margin enhancement
Supply chain/logistics—Cardinal Health OptiFreight partnership for national delivery reliability Infrastructure scaled for growth
Regulatory/IPAustralian patent acceptance for CyPath Lung Patents granted in U.S., China, Canada, Australia; new U.S. patent for CD320/LRP2 therapy Broader IP moat
Clinical/R&DPivotal trial strategy and higher clinical dev spend CMO appointment; advancement toward pivotal trials; siRNA therapy presented Clinical leadership and pipeline visibility
Government channelsFSS listing enabling VA/Military access (Oct 2024) Continued expansion into VA system mentioned Steady progress leveraging FSS status

Management Commentary

  • “Our second quarter results reflect the continued acceleration of our CyPath Lung commercialization strategy, with testing revenue up 62% for the first half of the year… These real-world results are validating our test’s unique value in guiding clinical decisions and improving patient outcomes.” — Maria Zannes, President & CEO .
  • “We are prepared to meet increased demand as we implement our strategy to enter additional key markets, including our expansion in the Mid-Atlantic region and the Veterans Administration healthcare system.” .
  • “We took important steps to strengthen our financial foundation, including a successful $3.25 million public offering and a strategic price adjustment for CyPath Lung to better reflect its value and align with reimbursement from private payers.” .
  • Q1 setup: “Decisive actions to streamline operations… reduce costs approximately $3.8 million annually and accelerate the commercial growth of CyPath Lung.” .

Q&A Highlights

No Q2 2025 earnings call transcript was available; therefore no Q&A themes or clarifications could be extracted (catalog search for earnings-call-transcript returned no results for Aug–Sep 2025).

Estimates Context

  • Revenue: Consensus $1.506M vs actual $1.269M; miss with sparse coverage (# of estimates: 1). Values retrieved from S&P Global.
  • EPS: Primary EPS consensus mean and actual from S&P show limited comparability to GAAP EPS in the press releases; coverage is minimal (# of estimates: 1). Values retrieved from S&P Global.
MetricQ2 2025 ConsensusQ2 2025 Actual
Revenue ($USD)$1,506,000*$1,269,483
Primary EPS (S&P)-3.0*-5.10001*

Values with asterisks retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term revenue base reset is deliberate: exiting unprofitable services pressured total revenue but refocuses the P&L on higher-margin CyPath Lung growth .
  • Commercial traction is building: record months and rising test volumes post-list price increase and logistics expansion suggest improving unit economics and scaling capacity .
  • Margins should benefit as mix shifts: while EBIT margin is currently deeply negative, the combination of price, throughput, and cost actions (e.g., $3.8M annual savings) supports medium-term margin recovery as volumes ramp .
  • Liquidity extended: $3.25M raised in May and subsequent working capital position should bridge commercialization milestones; monitor warrant liability impacts on GAAP volatility .
  • Guidance maintained: FY25 revenue outlook of $6–$8M (with $1–$2M CyPath Lung) remains intact; watch for updates tied to VA expansion and pivotal trial timing .
  • Trading lens: Stock may react to durable adoption signals (monthly test momentum, payer alignment) versus headline revenue declines from service exits; watch for further payer wins, VA uptake, and trial news flow .
  • Thesis: Increasing clinical validation and improving commercial infrastructure underpin long-term optionality in diagnostics and therapeutics; execution on scaling CyPath Lung and progressing the pivotal trial are the key proof points .

Citations:

  • Q2 2025 earnings press release and financials: .
  • Q1 2025 earnings press release and financials: .
  • FY/Q4 2024 press release (outlook and FSS context): .
  • May 2025 financing press releases: .

Values from S&P Global: revenue consensus, Primary EPS consensus and “EBIT Margin %” marked with asterisks above.