Xavier Reveles
About Xavier Reveles
Chief Operating Officer of bioAffinity Technologies since September 18, 2023; previously VP of Operations (since September 2022) and Director of Operations (joined 2017). Age 56 as of May 29, 2025; board-certified ASCP clinical specialist in cytogenetics with three decades of CLIA/CAP lab leadership and LDT development experience . During his COO tenure, the company emphasized accelerating CyPath Lung volumes and testing revenues (e.g., Q3’25 CyPath Lung testing revenue up ~122% YoY; July volume +72% vs 1H’25 monthly average; October volume +111% vs YTD monthly average) as it refocused away from unprofitable pathology services . Company-level revenue declined as legacy services were discontinued, while EBITDA losses persisted; see the financial context table below .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| bioAffinity Technologies | Director of Operations → VP Operations → COO | 2017–2022; 2022–2023; 2023–Present | Built/ran operations; advanced commercialization of CyPath Lung |
| Oncopath Laboratory – START Cancer Center | Founder/Laboratory Director | n/d | Commercialized eight LDTs, including proprietary oncogene array for solid tumors |
| UT Health San Antonio | Director, Cytogenetics Laboratory; Director, NCI SACI Genetics & Cytogenetics Core; Lecturer/Instructor | n/d | Led molecular evaluation programs; academic training and core facility leadership |
| CombiMatrix Diagnostics (Irvine, CA) | Genomic Specialist | n/d | Validated prenatal/postnatal/cancer gene arrays for LDT commercialization |
n/d = not disclosed
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Association for Molecular Pathology | Member | n/d | Professional standards/network in molecular diagnostics |
| UT Health Graduate/Medical/Allied Health Schools | Lecturer/Instructor (historical) | n/d | Workforce development in genomics/cytogenetics |
Fixed Compensation
| Role | Effective date | Base salary | Notes |
|---|---|---|---|
| VP of Operations | Prior to Sep 18, 2023 | $150,000 | At-will employment |
| Chief Operating Officer | Sep 18, 2023 | $175,000 | Company intended to enter an exec employment agreement on terms similar to peers (not filed thereafter) |
Performance Compensation
| Metric (2024 Bonus Plan) | Weight | Target | Actual (FY2024) | Payout mechanics | Vesting/Grant details |
|---|---|---|---|---|---|
| Securing adequate financing | 25% | Committee-set | Achieved at target level | Included in 2024 bonuses | Company stated restricted stock grants determined by dividing 50% of bonus by 1/10/2025 close |
| PPLS sales and profit | 45% | Committee-set | Achieved at target level | Included in 2024 bonuses | See above |
| Advance DoD collaborative relationship | 25% | Committee-set | Achieved at target level | Included in 2024 bonuses | See above |
| Timely SEC filings | 5% | Committee-set | Achieved at target level | Included in 2024 bonuses | See above |
| Reveles 2024 annual bonus | — | — | $35,000 total | 50% cash, 50% restricted stock | Grant date 1/10/2025; share count based on 1/10/2025 closing price (share amount not disclosed) |
Notes:
- The plan architecture and metric weightings were described for NEOs; the committee explicitly approved a 2024 bonus for Reveles using the same 1/10/2025 grant convention .
Equity Ownership & Alignment
- Beneficial ownership: Reveles is not listed individually in the beneficial ownership tables in the 2025 Proxy (beneficial ownership shown for other directors/executives as of May 29, 2025) .
- Hedging/derivatives prohibited: Insider Trading Policy bars puts, calls, and short sales; preclearance for 10b5-1 plans required .
- Clawback: Board-adopted clawback policy requires recovery of erroneously awarded incentive-based compensation for the 3 fiscal years preceding any required accounting restatement; no fault required .
- Change-in-control treatment of awards: 2024 Equity Incentive Plan permits the plan administrator, in its discretion, to accelerate vesting or deem performance at target upon a change in control; also allows termination or cash-out of awards per plan terms .
- Stock ownership guidelines: The Board encourages director ownership but has no formal director stock ownership guidelines; no executive officer guidelines disclosed .
Employment Terms
- Appointment/start: Appointed COO September 18, 2023 (at-will); base salary raised to $175,000 upon appointment .
- Employment agreement: Company intended to enter an employment agreement “substantially the same” as current executive officers (other than salary/title); subsequent filings do not disclose a signed agreement for Reveles .
- Severance/change-of-control: Not disclosed for Reveles. The company-level plan provisions on award treatment upon change-in-control apply at the plan administrator’s discretion (see above) .
- Insider trading/10b5-1: Pre-clearance required; trading windows/blackouts enforced .
Performance & Track Record (Company context during Reveles’ tenure)
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($USD) | $2.213M* | $2.406M | $2.398M | $2.350M | $2.208M* | $1.854M | $1.269M | $1.447M |
| EBITDA ($USD) | -$2.194M* | -$1.892M* | -$1.840M* | -$1.823M* | -$2.793M* | -$2.569M* | -$2.306M* | -$2.179M* |
Values with an asterisk were retrieved from S&P Global.
Selected operating highlights:
- CyPath Lung testing revenue +62% YoY for 1H’25; July test volume +72% vs 1H’25 monthly average; forecast of 3x YoY CyPath Lung revenues reaffirmed (company statement) .
- Q3’25: CyPath Lung revenues +86% YoY for first nine months; record test volume, up ~92% QoQ; consolidated revenues down as unprofitable services were discontinued .
- October 2025: CyPath Lung monthly volume +111% vs 2025 YTD monthly average .
Related Party, Risk Indicators, and Governance Notes
- Section 16(a) reporting: The 2025 Proxy lists certain late filings for other insiders; it does not list Reveles among late filers; no Reveles-specific insider transactions are described in that section .
- Insider trading compliance: Comprehensive policy and blackout controls in place; hedging/shorts prohibited .
- Equity overhang/plan capacity: Special meeting sought to increase 2024 Plan share reserve to 750,000 to support equity compensation (dilutive impact considerations disclosed) .
Investment Implications
- Pay-for-performance: Reveles’ incentive pay is tied to company-level operational and financing milestones (PPLS sales/profit 45% weight; financing 25%; DoD relationship 25%; SEC timeliness 5%). FY2024 metrics were certified at target, and he received a $35k bonus split between cash and restricted stock, increasing equity alignment .
- Retention risk: As of appointment, Reveles was at-will with an intention (but no disclosed completion) of an employment agreement; no executive-specific severance or CoC protections are disclosed for him, which may reduce lock-in compared to peers with formal agreements .
- Alignment and selling pressure: Use of restricted stock for half of the 2024 bonus enhances alignment. The proxy’s Section 16(a) discussion does not note Reveles among late filers or list his transactions, and the Insider Trading Policy restricts hedging/shorting—both factors reduce near-term “forced selling” signals (though absence of Form 4 detail is not evidence of no activity) .
- Execution backdrop: Company pivoted away from unprofitable services and emphasized CyPath Lung commercialization, with materially improving test volume trends in mid/late 2025 under the current operating leadership structure .