bioAffinity Technologies (BIAF) Q3 2026 earnings summary

Executive summary

• CyPath® Lung 9M test volume reached ~1,600 vs. 775 YoY, with revenue up 79% to $1.1M; total revenue fell as unprofitable pathology services were discontinued.

• 9M net loss widened to $12.27M from $11.77M; management cited substantial doubt about the ability to continue as a going concern for at least 12 months after issuance.

• Growth initiatives included broader physician use, VA and military trial enrollment, government-market distribution, and research in asthma, COPD and skin cancer therapeutics.

Financial highlights

• Q3 revenue was $1.07M vs. $1.45M YoY; operating loss was $3.51M vs. $2.29M, and net loss was $5.28M vs. $5.05M.

• 9M revenue was $3.93M vs. $4.57M; operating loss was $10.46M vs. $7.44M, and net loss was $12.27M vs. $11.77M.

• Q3 CyPath® Lung revenue was $273K vs. $296K; 526 test results were delivered vs. 385, with lower average reimbursement offsetting volume growth.

• Q3 operating expenses rose to $4.58M from $3.74M; 9M CyPath® Lung unit sales grew 100% YoY, and ordering physicians increased 89% in Q3 YoY.

Outlook and guidance

• Cash and cash equivalents were $2.55M at Sept. 30 and $4.6M at Nov. 3 following financing; resources were expected to support operations through March 2027.

• Continued losses and negative operating cash flows are expected; additional capital is needed, and without funding, development may be curtailed or operations may cease.

• Priorities include disciplined execution, broader CyPath® Lung adoption, clinical and research programs, and development of topical skin cancer therapeutics; further validation is needed for post-treatment surveillance and asthma/COPD applications.