bioAffinity Technologies Reports First Quarter 2026 Results and Expanding Adoption and Clinical Usage of CyPath® Lung
Key Terms
sputum medical
CyPath® Lung cancer diagnostic unit sales rise
Growth expected to accelerate throughout 2026 as planned commercial initiatives seek to drive increasing awareness of CyPath® Lung benefits
Q1 2026 Highlights
-
CyPath® Lung unit sales increased
146% year-over-year in the first quarter of 2026, reflecting accelerating physician adoption and expanding clinical use of the Company’s noninvasive lung cancer diagnostic. -
CyPath® Lung testing revenue increased approximately
114% to$361,000 $169,000 -
Total consolidated revenue decreased approximately
27% to$1.4 million $1.9 million -
The number of physician offices and clinics ordering CyPath® Lung increased
69% from first quarter 2025 to the same period in 2026, reflecting continued productivity and expansion of the Company’ sales force and focus on additional strategic markets. The Company expects growth to accelerate throughout 2026, as a result of these commercial initiatives and increasing awareness of the benefits of CyPath® Lung. -
The Company launched a large-scale longitudinal clinical trial partially funded by the
U.S. Department of Defense to further validate CyPath® Lung performance and support establishing the noninvasive test as a standard of care for military and Veterans Administration (VA) medical centers. The trial is expected to include up to 20 clinical sites, including multiple Department of Veterans Affairs medical centers and leadingU.S. military hospitals. The John P. Murtha Cancer Center Research Program is providing support and funding for the study at several federal facilities. - As part of the Company’s commercial strategy to develop companion tests using its diagnostic platform to more precisely target drugs that treat asthma and COPD, bioAffinity Technologies announced that Brooke Army Medical Center, the military’s largest healthcare institution, was conducting a 40-patient collaborative study. The study will use bioAffinity Technologies’ flow cytometry+AI technology to evaluate whether its proprietary platform can detect biologic drug receptors in sputum, including those for dupilumab and benralizumab, to guide personalized therapy selection and monitor patient response over time. The Company presented findings from its early pipeline development activities at the American Academy of Allergy, Asthma and Immunology (AAAAI) 2026 annual meeting.
- Nationally recognized pulmonary and lung cancer experts joined the Company’s Medical and Scientific Advisory Board (MSAB) to provide independent guidance on strategic priorities, including clinical implementation and broader adoption of CyPath® Lung. David Ost, MD, MPH, University of Texas MD Anderson Cancer Center, Daniel Sterman, MD, New York University Langone Medical Center, and J. Scott Ferguson, MD, University of Wisconsin School of Medicine and Public Health, were named to the Company’s panel of experts.
- The Company released three additional patient case studies in first quarter 2026 in which CyPath® Lung results of “Unlikely Malignancy” helped avoid unnecessary invasive and costly biopsies when other tests suggested the presence of lung cancer in patients at high risk. CyPath® Lung test results were confirmed by follow-up imaging that showed stable or resolved lung nodules.
Management Commentary
“Our first quarter results demonstrate continued momentum for CyPath® Lung in the marketplace. As more and more physicians adopt CyPath® Lung and share their experiences with peers, we see the opportunity to expand our commercial reach and bridge the diagnostic gap between imaging and invasive procedures, especially when dealing with indeterminate nodules in high-risk patients,” said Maria Zannes, President and CEO of bioAffinity Technologies. “We are accelerating our marketing strategy to expand access to CyPath® Lung and educate healthcare practitioners and patients alike about the need for accurate, objective information to better stratify risk and improve patient outcomes. On April 8, we hosted our first webinar featuring a panel of pulmonologists who shared how they use CyPath® Lung in their diverse practices.”
Ms. Zannes continued, “Physicians continue to share their case studies in which CyPath® Lung has identified lung cancer as early as Stage 1A when it is most treatable and conversely in which a negative CyPath® Lung result helped avoid unnecessary invasive procedures. We believe the growing number of case studies and our longitudinal clinical trial, supported by leading military and VA institutions, will lead to broader adoption of CyPath® Lung as part of the standard of care.”
Ms. Zannes concluded, “We are uniquely positioned to fulfill the need for an accurate, noninvasive diagnostic for lung cancer, particularly when imaging and risk models are inconclusive or turn out to be wrong. The remainder of 2026 will be focused on scaling commercial execution, expanding into new geographic markets, and driving increased utilization of CyPath® Lung through continued physician engagement while also leveraging our flow cytometry and AI platform to advance our pipeline of diagnostics for serious or life-threatening lung diseases.”
First Quarter 2026 Financial Results
Revenue for the quarter ended March 31, 2026, was
Operating expenses for the first quarter of 2026 were
Direct costs and expenses for the first quarter of 2026 were
Selling, general and administrative expenses were
Net loss for the quarter ended March 31, 2026, was
Cash and cash equivalents as of March 31, 2026, were
About CyPath® Lung
CyPath® Lung by bioAffinity Technologies is a noninvasive test designed to improve the early detection of lung cancer in patients at high risk for the disease. CyPath® Lung uses advanced flow cytometry and proprietary artificial intelligence (AI) to identify cell populations in patient sputum that indicate malignancy. CyPath® Lung incorporates a fluorescent porphyrin that is preferentially taken up by cancer and cancer-related cells. In a clinical trial of high-risk patients, CyPath® Lung demonstrated
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and other diseases of the lung and broad-spectrum cancer treatments. The Company’s first product, CyPath® Lung, is a noninvasive test that has shown high sensitivity, specificity and accuracy for the detection of early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies. LDTs are overseen under the Clinical Laboratory Improvement Amendments (CLIA), administered by the Centers for Medicare & Medicaid Services. For more information, visit www.bioaffinitytech.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to obtain additional financing to fund operations, the Company's limited operating history and history of net losses, the Company's ability to achieve broader market acceptance of CyPath® Lung, the Company's dependence on key personnel, risks related to the regulatory environment for laboratory developed tests, the Company's ability to maintain and protect its intellectual property, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. While the Company believes these forward-looking statements are reasonable, readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The information in this release is provided only as of the date of this release, and the Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.
bioAffinity Technologies, Inc.
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March 31, 2026 |
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December 31, 2025 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ |
3,098,366 |
|
|
$ |
6,449,782 |
|
Accounts and other receivables, net |
|
|
685,235 |
|
|
|
541,962 |
|
Inventory |
|
|
77,887 |
|
|
|
53,548 |
|
Prepaid expenses and other current assets |
|
|
479,913 |
|
|
|
519,916 |
|
|
|
|
|
|
|
|
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Total current assets |
|
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4,341,401 |
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|
7,565,208 |
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|
|
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Non-current assets: |
|
|
|
|
|
|
|
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Property and equipment, net |
|
|
246,849 |
|
|
|
265,593 |
|
Operating lease right-of-use asset, net |
|
|
651,430 |
|
|
|
334,289 |
|
Finance lease right-of-use asset, net |
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|
586,048 |
|
|
|
661,575 |
|
Goodwill |
|
|
1,404,486 |
|
|
|
1,404,486 |
|
Intangible assets, net |
|
|
702,222 |
|
|
|
716,806 |
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Other assets |
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|
12,816 |
|
|
|
12,815 |
|
|
|
|
|
|
|
|
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Total assets |
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$ |
7,945,252 |
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|
$ |
10,960,772 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
836,211 |
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|
$ |
761,901 |
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Accrued expenses |
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|
2,033,924 |
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|
|
1,717,989 |
|
Unearned revenue |
|
|
31,140 |
|
|
|
42,405 |
|
Operating lease liability, current portion |
|
|
142,303 |
|
|
|
139,220 |
|
Finance lease liability, current portion |
|
|
80,241 |
|
|
|
139,490 |
|
Notes payable, current portion |
|
|
61,141 |
|
|
|
105,161 |
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|
|
|
|
|
|
|
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Total current liabilities |
|
|
3,184,960 |
|
|
|
2,906,166 |
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|
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|
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|
|
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Non-current liabilities |
|
|
|
|
|
|
|
|
Operating lease liability, net of current portion |
|
|
545,157 |
|
|
|
202,878 |
|
Finance lease liability, net of current portion |
|
|
514,834 |
|
|
|
532,759 |
|
Notes payable, net of current portion |
|
|
38,915 |
|
|
|
41,313 |
|
|
|
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|
|
|
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Total liabilities |
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|
4,283,866 |
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|
|
3,683,116 |
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Commitments and contingencies (See Note 11) |
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Stockholders’ equity: |
|
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|
|
|
|
|
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Preferred stock, par value |
|
|
1 |
|
|
|
1 |
|
Common stock, par value |
|
|
31,464 |
|
|
|
31,461 |
|
Additional paid-in capital |
|
|
75,814,595 |
|
|
|
75,800,258 |
|
Accumulated deficit |
|
|
(72,184,674 |
) |
|
|
(68,554,064 |
) |
Total stockholders’ equity |
|
|
3,661,386 |
|
|
|
7,277,656 |
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Total liabilities, and stockholders’ equity |
|
$ |
7,945,252 |
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|
$ |
10,960,772 |
|
bioAffinity Technologies, Inc.
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Three Months Ended
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2026 |
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2025 |
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Net Revenue |
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$ |
1,351,527 |
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$ |
1,853,597 |
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Operating expenses: |
|
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|
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Direct costs and expenses |
|
|
928,636 |
|
|
|
1,367,860 |
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Research and development |
|
|
349,707 |
|
|
|
367,386 |
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Clinical development |
|
|
334,040 |
|
|
|
138,353 |
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Selling, general and administrative |
|
|
3,241,602 |
|
|
|
2,452,549 |
|
Depreciation and amortization |
|
|
114,518 |
|
|
|
154,588 |
|
|
|
|
|
|
|
|
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Total operating expenses |
|
|
4,968,503 |
|
|
|
4,480,736 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(3,616,976 |
) |
|
|
(2,627,139 |
) |
|
|
|
|
|
|
|
|
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Other income (expense): |
|
|
|
|
|
|
|
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Interest income |
|
|
10,026 |
|
|
|
542 |
|
Interest expense |
|
|
(14,722 |
) |
|
|
(15,485 |
) |
Other income |
|
|
— |
|
|
|
2 |
|
Other expense |
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|
(8,938 |
) |
|
|
(9,642 |
) |
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|
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Total other expense |
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|
(13,634 |
) |
|
|
(24,583 |
) |
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|
|
|
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Net loss before provision for income taxes |
|
|
(3,630,610 |
) |
|
|
(2,651,722 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
— |
|
|
|
(8,695 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,630,610 |
) |
|
$ |
(2,660,417 |
) |
|
|
|
|
|
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Net loss per common share, basic and diluted |
|
$ |
(0.81 |
) |
|
$ |
(4.80 |
) |
|
|
|
|
|
|
|
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|
Weighted average common shares outstanding, basic and diluted |
|
|
4,494,752 |
|
|
|
541,841 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260508460240/en/
bioAffinity Technologies
Julie Anne Overton
Director of Communications
investors@bioaffinitytech.com
Source: bioAffinity Technologies, Inc.