Wed, May 15, 2:55 PM (72 days ago)
bioAffinity Technologies, Inc. reported a net loss of approximately $2.1 million for Q1 2024, compared to a net loss of $1.5 million in Q1 2023. The company’s revenue for Q1 2024 was $2.4 million, primarily from patient service fees, histology service fees, and medical director fees, compared to $921 in Q1 2023. Operating expenses increased to $4.4 million from $1.6 million, driven by direct costs and expenses associated with the acquisition of Precision Pathology Laboratory Services, LLC (PPLS), increased R&D costs, and higher selling, general, and administrative expenses. Cash and cash equivalents decreased to $2.5 million as of March 31, 2024, from $2.8 million at the beginning of the period. The company raised $2.5 million through a direct offering in March 2024 but continues to face substantial doubt about its ability to continue as a going concern for the next 12 months without additional capital. Key uncertainties include the need for further capital to support ongoing operations and expansion plans. Management is seeking additional funding through equity or debt securities, strategic relationships, or grants to mitigate these risks.