bioAffinity Technologies (BIAF)
Market Price (5/21/2026): $1.67 | Market Cap: $7.5 MilSector: Health Care | Industry: Life Sciences Tools & Services
bioAffinity Technologies (BIAF)
Market Price (5/21/2026): $1.67Market Cap: $7.5 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more. | Weak multi-year price returns2Y Excs Rtn is -137%, 3Y Excs Rtn is -177% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -207% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg QQuarterly Revenue Change % is -27% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -195%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -195% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -217% High stock price volatilityVol 12M is 2854% Key risksBIAF key risks include [1] substantial financial challenges and questionable operational viability, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -137%, 3Y Excs Rtn is -177% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -12 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -207% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg QQuarterly Revenue Change % is -27% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -195%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -195% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 53% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -217% |
| High stock price volatilityVol 12M is 2854% |
| Key risksBIAF key risks include [1] substantial financial challenges and questionable operational viability, Show more. |
Qualitative Assessment
AI Analysis | Feedback
bioAffinity Technologies (BIAF) stock has gained about 45% since 1/31/2026 because of the following key factors:
1. Record 2025 Sales and Ambitious 2026 Growth Projections for CyPath® Lung.
bioAffinity Technologies' stock experienced a significant surge, with shares gaining nearly 100% on March 13, 2026, following the announcement of record 2025 revenue and unit sales for its flagship lung cancer diagnostic, CyPath® Lung. The company reported an 87% increase in CyPath® Lung revenue and a 99% rise in the number of tests performed year-over-year for 2025. This positive news was further bolstered by an ambitious forecast for 2026, projecting an increase of greater than 100% in unit sales for CyPath® Lung and a corresponding rise in revenues.
2. Accelerating Physician Adoption and Expanding Clinical Usage of CyPath® Lung.
The company demonstrated strong commercial traction for CyPath® Lung in the first quarter of 2026, with unit sales increasing by 146% year-over-year. CyPath® Lung testing revenue also saw a substantial increase of approximately 114% to $361,000 in Q1 2026 compared to Q1 2025. This growth reflects accelerating physician adoption, with the number of physician offices and clinics ordering CyPath® Lung increasing by 69% from Q1 2025 to Q1 2026.
Show more
1. Record 2025 Sales and Ambitious 2026 Growth Projections for CyPath® Lung.
bioAffinity Technologies' stock experienced a significant surge, with shares gaining nearly 100% on March 13, 2026, following the announcement of record 2025 revenue and unit sales for its flagship lung cancer diagnostic, CyPath® Lung. The company reported an 87% increase in CyPath® Lung revenue and a 99% rise in the number of tests performed year-over-year for 2025. This positive news was further bolstered by an ambitious forecast for 2026, projecting an increase of greater than 100% in unit sales for CyPath® Lung and a corresponding rise in revenues.
2. Accelerating Physician Adoption and Expanding Clinical Usage of CyPath® Lung.
The company demonstrated strong commercial traction for CyPath® Lung in the first quarter of 2026, with unit sales increasing by 146% year-over-year. CyPath® Lung testing revenue also saw a substantial increase of approximately 114% to $361,000 in Q1 2026 compared to Q1 2025. This growth reflects accelerating physician adoption, with the number of physician offices and clinics ordering CyPath® Lung increasing by 69% from Q1 2025 to Q1 2026.
Show more
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 45.6% change in BIAF stock from 1/31/2026 to 5/20/2026 was primarily driven by a 642.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.14 | 1.66 | 45.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 6 | -17.3% |
| P/S Multiple | 0.2 | 1.3 | 642.0% |
| Shares Outstanding (Mil) | 1 | 4 | -76.3% |
| Cumulative Contribution | 45.6% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BIAF | 45.6% | |
| Market (SPY) | 7.4% | 9.3% |
| Sector (XLV) | -4.5% | 0.9% |
Fundamental Drivers
The -32.2% change in BIAF stock from 10/31/2025 to 5/20/2026 was primarily driven by a -82.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.45 | 1.66 | -32.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8 | 6 | -27.0% |
| P/S Multiple | 0.3 | 1.3 | 421.1% |
| Shares Outstanding (Mil) | 1 | 4 | -82.2% |
| Cumulative Contribution | -32.2% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BIAF | -32.2% | |
| Market (SPY) | 9.3% | 16.2% |
| Sector (XLV) | 2.9% | 2.8% |
Fundamental Drivers
The -88.2% change in BIAF stock from 4/30/2025 to 5/20/2026 was primarily driven by a -89.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.10 | 1.66 | -88.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9 | 6 | -40.1% |
| P/S Multiple | 0.7 | 1.3 | 79.1% |
| Shares Outstanding (Mil) | 0 | 4 | -89.0% |
| Cumulative Contribution | -88.2% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BIAF | -88.2% | |
| Market (SPY) | 35.2% | 4.1% |
| Sector (XLV) | 6.6% | -0.4% |
Fundamental Drivers
The -97.2% change in BIAF stock from 4/30/2023 to 5/20/2026 was primarily driven by a -100.0% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.50 | 1.66 | -97.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 6 | 116640.7% |
| P/S Multiple | 3,403.5 | 1.3 | -100.0% |
| Shares Outstanding (Mil) | 0 | 4 | -93.8% |
| Cumulative Contribution | -97.2% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BIAF | -97.2% | |
| Market (SPY) | 85.2% | 2.8% |
| Sector (XLV) | 15.8% | -1.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BIAF Return | - | -81% | -8% | -38% | -96% | 44% | -99% |
| Peers Return | -8% | -48% | 6% | 3% | 24% | 6% | -31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| BIAF Win Rate | - | 0% | 42% | 42% | 25% | 20% | |
| Peers Win Rate | 43% | 32% | 48% | 50% | 47% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BIAF Max Drawdown | - | - | -68% | -71% | -99% | -64% | |
| Peers Max Drawdown | -50% | -60% | -40% | -39% | -53% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VCYT, BDSX, GH, MYGN, ABT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | BIAF | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.5% | -9.5% |
| % Gain to Breakeven | 76.9% | 10.5% |
| Time to Breakeven | 151 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.5% | -6.7% |
| % Gain to Breakeven | 37.9% | 7.1% |
| Time to Breakeven | 355 days | 31 days |
In The Past
bioAffinity Technologies's stock fell -43.5% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 76.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BIAF | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.5% | -9.5% |
| % Gain to Breakeven | 76.9% | 10.5% |
| Time to Breakeven | 151 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.5% | -6.7% |
| % Gain to Breakeven | 37.9% | 7.1% |
| Time to Breakeven | 355 days | 31 days |
In The Past
bioAffinity Technologies's stock fell -43.5% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 76.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About bioAffinity Technologies (BIAF)
bioAffinity Technologies, Inc. is a privately held company incorporated in Delaware addressing the need for noninvasive diagnosis of early-stage cancer and diseases of the lung, and targeted cancer treatment. Our Company develops proprietary noninvasive diagnostic tests and cancer therapeutics using technology that preferentially targets cancer cells and cell populations indicative of a diseased state. Research and optimization of our platform technologies are conducted in our laboratories at The University of Texas at San Antonio. We are developing our platform technologies so that, in the future, they will be able to detect and monitor diseases of the lung and other cancers and treat many cancers. More than 100 different types of cancers have been identified, all marked by the abnormal and unrestricted proliferation of cells that can eventually kill a patient stricken with the disease. Lung, breast, prostate, and colorectal cancers are the most common, representing more than half of all cancer diagnoses. Lung cancer alone, by far the deadliest, is responsible for an estimated 1.8 million deaths worldwide annually(1). A patient’s overall cancer survivability depends on the type of cancer and the stage at which cancer is treated. The early diagnosis of cancer, before it spreads, is a significant contributor to survival. This is true for lung cancer that is most often detected in later stage when the cancer has spread to other parts of the body. However, if lung cancer is detected and treated early (Stage I), the current overall five-year survival rate of 20.5%(2) for Stages II-IV can leap to a 10-year survival rate of 92%(3). Current diagnostic protocols include lab tests, various imaging techniques, and biopsy followed by microscopic examination of tissue samples. None of these methods perfectly detects cancer cells, especially in the early stages of the disease. Low-dose computed tomography (LDCT) is recommended for screening patients at high risk for lung cancer. Results of a large clinical trial of more than 53,000 patients showed that screening for lung cancer by LDCT lowered the mortality rate by 20% as compared to x-ray imaging(4),(5). However, the study found that of every 100 people screened for lung cancer who received a positive LDCT result, fewer than four of those individuals truly had the disease. Consequently, there is a great and urgent need for better targeted diagnostic methods that are safe, accurate, rapid, noninvasive, and cost effective for the detection of early-stage lung cancer. Our first diagnostic test, CyPath® Lung, addresses the need for early detection of lung cancer, the leading cause of cancer-related deaths. In order to identify patients more confidently who need to undergo more invasive follow-up procedures, physicians will be able to order CyPath® Lung to assist in the assessment of the potential for the disease. CyPath®Lung thus serves as another tool in the physician’s decision-making process to distinguish between patients who are likely to have lung cancer and will benefit from timely intervention and those who are likely without disease and should continue their annual screening for lung cancer. CyPath® Lung is a noninvasive test for the early detection of lung cancer. Our test uses flow cytometry to analyze the different type of cells in a person’s sputum, or phlegm from the lungs, to find characteristics indicative of lung cancer, including cancer and cancer-related cells that have shed from a lung tumor. Flow cytometry is a technology to group cells into populations of cells that look similar, based on their size, internal structures, and the presence of certain molecules on the outside or inside of the cell. Flow cytometry does this one cell at a time, scanning a large number of cells in a relatively short time period. For example, an average sputum sample containing about 20 million cells can be profiled cell-by-cell by flow cytometry in less than 20 minutes using the CyPath® Lung protocol. To collect a sputum sample, a patient blows into a hand-held, noninvasive assist device that acts to break up mucus in the lungs and help a person cough up the sputum from the lung into a collection cup. The sputum sample is shipped overnight to the laboratory and processed in accordance with CyPath® Lung protocol. Sample processing includes labeling cells with a synthetic porphyrin that attaches to cancer and cancer-associated cells (specifically, the porphyrin called meso-tetra (4-carboxyphenyl) porphine or “TCPP”). Sample processing also includes the use of antibodies that attach to specific types of cells. The processed sputum sample is run through a flow cytometer that can identify cancer and cancer-related cells labeled by TCPP and other cell populations. The resulting data is automatically analyzed immediately after data acquisition by proprietary automated analysis software that is fully integrated into the test and generates both quantitative and qualitative diagnostic results in the form of a patient report that is provided to the ordering physician. CyPath® Lung has the potential to increase overall diagnostic accuracy of lung cancer leading to increased survival, lower the number of unnecessary invasive procedures, reduce patient anxiety, and lower medical costs(6). bioAffinity Technologies intends to develop the CyPath® platform technology for use in the detection of other lung diseases, such as chronic obstructive pulmonary disease (“COPD”) and asthma. The Company further intends to develop tests to detect other cancers, including prostate cancer at an early stage, and to monitor for recurrence of bladder cancer. Through our wholly owned subsidiary, OncoSelect® Therapeutics, LLC, our Company is focused on expanding its broad platform technologies to create targeted therapeutics to fight cancer. In researching how TCPP, the porphyrin used in CyPath® Lung, enters cancer cells, we discovered a novel potential therapy that kills cancer cells that have been grown in petri dishes without apparent harm to normal cells. This approach uses RNA interference (“RNAi”), a natural mechanism for selectively silencing (eliminating or “knocking down”) a gene. Genes provide cells with instructions for making proteins, and silencing a gene by RNAi refers to stopping or reducing production of the protein specified by that gene. We discovered that treating cells in the laboratory with certain small interfering RNAs (“siRNAs,” which are short, chemically synthesized nucleic acid molecules), we can silence the two genes and thereby the production of two cell-surface proteins, causing potent and selective cancer cell death while leaving normal cells virtually unharmed. Our potential therapies will be achieved, in part, by advancing studies of the siRNA-driven silencing of two genes encoding for the cell surface proteins CD320 and LRP2. We found that silencing these two genes resulted in cell death in multiple human cancer cell lines, including lung, breast, prostate, melanoma, and brain cancer cell lines, but left normal human fibroblast and breast epithelial cells virtually unaffected. (1) The Cancer Atlas, Third Edition, American Cancer Society (ACS), World Health Organization (WHO) and The Union for International Cancer Control (UICC); https://canceratlas.cancer.org/the-burden/lung-cancer/. (2) SEER Cancer Statistics Review, 1975–2018; https://seer.cancer.gov/statfacts/html/lungb.htm. (3) The International Early Lung Cancer Action Program Investigators, Survival of Patients with Stage I Lung Cancer Detected on CT Screening. N. Engl. J. Med. 2006;355:1763-71. (4) Aberle DR, Adams AM, Berg CD, et al. Reduced lung-cancer mortality with low-dose computed tomographic screening. N. Engl. J. Med. 2011;365:395-409. (5) Church TR, Black WC, Aberle DR, et al. Results of initial low-dose computed tomographic screening for lung cancer. N. Engl. J. Med. 2013;368:1980-1991. (6) Analysis of the Potential Diagnostic, Patient And Economic Impact of CyPath® Lung When Used After LDCT Screening to Detect Lung Cancer, bioAffinity Technologies Internal Analysis with citations, 2022; attached as Appendix I of this prospectus. We were incorporated in the State of Delaware on March 26, 2014. Our principal executive office is located at 22211 West Interstate 10, Suite 1206, San Antonio, Texas 78257, and our telephone number at that address is (210) 698-5334. Our laboratory diagnostic and therapeutic research is conducted at The Harvey Sandler Cancer Research Laboratories, which is located at Science Research Laboratories, Suite 1.424, University of Texas at San Antonio, San Antonio, Texas.
AI Analysis | Feedback
bioAffinity Technologies (BIAF) can be described with the following analogies:- Like a Guardant Health focused on non-invasive, early lung cancer detection using sputum.
- Like an early-stage Alnylam Pharmaceuticals developing RNAi therapies, but for cancer.
AI Analysis | Feedback
- CyPath® Lung: A noninvasive diagnostic test for the early detection of lung cancer, which analyzes sputum samples using flow cytometry.
- Targeted Cancer Therapeutics (RNAi platform): A development program focused on creating novel cancer treatments utilizing RNA interference (RNAi) to selectively kill cancer cells.
AI Analysis | Feedback
bioAffinity Technologies (BIAF) sells its diagnostic tests primarily to other companies within the healthcare sector rather than directly to individuals. The company's first diagnostic test, CyPath® Lung, is designed to be ordered by physicians to assist in the assessment of lung cancer in patients.
Based on the provided information, the major customers of bioAffinity Technologies are:
- Healthcare providers, such as hospitals and clinics.
- Physician practices that order diagnostic tests for their patients.
- Diagnostic laboratories that would process the CyPath® Lung samples and generate patient reports for ordering physicians.
The company description does not list specific names of customer companies, nor does it provide their stock symbols, as it describes the intended market for its product rather than current, named commercial partnerships or direct sales. Therefore, no specific customer company names or symbols can be provided.
AI Analysis | Feedback
nullAI Analysis | Feedback
Maria Zannes
President and Chief Executive Officer
Ms. Zannes brings over 30 years of executive-level management experience. She founded bioAffinity Technologies in 2014. Prior to that, she founded The Zannes Firm, focusing on strategic solutions for private industry in the medical, environmental, and energy sectors. Ms. Zannes also served as President of the Energy Recovery Council and General Manager of ECOS Corporation, a subsidiary of Burlington Environmental. Earlier in her career, she was a project manager at Wheelabrator Technologies, Inc. and began her career as a journalist, later serving as a legislative aide. She is also a co-founder of two engineering research centers at Columbia University.
J. Michael Edwards, MBA, CPA
Chief Financial Officer
Mr. Edwards has more than three decades of experience in financial management and business strategy. He rejoined bioAffinity Technologies as Chief Financial Officer in October 2024, having previously served as the company's consulting CFO from 2014 to 2023 and interim CFO since September 2024. In these roles, he oversaw the company's initial public offering in 2022. Previously, Mr. Edwards held CFO positions at CytoBioscience Inc. and OncoVista Innovative Therapies, Inc. His career also includes finance roles at BioNumerik Pharmaceuticals, Inc. and Ilex Oncology, Inc. He began his career at PricewaterhouseCoopers LLP.
Steven Girgenti
Executive Chairman
Mr. Girgenti is a veteran healthcare executive with expertise in healthcare marketing strategies, financing, and mergers and acquisitions. He has served as Executive Chairman of bioAffinity Technologies, Inc. since November 2014. He is currently the Managing Partner of Medi-Pharm Consulting, LLC. Previously, he was the CEO and co-founder of DermWorx Incorporated, a dermatology company.
Timothy P. Zannes, J.D.
Executive Vice President, Secretary, and General Counsel
Mr. Zannes is responsible for corporate compliance and directs Human Resources at bioAffinity Technologies. Before receiving his J.D., he worked as a court bailiff and managed his own private investigation firm after serving as an investigator for the Albuquerque City Attorney.
Xavier T. Reveles, M.S.
Chief Operating Officer
Mr. Reveles, who holds a Master of Science degree, is responsible for overseeing the day-to-day operations of bioAffinity Technologies. His duties include ensuring efficiency and driving the successful execution of strategic initiatives, managing research and development processes, manufacturing, supply chain, and the overall operational infrastructure.
AI Analysis | Feedback
Key Risks to bioAffinity Technologies (BIAF)
- Regulatory Approval and Clinical Development Success: bioAffinity Technologies' core business relies on the successful development, clinical validation, and regulatory approval of its diagnostic test, CyPath® Lung, and its therapeutic candidates. The therapeutic platform, currently showing promise in "petri dishes," faces a lengthy, expensive, and uncertain path through preclinical research, clinical trials, and ultimately, regulatory hurdles. Failure to achieve regulatory approvals for CyPath® Lung or demonstrate the safety and efficacy of its therapeutic pipeline in clinical trials would severely impede the company's ability to commercialize its products and generate revenue.
- Market Adoption, Commercialization, and Competition: Even with regulatory approval, the commercial success of CyPath® Lung depends on its widespread adoption by physicians, acceptance by patients, and favorable reimbursement from payers. CyPath® Lung enters a market with established diagnostic protocols, including various imaging techniques, lab tests, and biopsies. The company will need to overcome existing practices and clearly demonstrate the superior value and benefits of its noninvasive test over current methods, including low-dose computed tomography (LDCT) screening. Failure to gain significant market traction or secure adequate reimbursement could limit its commercial potential.
- Intellectual Property Protection: bioAffinity Technologies' value proposition is rooted in its "proprietary noninvasive diagnostic tests" and "broad platform technologies." The company's competitive advantage and ability to exclude others from using its innovations are critically dependent on its ability to obtain, maintain, and enforce robust intellectual property (IP) protection, such as patents, particularly around its synthetic porphyrin (TCPP) and siRNA-driven therapies. Challenges to its IP, or the inability to secure and defend its patents, could significantly erode its market position and potential profitability.
AI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
Here are the expected drivers of future revenue growth for bioAffinity Technologies (BIAF) over the next 2-3 years:
- Accelerated Sales and Market Penetration of CyPath® Lung: bioAffinity Technologies anticipates continued rapid growth in the sales and adoption of its noninvasive CyPath® Lung test for early detection of lung cancer. The company projects over 100% unit sales growth for CyPath® Lung in 2026, building on an 87% increase in testing revenue and a 99% rise in test volumes in 2025. This growth is driven by increasing clinical utilization and validation of its commercialization strategy.
- Expansion into National and Federal Healthcare Markets: The company is strategically expanding the availability of CyPath® Lung into national markets and has secured inclusion in the U.S. Federal Supply Schedule. This provides streamlined access to the Veterans Health Administration (VHA) and the Military Health System, opening up significant new customer bases for the diagnostic test.
- Development and Commercialization of New Diagnostic Tests for Other Lung Diseases: Leveraging its platform technology, bioAffinity Technologies is actively developing noninvasive diagnostic tests for chronic obstructive pulmonary disease (COPD) and asthma. Patient studies for these new pipeline tests are expected to commence in 2026, which could introduce new revenue streams beyond lung cancer detection.
- Enhanced Clinical Evidence and Expanded Indications for CyPath® Lung: A large-scale longitudinal clinical trial involving up to 2,000 high-risk patients across 17 centers began in 2026 to further evaluate CyPath® Lung. Additionally, collaborations, such as with Brooke Army Medical Center, aim to expand sample collection methods and broaden the test's utility. This ongoing clinical development and validation are expected to deepen clinical evidence, leading to broader physician adoption, potential new indications like post-treatment surveillance for lung cancer survivors, and use in indeterminate pulmonary nodule evaluation.
AI Analysis | Feedback
Share Issuance
- In September 2022, bioAffinity Technologies completed its initial public offering (IPO) of 1,282,600 units, which, along with subsequent warrant exercises, generated approximately $15.6 million in total gross proceeds by September 28, 2022.
- The company raised approximately $16.9 million through various financings in 2025, which contributed to an increase in cash and cash equivalents.
- In October 2025, bioAffinity Technologies entered into definitive agreements for a registered direct offering of 720,000 shares of common stock at $2.50 per share, with expected gross proceeds of approximately $1.8 million.
Inbound Investments
- bioAffinity Technologies received approximately $15.6 million in total gross proceeds from its initial public offering and the exercise of associated warrants in September 2022.
- The company secured approximately $16.9 million in gross proceeds from equity financings during 2025.
Outbound Investments
- bioAffinity Technologies acquired Precision Pathology Laboratory Services (PPLS) in September 2023.
Capital Expenditures
- Capital expenditures for bioAffinity Technologies were approximately -$60,568 in the last 12 months.
- Research and development expenses, primarily focused on advancing its diagnostic platform and therapeutic discoveries, amounted to $1.4 million in 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| bioAffinity Technologies Earnings Notes | 12/16/2025 | |
| bioAffinity Technologies Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to BIAF.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 29.78 |
| Mkt Cap | 2.0 |
| Rev LTM | 685 |
| Op Inc LTM | -18 |
| FCF LTM | -17 |
| FCF 3Y Avg | -24 |
| CFO LTM | -4 |
| CFO 3Y Avg | -20 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.7% |
| Rev Chg 3Y Avg | 25.7% |
| Rev Chg Q | 14.6% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | 15.6% |
| Op Inc Chg 3Y Avg | 14.1% |
| Op Mgn LTM | -16.8% |
| Op Mgn 3Y Avg | -28.1% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | -8.5% |
| CFO/Rev 3Y Avg | -18.7% |
| FCF/Rev LTM | -12.4% |
| FCF/Rev 3Y Avg | -23.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.0 |
| P/S | 2.4 |
| P/Op Inc | -3.1 |
| P/EBIT | -0.7 |
| P/E | -0.7 |
| P/CFO | 7.8 |
| Total Yield | -13.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -6.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.6% |
| 3M Rtn | 10.7% |
| 6M Rtn | 13.0% |
| 12M Rtn | 21.2% |
| 3Y Rtn | -25.7% |
| 1M Excs Rtn | -1.6% |
| 3M Excs Rtn | 2.1% |
| 6M Excs Rtn | -1.3% |
| 12M Excs Rtn | -3.7% |
| 3Y Excs Rtn | -112.2% |
Price Behavior
Price Behavior
| Market Price | $1.66 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/01/2022 | |
| Distance from 52W High | -86.2% | |
| 50 Days | 200 Days | |
| DMA Price | $2.73 | $2.80 |
| DMA Trend | down | up |
| Distance from DMA | -39.2% | -40.8% |
| 3M | 1YR | |
| Volatility | 291.6% | 2,860.0% |
| Downside Capture | 35.53 | 992.39 |
| Upside Capture | 159.78 | 547.76 |
| Correlation (SPY) | 6.2% | 4.6% |
BIAF Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.88 | 1.15 | 2.49 | 3.02 | 9.82 | 3.13 |
| Up Beta | 1.63 | 0.15 | 1.19 | 1.35 | -7.52 | -1.91 |
| Down Beta | 4.93 | 4.73 | 3.03 | 3.37 | 0.77 | 1.93 |
| Up Capture | -177% | 418% | 642% | 627% | 9401% | 1603% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 8 | 18 | 28 | 53 | 105 | 311 |
| Down Capture | 1198% | -106% | 191% | 254% | 221% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 14 | 23 | 34 | 63 | 138 | 415 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIAF | |
|---|---|---|---|---|
| BIAF | -75.5% | 2,854.3% | 0.97 | - |
| Sector ETF (XLV) | 11.5% | 14.7% | 0.52 | -0.8% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 4.4% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 2.8% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -6.1% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | -4.5% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | -2.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIAF | |
|---|---|---|---|---|
| BIAF | -63.3% | 1,498.0% | 0.51 | - |
| Sector ETF (XLV) | 5.4% | 14.6% | 0.19 | -0.7% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 2.8% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 1.9% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | -2.7% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | -0.8% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | -0.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BIAF | |
|---|---|---|---|---|
| BIAF | -39.4% | 1,498.0% | 0.51 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | -0.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 2.8% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 1.9% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | -2.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | -0.8% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | -0.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/13/2026 | 98.1% | 177.6% | 197.2% |
| 11/14/2025 | -2.1% | -26.6% | -26.6% |
| 8/14/2025 | -8.7% | -2.4% | -95.4% |
| 3/31/2025 | -0.7% | 160.9% | 71.4% |
| 11/14/2024 | 3.1% | -1.6% | -27.9% |
| 5/16/2024 | -7.8% | 0.4% | -20.0% |
| 3/5/2024 | -50.0% | -33.0% | -14.0% |
| 11/15/2023 | 1.1% | -2.5% | 8.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 4 | 4 |
| # Negative | 5 | 6 | 6 |
| Median Positive | 1.8% | 81.1% | 43.3% |
| Median Negative | -7.8% | -2.6% | -23.3% |
| Max Positive | 98.1% | 177.6% | 197.2% |
| Max Negative | -50.0% | -33.0% | -95.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 09/02/2022 | 424B4 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.