Tearsheet

bioAffinity Technologies (BIAF)

Market Price (12/28/2025): $1.15 | Market Cap: $1.2 Mil
Sector: Health Care | Industry: Life Sciences Tools & Services

bioAffinity Technologies (BIAF)

Market Price (12/28/2025): $1.15
Market Cap: $1.2 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -560%	Weak multi-year price returns 2Y Excs Rtn is -143%, 3Y Excs Rtn is -179%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -153%
1	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more.		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -28%, Rev Chg QQuarterly Revenue Change % is -38%
2			Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -125%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -126%
4			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 515%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1186%
6			High stock price volatility Vol 12M is 2870%
7			Key risks BIAF key risks include [1] substantial financial challenges and questionable operational viability, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -560%
1	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -143%, 3Y Excs Rtn is -179%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -10 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -153%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -28%, Rev Chg QQuarterly Revenue Change % is -38%
5	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -125%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -126%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 515%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1186%
9	High stock price volatility Vol 12M is 2870%
10	Key risks BIAF key risks include [1] substantial financial challenges and questionable operational viability, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$1.15	$27.30	$44.12	$48.00
Market Cap CYE ($ Mil)	1.2	13.5	13.7	13.4	-
Total Debt ($ Mil)	0.7	1.5	1.6	0.3	11.4
Total Cash ($ Mil)	7.7	1.1	2.8	11.4	1.4
Enterprise Value ($ Mil)	-5.8	15.0	15.3	13.7
Valuation Ratios
P/S TTM	0.2	0.0	0.2	50.0	-
P/EBIT TTM	-0.1	-0.0	-0.1	-0.0	-
P/E TTM	-0.1	-0.0	-0.1	-0.0	-
P/FCF TTM	-0.1	-0.1	-0.1	-0.1	-
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3	-2.6
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/28/25	2024	2023
Share Price CYE	$1.15	$27.30	$44.12
Market Cap CYE ($ Mil)	1.2	13.5	13.7
Total Debt ($ Mil)	0.7	1.5	1.6
Total Cash ($ Mil)	7.7	1.1	2.8
Enterprise Value ($ Mil)	-5.8	15.0	15.3
Valuation Ratios
P/S TTM	0.2	0.0	0.2
P/EBIT TTM	-0.1	-0.0	-0.1
P/E TTM	-0.1	-0.0	-0.1
P/FCF TTM	-0.1	-0.1	-0.1
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	BIAF	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-38.5%	7.3%
Rev Chg LTM	-27.7%	6.1%
Rev Chg 3Y Avg	5,258.7%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-153.2%	18.8%
CFO/Rev LTM	-124.6%	20.4%
Net Inc Mgn	-217.5%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.3
P/CFO	-0.1	15.8
P/FCF	-0.1	20.7
P/E	-0.1	23.7
STABILITY	GOOD
Debt/Equity	0.56	0.21
Cash/Assets	0.66	0.07

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Metric	Value	Date	Source
CyPath® Lung Test Volume Growth (October 2025 vs. 2025 Monthly Average)	111%	11052025	Link
CyPath® Lung Sales Volume Growth (Q3 2025 vs. Q2 2025)	95%	11052025	Link
Increase in Medical Practices Ordering Multiple CyPath® Lung Tests (Q3 2025 vs. Prior Quarter)	106%	11052025	Link
Increase in Medical Practices Ordering Multiple CyPath® Lung Tests (October 2025 vs. YTD Monthly Average)	67%	11052025	Link
CyPath® Lung Test Sensitivity	92%	11052025	Link
CyPath® Lung Test Specificity	87%	11052025	Link
CyPath® Lung Test Accuracy	88%	11052025	Link
U.S. Patent Application Allowance for Diagnostic Algorithm and Test Method	1	10162025	Link
Australian Patent Application Acceptance for Platform to Detect and Characterize Multiple Lung Diseases	1	10282025	Link
Number of Employees	52	8132025	Link

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BIAF Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the approximate -83.9% stock movement for bioAffinity Technologies (BIAF) from August 31, 2025, to December 27, 2025:

1. The necessity of a reverse stock split signaled significant underlying issues. bioAffinity Technologies implemented a 1-for-30 reverse stock split effective September 19, 2025, primarily to regain compliance with Nasdaq's minimum bid price requirement. This corporate action indicated that the company's share price had fallen to critically low levels, reflecting substantial investor concern about its market valuation and financial stability leading into and during this period.

2. The company reported continued widening net losses. During this timeframe, bioAffinity Technologies continued to announce financial results that included widening net losses. Its Q2 2025 financial results, reported on August 14, 2025, showed an increased net loss of $4.1 million, partly due to non-cash expenses and costs associated with prior offerings. This trend continued with the Q3 2025 results, which reported a net loss of $5.1 million.

3. A decline in revenue due to a strategic shift contributed to investor concerns. While 2024 had seen record revenues, the Q3 2025 financial report indicated a notable decline in total revenue from $2.4 million to $1.5 million. This was primarily attributed to the discontinuation of unprofitable pathology services, a strategic move that, while aimed at improving profitability, may have caused investor apprehension regarding the company's immediate revenue-generating capabilities.

4. Dilutive financing activities put downward pressure on existing shares. To secure working capital, bioAffinity Technologies engaged in further financing. This included a $3.25 million public offering in May 2025 (with its impact carrying into this period) and a $1.8 million registered direct offering in October 2025 by issuing 720,000 shares. Such issuances increased the total number of outstanding shares, leading to dilution for existing shareholders and contributing to the downward movement of the stock price.

5. Persistent negative market sentiment continued from significant prior declines. The stock had already experienced substantial depreciation before and during the specified period, with reports indicating a nearly 86% fall over the year prior to the reverse split announcement in September 2025, and an approximate 87.68% decrease over the six months leading up to December 2025. This long-term negative trend reflects a sustained lack of investor confidence, likely stemming from the company's ongoing financial challenges and the inherent risks associated with its development-stage biotechnology operations, outweighing any positive developments.

Stock Movement Drivers

Fundamental Drivers

The -77.9% change in BIAF stock from 9/27/2025 to 12/27/2025 was primarily driven by a -66.6% change in the company's P/S Multiple.

	9272025	12272025	Change
Stock Price ($)	5.29	1.17	-77.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7.68	6.78	-11.77%
P/S Multiple	0.55	0.18	-66.62%
Shares Outstanding (Mil)	0.80	1.07	-33.17%
Cumulative Contribution			-80.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
BIAF	-77.9%
Market (SPY)	4.3%	30.8%
Sector (XLV)	15.2%	3.5%

Fundamental Drivers

The -86.8% change in BIAF stock from 6/28/2025 to 12/27/2025 was primarily driven by a -96.8% change in the company's Shares Outstanding (Mil).

	6282025	12272025	Change
Stock Price ($)	8.88	1.17	-86.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8.81	6.78	-23.07%
P/S Multiple	0.55	0.18	-66.30%
Shares Outstanding (Mil)	0.54	1.07	-96.77%
Cumulative Contribution			-99.16%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
BIAF	-86.8%
Market (SPY)	12.6%	6.3%
Sector (XLV)	17.0%	-1.9%

Fundamental Drivers

The -95.6% change in BIAF stock from 12/27/2024 to 12/27/2025 was primarily driven by a -158.2% change in the company's Shares Outstanding (Mil).

	12272024	12272025	Change
Stock Price ($)	26.69	1.17	-95.62%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	9.37	6.78	-27.66%
P/S Multiple	1.18	0.18	-84.35%
Shares Outstanding (Mil)	0.41	1.07	-158.24%
Cumulative Contribution			-106.59%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
BIAF	-95.6%
Market (SPY)	17.0%	3.6%
Sector (XLV)	13.8%	-1.6%

Fundamental Drivers

The -97.7% change in BIAF stock from 12/28/2022 to 12/27/2025 was primarily driven by a -1072.9% change in the company's Shares Outstanding (Mil).

	12282022	12272025	Change
Stock Price ($)	51.60	1.17	-97.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	6.78	�
P/S Multiple	�	0.18	�
Shares Outstanding (Mil)	0.09	1.07	-1072.86%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
BIAF	-97.7%
Market (SPY)	48.0%	2.9%
Sector (XLV)	17.9%	-1.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BIAF Return	-	-	-81%	-8%	-38%	-95%	-100%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
BIAF Win Rate	-	-	0%	42%	42%	25%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BIAF Max Drawdown	-	-	-81%	-38%	-40%	-99%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	BIAF	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-88.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	738.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

bioAffinity Technologies's stock fell -88.1% during the 2022 Inflation Shock from a high on 9/1/2022. A -88.1% loss requires a 738.4% gain to breakeven.

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About bioAffinity Technologies (BIAF)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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.

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An Exact Sciences (Cologuard) for early lung cancer detection.

A Guardant Health for early lung cancer detection, using sputum instead of blood.

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CyPath® Lung: A non-invasive diagnostic test designed for the early detection of lung cancer using sputum samples.

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Company: bioAffinity Technologies (Symbol: BIAF)

bioAffinity Technologies (BIAF) operates a CLIA-certified laboratory where it performs its proprietary CyPath® Lung test for the early detection of lung cancer. The company generates revenue by providing these diagnostic services and billing for them directly.

Based on their latest SEC filings, bioAffinity Technologies does not have major customer companies in a traditional business-to-business (B2B) sense that purchase their products or services for their own operations or resale. For instance, their 2023 10-K filing explicitly states that no single customer accounted for more than 10% of their revenue in either 2023 or 2022.

Instead, bioAffinity Technologies sells its diagnostic service primarily to individuals (patients) through their ordering physicians, with payment coming from various sources within the healthcare ecosystem. The primary categories of economic customers (those responsible for payment) that bioAffinity Technologies serves are:

Healthcare Insurers (Private Payors): These include various commercial health insurance companies (e.g., UnitedHealthcare, Anthem, Aetna, Cigna) that reimburse bioAffinity Technologies for the diagnostic testing services provided to their policyholders.
Governmental Healthcare Programs (Public Payors): These consist of government-administered programs such as Medicare and Medicaid, which provide coverage for eligible patients who utilize the CyPath® Lung test.
Patients/Individuals: Patients themselves are responsible for a portion of the cost of the test, which may include co-payments, deductibles, or the full out-of-pocket expense if they are uninsured or if the test is not covered by their plan.

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Bio-Techne Corporation (NASDAQ: TECH)

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bioAffinity Technologies Management Team

Maria Zannes, President, Chief Executive Officer and Director

Ms. Zannes brings over 30 years of executive-level management experience. Prior to her current role, she founded The Zannes Firm, focusing on strategic solutions for private industry in medical, environmental, and energy fields. She also served as President of the Energy Recovery Council and General Manager of ECOS Corporation, a subsidiary of Burlington Environmental. Additionally, Ms. Zannes was a project manager at Wheelabrator Technologies, Inc. and is a co-founder of two engineering research centers at Columbia University. She began her career as a journalist.

J. Michael Edwards, Chief Financial Officer and Principal Accounting Officer

Mr. Edwards has over three decades of experience in financial management and business strategy. He previously served as a consulting Chief Financial Officer for bioAffinity Technologies until 2023, before rejoining the management team. Earlier in his career, Mr. Edwards was the CFO of CytoBioscience Inc., which develops and manufactures instruments for disease analysis and treatment, and OncoVista Innovative Therapies, Inc., a biopharmaceutical company focusing on targeted anticancer therapies.

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 since November 2014. Mr. Girgenti is currently the Managing Partner of Medi-Pharm Consulting, LLC. He was also the CEO and co-founder of DermWorx Incorporated and the founder and CEO of Healthworld Corporation, a global healthcare marketing services network, until 2008. Under his leadership, Healthworld made numerous acquisitions and went public in 1997.

David Elzi, PhD, Vice President, Product Development

Dr. Elzi brings 20-25 years of research experience in cancer biology, molecular and cellular biology, and biochemistry to bioAffinity Technologies, which he joined in 2016. He leads research on the mechanism of porphyrin uptake in cancer cells. Previously, he held roles as a Director of Basic and Applied Research at The UT Health Science Center at San Antonio (UTHSCSA) and was a research scientist at the Greehey Children's Cancer Research Institute. Dr. Elzi earned his PhD in Molecular and Cellular Biology from the University of Washington.

Timothy P. Zannes, JD, Executive Vice President, General Counsel and Secretary

Mr. Zannes has served as corporate legal counsel for both public and private biomedical firms for over 16 years. In addition to his legal duties, he is responsible for corporate compliance and directs Human Resources. Prior to receiving his J.D., Mr. Zannes ran his own private investigation firm. He is the brother of Maria Zannes.

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bioAffinity Technologies (BIAF) faces several key risks to its business operations and financial stability.

The most significant risk stems from the company's **substantial financial challenges and concerns regarding operational sustainability**. bioAffinity Technologies has demonstrated negative profit margins and returns on equity and assets, indicating operational inefficiencies and unprofitability. The company also has negative operating cash flow, which raises concerns about its liquidity and long-term operational viability, suggesting a need for strategic funding or partnerships.

A second key risk is the **high volatility of its stock and periods of low trading volume**, which increase the overall investment risk. The stock has experienced significant fluctuations, and low liquidity can amplify price movements and make it challenging for investors to trade shares.

Finally, the business faces risks associated with its **reliance on the successful commercialization and market adoption of its diagnostic platform, particularly CyPath® Lung**. While the company is strategically focusing on higher-value diagnostic platforms and increasing R&D and clinical development spending, its financial performance is heavily tied to the successful uptake and sustained revenue generation from these products.

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The primary clear emerging threat to bioAffinity Technologies (BIAF) is the rapid advancement and potential widespread adoption of blood-based liquid biopsy technologies for early lung cancer detection. While BIAF's XpertDerm (a sputum-based test) offers a non-invasive alternative, the convenience of a simple blood draw offered by liquid biopsy tests (e.g., for circulating tumor DNA or other biomarkers) presents a significant competitive advantage. Companies like GRAIL, Guardant Health, and Exact Sciences are investing heavily in and developing these technologies, with some already in the market for other indications or in advanced clinical trials for early cancer detection, including lung cancer. If these blood-based tests demonstrate sufficient sensitivity, specificity, and clinical utility for early lung cancer screening, they could become the preferred non-invasive method, potentially diminishing the market opportunity for sputum-based alternatives like XpertDerm.

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bioAffinity Technologies (NASDAQ: BIAF) focuses on noninvasive diagnostics for early-stage cancer and lung diseases, with a pipeline in targeted cancer therapeutics. Its main product is CyPath® Lung, a noninvasive diagnostic test for the detection of early-stage lung cancer.

Addressable Markets:

Lung Cancer Diagnostics: The global lung cancer diagnostics market was estimated at USD 12.37 billion in 2024 and is projected to reach USD 23.31 billion by 2033, growing at a CAGR of 7.5% from 2025 to 2033. Another estimate projects the global market to grow from USD 15.1 billion in 2023 to over USD 34.8 billion by 2034, at a CAGR of 7.9%. For the U.S. specifically, the lung cancer diagnostics market size was estimated at USD 2.16 billion in 2024 and is expected to be worth around USD 4.10 billion by 2034, growing at a CAGR of 6.62% from 2025 to 2034. Another source indicates the U.S. lung cancer diagnostics market size was estimated at USD 4.779 billion in 2024 and is projected to be worth around USD 10.414 billion by 2034, growing at a CAGR of 8.1% from 2025 to 2034. The lung cancer diagnostics market is also projected to reach USD 4.7 billion by 2030.
Early-Stage Lung Cancer Diagnostics: The global early-stage lung cancer diagnostics therapy market is projected to grow from USD 2.5 billion in 2025 to USD 6.5 billion by 2035, at a CAGR of 10.0%.
Non-Small Cell Lung Cancer (NSCLC) Diagnostics: The global non-small cell lung cancer diagnostics market is expected to reach USD 3.463 billion by 2028 from USD 1.291 billion in 2020, growing at a CAGR of 13.2% from 2021 to 2028. The global non-small cell lung cancer market was estimated at USD 20.2 billion in 2024 and is expected to grow from USD 22.1 billion in 2025 to USD 53.9 billion in 2034, at a CAGR of 10.4% from 2025 to 2034. The U.S. non-small cell lung cancer market was valued at USD 8.2 billion in 2024.
Lung Cancer Screening: The global lung cancer screening market size was valued at USD 3.28 billion in 2023 and is projected to grow to USD 7.10 billion by 2032, exhibiting a CAGR of 9.1% from 2024 to 2032. The U.S. lung cancer screening market size is projected to reach an estimated value of USD 3.83 billion by 2032. The lung cancer screening market is projected to reach USD 5.7 billion by 2030.
COPD and Asthma Diagnostics: bioAffinity Technologies is developing diagnostics for COPD and asthma. The combined global market for COPD and asthma diagnostics is expected to reach USD 8.2 billion by 2027. These programs target multi-billion-dollar markets and affect over 80 million people across the U.S., EU, and China.

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Expected Drivers of Future Revenue Growth for bioAffinity Technologies (BIAF)

Over the next two to three years, bioAffinity Technologies (BIAF) is expected to drive future revenue growth primarily through the expanded commercialization and adoption of its noninvasive lung cancer diagnostic test, CyPath® Lung, alongside strategic market expansion and the potential introduction of new diagnostic products. The key drivers include: * Increased Adoption and Integration of CyPath® Lung: The company has reported record growth in CyPath® Lung test volume, reflecting increasing physician confidence and the test's clinical value in detecting early-stage lung cancer and avoiding unnecessary invasive procedures. This growing adoption by healthcare providers, including Veterans' hospitals, and its increasing integration into clinical practice are crucial for sustained revenue growth. * Expansion into New Geographic Markets: bioAffinity Technologies is actively expanding its market presence beyond its successful pilot program in Texas, with particular focus on the mid-Atlantic region and the Veterans Administration healthcare system. This strategic market expansion aims to reach a broader base of clinicians and patients, further increasing CyPath® Lung sales. * Enhanced Payer Coverage and Patient Access: The company is building a strong foundation for long-term revenue growth by focusing on improving payer coverage and patient access for CyPath® Lung. The addition of the test to the U.S. Federal Supply Schedule in 2024 has already enhanced access for veterans and military personnel. Additionally, an increase in the list price of CyPath® Lung to $2,900 aligns with private payer reimbursement strategies, aiming to enhance per-test profitability. * Advancement of New Diagnostic Products: Beyond CyPath® Lung, bioAffinity Technologies is committed to advancing new diagnostics for other lung diseases, such as Chronic Obstructive Pulmonary Disease (COPD) and asthma. While CyPath® Lung is the current primary revenue driver, the development and eventual launch of these new diagnostic products represent a potential future revenue stream and diversification strategy. * Clinical Utility and Physician Validation: Real-world case studies demonstrating CyPath® Lung's ability to detect Stage 1A lung cancer in patients where other diagnostics suggested a low probability of cancer, and to spare patients from invasive procedures, are fueling growing physician trust and demand for the test. This ongoing clinical validation and the resulting increased demand are expected to continue driving sales volume.

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Share Issuance

In September 2025, bioAffinity Technologies completed a public offering, generating aggregate gross proceeds of approximately $4.8 million.
In May 2025, the company raised approximately $3.25 million through a public offering.
In October 2025, bioAffinity Technologies closed a registered direct offering of 720,000 shares of common stock at $2.50 per share, resulting in approximately $1.8 million in gross proceeds.

Inbound Investments

In August 2025, bioAffinity Technologies entered into securities purchase agreements with institutional and accredited investors for a private placement of Series B Convertible Preferred Stock and warrants, expecting aggregate gross proceeds of approximately $1.2 million.

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		Best Bets In Health Care Sector
	BIAF	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	-0.1	22.1	13.6	32.4	13.7	11.8	78.9	75.0	28.1	11.4	58.0
P/EBIT	-0.1	10.7	10.6	33.2	11.5	8.9	57.4	73.2	27.4	7.7	67.5
What You Get
Rev Chg Q	-38.5%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	-27.7%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	5,258.7%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	-664.8%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
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1	bioAffinity Technologies Earnings Notes
2	bioAffinity Technologies Stock Drop Looks Sharp, But How Deep Can It Go?	Return

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Trade Ideas

Select ideas related to BIAF. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.4%	21.4%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	18.0%	18.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.9%	3.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-5.1%

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FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
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BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

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OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

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Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

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Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for bioAffinity Technologies

Peers to compare with:

Financials

	BIAF	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	bioAffin.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	1.17	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	0.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	7	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-10	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-9	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-7	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	-8	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	-7	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	BIAF	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	bioAffin.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-27.7%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	5,258.7%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	-38.5%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-11.8%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	-153.2%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	-833.0%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	-22.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	-124.6%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	-660.5%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	-125.6%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-664.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	BIAF	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	bioAffin.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.2	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	-0.1	6.8	19.9	25.1	22.5	31.3	21.2
P/E	-0.1	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	-0.1	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	-1,181.4%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-941.5%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.5	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	-5.6	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	BIAF	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	bioAffin.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-19.3%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-77.9%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-86.8%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-95.6%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	-97.7%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-20.6%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-82.2%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-99.1%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-112.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-179.1%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	11/14/2025	3/31/2025	4/1/2024	3/31/2023	9/2/2022	9/2/2022
Key Financials
Total Revenue	7	9	3	0	0	0
EBITDA	-14	-8	-8	-6	-5	-7
Operating Income	-10	-9	-8	-4	-2	-3
Net Income	-15	-9	-8	-8	-6	-7
EPS	-20.92	-22.50	-27.30	-54.30	-69.58	-79.95
Growth Rates
Total Revenue Growth	-27.7%	269.7%	52627.4%	∞%	-	-
EBITDA Growth	-82.3%	-9.2%	-36.0%	-5.5%	22.5%	-
Operating Income Growth	-24.3%	-12.3%	-98.8%	-81.8%	15.3%	-
Net Income Growth	-74.5%	-13.9%	2.7%	-28.9%	13.0%	-
Margins
EBITDA Margin	-208.2%	-89.0%	-301.3%	-116777.7%	-	-
Operating Income Margin	-153.2%	-95.6%	-314.8%	-83511.5%	-	-
Net Income Margin	-217.5%	-96.6%	-313.4%	-169771.2%	-	-
Cash & Debt
Total Cash	8	1	3	11	1	0
Total Debt	1	2	2	0	11	10
Net Debt / (Cash)	-7	0	-1	-11	10	10
Cash Flows
Net Cash from Operations	-8	-7	-6	-4	-2	-2
Free Cash from Operations	-9	-7	-6	-4	-2	-2
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/14/2025	8/14/2025	5/15/2025	3/31/2025	11/14/2024	8/14/2024	5/15/2024	4/1/2024	11/14/2023	8/14/2023	5/15/2023	3/31/2023
Key Financials Quarterly
Total Revenue	1	1	2	2	2	2	2	2	0	0	0	0
Ebitda	-5	-4	-2	-3	-2	-2	-2	-2	-2	-2	-1	-2
Operating Income	-2	-3	-3	-3	-2	-2	-2	-2	-2	-2	-2	-2
Net Income	-5	-4	-3	-3	-2	-2	-2	-2	-2	-2	-2	-2
EPS	-4.74	-5.10	-4.80	-6.28	-4.84	-5.70	-6.00	-7.80	-7.80	-6.00	-5.40	-5.99
Key Financials TTM
Total Revenue TTM	7	8	9	9	9	7	5	3	0	0	0	0
Ebitda TTM	-14	-11	-9	-8	-8	-8	-8	-8	-7	-9	-7	-6
Operating Income TTM	-10	-10	-10	-9	-8	-9	-8	-8	-7	-6	-5	-4
Net Income TTM	-15	-12	-10	-9	-8	-9	-8	-8	-7	-10	-8	-8
Growth Rates Quarterly
Total Revenue Growth	-38.5%	-47.1%	-23.0%	-0.3%	687.4%	12047.4%	261180.2%	94246.0%	25855.1%	1411.3%	-	-
EBITDA Growth	-170.0%	-102.3%	-39.0%	-26.9%	17.9%	-12.8%	-19.2%	-39.2%	44.7%	-648.5%	-106.3%	68.0%
Operating Income Growth	-16.2%	-20.5%	-35.1%	-25.8%	14.0%	-17.4%	-24.9%	-44.3%	-135.1%	-159.9%	-114.3%	-146.1%
Net Income Growth	-152.4%	-92.4%	-35.6%	-25.0%	12.7%	-21.3%	-28.0%	-41.7%	53.4%	-1876.3%	-4.1%	70.0%
Margins Quarterly
EBITDA Margin	-340.9%	-307.9%	-133.9%	-126.3%	-77.7%	-80.6%	-74.2%	-99.3%	-744.5%	-8677.0%	-162609.3%	-67261.9%
Operating Income Margin	-158.6%	-198.2%	-141.7%	-133.5%	-84.0%	-87.1%	-80.8%	-105.8%	-768.7%	-9009.8%	-169160.7%	-69213.2%
Net Income Margin	-349.3%	-319.9%	-143.5%	-134.4%	-85.1%	-88.0%	-81.5%	-107.2%	-767.5%	-8816.4%	-166426.7%	-71380.3%
Cash & Debt
Total Cash	8	1	0	1	1	1	2	3	5	8	10	11
Total Debt	1	1	1	2	2	1	1	2	2	0	0	0
Net Debt / (Cash)	-7	-0	1	0	1	1	-1	-1	-3	-8	-10	-11
Cash Flows Quarterly
FCF from Operations	-2	-3	-2	-2	-2	-2	-2	-2	-2	-1	-2	-1
Cash Flows TTM
FCF from Operations TTM	-8	-8	-7	-7	-7	-7	-7	-6	-6	-6	-5	-4
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-13.6%	-17.3%	-17.9%	-20.8%	-14.4%	-15.9%	-15.3%	-19.4%	-19.8%	-17.9%	-16.3%	-17.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-15.4%	-17.3%	-16.4%	-15.8%	-15.2%	-16.5%	-16.4%	-16.5%	-15.6%	-14.9%	-12.7%	-11.0%

Segment Financials

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Price Behavior

Price Behavior

Market Price	$1.17
Market Cap ($ Bil)	0.0
First Trading Date	09/01/2022
Distance from 52W High	-96.4%
	50 Days	200 Days
DMA Price	$1.87	$7.10
DMA Trend	down	down
Distance from DMA	-37.6%	-83.5%
	3M	1YR
Volatility	113.1%	2,886.8%
Downside Capture	611.74	908.57
Upside Capture	-226.95	490.71
Correlation (SPY)	22.8%	3.7%

BIAF Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	4.38	2.44	14.19	8.46	2.99	1.75
Up Beta	0.63	0.67	-158.18	-83.14	-10.56	-6.00
Down Beta	4.34	3.36	-6.22	-0.81	1.32	2.02
Up Capture	104%	-33%	13489%	7215%	4113%	386%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	12	20	48	91	304
Down Capture	640%	392%	681%	431%	171%	112%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	27	40	75	153	420

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
8/14/2023	0.3%	-2.7%	-12.4%
...
SUMMARY STATS
# Positive	4	3	3
# Negative	5	6	6
Median Positive	1.4%	1.2%	15.2%
Median Negative	-7.8%	-2.6%	-23.3%
Max Positive	3.1%	160.9%	71.4%
Max Negative	-50.0%	-33.0%	-95.4%

	Forward Returns
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%
8/14/2023	0.3%	-2.7%	-12.4%
4/3/2023	1.8%	1.2%	15.2%
SUMMARY STATS
# Positive	4	3	3
# Negative	5	6	6
Median Positive	1.4%	1.2%	15.2%
Median Negative	-7.8%	-2.6%	-23.3%
Max Positive	3.1%	160.9%	71.4%
Max Negative	-50.0%	-33.0%	-95.4%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11142025	10-Q 9/30/2025
6302025	8142025	10-Q 6/30/2025
3312025	5152025	10-Q 3/31/2025
12312024	3312025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
6302024	8142024	10-Q 6/30/2024
3312024	5152024	10-Q 3/31/2024
12312023	4012024	10-K 12/31/2023
9302023	11142023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3312023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
3312022	5252022	S-1/A 3/31/2022
12312021	9022022	424B4 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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bioAffinity Technologies (BIAF)

Market Price (12/28/2025): $1.15 | Market Cap: $1.2 MilSector: Health Care | Industry: Life Sciences Tools & Services

bioAffinity Technologies (BIAF)

Market Price (12/28/2025): $1.15Market Cap: $1.2 MilSector: Health CareIndustry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BIAF Stock

Why The Stock Moved

Qualitative Assessment

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Fundamental Drivers

Market Drivers

Fundamental Drivers

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Return vs. Risk

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About bioAffinity Technologies (BIAF)

Addressable Markets:

Expected Drivers of Future Revenue Growth for bioAffinity Technologies (BIAF)

Interactive Breakdown

Better Bets than bioAffinity Technologies (BIAF)

INDUSTRY: Life Sciences Tools & Services

Higher Rev Chg LTM (Value for BIAF: -27.7%)

Higher Op Mgn LTM (Value for BIAF: -153.2%)

Higher CFO/Rev LTM (Value for BIAF: -124.6%)

Higher FCF/Rev LTM (Value for BIAF: -125.6%)

Higher Total Yield (Value for BIAF: -1181.4%)

SECTOR: Health Care

Higher Rev Chg LTM (Value for BIAF: -27.7%)

Higher Rev Chg 3Y Avg (Value for BIAF: 5258.7%)

Higher Op Mgn LTM (Value for BIAF: -153.2%)

Higher CFO/Rev LTM (Value for BIAF: -124.6%)

Higher FCF/Rev LTM (Value for BIAF: -125.6%)

Higher Total Yield (Value for BIAF: -1181.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BIAF: 5258.7% | 0.2x)

Higher Rev Chg LTM (Value for BIAF: -27.7%)

Higher Rev Chg 3Y Avg (Value for BIAF: 5258.7%)

Higher Op Mgn LTM (Value for BIAF: -153.2%)

Higher CFO/Rev LTM (Value for BIAF: -124.6%)

Higher FCF/Rev LTM (Value for BIAF: -125.6%)

Higher Total Yield (Value for BIAF: -1181.4%)

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Market Price (12/28/2025): $1.15 | Market Cap: $1.2 Mil
Sector: Health Care | Industry: Life Sciences Tools & Services

Market Price (12/28/2025): $1.15
Market Cap: $1.2 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services