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BIAF Stock Dips Post Q3 Earnings Despite Rising Test Demand, Sales Down
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Shares of bioAffinity Technologies, Inc. (BIAF - Free Report) have lost 10% since the company reported its earnings for the quarter ended Sept. 30, 2026. This compares with the S&P 500 Index’s 3.4% gain over the same period. Over the past month, the stock plunged 34.3% compared with the S&P 500’s 2.3% decrease.
bioAffinity’s Earnings Snapshot
bioAffinity reported third-quarter 2026 revenues of $1.1 million, down 25.9% from $1.4 million in the year-ago quarter. Net loss widened to $5.3 million from $5.1 million, while loss per share narrowed to $5.89 from $71.05.
Laboratory Services, BIAF’s revenue-generating segment, reported revenues of $1.1 million, down 25.9% year over year. The Diagnostic Research and Development (R&D) segment generated no revenues in either quarter. Lower laboratory testing volumes and reduced reimbursement rates weighed on overall performance.
BIAF's Key Business Metrics
CyPath Lung test unit sales increased 100% during the first nine months of 2026 compared with the corresponding 2025 period. CyPath Lung testing revenues increased 79% to $1.1 million during the same period.
The number of physicians ordering CyPath Lung increased 89% year over year in the third quarter of 2026, while testing volumes among existing physician customers increased 48%. bioAffinity delivered 526 test results during the quarter, representing 37% growth.
Operating expenses increased 22.5% to $4.6 million from $3.7 million. Operating loss widened to $3.5 million from $2.3 million.
The quarterly net loss was partially offset by a decline in warrant-related losses to $1.2 million from $2.7 million in the year-ago period. However, BIAF also incurred $0.5 million in offering costs allocated to warrant liabilities, adding pressure to profitability.
Cash and cash equivalents totaled $2.6 million as of Sept. 30, 2026, compared with $6.4 million as of Dec. 31, 2025. Total assets declined to $7.6 million from $10.9 million, while stockholders' equity decreased to $3.9 million from $7.3 million.
Net cash used in operating activities increased to $10.3 million during the first nine months of 2026 from $6.8 million in the comparable 2025 period.
bioAffinity Technologies, Inc. Price, Consensus and EPS Surprise
CyPath Lung testing revenues declined 8% during the quarter despite higher completed test volumes. Lower average reimbursements, including insurance providers categorizing certain tests as experimental, offset increased utilization.
Laboratory revenues were also affected by reduced testing activity associated with internal business changes at three research clients.
Direct costs increased 18.3%, reflecting additional personnel for commercial testing and clinical studies. R&D expenses rose 17.7%, while clinical development expenses increased 75.2%, primarily reflecting trial-site activation and patient enrollment. Selling, general and administrative expenses increased 24.9% to $2.8 million from $2.2 million, reflecting expanded commercialization efforts.
BIAF's Management Commentary
CEO Maria Zannes emphasized increasing physician adoption and repeat utilization of CyPath Lung as important indicators of commercial progress.
Management highlighted the longitudinal clinical study, which had 11 active sites as of Sept. 30, 2026, including nine Veterans Affairs and military medical centers enrolling patients.
BIAF also advanced research into precision diagnostics for asthma and chronic obstructive pulmonary disease, alongside topical therapeutics targeting skin cancers.
bioAffinity’s Outlook
Management expects existing cash resources and anticipated operating revenues to support operations through March 2027, following additional financing completed in October.
However, bioAffinity acknowledged substantial doubt about its ability to continue as a going concern without further financing or significant revenue improvement.
Management did not provide specific revenue or earnings guidance.
BIAF's Other Developments
bioAffinity continued discontinuing certain unprofitable pathology services to prioritize CyPath Lung and higher-margin laboratory services.
In August 2026, BIAF completed a private placement generating $4.0 million in gross proceeds and implemented a 1-for-15 reverse stock split.
Following quarter-end, another financing transaction raised $4 million in gross proceeds.
bioAffinity also expanded its government healthcare distribution network through an agreement with AvMEDICAL and announced a collaboration with Pictor to support next-generation respiratory diagnostics.
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BIAF Stock Dips Post Q3 Earnings Despite Rising Test Demand, Sales Down
Shares of bioAffinity Technologies, Inc. (BIAF - Free Report) have lost 10% since the company reported its earnings for the quarter ended Sept. 30, 2026. This compares with the S&P 500 Index’s 3.4% gain over the same period. Over the past month, the stock plunged 34.3% compared with the S&P 500’s 2.3% decrease.
bioAffinity’s Earnings Snapshot
bioAffinity reported third-quarter 2026 revenues of $1.1 million, down 25.9% from $1.4 million in the year-ago quarter. Net loss widened to $5.3 million from $5.1 million, while loss per share narrowed to $5.89 from $71.05.
Laboratory Services, BIAF’s revenue-generating segment, reported revenues of $1.1 million, down 25.9% year over year. The Diagnostic Research and Development (R&D) segment generated no revenues in either quarter. Lower laboratory testing volumes and reduced reimbursement rates weighed on overall performance.
BIAF's Key Business Metrics
CyPath Lung test unit sales increased 100% during the first nine months of 2026 compared with the corresponding 2025 period. CyPath Lung testing revenues increased 79% to $1.1 million during the same period.
The number of physicians ordering CyPath Lung increased 89% year over year in the third quarter of 2026, while testing volumes among existing physician customers increased 48%. bioAffinity delivered 526 test results during the quarter, representing 37% growth.
Operating expenses increased 22.5% to $4.6 million from $3.7 million. Operating loss widened to $3.5 million from $2.3 million.
The quarterly net loss was partially offset by a decline in warrant-related losses to $1.2 million from $2.7 million in the year-ago period. However, BIAF also incurred $0.5 million in offering costs allocated to warrant liabilities, adding pressure to profitability.
Cash and cash equivalents totaled $2.6 million as of Sept. 30, 2026, compared with $6.4 million as of Dec. 31, 2025. Total assets declined to $7.6 million from $10.9 million, while stockholders' equity decreased to $3.9 million from $7.3 million.
Net cash used in operating activities increased to $10.3 million during the first nine months of 2026 from $6.8 million in the comparable 2025 period.
bioAffinity Technologies, Inc. Price, Consensus and EPS Surprise
bioAffinity Technologies, Inc. price-consensus-eps-surprise-chart | bioAffinity Technologies, Inc. Quote
Factors Affecting bioAffinity’s Results
CyPath Lung testing revenues declined 8% during the quarter despite higher completed test volumes. Lower average reimbursements, including insurance providers categorizing certain tests as experimental, offset increased utilization.
Laboratory revenues were also affected by reduced testing activity associated with internal business changes at three research clients.
Direct costs increased 18.3%, reflecting additional personnel for commercial testing and clinical studies. R&D expenses rose 17.7%, while clinical development expenses increased 75.2%, primarily reflecting trial-site activation and patient enrollment. Selling, general and administrative expenses increased 24.9% to $2.8 million from $2.2 million, reflecting expanded commercialization efforts.
BIAF's Management Commentary
CEO Maria Zannes emphasized increasing physician adoption and repeat utilization of CyPath Lung as important indicators of commercial progress.
Management highlighted the longitudinal clinical study, which had 11 active sites as of Sept. 30, 2026, including nine Veterans Affairs and military medical centers enrolling patients.
BIAF also advanced research into precision diagnostics for asthma and chronic obstructive pulmonary disease, alongside topical therapeutics targeting skin cancers.
bioAffinity’s Outlook
Management expects existing cash resources and anticipated operating revenues to support operations through March 2027, following additional financing completed in October.
However, bioAffinity acknowledged substantial doubt about its ability to continue as a going concern without further financing or significant revenue improvement.
Management did not provide specific revenue or earnings guidance.
BIAF's Other Developments
bioAffinity continued discontinuing certain unprofitable pathology services to prioritize CyPath Lung and higher-margin laboratory services.
In August 2026, BIAF completed a private placement generating $4.0 million in gross proceeds and implemented a 1-for-15 reverse stock split.
Following quarter-end, another financing transaction raised $4 million in gross proceeds.
bioAffinity also expanded its government healthcare distribution network through an agreement with AvMEDICAL and announced a collaboration with Pictor to support next-generation respiratory diagnostics.