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olivLaw · US equity research

bioAffinity Technologies, Inc. BIAF

Services-Commercial Physical & Biological Research · SIC 8731 · Vertical: Services-Commercial Physical & Biological Research (SIC 8731)

2.93USD−8.15% · 1 dayClose 04 Nov 2026

bioAffinity Technologies develops noninvasive diagnostic tests for early-stage lung cancer, led by CyPath Lung, which is analyzed using flow cytometry and artificial intelligence. The company is cutting unprofitable pathology services and focusing on growing sales of its test, whose volume rose 216% in the second quarter of 2026, while still depending on new financing.

At the close of 04 Nov 2026, bioAffinity Technologies, Inc. (BIAF) stock was 2.93 USD (−8.15% on the day), with market capitalisation 23.7 m USD, beta 1.95, 52-week range 2.80–71.10 USD. Latest reported quarter (Q2 2026): revenue of 1.5 m USD (+19.0% YoY), net income of -3.4 m USD, diluted EPS -0.64 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
23.7 m USD
shares as of 03 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -6.90 · TTM to 30 Jun 2026
E/P (TTM)
-235.38%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
1.95
Volatility (1y) 184%
52-week range
2.8071.10

Price history

Loading chart…

Technical reading

RSI (14)
35.7
weak (30–45)
Bollinger (20, 2)
2.13 – 4.85
in the lower half of the band · %B 0.29 · band width 78.0%
SMA 50 / 200
6.00 / 18.99
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.89 / -1.01
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−52.7%−1.1%−51.6 pp—
3 months−63.1%−0.5%−62.7 pp—
6 months−90.1%+4.4%−94.5 pp—
Year to date−83.4%+12.3%−95.8 pp—
1 year−90.7%+13.5%−104.2 pp+14.7%
3 years−99.5%+76.4%−176.0 pp+18.0%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−96.1%
26 Mar 2026 → 23 Oct 2026
Max drawdown (5y)
−99.9%
01 Sept 2022 → 23 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.5 m USD
+19.0% YoY
Net income
-3.4 m USD
unavailable YoY
Diluted EPS
-0.64
unavailable YoY
net / operating
-222.8% / -220.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.4 m2.2 m1.9 m1.3 m1.4 m1.6 m1.4 m1.5 m
Research & development274.5 k390.7 k367.4 k311.4 k330.6 k374.0 k349.7 k361.6 k
SG&A2.4 m2.9 m2.5 m2.2 m2.2 m3.0 m3.2 m2.9 m
Operating income-2.0 m-2.9 m-2.6 m-2.5 m-2.3 m-3.1 m-3.6 m-3.3 m
Depreciation & amortisation151.3 k153.6 k154.6 k113.2 k113.4 k123.7 k114.5 k61.6 k
Interest expense21.6 k25.0 k15.5 k10.5 k5.4 k13.1 k14.7 k11.7 k
Pre-tax income-2.0 m-3.0 m-2.7 m-4.0 m-5.0 m-3.1 m-3.6 m-3.4 m
Income tax2.6 k08.7 k29.0 k3.2 k3.2 k——
Net income-2.0 m-3.0 m-2.7 m-4.1 m-5.1 m-3.1 m-3.6 m-3.4 m
Diluted EPS-4.84-6.02 ≈-4.80-5.07-4.74-0.71 ≈-0.81-0.64
Operating cash flow-1.7 m ≈-1.7 m-1.6 m-2.6 m ≈-2.5 m ≈-2.6 m-3.2 m-3.2 m ≈
Capex9.4 k ≈150.8 k13.4 k ≈-3.6 k ≈15.7 k90.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenueunavailable6.9 m7.9 m9.4 m6.2 m
Revenue YoYunavailableunavailable+14.5%+18.5%−34.2%
Net income-6.3 m-8.2 m-7.9 m-9.0 m-14.9 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPS-2.36-1.81-0.91-22.50-8.66
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %unavailable-118.2%-100.5%-96.6%-242.0%
Free cash flowunavailable-4.3 m-6.1 m-7.3 m-9.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
6.4 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
7.3 m USD
Total assets
11.0 m USD
Debt / equity
unavailable
Current ratio
2.60x
ROE
-301.8%
ROA
-170.6%
FCF margin
-152.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
7.9 m
2024
9.4 m
2025
6.2 m

SEC (XBRL)· 16 Mar 2026verified

Cost of revenue
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Gross profit
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Research & development
2023
1.5 m
2024
1.5 m
2025
1.4 m

SEC (XBRL)· 16 Mar 2026verified

SG&A
2023
6.8 m
2024
9.9 m
2025
9.9 m

SEC (XBRL)· 16 Mar 2026verified

Operating income
2023
-8.0 m
2024
-9.0 m
2025
-10.6 m

SEC (XBRL)· 16 Mar 2026verified

Depreciation & amortisation
2023
249.6 k
2024
605.6 k
2025
504.8 k

SEC (XBRL)· 16 Mar 2026verified

EBITDA
2023
-7.7 m ≈
2024
-8.3 m ≈
2025
-10.1 m ≈

SEC (XBRL)· 16 Mar 2026derived

Interest expense
2023
37.1 k
2024
92.5 k
2025
44.4 k

SEC (XBRL)· 16 Mar 2026verified

Pre-tax income
2023
-7.9 m
2024
-9.0 m
2025
-14.9 m

SEC (XBRL)· 16 Mar 2026verified

Income tax
2023
21.0 k
2024
11.7 k
2025
44.0 k

SEC (XBRL)· 16 Mar 2026verified

Net income
2023
-7.9 m
2024
-9.0 m
2025
-14.9 m

SEC (XBRL)· 16 Mar 2026verified

Diluted EPS
2023
-0.91
2024
-22.50
2025
-8.66

SEC (XBRL)· 16 Mar 2026verified

Weighted average diluted shares
2023
8.7 m
2024
404.2 k
2025
1.7 m

SEC (XBRL)· 16 Mar 2026verified

Balance sheet · USD

Cash
2023
2.8 m
2024
1.1 m
2025
6.4 m

SEC (XBRL)· 16 Mar 2026verified

Inventories
2023
18.5 k
2024
27.6 k
2025
53.5 k

SEC (XBRL)· 16 Mar 2026verified

Current assets
2023
4.0 m
2024
2.7 m
2025
7.6 m

SEC (XBRL)· 16 Mar 2026verified

Property, plant & equipment, net
2023
458.6 k
2024
375.4 k
2025
265.6 k

SEC (XBRL)· 16 Mar 2026verified

Goodwill
2023
1.4 m
2024
1.4 m
2025
1.4 m

SEC (XBRL)· 16 Mar 2026verified

Intangibles (excl. goodwill)
2023
833.5 k
2024
775.1 k
2025
716.8 k

SEC (XBRL)· 16 Mar 2026verified

Total assets
2023
8.2 m
2024
6.5 m
2025
11.0 m

SEC (XBRL)· 16 Mar 2026verified

Accounts payable
2023
604.8 k
2024
987.3 k
2025
761.9 k

SEC (XBRL)· 16 Mar 2026verified

Current liabilities
2023
2.2 m
2024
3.1 m
2025
2.9 m

SEC (XBRL)· 16 Mar 2026verified

Total liabilities
2023
3.4 m
2024
3.9 m
2025
3.7 m

SEC (XBRL)· 16 Mar 2026verified

Equity
2023
4.9 m †
2024
2.6 m †
2025
7.3 m †

SEC (XBRL)· 16 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-6.0 m
2024
-7.3 m
2025
-9.3 m

SEC (XBRL)· 16 Mar 2026verified

Capex
2023
22.9 k
2024
79.1 k
2025
60.6 k

SEC (XBRL)· 16 Mar 2026verified

Free cash flow
2023
-6.1 m ≈
2024
-7.3 m ≈
2025
-9.4 m ≈

SEC (XBRL)· 16 Mar 2026derived

Investing cash flow
2023
-2.2 m
2024
-79.1 k
2025
-60.6 k

SEC (XBRL)· 16 Mar 2026verified

Financing cash flow
2023
-345.0 k
2024
5.6 m
2025
14.7 m

SEC (XBRL)· 16 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-34.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-3.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
-202.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-209.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-257.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-195.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-1,860.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-245.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-250.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-276.1x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.4x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-11.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
92.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-11.6 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
23.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-235.4%
computed by olivLawTTM to 30 Jun 2026
P/B
6.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
4.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-48.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.93 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 23.7 m USD

Key indicators

Market capitalisation
23.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
6.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-1,860.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-257.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-34.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 03 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 667derived 61

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Commercial Physical & Biological Research (SIC 8731)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-257.3%27 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-3.7%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-276.1x0 (on a fixed band)19%
Current ratio · Balance sheet1.4x53 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-48.7%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet21/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial27/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

bioAffinity Technologies, Inc. (BIAF). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 6.2 m USD in 2025; YoY growth -34.2%; net margin -257.3%; ROE -1,860.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -257.3%
  • Revenue CAGR 3Y: -3.7%
  • Interest coverage: -276.1x
  • FCF yield: -48.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Commercial Physical & Biological Research (SIC 8731) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 67.6x
EV/EBITDA
—
vertical median 24.6x
P/S
4.0x
vertical median 4.6x
below median (−11.7%)
P/B
6.3x
vertical median 4.4x
above median (+41.9%)
ROE
-1,860.2%
vertical median 1.8%
below median (−101,381.2%)
Net margin
-257.3%
vertical median 1.0%
below median (−25,565.5%)
EBIT margin
-209.8%
vertical median 4.0%
below median (−5,348.6%)
Revenue YoY
-34.2%
vertical median -0.9%
below median
Net debt/EBITDA
—
vertical median 3.4x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
IQVIqvia Holdings Inc.43.5 bn32.021.7%8.1%+5.9%+15% / +23%
INCYIncyte Corporation25.0 bn65.27.8%6.7%+21.2%+18% / +126%
MEDPMedpace Holdings, Inc.18.4 bn36.4117.9%18.2%+20.0%+11% / +143%
CRLCharles River Laboratories International, Inc.15.6 bn385.51.2%1.0%−0.9%+83% / +66%
ICLRICON plc15.6 bn70.02.5%2.8%+0.8%+10% / −24%
ABSIAbsci Corp1.8 bn—-57.7%-7,756.4%−38.2%+231% / +528%
OABIOmniab, Inc.755.6 m—-16.5%-108.1%−29.3%+186% / +18%
NRCNRC Health574.5 m95.9248.1%4.5%−4.0%+59% / −35%
ONMDOnemednet Corporation269.2 m——-584.2%+111.4%−75% / −89%
MXCTMaxCyte, Inc.143.5 m—-20.4%-114.8%−14.5%−21% / −71%
BIAFbioAffinity Technologies, Inc.23.7 m—-1,860.2%-257.3%−34.2%−91% / −100%
ISPCiSpecimen Inc.2.1 m—-968.5%-2,449.0%−79.2%−95% / −100%

1- and 3-year price returns: for BIAF from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    bioAffinity Technologies develops noninvasive diagnostic tests for early-stage lung cancer, led by CyPath Lung, which is analyzed using flow cytometry and artificial intelligence. The company is cutting unprofitable pathology services and focusing on growing sales of its test, whose volume rose 216% in the second quarter of 2026, while still depending on new financing.

    SWOT

    Strengths

    • A diagnostic test with published clinical data and an accredited laboratory that can offer it directly to physicians.
    • Rapid growth in test volume in the second quarter of 2026, with a growing number of clinics ordering the test.
    • A technology platform that could be extended to other lung diseases and to dermatological therapies.

    Weaknesses

    • Repeated net losses and substantial doubt about the company's ability to continue as a going concern.
    • Limited liquidity and reliance on share issuances, which lead to dilution.
    • Limited experience operating a clinical laboratory and a short history of revenue.

    Opportunities

    • Extending CyPath Lung to new healthcare systems and to oncology practices.
    • Clinical validation through the longitudinal study could open access to reimbursement and other markets.
    • Partnerships to develop the asthma and COPD tests and the topical therapies.

    Threats

    • Physicians could remain hesitant until results from a larger study become available.
    • Difficulty obtaining financing on acceptable terms, or at all.
    • A possible Nasdaq delisting could limit access to capital markets.

    Risks

    • Going concernhigh

      The auditor flagged substantial doubt about the company's ability to continue as a going concern. If financing is not obtained, operations could be scaled back.

    • Shareholder dilutionhigh

      Repeated financing through share issuances and warrants could reduce the value of existing holdings.

    • Physician adoption of the testmedium

      The lack of a larger clinical study could prevent physicians from ordering the test widely.

    • PPLS laboratory performancemedium

      The laboratory has a short history and a risk of not reaching the profitability it expects.

    • Listing compliancemedium

      The share price notice could lead to delisting if the appeal does not succeed.

    Investment thesis

    What would need to be true (bull case)

    • If the rapid growth in test volume from the second quarter continues, CyPath Lung revenue could become a more important part of the business.
    • The clinical results reported by the company, especially for small nodules, could persuade more physicians to adopt the test.
    • Extending the platform to asthma and COPD could open markets larger than lung cancer detection.

    What would break the thesis

    • The company continues to lose money and depends on repeated financing, which could lead to significant dilution.
    • Total revenue fell in 2025 after the closure of some pathology services, and test growth has not yet offset this decline.
    • The going concern doubt and the Nasdaq notice could limit the company's options.

    What to watch

    • Interim results of the longitudinal study and the number of enrolled patients2027
    • Revenue trend from CyPath Lung and the number of clinics ordering the testQ3 2026
    • Nasdaq panel decision on the appeal of the share price notice2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company develops noninvasive diagnostics for early-stage lung cancer and other lung diseases using flow cytometry and automated analysis built with machine learning. Its first commercial test, CyPath Lung, is offered by subsidiary PPLS, a CAP-accredited and CLIA-certified clinical laboratory. The company is also developing companion tests for asthma and COPD and a research line of topical cancer therapies, which it intends to advance with strategic partners.

    Segments

    CyPath Lung diagnostic test

    CyPath Lung is the main growth driver. Its testing revenue reached $963,000 in fiscal 2025 according to the annual report, and $835,000 in the first half of 2026 2. The company says physician adoption is accelerating, but the test is an internally developed product whose clinical validation is still ongoing.

    Therapy and diagnostic pipeline

    Subsidiary OncoSelect Therapeutics works on topical therapies for skin cancer and the company develops tests for asthma and COPD. These are still at preclinical or research stage, and the company intends to pursue partnerships to develop them.

    Market context

    Lung cancer remains the leading cause of cancer deaths worldwide, and low-dose CT screening is widely used but has a low positive predictive value. The company argues that CyPath Lung could reduce unnecessary invasive procedures, which could create a market for confirmatory tests. The asthma and COPD diagnostic market is larger, but the company has not yet tapped it.

    Trends

    • Physician adoption of noninvasive teststailwind

      The number of clinics ordering CyPath Lung rose 122% in the second quarter of 2026 3. If this trend continues, it could support growth in test revenue.

    • Financing and liquidity pressureheadwind

      The company reported substantial doubt about its ability to continue as a going concern and must keep raising capital. If financing becomes expensive, dilution for shareholders could increase.

    • Longitudinal study with veterans and militarymixed

      The clinical study has begun enrolling patients at several VA and military centers, funded by a military research program. Results could support demand for testing, but remain uncertain.

    • Stock exchange listing pressureheadwind

      The company received a Nasdaq notice about its share price below one dollar, and its appeal has temporarily stayed any delisting action. The situation could affect access to capital.

    Competitive position

    The analyzed sources do not identify direct competitors to CyPath Lung in detail. The company compares its test with low-dose CT screening, biopsy and other lung diagnostic procedures, but it does not list competing firms with similar products. A full analysis would need an additional source.

    • Low-dose CT screening (LDCT)

      The standard screening method for high-risk patients, cited by the company as the benchmark for the test's predictive value.

    • Biopsy and other invasive procedures

      Confirmatory procedures that could be avoided if a noninvasive test is used, according to the company.

    • Other pathology laboratories

      The sources do not name specific rivals, but pathology laboratories offer similar sample analysis services.

    • Companion diagnostic developers for asthma and COPD

      Companies developing diagnostics for biologic therapies in asthma and COPD could compete with the company's pipeline projects.

    News & filings

    In the press

    The latest news item in our archive is from 05 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Current report29 Oct 2026
      Other events · Financial statements and exhibits
    • Proxy statement23 Oct 2026
    • Current report15 Oct 2026
      Other events · Financial statements and exhibits
    • Current report13 Oct 2026
      Other events · Financial statements and exhibits
    • Current report09 Oct 2026
      Material agreement · Item 3.02 · Other events · Financial statements and exhibits
    • Current report08 Oct 2026
      Other events · Financial statements and exhibits
    • Current report06 Oct 2026
      Other events · Financial statements and exhibits
    • Current report30 Sept 2026
      Other events · Financial statements and exhibits
    • Current report22 Sept 2026
      Other events · Financial statements and exhibits
    • Current report17 Sept 2026
      Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / bioAffinity Technologies, Inc. · 16 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / bioAffinity Technologies, Inc. · 07 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / bioAffinity Technologies, Inc. · 07 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.