bioAffinity Q1 net loss $1.5M; cash $9.8M; names new CFO

bioAffinity Technologies, Inc.

2024-Q1 EPS reported -$0.18 revenue$1,806,196

Revenue of $1,000 from CyPath Lung royalties; no revenue in prior-year period.
Net loss of $1.5M ($0.18 per share) unchanged YoY; SG&A rose to $1.2M from $395k.
Cash and cash equivalents $9.8M at March 31, 2023; expects to fund operations for at least 12 months.
Appointed Michael Dougherty as CFO, most recently CFO of Amazon's Alexa commercial domains.
U.S. patent allowance for porphyrin cancer treatment compounds through OncoSelect Therapeutics.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

bioAffinity Technologies, Inc. reported the three months ended March 31, 2023 results: revenue $1,000, net income $1.5 million, EPS $0.18 per share.

Period: the three months ended March 31, 2023
Revenue: $1,000
Net income: $1.5 million
EPS: $0.18 per share
Result: reported results

Exact text from the filing

Revenue for the first quarter of 2023 was $1,000, compared with no revenue for the prior-year period. Revenue is currently generated exclusively from royalties from the Company’s licensee, Precision Pathology Services, from sales of CyPath ® Lung as a laboratory developed test. Research and development expenses were $370,000 for the first quarter of 2023, compared with $280,000 for the comparable period in 2022. The increase was primarily due to higher compensation costs from adding research personnel and higher R&D equipment costs. Clinical development expenses were $20,000 for the first quarter of 2023, compared with $53,000 for the first quarter of 2022. The decline was primarily attributed to lower professional fees related to clinical strategy evaluation as the Company prepares to launch the CyPath ® Lung pivotal trial. Selling, general and administrative expenses were $1.2 million for the first quarter of 2023, compared with $395,000 for the comparable period in 2022. The increas

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Source: SEC EDGAR

accession 0001493152-23-017087

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