bioAffinity Technologies (BIAF) Q2 2026 earnings summary

Executive summary

• CyPath® Lung diagnostic test unit sales grew 216% year-over-year in Q2 2026, reflecting strong physician adoption and commercial momentum.

• Q2 2026 revenue increased 19% to $1.5 million compared to Q2 2025, driven by CyPath® Lung sales.

• Total net revenue for the six months ended June 30, 2026, was $2.9 million, down 8% from $3.1 million in the prior year, due to discontinuation of unprofitable pathology services, offset by CyPath® Lung growth.

• Net loss for the six months ended June 30, 2026, was $7.0 million, compared to $6.7 million in the prior year; Q2 2026 net loss was $3.4 million, improved from $4.1 million in Q2 2025.

• The company raised $3.2 million in gross proceeds from a public equity offering in June 2026 to fund operations and commercialization.

Financial highlights

• CyPath® Lung testing revenue for the six months ended June 30, 2026, was $835,000, up 159% from $323,000 in the prior year.

• Operating expenses for the six months ended June 30, 2026, were $9.8 million, up 19% from $8.3 million in the prior year, mainly due to increased clinical development and SG&A costs; Q2 2026 operating expenses were $4.8 million.

• Cash and cash equivalents were $2.4 million as of June 30, 2026, down from $6.4 million at year-end 2025.

• Net cash used in operating activities for the six months ended June 30, 2026, was $6.4 million, compared to $4.3 million in the prior year.

• Working capital as of June 30, 2026, was approximately $1.2 million, with an accumulated deficit of $75.6 million.

Outlook and guidance

• Management expects continued losses and negative cash flows for the foreseeable future and will require additional capital to fund operations and commercialization efforts.

• Priorities for H2 2026 include expanding CyPath® Lung adoption, increasing utilization among existing customers, and introducing the test to new healthcare systems.

• The company is advancing diagnostics for lung diseases and therapeutics for skin cancers.

• If sufficient funding is not secured, operations may be curtailed or ceased.