![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
bioAffinity Technologies Inc | NASDAQ:BIAFW | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.70 | 0.0511 | 0.70 | 0.6999 | 0.486 | 0.6999 | 4,733 | 23:38:17 |
Conference Call Scheduled for April 3, 2023, at 9:00 a.m. Eastern Time
bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company addressing the need for noninvasive detection of early-stage lung cancer and other diseases of the lung, today reported financial results for the three and 12 months ended December 31, 2022.
Financial Highlights
Corporate and Operational Highlights
Management Commentary
“Through the capital raised during and following our IPO, 2022 was a landmark year for bioAffinity Technologies as we executed on our goal to become a leader in non-invasive early-stage cancer diagnosis by bringing our first flow cytometry-based diagnostic, CyPath® Lung, to market. With key research and leadership appointments, we are engaging clinicians and patients on the value of early lung cancer screening, lowering healthcare costs and raising the survival rate for one of the deadliest cancers,” said Maria Zannes, President and Chief Executive Officer of bioAffinity Technologies.
Low-dose computed tomography (LDCT) is the standard of care for screening patients at high risk for lung cancer and can significantly increase survival by finding early-stage cancer. But screening’s low positive predictive rate of 3.8% means that only four people out of 100 who get a positive screening result will actually have lung cancer. CyPath® Lung assists clinical decision-making for patients whose screening results are not clear. Physicians can order bioAffinity’s patient-friendly CyPath® Lung test to confirm or rule out cancer, reducing the need for biopsy and other costly invasive procedures, and providing greater clarity to determine next steps in patient care.
“Our ongoing pilot launch of CyPath® Lung in Texas continues to provide value by helping us to refine positioning, gather valuable insights from labs and healthcare providers, and optimize logistics throughout the care pathway, from ordering the test to reporting results. By building upon real-world feedback from this test market, we are enhancing the value proposition of CyPath® Lung and can achieve more impactful adoption as we prepare for commercial expansion,” Ms. Zannes said.
Fourth Quarter Financial Results
Revenue for the fourth quarter of 2022 was approximately $2,500, compared with no revenue for the prior-year period. Revenue was derived from the sale of CyPath® Lung as a Laboratory Developed Test (LDT).
Research and development expenses were $429,000 for the fourth quarter of 2022, compared with $318,000 for the comparable period in 2021. General and administrative expenses were $1.2 million for the fourth quarter of 2022, compared with $341,000 for the comparable period in 2021.
Net loss for the fourth quarter of 2022 was $1.7 million, compared with a net loss of $5.6 million for the comparable period in 2021.
Full Year Financial Results
Revenue for 2022 was approximately $5,000, compared with no revenue for 2021.
Research and development expenses were $1.1 million in 2022, compared with $1.0 million in 2021. The increase was primarily due to higher personnel, legal and research costs, partially offset by lower stock-based compensation expense.
General and administrative expenses were $2.7 million in 2022, compared with $1.1 million in 2021. The increase was primarily due to higher consulting, legal and professional fees related to the Company’s IPO and compliance with public company reporting requirements. The increase was also attributed to higher stock-based compensation expense, as well as hiring-related expenses to support the commercial launch of CyPath® Lung.
Net loss for 2022 was $8.2 million, or $1.81 per share, compared with a net loss for 2021 of $6.3 million, or $2.36 per share.
Cash and cash equivalents as of December 31, 2022, were $11.4 million. On September 6, 2022, bioAffinity Technologies raised net proceeds of $6.0 million from an IPO of 1,282,600 units, with each unit consisting of one share of common stock, one tradeable warrant to purchase one share of common stock and one non-tradable warrant. An additional $7.8 million was raised from the exercise of warrants and options. bioAffinity Technologies believes that its available cash will be sufficient to fund planned operations for at least the next 12 months.
Conference Call and Webcast
Management will host a conference call on Monday, April 3, 2023, at 9:00 a.m. Eastern time to discuss those results and answer questions.
Date:
Monday, April 3, 2023
Time:
9:00 a.m. Eastern time
Toll Free:
877-270-2148
International:
412-902-6510
Webcast:
Webcast link
A replay of the event will be available for 90 days at the webcast link above, which can also be found in the Investor Relations section of bioAffinity Technologies’ website at ir.bioaffinitytech.com.
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and diseases of the lung, and targeted cancer treatment. The Company’s first product, CyPath® Lung, is a noninvasive test that has shown high sensitivity and specificity for the detection of early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Services. OncoSelect Therapeutics®, LLC, a subsidiary of bioAffinity Technologies, is advancing its discoveries shown in vitro to kill cancer cells without harm to normal cells. Research and optimization of the Company’s platform technologies are conducted in its laboratories at The University of Texas at San Antonio. For more information, visit www.bioaffinitytech.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the anticipated use of proceeds from the Company’s offering of common shares. Forward-looking statements can be identified by words such as “believes,” “expects,” “estimates,” “intends,” “may,” “plans,” “will” and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.
bioAffinity Technologies, Inc.
Consolidated Balance Sheets
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
11,413,759
$
1,360,638
Accounts and other receivables, net
10,489
1,530
Inventory
5,540
—
Prepaid expenses and other current assets
531,899
76,065
Total current assets
11,961,687
1,438,233
Deferred offering costs
—
7,942
Property and equipment, net
214,438
4,633
Other assets
6,000
2,500
Total assets
$
12,182,125
$
1,453,308
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
345,042
$
230,407
Accrued expenses
541,894
483,501
Accrued interest
—
1,121,392
Current portion of Paycheck Protection Program loan
—
52,074
Loan payable
251,746
—
Convertible notes payable at fair value
—
11,152,151
Total current liabilities
1,138,682
13,039,525
Paycheck Protection Program loan, less current portion
—
160,184
Total liabilities
1,138,682
13,199,709
Commitments and contingencies
Convertible preferred stock, par value $0.001 per share; 20,000,000 shares authorized; 0 and 756,558 shares issued and outstanding, aggregate liquidation preference of $0 and $5,825,648 at December 31, 2022 and 2021, respectively
—
4,044,318
Stockholders’ equity (deficit):
Preferred stock, no shares issued or outstanding at December 31, 2022 and 2021, respectively
—
—
Common Stock, par value $0.007 per share; 14,285,714 shares authorized; 8,381,324 and 2,677,140 shares issued and outstanding as of December 31, 2022 and 2021, respectively
58,669
18,740
Additional paid-in capital
47,652,242
12,703,896
Accumulated deficit
(36,667,468
)
(28,513,355
)
Total stockholders’ equity (deficit)
11,043,443
(15,790,719
)
Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)
$
12,182,125
$
1,453,308
bioAffinity Technologies, Inc.
Consolidated Statements of Operations
For the Years Ended December 31, 2022 and 2021
2022
2021
Revenue
$
4,803
$
—
Cost of sales
467
—
Gross profit
4,336
—
Operating expenses:
Research and development
1,142,777
1,007,476
Clinical development
145,546
130,475
Selling, general and administrative
2,727,071
1,068,871
Total operating expenses
4,015,394
2,206,822
Loss from operations
(4,011,058
)
(2,206,822
)
Other income (expense):
Interest income
46,708
424
Interest expense
(2,532,640
)
(1,001,854
)
Gain on extinguishment of debt
212,258
239,200
Fair value of warrants issued
—
(4,080,339
)
Fair value adjustments on convertible notes payable
(1,866,922
)
724,928
Loss before income taxes
(8,151,654
)
(6,324,463
)
Income tax expense
(2,459
)
(1,950
)
Net loss
$
(8,154,113
)
$
(6,326,413
)
Net loss per common share, basic and diluted
$
(1.81
)
$
(2.36
)
Weighted average common shares outstanding
4,498,964
2,675,270
View source version on businesswire.com: https://www.businesswire.com/news/home/20230331005441/en/
bioAffinity Technologies Julie Anne Overton Director of Communications jao@bioaffinitytech.com
LHA Investor Relations Tirth T. Patel tpatel@lhai.com
1 Year bioAffinity Technologies Chart |
1 Month bioAffinity Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions