bioAffinity Technologies, Inc.BIAF

The gene-silencing start-up bioAffinity Technologies Inc. closed a $3.2 million equity offering on 18 June 2026 at $0.50 per share, bringing net proceeds to the oncology skunk-works while the 10-Q for the quarter ended 31 March 2026 shows revenue of only $1.4 million against a $3.6 million net loss. The filing lists $3.1 million of cash and equivalents, a figure that looks less like a runway and more like a polite invitation to keep the lights on while management updates the pitch deck. (source: 424B4 (2026-06-18), https://www.sec.gov/Archives/edgar/data/1712762/000149315226029206/form424b4.htm; 10-Q (2026-03-31), https://www.sec.gov/Archives/edgar/data/1712762/000149315226011517/0001493152-26-000070.txt)

Precision Pathology Laboratory Services, the wholly-owned subsidiary whose website promises ‘pathology services to physicians in a variety of outpatient settings’, carried $77,887 of inventory on the same balance sheet, up $24,339 from the prior quarter. The gene-silencing platform, meanwhile, remains pre-clinical despite a flurry of press releases touting selective cytotoxicity against squamous skin cancer cells. The company’s 8-K filed on 18 June 2026 states that net proceeds from the $3.2 million offering will fund ‘platform development and regulatory approvals’, a phrase that in biotech usually means ‘we need more quarters to stay solvent’. (source: 10-Q (2026-03-31), https://www.sec.gov/Archives/edgar/data/1712762/000149315226011517/0001493152-26-000070.txt; 8-K (2026-06-18), https://www.sec.gov/Archives/edgar/data/1712762/000149315226029384/form8-k.htm)

On the income statement, operating loss was $3.6 million for the quarter, while earnings per share came in at a tidy minus $0.81 on 4.5 million diluted shares. Cash used in operating activities clocked in at minus $3.2 million, neatly matching the proceeds from the June offering, which suggests the new money is simply plugging the same leak. The company’s SEC filings do not yet disclose any revenue from the gene-silencing programme; CyPath® Lung, marketed as a Laboratory Developed Test by the subsidiary, appears to be the only revenue line so far. (source: 10-Q (2026-03-31), https://www.sec.gov/Archives/edgar/data/1712762/000149315226011517/0001493152-26-000070.txt)

The latest 8-K sequence-filed 30 June, 18 June, 7 July and 22 July 2026-confirms a rapid cadence of capital-raising disclosures, yet none of the filings attach audited financials or definitive agreements spelling out how the $3.2 million will be deployed. The company’s own product page confirms that Precision Pathology Laboratory Services handles routine diagnostics, not therapeutics, so the gene-silencing promise remains an R&D line item rather than a customer line item. (source: 8-K (2026-06-30), https://www.sec.gov/Archives/edgar/data/1712762/000149315226031327/form8-k.htm; 8-K (2026-07-07), https://www.sec.gov/Archives/edgar/data/1712762/000149315226032263/form8-k.htm; 8-K (2026-07-22), https://www.sec.gov/Archives/edgar/data/1712762/000149315226034183/form8-k.htm; Products & Services, https://bioaffinitytech.com/products-services/)

If you want a chart route, the SEC filings do not provide one; the company’s own materials offer no volume or price history, so any attempt to render a share-price candle would be pure invention. Instead, readers can audit the source trail directly via the SEC’s CIK 1712762 page or the companyfacts JSON endpoint, both of which confirm the absence of audited revenue from gene-silencing products and the presence of $3.6 million in quarterly losses. (source: SEC EDGAR CIK 1712762 browse page, https://www.sec.gov/edgar/browse/?CIK=1712762; SEC companyfacts JSON, https://data.sec.gov/api/xbrl/companyfacts/CIK0001712762.json)

The operating reality is that bioAffinity’s gene-silencing platform has yet to generate a commercial dollar, while the cash register in the subsidiary remains limited to routine pathology fees. Until audited accounts show recurring revenue from an approved therapeutic, dilution remains the only therapy with a measurable therapeutic index. (source: 10-Q (2026-03-31), https://www.sec.gov/Archives/edgar/data/1712762/000149315226011517/0001493152-26-000070.txt; Press Releases, https://bioaffinitytech.com/press-releases/)