BioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW) reported strong financial and operational progress for the third quarter and first nine months of 2025, highlighting a significant 86% year-over-year increase in CyPath® Lung testing revenue and a record-breaking 92% quarterly surge in sales. The company’s flagship diagnostic test, designed to detect early-stage lung cancer noninvasively using advanced flow cytometry and artificial intelligence, continues to gain traction among clinicians, particularly within the Veterans Administration (VA) network, where adoption is accelerating due to the heightened lung cancer risk among veterans from occupational and environmental exposures. Despite a decline in total revenue—from $2.4 million to $1.5 million for the quarter ended September 30, 2025—this shift was intentional. BioAffinity strategically discontinued unprofitable pathology services to focus resources on commercializing CyPath® Lung. This pivot contributed to a 38% reduction in direct costs and a 16% overall drop in operating expenses, driven by cost-saving measures implemented in March 2025. Research and development spending rose 20% year-over-year, reflecting increased investment in preclinical studies and lab supplies, while clinical development costs also increased to support an upcoming longitudinal study. The company raised approximately $10.4 million in gross proceeds from equity transactions during the quarter, bolstering its cash position to $7.7 million as of September 30, 2025—up from $1.1 million at year-end 2024. This strengthened balance sheet supports ongoing operations and growth initiatives. BioAffinity also regained full compliance with Nasdaq Capital Market listing requirements, subject to a one-year panel monitor, and expanded its intellectual property portfolio with a new U.S. patent protecting the diagnostic algorithm behind CyPath® Lung, which has demonstrated 92% sensitivity, 87% specificity, and 88% accuracy in detecting lung cancer in patients with small pulmonary nodules. Leadership strengthened with the appointment of Roberto Rios, CPA, and John J. Oppenheimer, M.D., to the Board of Directors. Rios brings extensive corporate finance expertise, while Dr. Oppenheimer, a leading expert in asthma and COPD, will guide the development of companion diagnostics for chronic lung diseases. Management emphasized the clinical impact of CyPath® Lung, citing four patient case studies where the test enabled early-stage (Stage 1A) lung cancer detection and prevented unnecessary biopsies. These real-world outcomes are central to the company’s marketing strategy, particularly within the VA system, where interest in participation in the longitudinal study is growing. While net loss widened to $5.05 million for the quarter—up from $2.0 million in 2024—this was primarily due to a non-cash expense from the change in fair value of warrants. The company remains focused on driving clinical adoption, expanding market reach in the mid-Atlantic region, and advancing its pipeline for respiratory diseases. Overall, BioAffinity Technologies has demonstrated strong momentum in commercializing CyPath® Lung, improved financial discipline, and enhanced strategic positioning. The company’s ability to generate significant revenue growth despite reduced total income underscores its shift toward a high-margin, innovation-driven business model. With a robust patent portfolio, expanded leadership, and growing clinical validation, BioAffinity is well-positioned to advance early lung cancer detection and expand its impact in respiratory diagnostics.