bioAffinity Technologies raises $1.8 million in registered direct offering

JERSEY CITY - bioAffinity Technologies, Inc. (NASDAQ:BIAF) has entered into definitive agreements to sell 720,000 shares of common stock at $2.50 per share in a registered direct offering, according to a press release statement issued Wednesday. According to InvestingPro data, the company’s financial health score is currently rated as WEAK, with metrics showing the company is quickly burning through cash.

The offering, priced at-the-market under Nasdaq rules, is expected to generate approximately $1.8 million in gross proceeds before deducting placement agent fees and other expenses. The transaction is anticipated to close on or about October 9, 2025, subject to customary closing conditions. The company’s current ratio of 0.64 indicates its short-term obligations exceed liquid assets, highlighting the importance of this capital raise.

WallachBeth Capital, LLC is serving as the sole placement agent for the offering.

bioAffinity Technologies plans to use the net proceeds for working capital, to support growing sales for CyPath Lung, its noninvasive test for lung cancer, and for general corporate purposes. The company’s revenue growth was 5% in the last twelve months, though InvestingPro analysis indicates analysts anticipate sales decline in the current year.

The offering is being made pursuant to a "shelf" registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission and declared effective on November 27, 2023.

bioAffinity Technologies is a biotechnology company focused on developing noninvasive tests for the detection of early-stage cancer. The company’s shares closed at $2.63 on Tuesday, prior to the announcement. The stock has experienced significant volatility, with a 95% decline over the past year and a beta of 2.34. InvestingPro analysis suggests the stock is currently trading below its Fair Value, with 15+ additional ProTips available for subscribers.

The offering represents approximately 6% of the company’s outstanding shares based on its most recent filings. A prospectus supplement describing the terms of the offering will be filed with the SEC.

In other recent news, bioAffinity Technologies, Inc. reported a significant 95% increase in sales of its CyPath® Lung diagnostic test for lung cancer in the third quarter of 2025 compared to the previous quarter. This growth is attributed to increased adoption by Veterans’ hospitals and market expansion in the mid-Atlantic region. Additionally, the company has successfully closed a public offering, raising $4.8 million in gross proceeds. The offering included 1,921,761 shares of common stock priced at $2.50 per share, as well as pre-funded warrants. In another financial move, bioAffinity Technologies entered into definitive agreements to sell 720,000 shares of common stock in a registered direct offering, raising approximately $1.8 million. WallachBeth Capital, LLC served as the sole placement agent for this transaction. These developments reflect bioAffinity Technologies’ ongoing efforts to secure funding and expand its market presence.

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