SAN ANTONIO, TX – bioAffinity Technologies, Inc. (NASDAQ:BIAF), a company specializing in commercial physical and biological research with a current market capitalization of $11.76 million, has announced an amendment to the employment agreement of its CEO, Maria Zannes, resulting in a salary increase.
The Compensation Committee approved the amendment on Monday, January 10, 2025, which raises Zannes' annual base salary to $300,000. The increase is retroactive to November 1, 2024. According to InvestingPro data, this compensation adjustment comes as the company faces significant challenges, with an EBITDA of -$7.62 million in the last twelve months.
The adjustment to Zannes' compensation aligns with the company's commitment to recognizing the value and contribution of its leadership, despite the stock's challenging performance, having declined over 70% in the past six months.
The details of the amendment were disclosed in a Form 8-K filed with the Securities and Exchange Commission (SEC) on Tuesday, January 14, 2025. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available for subscribers.
bioAffinity Technologies, headquartered at 3300 Nacogdoches Road, Suite 216, San Antonio, Texas, operates within the research sector under the SIC code 8731. The company is incorporated in Delaware and has its common stock and tradeable warrants listed on The Nasdaq Stock Market under the symbols BIAF and BIAFW, respectively.
In other recent news, bioAffinity Technologies has seen a flurry of activity. The commercial physical and biological research company's shareholders approved the issuance of up to 2,724,230 shares of common stock upon the exercise of warrants, a move which aligns with the Nasdaq Listing Rules. This comes after the company reported an 85% increase in its full-year sales projection for the CyPath® Lung test, following a 217% growth in second-quarter sales.
Analysts from InvestingPro forecast a 278% growth for the current year, despite current profitability challenges. The company maintains a moderate debt level with a debt-to-equity ratio of 0.55. These are recent developments at bioAffinity Technologies.
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