bioAffinity Technologies, Inc. (BIAFW) Stock Analysis
bioAffinity Technologies, Inc.
▾ What's in the 36/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.
How to read BIAFW (speculative micro-cap)
No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.
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1
Reverse-DCF — what growth the price assumes ↓
The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
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2
Cash runway ↓
A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
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3
The raw financial statements + the 10-K ↓
At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Our DCF for BIAFW lands well below today's price. For a non-cyclical that usually means the market is pricing in growth far beyond recent cash flows (or there's a data quirk), so we don't headline a single fair-value number.
What to use instead: The Reverse-DCF shows exactly how much growth the price demands — decide whether that's realistic. Pair it with peer multiples.
This note is only about the single DCF fair-value number — BIAFW's full financial statements, health scores, and written analysis are all below.
How to read a company this small
BIAFW is too small and/or too volatile for the valuation lenses we use on larger, more stable companies. The numbers shown below should be taken as rough orientation only.
- Market cap $223,741 — nano-cap territory (below $50M)
Growth percentages on tiny revenue bases (1000% going from $200K to $2M is not predictive). P/E and ROE swing wildly with small earnings changes. Peer comparisons fail because there often aren't comparable companies at this scale.
Start with the Reverse-DCF above — it backs out the growth the price is betting on; if that figure is "historically unprecedented," the price is running on hype, not fundamentals. Then the cash runway (can it fund itself to profitability before diluting you?). Then the raw Financials table and the 10-K on SEC EDGAR — at this scale, insider ownership and the share-count trend often matter more than any ratio.
Classified as Speculative Nano / Micro-cap (confidence 80%). Disagree? An admin can override via the post edit screen.
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$14.9M in FY2025.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✗ Positive operating cash flowOperating cash flow -$9.3M (was -$7.3M the prior year).Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
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✓ Cash flow backs up reported profitOperating cash flow -$9.3M vs net income -$14.9M.
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✓ Return on assets improvingReturn on assets -136.0% vs -138.8% a year ago.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $11.0M).
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✓ Short-term liquidity (current ratio)Current ratio 2.60x vs 0.87x a year ago.
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✗ Share count (dilution)Share count rose 325.8% (0.4M → 1.7M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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· Pricing power (gross margin) (n/a — data not reported; not scored)
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✗ Sales per asset (asset turnover)Asset turnover 0.56x vs 1.44x a year ago.Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
Plain English: the company holds about $6M in cash and is burning roughly $9M/year in operations. At that pace, the cash lasts 8 mo before it must raise capital (diluting shareholders), take on debt, or cut spending.
Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for BIAFW. Open Advanced to also change beta, growth and the rate path.
Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.
A full intrinsic value isn't shown for BIAFW because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
A standard discounted cash flowDCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
Full explanation → (DCF) valuation is not meaningful for bioAffinity Technologies, Inc. (BIAFW) because the company exhibits negative net income and operating cash flow, indicating it is not yet generating consistent profits or positive cash flows from operations. Valuing BIAFW would require projecting future revenue growth and eventual profitability, which is highly speculative at this stage. Investors are likely betting on the potential success of its research and development pipeline, which is not captured by backward-looking cash flow models. The biggest risk to our assumptions is the company's consistent negative operating cash flow, indicating ongoing cash burn.
As of 5 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Quarterly revenue growth from CyPath® Lung sales
- Progress on regulatory approvals and reimbursement status
- Trends in operating cash flow and cash burn rate
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue fell -34% to $6.2M.
- Free cash flow is negative at -$10.1M — the cash burn widened vs last year.
- Still unprofitable at -$14.9M — loss widening.
Nothing was clearly improving year-over-year.
Management & Leadership
Steven B. Feinberg serves as the Chief Executive Officer of bioAffinity Technologies, Inc., a position he has held since the company's inception. He is also the Chairman of the Board. Colleen M. Kennedy is the President and a Director, contributing to the company's strategic direction.
What They Make
bioAffinity Technologies develops and commercializes non-invasive diagnostic tests for early-stage cancer and lung diseases. The company's primary product, CyPath® Lung, is designed to detect lung cancer. Paying customers are likely healthcare providers and diagnostic laboratories.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market is pricing BIAFW based on expectations for future revenue growth and the potential success of its diagnostic pipeline, rather than current cash flow, as evidenced by its negative net income and operating cash flow. The market may be assigning value to the potential for CyPath® Lung to gain significant market adoption and regulatory approvals, which is not in the model. The current valuation reflects the speculative nature of early-stage biotech companies with significant cash burn.
Business Model & Valuation
How They Make Money
The company funds itself primarily through equity raises given its negative operating cash flow, as it does not currently pay dividends or engage in buybacks.
Growth / Revenue DCF
Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.
Show advanced inputs
| Revenue Growth | 15.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
The company has a track record of negative net income and operating cash flow over the latest period.
Geography & Markets
bioAffinity Technologies, Inc. is headquartered in the US and primarily focuses its commercialization efforts within the US market for its diagnostic products. Specific geographic revenue mix is not available from current data sources.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)74.5OverboughtBought up hard recently — stretched; pullbacks are common from here.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (7 notes — click to expand/collapse)
Guardrail Notes (6)
- FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
- Extreme valuation: the price is far above the model output for a non-cyclical — likely dominated by a data issue. The model value is suppressed.
- VALUATION HELD (EXTREME_MODEL_GAP): per-share values suppressed due to the model output failed plausibility checks.
- Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From bioAffinity Technologies, Inc.'s SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 6.2M | -14.9M | $-8.66 |
| 2024 | 9.4M | -9.0M | $-22.50 |
| 2023 | 2.5M | -7.9M | $-0.91 |
| 2022 | 6.9M | -8.2M | $-1.81 |
| 2021 | — | -6.3M | $-2.36 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC | Free Cash Flow |
|---|---|---|---|---|
| 2025 | -9.3M | 60,568 | 671,474 | -10.1M |
| 2024 | -7.3M | 79,083 | 989,681 | -8.3M |
| 2023 | -6.0M | 22,902 | 748,823 | -6.8M |
| 2022 | -4.1M | 219,987 | 248,592 | -4.5M |
| 2021 | -2.0M | — | 43,012 | -2.1M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -9.3M − 60,568 − 671,474 (stock-based comp) = -10.1M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.
Balance Sheet
| Total Assets | 11.0M |
| Total Liabilities | 3.7M |
| Equity | 7.3M |
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