Free cash flow remains consistently negative, with a 2026Q1 burn of $3.2M, highlighting a structural inability to achieve self-sustaining operations.
| Cash from Operations | -10.91M | -9.33M | -7.26M | -6.04M | -4.07M | -2.05M | -2.21M | -2.49M |
| Operating CF Margin % | - | -151.39% | -77.6% | -238.46% | -84756.3% | - | - | - |
| Operating CF Growth % | -267.04% | -28.41% | -20.32% | -48.32% | -98.68% | 7.19% | 11.35% | - |
| Net Income | -15.88M | -14.91M | -9.04M | -7.94M | -8.15M | -6.33M | -7.27M | -3.31M |
| Depreciation & Amortization | -40.07K | 504.83K | 605.64K | 249.59K | 10.18K | 4.82K | 22.24K | 40.28K |
| Stock-Based Compensation | -326.62K | 0 | 989.68K | 748.82K | 248.59K | 43.01K | 275.73K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.84M | 0 | 0 |
| Other Non-Cash Items | 5.6M | 4.48M | 0 | 0 | 3.71M | -244.35K | 4.28M | 455.01K |
| Working Capital Changes | -262.93K | 594.32K | 179.72K | 900.79K | 114.2K | 632.82K | 482.62K | 322.01K |
| Change in Receivables | -318.73K | 597.24K | -327.53K | 311.37K | -8.96K | 0 | 0 | 290 |
| Change in Inventory | -13.16K | -25.94K | -9.12K | -12.94K | -5.54K | 0 | 0 | 0 |
| Change in Payables | -319.96K | -225.41K | 382.52K | -14.5K | 114.64K | 39.02K | 87.97K | -39.82K |
| Cash from Investing | -15.44K | -60.57K | -79.08K | -2.21M | -219.99K | 0 | -2.89K | -11.4K |
| Capital Expenditures | -15.44K | -60.57K | -79.08K | -22.9K | -219.99K | 0 | -2.89K | -11.4K |
| CapEx % of Revenue | 0.27% | 0.98% | 0.84% | 0.9% | 4580.2% | - | - | - |
| Acquisitions | 0 | 0 | 0 | -2.19M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 13.58M | 14.73M | 5.63M | -344.98K | 14.34M | 3.33M | 1.72M | 2.33M |
| Debt Issued (Net) | 20.68K | -369.72K | -169.33K | -344.98K | 584.16K | 212.26K | 1.72M | 2.33M |
| Equity Issued (Net) | -1.17M | 15.1M | 4.35M | 0 | 6.03M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 14.73M | 0 | 1.45M | 0 | 7.73M | 3.11M | 0 | 0 |
| Net Change in Cash | 2.65M | 5.34M | -1.72M | -8.59M | 10.05M | 1.28M | -495.38K | 578.48K |
| Free Cash Flow | -10.87M | -9.39M | -7.34M | -6.06M | -4.29M | -2.05M | -2.21M | -2.5M |
| FCF Margin % | -192.04% | -152.38% | -78.44% | -239.36% | -89336.5% | - | - | - |
| FCF Growth % | -63.47% | -27.85% | -21.17% | -41.25% | -109.41% | 7.31% | 11.64% | - |
| FCF per Share | -2.42 | -5.46 | -18.16 | -20.78 | -28.61 | -22.53 | -8.99 | -10.17 |
| FCF Conversion (FCF/Net Income) | 0.68x | 0.63x | 0.80x | 0.76x | 0.50x | 0.32x | 0.30x | 0.75x |
| Interest Paid | -542 | 0 | 17.61K | 37.13K | 2.46K | 0 | 0 | 0 |
| Taxes Paid | -8.7K | 0 | 11.65K | 20.99K | 30.64K | 1.95K | 2.75K | 0 |
Imminent liquidity and dilution
According to the provided quarterly cash flow data, BIAF consistently reports operating cash flow deficits that track closely with net losses, as evidenced by an OCF/NI ratio that frequently fluctuates, indicating that the company lacks any meaningful non-cash earnings buffer to support its current operations.
The persistent gap between net income and operating cash flow suggests that the company's losses are primarily driven by cash-consuming operational activities rather than non-cash accounting charges. Investors should monitor this relationship, as the lack of a positive conversion signal implies that the business model has yet to achieve the necessary scale to decouple cash burn from accounting losses.
As reported in financial statements, BIAF's free cash flow remains consistently negative across the last ten quarters, with margins frequently exceeding -100%, which highlights a structural inability to generate self-sustaining cash flow while pursuing its current commercialization strategy for the CyPath Lung diagnostic test.
The trajectory of free cash flow suggests that the company is in a deep cash-burning phase, with no clear evidence of a narrowing deficit. This trend warrants further investigation into whether the current capital allocation is effectively driving the intended clinical adoption or if the burn rate is simply a byproduct of high fixed overheads.
Based on the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $902.0K inflow in 2024Q4 to a $817.5K outflow in 2024Q1, which suggests that the company's cash position is highly sensitive to the timing of collections and payables management.
This volatility in working capital appears to be a primary driver of short-term cash fluctuations, potentially masking the underlying structural burn rate of the business. Analysts should be cautious, as these swings do not represent sustainable cash generation but rather the inherent instability of a nascent, transactional revenue model.
As indicated by the historical cash flow data, stock-based compensation (SBC) has been a recurring non-cash adjustment, reaching as high as $471.9K in 2024Q3, which effectively serves to dampen the reported impact of the company's operating losses on the cash balance.
While SBC is a standard tool for talent retention in early-stage biotech, its consistent presence suggests that the true cost of operations is higher than the cash flow statement might imply. Investors should consider the dilutive impact of these adjustments, as they represent a real economic cost to shareholders that is not captured in the operating cash flow deficit.
Quick answers to the most common questions about buying BIAF stock.
bioAffinity Technologies, Inc. (BIAF) generated $-9.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
bioAffinity Technologies, Inc. (BIAF) reported negative free cash flow of $9.4M in 2025, indicating capital requirements exceeded cash from operations.
bioAffinity Technologies, Inc. (BIAF) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.