Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 81

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 81
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 Our board of directors believes the flexibility in application of the net proceeds is prudent.

| 36 |

<div align='center'>CAPITALIZATION</div>

The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2024:

| ● | on                                                                                             
 an actual basis, based on 15,576,674 shares of Common Stock issued and outstanding at December 
 31, 2024;                                                                                      |

| ● | on                                                                                               
 a pro forma basis to give effect to: (i) an aggregate of 1,136,391 shares of Common Stock        
 upon the exercise of common warrants that we issued on October 21, 2024, at the reduced exercise 
 price of $0.58 per share, and our receipt of approximately $755,000 in proceeds upon such        
 exercise, and (ii) an aggregate of 1,302,082 shares of Common Stock upon the exercise of         
 common warrants that we issued on August 5, 2024, at the reduced exercise price of $0.58         
 per share, and our receipt of approximately $659,000 in proceeds upon such exercise; (iii)       
 an aggregate of 235,908 shares of restricted Common Stock to officers, directors,                
 employees and/or consultants; and (iv) 4,724 shares of restricted Common Stock that              
 were cancelled related to grants issued prior to December 31, 2024; and                          |

| ● | on                                                                                          
 a pro forma, as adjusted basis to give effect to the pro forma adjustments and the issuance 
 and sale of 7,014,028 Shares of Common Stock in this offering at an assumed offering        
 price of $0.499 per share of Common Stock and accompanying April 2025 Warrant, after        
 deducting the Placement Agent fees and estimated offering expenses payable by us, assuming  
 no sale of any Pre-Funded Warrants.                                                         |

The information set forth in the table below is illustrative only and our capitalization following the completion of this offering will be adjusted based on the actual offering price, the number of securities sold in this offering, and other terms of this offering determined at pricing. You should read the following table in conjunction with our consolidated financial statements and related notes appearing at the end of this prospectus as well as the MD&A and “Description of Our Securities” sections of this prospectus.

|                                                                                                                                      |     | As                   
 of December 31, 2024 |             |   |     |