Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 86

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 86
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 may
include operating expenses, research and development, including clinical and pre-clinical testing of our product candidates, working capital,
future acquisitions and general capital expenditures. We have not determined the amount of net proceeds to be used specifically for any
of such purposes.

The expected use of net proceeds from the cash exercise
of the Common Warrants represents our intentions based upon our current plans and business conditions, which could change in the future
as our plans and business conditions evolve and change. The amounts and timing of our actual expenditures, specifically with respect to
working capital, may vary significantly depending on numerous factors. As a result, our management will retain broad discretion over the
allocation of the net proceeds from this offering. We have no current agreements, commitments or understandings for any material acquisitions
or licenses of any products, businesses or technologies that are definitive or probable to close.

We will bear the out-of-pocket costs, expenses and
fees incurred in connection with the registration of shares of our Common Stock to be sold by the Selling Stockholders pursuant to this
prospectus. Other than registration expenses, the Selling Stockholders will bear any underwriting discounts, commissions, placement agent
fees or other similar expenses payable with respect to sales of shares of our Common Stock.

| 38 |

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

If you purchase Common Stock in this offering, your
interest will be diluted immediately to the extent of the difference between the exercise price of the Common Warrants and the pro forma
as adjusted net tangible book value per share of our Common Stock immediately following this offering. Net tangible book value per share
is determined by dividing our total tangible assets less total liabilities by the number of outstanding shares of our Common Stock. As
of December 31, 2024, we had a net tangible book value of approximately $0.4 million or $0.03 per share of Common Stock based upon 15,576,674
shares of Common Stock outstanding as of that date.

Our pro forma net tangible book value as of December
31, 2024 was approximately $1.8 million or $0.10 per share of Common Stock, based upon 18,248,623 shares of Common Stock outstanding
as of April 10, 2025. Pro forma net tangible book value represents net tangible book value adjusted to take into account the issuance,
subsequent to December 31, 2024, of: (i) an aggregate of 1,136,391 shares