Company: BIAF
Filing Date: 2025-05-07
Form Type: 424B4
Source: 0001641172-25-008977
Chunk: 84

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-07
Form: 424B4
Chunk 84
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 CyPath®                                                                                                                          
 Lung testing revenue increased approximately 1,400% to $0.5 million as compared to $35 thousand for the year ended December      
 31, 2023, due to an increase in total test results delivered of more than 600 for the current year.                              |
| ● | Raised                                                                                                                           
 approximately $6.9 million in gross proceeds from equity transactions to fund operating activities.                              |

Recent Financial Developments

Targeted Strategic Actions

In March 2025, we announced targeted strategic actions to improve financial performance and accelerate the commercial growth of CyPath ®Lung, taking steps to deliver up to $3 to $4 million in annual cost savings at our subsidiary PPLS, while increasing resources to expand CyPath ®Lung sales in high-potential national markets. Specifically, cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain pathology services with suboptimal profit margins to focus on high-margin services such as CyPath ®Lung and by discontinuing certain pathology services with suboptimal profit margins.

Public and Private Offerings

On February 26, 2025, pursuant to the terms of a warrant inducement agreement, dated February 25, 2025 (the “February Inducement Agreement”), certain holders of existing warrants exercised for cash (i) warrants to purchase an aggregate of up to 1,136,391 shares of Common Stock that we issued on October 21, 2024 (the “October 2024 Warrants”), at the reduced exercise price of $0.58 per share, and (ii) warrants to purchase an aggregate of up to 1,302,082 shares of Common Stock that we issued on August 5, 2024 (the “August 2024 Warrants”), at the reduced exercise price of $0.58 per share. We received aggregate gross proceeds of approximately $1.4 million, before deducting advisory fees and other expenses payable by us. In consideration of the immediate exercise of the October 2024 Warrants and August 2024 Warrants by the holders thereof in accordance with the February Inducement Agreement, we issued warrants (the “February 2024 Warrants”) to purchase an aggregate of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the October 2024 Warrants and August 2024 Warrants) to such holders.

On October