Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 69

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 7
Chunk 69
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 2024 was primarily attributable to a decrease in general and administrative costs related to lab operations as a result
of our targeted strategic actions which occurred in March 2025, aimed at streamlining operations and reducing costs. These decreases
were partially offset by an increase in employee compensation related to the addition of additional personnel and support services to
support sales of our diagnostic test, CyPath® Lung.

Depreciation
and Amortization

Depreciation
and amortization expenses totaled approximately $113,000 and $151,000 for the three months ended September 30, 2025 and 2024, respectively.
The decrease of approximately $38,000, or 25%, for the three months ended September 30, 2025, compared to the same period in 2024 was
primarily attributable to the termination of a financing lease in April 2025 due to the Company’s targeted strategic actions announced
in March, 2025.

Other
Income (Expense)

    Three
    Months Ended  
    Change
    in 2025 

    September
    30,  
    Versus
    2024 

    2025  
    2024  
    $  
    % 
  
    Interest (expense)
    income, net 
    $(4,270) 
    $(19,403) 
    $15,133  
     78%
  
    Other income (expense),
    net 
     (3,326) 
     (5,014) 
     1,688  
     34%
  
    Gain
    (loss) on remeasurement of warrant liabilities 
     (2,747,460) 
     —  
     (2,747,460) 
     —%
  
    Total
    other (expense) income 
    $(2,755,056) 
    $(24,417) 
    $(2,730,639) 
     11,183%

Total
other income (expense), net totaled ($2.8 million) and approximately ($24,000) for the three months ended September 30, 2025 and 2024,
respectively. The increase in the total other expenses of approximately $2.7 million is mostly attributable to the remeasurement of warrant
liability, which was reclassified as equity after completion of certain events which prevented for equity classification.

Nine
Months Ended September 30