Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 28

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 28
---
 obtain approval for ours, which could result in our
competitors establishing a stronger market position. In addition, our ability to compete may be affected in many cases by insurers or
other third-party payors.

We may be unable to compete in our target marketplaces,
which could impair our ability to generate revenues, thus causing a material adverse impact on our results of operations.

| 14 |

Our success depends upon our ability to retain key executives and to attract, retain, and motivate qualified personnel, and the loss of these persons could adversely affect our operations and results.

We are highly dependent on the principal members of
our management, scientific, and clinical teams, including Maria Zannes, J.D., our President and Chief Executive Officer, Xavier Reveles,
MS, CG(ASCP), our Chief Operating Officer, and Michael Edwards, our Chief Financial Officer, as well as Roby Joyce, M.D.,
the Medical Director of PPLS.

The loss of the services of any of our executive officers
or other members of our management team could impede the achievement of our research, development, and commercialization objectives and
seriously harm our ability to successfully implement our business strategy. Furthermore, replacing executive officers and key employees
may be difficult and may take an extended period of time because of the limited number of individuals in our industry with the breadth
of skills and experience required to successfully develop, gain regulatory approval of, and commercialize diagnostic tests or therapeutic
products. Competition to hire from this limited pool is intense, and we may be unable to hire, train, retain, or motivate key personnel
on acceptable terms given the competition among numerous biotechnology companies for similar expertise. We also face competition from
universities and research institutions for qualified scientific and clinical personnel. In addition, we rely and expect to continue to
rely to a significant degree on consultants and advisors, including scientific and clinical advisors, to assist us in formulating our
research and development and commercialization strategies. Our consultants and advisors may be engaged by other entities and may have
commitments under consulting or advisory contracts that may limit their availability to us. If we are unable to continue to attract and
retain high-quality personnel, our ability to pursue our growth strategy will be limited.

Our lack of operating experience may make it difficult to manage our growth which could lead to our inability to implement our business plan.

We have limited experience in marketing and selling
diagnostic tests and pharmaceutical products. Any growth will require us to expand our management and our operational and financial