Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 100

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 100
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, which does not take into account the gross proceeds of $1.4 million that we received in February 2025.
We need to raise further capital through the sale of additional equity or debt securities or other debt instruments, strategic relationships
or grants, or through exercised outstanding warrants to support our future operations. Our business plan includes expansion for our commercialization
efforts which will require additional funding. If we are unable to improve our liquidity position, we may not be able to continue as a
going concern. Our ability to continue as a going concern is dependent upon our ability to generate revenue and raise capital from financing
transactions. There can be no assurance that we will be successful in accomplishing these objectives.

Cash Flows

The following information reflects cash flows for
the years presented:

|                                                     |     |   Year Ended |            |   |     |      |            |   |
|:----------------------------------------------------|:----|-------------:|-----------:|:--|:----|-----:|-----------:|:--|
|                                                     |     | December 31, |            |   |     |      |            |   |
|                                                     |     |         2024 |            |   |     | 2023 |            |   |
| Cash and cash equivalents at beginning of year      |     |            $ |  2,821,570 |   |     |    $ | 11,413,749 |   |
| Net cash used in operating activities               |     |              | (7,264,795 | ) |     |      | (6,037,806 | ) |
| Net cash used in investing activities               |     |              |    (79,083 | ) |     |      | (2,209,399 | ) |
| Net cash provided by (used in) financing activities |     |              |  5,627,599 |   |     |      |   (344,984 | ) |
| Cash and cash equivalents at end of year            |     |            $ |  1,105,291 |   |     |    $ |  2,821,570 |   |

| 48 |

Net Cash Used in Operating Activities

Net cash used in operating activities was approximately
$7.3 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively. The increase of approximately $1.3 million
in cash used by operations was primarily attributable to the