Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 23

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 3
Chunk 23
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From time to time, we are involved in various disputes
and litigation matters that arise in the ordinary course of business. To date, we have had no material pending legal proceedings, and
we are not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse impact on
our financial position or results of operations.

ITEM 1A. RISK FACTORS.

In addition to other information set forth in this
Quarterly Report, you should carefully consider the “Risk Factors” discussed in the 2024 Form 10-K for a discussion of important
factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements
contained in this Quarterly Report. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial
might materially adversely affect our actual business, financial condition, and operating results. The following information updates and
should be read in conjunction with the information disclosed in Part I, Item 1A, “Risk Factors,” contained in our 2024 Form
10-K. Except as disclosed below, there have been no material changes from the risk factors disclosed in our 2024 Form 10-K.

Risks Related to Our Financial
Position

Our business plan relies
upon our ability to obtain additional sources of capital and financing. If the amount of capital we are able to raise from financing activities,
together with our revenues from operations, is not sufficient to satisfy our capital needs, we may be required to cease operations.

Prior to 2022, we had not
generated any revenue. During the three months ended March 31, 2025, we generated revenue of approximately $1.9 million, and $9.4 million
during the year ended December 31, 2024.

To become and remain profitable,
we must succeed in generating additional laboratory revenue and developing and commercializing our diagnostic tests and therapeutic products
that we expect will generate significant income in the planned timeframe. This will require us to be successful in a range of challenging
activities, including completing preclinical testing and clinical trials of our diagnostic and therapeutic technologies, obtaining regulatory
approval for our diagnostic and therapeutic technologies, manufacturing, marketing, and selling any diagnostic tests and therapeutic products
for which we may obtain regulatory approval, and establishing and managing our collaborations at various phases of each diagnostic test
and therapeutic product candidate’s development. We are in the preliminary phases of these activities. We may never succeed in these
activities and,