Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 108

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 108
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 Stock, and (ii) in a concurrent private placement, common
warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant to a securities purchase
agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate gross proceeds from
the offerings of approximately $2.7 million, before deducting placement agent fees and other offering expenses payable by us.

See “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” for a more detailed discussion of the foregoing transactions.

Our First Diagnostic Test – CyPath ®Lung

Lung cancer remains the most commonly diagnosed cancer
and the leading cause of cancer-related deaths worldwide, claiming more than 1.8 million lives with almost 2.5 million new cases reported
in 2022 according to a 2024 article in CA: A Cancer Journal for Clinicians. Cancer Epidemiology reports that lung cancer is the
leading cause of cancer deaths in the European Union with an estimated 17 to 34 million people at high risk. China reported 1,060,600
new cases of lung cancer in 2022. According to the American Lung Association (“ALA”), screening for individuals at high risk
for lung cancer has the potential to improve lung cancer survival rates by finding disease at an earlier stage when it is more likely
to be curable. An estimated 19.3 million Americans should have annual screening for lung cancer, according to American Cancer Society
recommendations. A study published in the New England Journal of Medicine titled “Survival of patients with stage I lung
cancer detected on CT screening” dated October 26, 2006, reported that the survival rate of individuals with Stage I lung cancer
who underwent surgical resection within one month after diagnosis had a ten-year survival rate of 92%, as compared to the overall five-year
survival rate in the U.S. of 28.4% as reported by the ALA in its 2024 “State of Lung Cancer” report. Unfortunately, most lung
cancer is detected in late stages. The results of a large national clinical trial that was reported in the New England Journal of Medicine
in an article dated August 4, 2011, titled “Reduced Lung-Cancer Mortality with Low-Dose Computed Tomographic Screening” showed
that screening for lung cancer using low-dose computed tomography (“LD