Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 8

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 7
Chunk 8
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 we had net losses of
$2.7 million and $2.0 million, respectively, and we expect to incur substantial additional losses in future periods. We have an accumulated
deficit of approximately $56.3 million as of March 31, 2025. Despite our recent financing in May 2025 in which we raised gross proceeds of $3.25 million, and our financing in February 2025, in which we
raised gross proceeds of approximately $1.4 million, we believe our current cash and anticipated revenue from operations will be sufficient to support our operations through
August 2025. Based on our current expected level of operating expenditures, current expected levels of revenue, and the cash and cash
equivalents on hand at March 31, 2025, of $0.4 million, management concludes that there is substantial doubt about our ability to continue
as a going concern for a period of at least twelve (12) months subsequent to the issuance of the accompanying unaudited condensed consolidated
financial statements contained in this Quarterly Report. 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 unless our revenue increases significantly. 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.

We continue to seek sources of financing to fund our
continued operations and research and development programs. To raise additional capital, we may sell additional equity or debt securities,
or enter into collaborative, strategic, and/or licensing transactions. There can be no assurance that we will be able to complete any
financing transaction in a timely manner or on acceptable terms or otherwise enter into a collaborative or strategic transaction. If we
are not able to raise additional cash, we may be forced to delay, curtail, or cease development of our diagnostic tests or therapeutic
products, or cease operations altogether.

Summary Statements of Cash Flows

The following information reflects cash flows for
the periods presented:

    Three Months Ended 

    March 31, 

    2025  
    2024 

    Cash and cash equivalents at beginning of period