Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016923
Chunk: 82

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 82
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 |     | $ |  2,453,165 |   |

Net Cash Used in Operating Activities

Net cash used in operating activities was approximately $1.6 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The decrease of approximately $0.7 million in cash used by operations during the three months ended March 31, 2025, compared to the same period in 2024 was primarily attributable to an increase of approximately $660,000 in our loss from operations, a decrease in patient accounts receivables of approximately $487,000, offset by an increase in accounts payable and accrued expenses of approximately $863,000.

Net Cash Used in Investing Activities

We used approximately $51,000 for the three months ended March 31, 2025, in investing activities related primarily to the purchase of computer and laboratory equipment, compared to $41,000 used in investing activities for the three months ended March 31, 2024.

Net Cash Provided by Financing Activities

Cash provided by financing activities was approximately $1.0 million compared to cash provided by financing activities of approximately $2.0 million for the three months ended March 31, 2025 and 2024, respectively. The change is primarily attributable to the net proceeds from our financing in February 2025, in which we raised gross proceeds of approximately $1.4 million, compared to our March 2024 financing, in which we raised gross proceeds of $2.5 million.

| 53 |

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               |