Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016923
Chunk: 74

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 74
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 |   |       427 |
| Total net revenue                           |     | $                          | 1,853,597 |     | $ | 2,406,391 |

1Patient services fees include direct billing for CyPath ®Lung diagnostic test of approximately $169,000 and $45,000 for the three months ended March 31, 2025 and 2024, respectively.

Net revenue totaled approximately $1.9 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively. The decrease is attributable to discontinuing certain unprofitable pathology services to focus on high-margin services such as our diagnostic test, CyPath ®Lung.

| 48 |

Operating Expenses

|                                     |     | Three Months Ended 
          March 31, |           |     |      |           |     | Change in 2025 
 Versus 2024    |          |   |     |   |     |    |
|:------------------------------------|:----|-------------------:|----------:|:----|-----:|----------:|:----|:---------------|---------:|:--|:----|:--|----:|:---|
|                                     |     |               2025 |           |     | 2024 |           |     | $              |          |   |     | % |     |    |
| Operating expenses:                 |     |                    |           |     |      |           |     |                |          |   |     |   |     |    |
| Direct costs and expenses           |     |                  $ | 1,367,860 |     |    $ | 1,573,441 |     | $              | (205,581 | ) |     |   | (13 | )% |
| Research and development            |     |                    |   367,386 |     |      |   393,639 |     |                |  (26,253 | ) |     |   |  (7 | )% |
| Clinical development                |     |                    |   138,353 |     |      |    48,960 |     |                |   89,393 |   |     |   | 183 | %  |
| Selling, general and administrative |     |                    | 2,452,549 |     |      | 2,185,944 |     |                |  266,605 |   |