Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016927
Chunk: 177

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 177
---
        542 |   |     | $    |     23,550 |   |
| Income taxes paid in cash                                                        |     |                              |      8,695 |   |     |      |      3,672 |   |

<div align='center'>The accompanying notes are an integral part of these condensed consolidated financial statements.</div>

| F-5 |

<div align='center'>bioAffinity Technologies, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)</div>

Note 1. NATURE OF OPERATIONS, ORGANIZATION, AND BASIS OF PRESENTATION

Description of Business

bioAffinity Technologies, Inc., a
Delaware corporation (the “Company,” or “bioAffinity Technologies”), addresses the need for noninvasive diagnosis
of lung cancer at early stage and other diseases of the lung. bioAffinity Technologies’ proprietary platform uses flow cytometry
and automated data analysis built by machine learning, a form of artificial intelligence (“AI”), to preferentially target
cancer cell populations and other cell populations indicative of a diseased state. The Company’s first diagnostic test, CyPath
Lung, is a noninvasive test for early detection of lung cancer, the leading cause of cancer-related deaths. CyPath Lung
is offered for sale to physicians by the Company’s subsidiary, Precision Pathology Laboratory Services, LLC (“PPLS”).
The Company also conducted and intends to seek strategic partners to advance therapeutic discoveries that could in the future result
in broad-spectrum cancer treatments. Research and optimization of the Company’s proprietary platform technologies are conducted
in laboratories at PPLS and laboratory space leased at The University of Texas at San Antonio.

Organization

The Company was formed on March 26,
2014, as a Delaware corporation with its corporate offices located in San Antonio, Texas. On June 15, 2016, the Company formed a wholly
owned subsidiary, OncoSelect Therapeutics, LLC, as a Delaware limited liability company. On August 14, 2023, the Company
formed a wholly owned subsidiary, PPLS, as a Texas limited liability company, to acquire the assets of Village Oaks Pathology Services,
P.A. (“Village Oaks”), a Texas professional association d/b/a Precision Pathology Services, including the clinical pathology
laboratory it owned.

Basis of Presentation

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States