Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016927
Chunk: 178

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 178
---
(“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated
financial statements are unaudited and in management’s opinion include all adjustments, including normal recurring adjustments
and accruals, necessary for a fair presentation of the results for the interim periods presented. The condensed consolidated balance
sheet as of December 31, 2024, was derived from the audited consolidated financial statements at that date but does not include all the
information and footnotes required by GAAP. Operating results for the periods presented are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 2025, or any future period. These unaudited condensed consolidated financial
statements should be read in conjunction with the audited annual consolidated financial statements and notes included in the Annual Report
on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025 (the “2024 Form 10-K”).

Liquidity and Capital Resources

In accordance with Accounting Standards
Update (“ASU”) 2014-15, Presentation of Financial Statements – Going Concern(Subtopic 205-40), the Company
has evaluated whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a
going concern for at least one year after the date the condensed consolidated financial statements are issued.

The Company has incurred significant
losses and negative cash flows from operations since inception and expects to continue to incur losses and negative cash flows for the
foreseeable future. As a result, the Company had an accumulated deficit of approximately $56.3
million at March 31, 2025. The Company’s cash and cash equivalents at March 31, 2025, were approximately $0.4
million. Based on the Company’s current expected level of operating expenditures and the cash and cash equivalents on hand at March
31, 2025, management concludes that there is substantial doubt about the Company’s 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.
On May 7, 2025, the Company completed a public offering of its common stock pursuant to which the Company raised an additional $3.25
million in cash in gross proceeds, see Note 15. Subsequent Events. However, the Company will need to raise further capital