Company: BIAF
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001641172-25-008629
Chunk: 83

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 83
---
 is determined by dividing our total tangible assets less total liabilities by the number of outstanding shares of our Common Stock. As of December 31, 2024, we had a net tangible book value of approximately $0.4 million or $0.03 per share of Common Stock based upon 15,576,674 shares of Common Stock outstanding as of that date.

Our pro forma net tangible book value as of December 31, 2024 was approximately $1.6 million or $0.09 per share of Common Stock, based upon 18,246,331 shares of Common Stock outstanding as of April 25, 2025. Pro forma net tangible book value represents net tangible book value adjusted to take into account the issuance, subsequent to December 31, 2024, of: (i) an aggregate of 1,302,082 shares of Common Stock upon the exercise of common warrants that we issued on August 5, 2024, at the reduced exercise price of $0.58 per share, and our receipt of approximately $755,000 in proceeds upon such exercise, and (ii) an aggregate of 1,136,391 shares of Common Stock upon the exercise of common warrants that we issued on October 21, 2024, at the reduced exercise price of $0.58 per share, and our receipt of approximately $659,000 in proceeds upon such exercise; (iii) an aggregate of 235,908 shares of restricted Common Stock to officers, directors, employees and/or consultants; and (iv) 4,724 shares of restricted Common Stock that were cancelled related to grants issued prior to December 31, 2024.

Dilution represents the difference between the amount per share paid by purchasers in this offering and the as adjusted net tangible book value per share of Common Stock after the offering. After giving effect to the sale of shares of Common Stock and accompanying May 2025 Warrants in this offering at an assumed offering price of $0.499 per share, which was the closing price of our Common Stock as reported on the Nasdaq Capital Market on April 25, 2025, and after deducting Placement Agent fees and estimated offering expenses payable by us, and assuming no sale of any Pre-Funded Warrants in this offering, no exercise of the May 2025 Warrants or Placement Agent Warrants being offered in this offering, that no value is attributed to such warrants and that such warrants are classified as and accounted for as equity, our as adjusted