Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 38

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 38
---
by affected countries, and certain foreign governments have instituted or are considering imposing retaliatory measures on certain U.S.
goods. Further, any emerging protectionist or nationalist trends (whether regulatory- or consumer-driven) either in the U.S. or in other
countries could affect the trade environment. Our business, like many other corporations, would be impacted by changes to the trade policies
of the U.S. and foreign countries (including governmental action related to tariffs, international trade agreements, or economic sanctions).
Such changes have the potential to adversely impact the U.S. economy or certain sectors thereof, the global economy, and our industry,
and as a result, could have a material adverse effect on our business, financial condition, and results of operations.

| 18 |

Further, due to increasing inflation, operating costs
for many businesses have increased and, in the future, could impact demand or pricing manufacturing of our drug candidates or services
providers. Inflation rates, particularly in the U.S., have increased recently to levels not seen in years, and increased inflation may
result in increases in our operating costs (including employee wages), reduced liquidity, and limits on our ability to access credit or
otherwise raise capital. In addition, the Federal Reserve has raised, and may again raise, interest rates in response to concerns about
inflation, which coupled with reduced government spending and volatility in financial markets may have the effect of further increasing
economic uncertainty and heightening these risks.

Actual events involving reduced or limited liquidity,
defaults, non-performance, or other adverse developments that affect financial institutions or other companies in the financial services
industry or the financial services industry generally, or concerns or rumors about any events of these kinds, have in the past and may
in the future lead to market-wide liquidity problems.

In addition, the global macroeconomic environment
could be negatively affected by, among other things, a resurgence of COVID-19 or other pandemics or epidemics, instability in global economic
markets, increased U.S. trade tariffs and trade disputes with other countries, instability in the global credit markets, supply chain
weaknesses, instability in the geopolitical environment as a result of the withdrawal of the United Kingdom from the European Union, the
Russian invasion of Ukraine, the war in the Middle East and other political tensions, and foreign governmental debt concerns. Such challenges
have caused, and may continue to cause, uncertainty and instability in local economies and in global financial markets.

We are actively monitoring the effects these disruptions
and increasing inflation could have on our operations