Company: BIAF
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001641172-25-008629
Chunk: 89

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 89
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 led to discoveries and advancement of novel cancer therapeutic approaches that specifically and selectively target cancer cells. We expect to present our findings at conferences and publish our research in the near future. We intend to seek strategic partners to develop our therapeutic discoveries which could result in broad-spectrum cancer treatments in the future.

Research and optimization of our platform technologies are conducted in laboratories at our wholly owned subsidiary, PPLS and leased laboratory space at The University of Texas at San Antonio.

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Current Year Financial Highlights

Key financial results for the year ended December 31, 2024 include:

| ● | Consolidated                                                                                                                     
 revenue increased approximately 270% to $9.4 million as compared to $2.5 million for the year ended December 31, 2023, primarily 
 as a result of the acquisition of PPLS in September 2023.                                                                        |
| ● | CyPath®                                                                                                                          
 Lung testing revenue increased approximately 1,400% to $0.5 million as compared to $35 thousand for the year ended December      
 31, 2023, due to an increase in total test results delivered of more than 600 for the current year.                              |
| ● | Raised                                                                                                                           
 approximately $6.9 million in gross proceeds from equity transactions to fund operating activities.                              |

Recent Financial Developments

Targeted Strategic Actions

In March 2025, we announced targeted strategic actions to improve financial performance and accelerate the commercial growth of CyPath ®Lung, taking steps to deliver approximately $4 million in annual cost savings at our subsidiary PPLS, while increasing resources to expand CyPath ®Lung sales in high-potential national markets. Specifically, cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain pathology services with suboptimal profit margins to focus on high-margin services such as CyPath ®Lung and by discontinuing certain pathology services with suboptimal profit margins.

Public and Private Offerings

On February 26, 2025, pursuant to the terms of a warrant inducement agreement, dated February 25, 2025 (the “February Inducement Agreement”), certain holders of existing warrants exercised for cash (i) warrants to purchase an aggregate of up to 1,136,391 shares of Common Stock that we issued on October 21, 2024 (the “October 2024 Warrants”), at the reduced exercise price of $0.58 per share, and (ii) warrants to purchase