Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 70

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 7
Chunk 70
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     311,372  
     402,433  
     (91,061) 
     (23)%
  
    Clinical development 
     129,279  
     51,462  
     77,817  
     151%
  
    Selling, general and administrative 
     2,214,561  
     2,472,775  
     (258,214) 
     (10)%
  
    Depreciation and amortization 
     113,229  
     151,070  
     (37,841) 
     (25)%
  
    Total operating expenses 
    $3,785,043  
    $4,485,450  
    $(700,407) 
     (16)%

Operating
expenses totaled approximately $3.8 million and $4.5 million during the three months ended June 30, 2025 and 2024, respectively. The
decrease in operating expenses is the result of the following factors:

Direct
costs and expenses

Our
direct costs and expenses are primarily direct labor for pathology services, laboratory supplies and reagents, laboratory equipment,
and allocated shared facilities. Direct costs and expenses totaled $1.0 million and $1.4 million during the three months ended June 30,
2025 and 2024, respectively. The decrease of approximately $0.3 million for 2025 compared to 2024 was primarily attributable to the targeted
strategic actions which occurred in March 2025, aimed at streamlining operations and reducing costs related to our lab operations.

23

Research
and Development Expenses

Our
research and development expenses consist primarily of expenditures for lab operations, preclinical studies, compensation, and consulting
costs.

Research
and development expenses totaled approximately $311,000 and $402,000 for the three months ended June 30, 2025 and 2024, respectively.
The decrease of approximately $91,000, or 23%, for the three months ended June 30, 2025, compared to the same period in 2024 was primarily
attributable to a decrease in compensation costs and benefits and lab supplies.

Clinical
Development

Clinical
development expenses totaled approximately $129,000 and $51,000 for the three months ended June 30, 2025 and 2024, respectively. The
increase of approximately $77,000, or