Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 84

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 84
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 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 $1.8 million or $0.10 per share of Common Stock, based upon 18,248,623 shares of Common Stock outstanding
as of April 10, 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 1,136,391 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 $755,000 in proceeds upon
such exercise, and (ii) 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 $659,000 in proceeds upon such exercise;
(iii) an aggregate of 243,110 shares of restricted Common Stock to officers, directors, employees and/or consultants; and (iv) 9,634
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 pro forma, as adjusted net tangible book value per share of Common Stock after the
offering. After giving effect to the pro forma adjustments above and our issuance of 3,013,951 shares of Common Stock upon the assumed
exercise of the Common Warrants at an exercise price of $0.85 per share and our receipt of net cash proceeds of approximately $2.6 million,
our pro forma as adjusted net tangible book value as of December 31, 2024 would have been approximately $4.4 million, or $0.21 per share.
This represents an immediate increase in net tangible book value of $0.11 per share to existing stockholders and an immediate dilution
in net tangible book value of $0.64 per share to investors purchasing from the Selling Stockholders.

The following table illustrates the dil