Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 313

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 313
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 of a capital raise or strategic relationship or grant, management anticipates
that our cash resources are sufficient to continue operations through April 2025.

Cash and cash equivalents were approximately
$1.1 million as of December 31, 2024, which does not take into account the gross proceeds of $1.4 million that we received in February
2025. We need to raise further capital through the sale of additional equity or debt securities or other debt instruments, strategic
relationships or grants, or through exercised outstanding warrants to support our future operations. Our business plan includes expansion
for our commercialization efforts which will require additional funding. If we are unable to improve our liquidity position, we may not
be able to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to generate revenue
and raise capital from financing transactions. There can be no assurance that we will be successful in accomplishing these objectives.

Cash
Flows

The
following information reflects cash flows for the years presented:

    Year Ended 

    December 31, 

    2024  
    2023 
  
    Cash and cash equivalents at beginning of year 
    $2,821,570  
    $11,413,749 
  
    Net cash used in operating activities 
     (7,264,795) 
     (6,037,806)
  
    Net cash used in investing activities 
     (79,083) 
     (2,209,399)
  
    Net cash provided by (used in) financing activities 
     5,627,599  
     (344,984)
  
    Cash and cash equivalents at end of year 
    $1,105,291  
    $2,821,570 

Net
Cash Used in Operating Activities

Net
cash used in operating activities was approximately $7.3 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively. The increase of approximately $1.3 million
in cash used by operations was primarily attributable to the laboratory operations
of PPLS being owned for the full fiscal year 2024, compared to approximately 3.5 months in fiscal year 2023. Additionally, the increase
was due to the expansion of sales efforts for CyPath® Lung.

 59 

Net
Cash Used in Investing Activities

We used approximately $79,000 in investing activities