Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016923
Chunk: 81

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 81
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 unaudited condensed consolidated financial statements contained in our Quarterly Report on Form 10-Q for the quarter ended March 31, 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 unless our revenue increases significantly. 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.

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We continue to seek sources of financing to fund our continued operations and research and development programs. To raise additional capital, we may sell additional equity or debt securities, or enter into collaborative, strategic, and/or licensing transactions. There can be no assurance that we will be able to complete any financing transaction in a timely manner or on acceptable terms or otherwise enter into a collaborative or strategic transaction. If we are not able to raise additional cash, we may be forced to delay, curtail, or cease development of our diagnostic tests or therapeutic products, or cease operations altogether.

Summary Statements of Cash Flows

The following information reflects cash flows for the periods presented:

|                                                  |     | Three Months Ended 
 March 31,          |       2025 |   |     |   |       2024 |   |
|:-------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:--|-----------:|:--|
| Cash and cash equivalents at beginning of period |     | $                  |  1,105,291 |   |     | $ |  2,821,570 |   |
| Net cash used in operating activities            |     |                    | (1,641,775 | ) |     |   | (2,345,975 | ) |
| Net cash used in investing activities            |     |                    |    (50,786 | ) |     |   |    (41,387 | ) |
| Net cash provided by financing activities        |     |                    |  1,031,976 |   |     |   |  2,018,957 |   |
| Cash and cash equivalents at end of period       |     | $                  |    444,706 |