Company: BIAF
Filing Date: 2025-03-07
Form Type: 8-K
Source: 0001493152-25-009452
Chunk: 1

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-07
Form: 8-K
Item: Item 8.01
Chunk 1
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Item
8.01. Other Events.

On
March 6, 2025, the Company issued a press release announcing that it was implementing targeted actions to deliver approximately $4.0
million in cost savings at its subsidiary, PPLS, while increasing resources that support continued sales growth for CyPath® Lung,
the Company’s noninvasive test for early-stage lung cancer.

The
Company expects to achieve the majority of the cost savings on an annual run-rate through: (i) decreased cost reductions, including an
almost 38% workforce reduction at PPLS; (ii) operational efficiency enhancements, such as reduced direct costs for purchased services
and supplies; and (iii) a focus on high-margin services by discontinuing certain pathology services with suboptimal profit margins.