Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 93

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 93
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 delivered of more than 600 for the current year. |
| ● | Raised approximately $6.9 million in gross proceeds from equity transactions to fund operating activities.                                                                                                                              |

Recent Financial Developments

Targeted Strategic Actions

In March 2025, we announced targeted strategic actions
to improve financial performance and accelerate the commercial growth of CyPath® Lung, taking steps to deliver approximately $4 million
in annual cost savings at our subsidiary PPLS, while increasing resources to expand CyPath® Lung sales in high-potential national
markets. Specifically, cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain
pathology services with suboptimal profit margins to focus on high-margin services such as CyPath Lung and by discontinuing
certain pathology services with suboptimal profit margins.

Public and Private Offerings

On February 26, 2025, pursuant to the terms of the
Inducement Agreement certain holders of existing warrants exercised for cash (i) October Warrants to purchase an aggregate of up to 1,136,391
shares of Common Stock, at the reduced exercise price of $0.58 per share, and (ii) August Warrants to purchase an aggregate of up to 1,302,082
shares of Common Stock, at the reduced exercise price of $0.58 per share. We received aggregate gross proceeds of approximately $1.4 million,
before deducting advisory fees and other expenses payable by us. In consideration of the immediate exercise of the October Warrants and
August Warrants by the holders thereof in accordance with the Inducement Agreement, we issued the Inducement Warrants to purchase an aggregate
of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the October Warrants
and August Warrants) to such holders.

On October 21, 2024, we issued to certain institutional
investors (i) in a registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement, common
warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant to a securities purchase
agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate gross proceeds from
the offerings of approximately $2.7 million,