Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 496

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 496
---

result in broad-spectrum cancer treatments in the future.

Research
and optimization of our platform technologies are conducted in laboratories at our wholly owned subsidiary, PPLS and leased laboratory space at The University of Texas at San Antonio.

Current
Year Financial Highlights

Key
financial results for the year ended December 31, 2024 include:

●Consolidated
                                            revenue increased approximately 270% to $9.4 million as compared to $2.5 million for the year ended December
                                            31, 2023, primarily as a result of the acquisition of PPLS in September 2023.

●CyPath® Lung testing revenue increased approximately 1,400%
to $0.5 million as compared to $35 thousand for the year ended December 31, 2023, due to an increase in total test results 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 February Inducement Agreement certain holders of existing warrants exercised for cash
(i) October 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,
and (ii) August 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. 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 February Inducement Agreement, we issued un