Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 47

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 47
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 the cash and cash equivalents on hand at September 30, 2025, of $7.7 million, management
concludes that there is substantial doubt about our ability to continue as a going concern for a period of at least twelve (12) months
subsequent to the issuance of the accompanying unaudited condensed consolidated financial statements contained in this Quarterly Report.
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.

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:

    Nine
    Months Ended 

    September
    30, 

    2025  
    2024 

    Cash and cash
    equivalents at beginning of period 
    $1,105,291  
    $2,821,570 
  
    Net
    cash used in operating activities 
     (6,769,279) 
     (5,587,634)
  
    Net
    cash used in investing activities 
     (60,567) 
     (79,082)
  
    Net
    cash provided by financing activities 
     13,393,750  
     3,601,726 
  
    Cash
    and cash equivalents at end of period 
    $7,669,195  
    $756,580 

Net
Cash Used in Operating