Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 307

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 307
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 of Common Stock issuable upon exercise of such warrants, and expire on December 19, 2029.

 56 

Financial

To
date, we have devoted a substantial portion of our efforts and financial resources to the development of our diagnostic test, CyPath®
Lung. As a result, since our inception in 2014, we have funded our operations principally through private sales of our equity or
debt securities.

We
have never been profitable, and as of December 31, 2024, we had a working capital deficit of $0.4 million and an accumulated
deficit of approximately $53.6 million. We expect to continue to incur significant operating losses for the foreseeable future as we
continue the development of our diagnostic tests and advance our diagnostic tests through clinical trials; however, we do expect
revenue to increase due to accelerating sales of CyPath® Lung and cost-saving measures we recently instituted at
PPLS. We intend to seek strategic partners for our therapeutic discoveries related to selective broad-spectrum cancer treatments
through pre-clinical and clinical development.

We
anticipate raising additional cash needed through the private or public sales of equity or debt securities, collaborative arrangements,
or a combination thereof to continue to fund our operations and develop our products. There is no assurance that any such collaborative
arrangement will be entered into or that financing will be available to us when needed in order to allow us to continue our operations
or, if available, on terms acceptable to us. If we do not raise sufficient funds in a timely manner, we may be forced to curtail operations,
delay our clinical trials, cease operations altogether, or file for bankruptcy.

Results
of Operations

Year
Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Our
results of operations have varied significantly from year to year and quarter to quarter and may vary significantly in the future. Net
loss for the year ended December 31, 2024 was approximately $9.0 million, compared to a net loss of approximately $7.9 million for the
year ended December 31, 2023, resulting from the operational activities described below.

Revenue

Post-acquisition,
additional revenue streams have been generated starting September 19, 2023. PPLS generates three sources of revenue: (1) patient service
fees, (2) histology service fees, and (3) medical director fees. Pre-acquisition, bio