Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 67

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 7
Chunk 67
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 until the Company’s
stockholders approve the issuance of shares of Common Stock.

As a result of the foregoing transactions on August
13, 2025, the Company will issue approximately 8.0 million additional warrants to the participants in the May 2025 public offering.

Nasdaq Compliance

On August 7,
2025, the Company received notice from Nasdaq noting the Company’s bid price for its common stock closed at less than $1 per share
over the previous 30 consecutive business days as of February 7, 2025, and has not regained compliance according to Listing Rule 5550(a)(2).
In addition, the Company did not comply with the continued listing requirement of a minimum of $2.5 million in stockholders’ equity
set forth in Listing Rule 5550(b)(1). As of August 14, 2025 the Company requested a hearing appeal on the determination. Such request
will stay any further action by Nasdaq and will allow the Company’s ordinary shares to continue to trade on Nasdaq under the symbol “BIAF”
at least pending the issuance of the Panel’s decision and the expiration of any extension the Panel may grant to the Company following
the appeal.

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 and public sales of our
equity. As of June 30, 2025, we had cash and cash equivalents of $0.8 million. As of August 14, 2025, after the 2025 equity financing,
we had cash and cash equivalents of $0.3 million, which we expect will not support our operations through August 2025. We have incurred
significant losses and negative cash flows from operations since inception and expect to continue to incur losses and negative cash flows
for the foreseeable future. Based on the Company’s current expected level of operating expenditures and the cash and cash equivalents
on hand at June 30, 2025, management concludes that there is substantial doubt about the Company’s ability to continue as a going
concern for a period of at least twelve (12) months subsequent to the issuance of the accompanying condensed consolidated financial statements.

Prior
to acquisition of the clinical pathology laboratory by PPLS, Village Oaks, under the trade name Precision Pathology Services, had licensed