Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 106

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 106
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 132 individuals
with small nodules, 119 patients were cancer-free and 13 had confirmed lung cancer. The detection of small lung nodules in people who
have early-stage cancer can increase lung cancer survival.

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.                                                                                                                              |

| 51 |

Recent Developments

FDA Pivotal Study

In March 2025, we submitted our pivotal clinical trial
protocol “Detection of Early-Stage Lung Cancer in Sputum using Flow Cytometry and an Automated Analysis Pipeline” to the Sterling
Institutional Review Board (“IRB”) for approval after the Company met with the FDA on trial design. In the third quarter 2024,
the National Association of Veterans Research and Education Foundation (“NAVREF”) extended a “Call for Interest”
to Veterans Administration (“VA”) systems to solicit participation in the pivotal trial, which resulted in a positive response
from 22 VA medical centers. Academic, private, military, and VA centers currently are being qualified as collection sites for the 3,200-patient
clinical trial expected to open in the second quarter of 2025.

Case Studies

In March 2025, we announced the release of physicians’
case studies showing the benefit to patients and their doctors of using CyPathLung, including one case in which an “Unlikely
Lung Cancer” directly prevented a robotic bronchoscopic biopsy or high-risk percutaneous biopsy in a high-risk patient in response
to imaging that showed several new, small non-calcified pulmonary nodules for a high-risk patient. In a second case study, a positive
CyPath Lung test result led to diagnosis of a recurrence of breast cancer, and a third case resulted in the diagnosis
of a new primary lung cancer after a Cy