Company: BIAF
Filing Date: 2025-05-07
Form Type: 424B4
Source: 0001641172-25-008977
Chunk: 90

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-07
Form: 424B4
Chunk 90
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 our current expected level of operating expenditures and the cash on hand of approximately $390 thousand at the time of this filing, 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 consolidated financial statements. Without funding from the proceeds of a capital raise or strategic relationship or grant, management anticipates that our cash resources are sufficient to continue operations through May 2025.

Cash and cash equivalents were approximately $1.1 million as of December 31, 2024, which does not take into account the gross proceeds of $1.4 million that we received in February 2025. 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. 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.

Cash Flows

The following information reflects cash flows for the years presented:

|                                |     | Year Ended |            |   |     |      |            |   |
|:-------------------------------|:----|-----------:|-----------:|:--|:----|-----:|-----------:|:--|
|                                |     |   December 
        31, |            |   |     |      |            |   |
|                                |     |       2024 |            |   |     | 2023 |            |   |
| Cash and cash equivalents at   
 beginning of year              |     |          $ |  2,821,570 |   |     |    $ | 11,413,749 |   |
| Net cash used in operating     
 activities                     |     |            | (7,264,795 | ) |     |      | (6,037,806 | ) |
| Net cash used in investing     
 activities                     |     |            |    (79,083 | ) |     |      | (2,209,399 | ) |
| Net cash provided by           
 (used in) financing activities |     |            |  5,627,599 |   |     |      |   (344