Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 19

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 19
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 dividends, or making acquisitions or significant asset sales.

If we raise additional funds through collaborations,
strategic alliances or marketing, or distribution or licensing arrangements with third parties, we may have to relinquish valuable rights
to our technologies, future revenue streams, and research programs, or grant licenses on terms that may not be favorable to us and/or
that may reduce the value of our Common Stock.

| 9 |

We are unable to precisely estimate when we will begin to generate significant profit from revenue, if ever, from PPLS’ services, nor to estimate the amount of profit or revenue that will be generated or the expenses that will be incurred.

We do not expect to immediately derive profit from
revenue from PPLS’ services. Since its acquisition in September 2023, we have generated $2.5 million in 2023 and $9.4 million in
2024 in revenue from PPLS. Once we begin to generate such profit, there is no guarantee that it will be sufficient to realize the expected
financial benefits of the acquisition. In addition, since we have limited experience operating a clinical laboratory, we may not accurately
estimate the expenses we will incur.

We have a limited operating history operating a clinical laboratory, and the members of our management team have limited experience operating a CAP-accredited, CLIA-certified laboratory, which may limit the ability of investors to make an informed investment decision.

We began operating a clinical laboratory in September
2023. Previously, only our Chief Operating Officer, Xavier Reveles, had operated a CAP-accredited, CLIA-certified clinical laboratory
and therefore it may be difficult for investors to analyze our ability to successfully operate a clinical laboratory. Our ability to generate
revenue from the clinical laboratory will depend, in part, on our ability to attract and maintain customers and on the amount spent by
the customers on such services. If our laboratory fails to attract customers and operate at sufficient capacity, our margins will suffer,
and we may not be able to fund the costs we incur to operate it. The success of our clinical laboratory will also depend, in part, on
our ability to attract and retain an appropriately skilled and sufficient workforce to operate the laboratory and our ability to comply
with various quality standards and environmental, health and safety laws and regulations.

We have insufficient results for investors to use
to identify historical trends. Investors should consider our prospects in light of the risk, expenses and difficulties we will encounter
as an early-stage company with respect to operating a clinical laboratory