Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 95

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 95
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 and by discontinuing
certain pathology services with suboptimal profit margins.

Public and Private Offerings

On February 26, 2025, pursuant to the terms of the
Inducement Agreement certain holders of existing warrants exercised for cash (i) October Warrants to purchase an aggregate of up to 1,136,391
shares of Common Stock, at the reduced exercise price of $0.58 per share, and (ii) August Warrants to purchase an aggregate of up to 1,302,082
shares of Common Stock, at the reduced exercise price of $0.58 per share. We received aggregate gross proceeds of approximately $1.4 million,
before deducting advisory fees and other expenses payable by us. In consideration of the immediate exercise of the October Warrants and
August Warrants by the holders thereof in accordance with the Inducement Agreement, we issued the Inducement Warrants to purchase an aggregate
of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the October Warrants
and August Warrants) to such holders.

On October 21, 2024, we issued to certain institutional
investors (i) in a registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement, common
warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant to a securities purchase
agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate gross proceeds from
the offerings of approximately $2.7 million, before deducting placement agent fees and other offering expenses. The October Warrants became
exercisable on December 20, 2024, the date that our stockholders approved the issuance of the shares of Common Stock issuable upon exercise
of such warrants, and expire on December 19, 2029.

Financial

To date, we have devoted a substantial portion of
our efforts and financial resources to the development of our diagnostic test, CyPathLung. 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