Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 15

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 7
Chunk 15
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 by the Company;

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    Develop and conduct human clinical studies to support the regulatory approval and marketing of our diagnostic test(s) and therapeutic product(s);

    ●
    Develop and manufacture the test(s) and product(s) to FDA standards, appropriate EU standards, and appropriate standards required for the commercialization of our tests and products in countries in which we seek to sell our diagnostic test(s) and therapeutic product(s);

    ●
    Obtain the necessary regulatory approvals to market our diagnostic test(s) and therapeutic product(s);

    ●
    Secure the necessary personnel and infrastructure to support the development, commercialization, and marketing of our diagnostic test(s) and therapeutic product(s); and

    ●
    Develop strategic relationships to support development, manufacturing, and marketing of our diagnostic test(s) and therapeutic product(s).

Even if we do achieve profitability, we may not be
able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress our
value and could impair our ability to raise capital, expand our business, maintain the research and development efforts, diversify our
diagnostic tests and therapeutic product offerings, or even continue our operations. A decline in our value could also cause you to lose
all or part of your investment.

We must raise additional
capital to fund our operations in order to continue as a going concern.

As of March 31, 2025, we
had an accumulated deficit of $56.3 million and $0.4 million cash on hand. As of May 13, 2025, our cash and cash equivalents were
$2.3 million. Despite our recent financings, we will need to raise further capital through the sale of additional equity or debt securities
or other debt instruments, strategic relationships or grants, or other arrangements 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. 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 August 2025. Based on our current
expected level of operating expenditures, current expected levels of revenue, and the cash and cash equivalents on hand at March 31, 2025,
of $0