Company: BIAF
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004915
Chunk: 24

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: DRS
Chunk 24
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 you will suffer immediate and substantial dilution in the net tangible book value of the Common Stock you purchase in this offering or the Common Stock underlying the Pre-Funded Warrants you purchase in this offering. See the section entitled “Dilution” below for a more detailed discussion of the dilution you will incur if you invest in this offering.

Future sales and issuances of our Common Stock or rights to purchase Common Stock, including pursuant to our 2024 Equity Incentive Plan and outstanding warrants, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.

We expect that significant additional capital may be needed in the future to continue our planned operations, including conducting clinical trials, commercialization efforts, expanded research and development activities and costs associated with operating a public company. To raise capital, we may sell additional shares of our Common Stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine from time to time. If we sell Common Stock, convertible securities or other equity securities, investors may be materially diluted by subsequent sales. Such sales may also result in material dilution to our existing stockholders, and new investors could gain rights, preferences and privileges senior to the holders of our Common Stock. Pursuant to our 2024 Equity Incentive Plan, which became effective on the business day prior to the public trading date of our Common Stock, our management is authorized to grant equity awards to our employees, officers, directors and consultants.

The aggregate number of shares of our Common Stock that might be issued pursuant to stock awards under our 2024 Equity Incentive Plan is 2,000,000 shares, of which 1,239,531 remain available for grant as of the date hereof. Increases in the number of shares available for future grant or purchase may result in additional dilution, which could cause our stock price to decline.

At April 11, 2025, we had outstanding (i) warrants to purchase an aggregate of 12,873,602 shares of Common Stock, with a weighted average exercise price equal to $2.74 per share, which includes Tradeable Warrants and Non-Tradeable Warrants that we issued in connection with our initial public offering to purchase an aggregate of 4,305,713 shares of Common Stock, all of which have an exercise price of $3.0625 per share; and (ii) options to purchase an aggregate of 304,125 shares of Common Stock,