Company: BIAF
Filing Date: 2025-08-22
Form Type: DRS
Source: 0001641172-25-025247
Chunk: 20

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-22
Form: DRS
Chunk 20
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 Stock issuable upon the exercise of stock options issued under our equity incentive plans with a weighted average  
 exercise price equal to $6.95 per share; and                                                                                        |
| ● | 1,257,254                                                                                                                           
 shares of our Common Stock that are reserved for equity awards that may be granted under our 2024 Equity Incentive Plan.            |

Each $0.10 increase (decrease) in the assumed public offering price of $* per share and accompanying Common Stock Purchase Warrant would increase (decrease) the as-adjusted amount of each of cash and cash equivalents and total stockholders’ equity by approximately $* and $*, respectively, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting Placement Agent fees and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1,000,000 shares in the number of shares offered by us at the assumed public offering price of $* per share and accompanying Common Stock Purchase Warrants would increase (decrease) the as adjusted amount of each of cash and cash equivalents and total stockholders’ equity by approximately $*.

| 14 |

<div align='center'>DILUTION</div>

If you purchase securities in the offering, you will experience immediate dilution to the extent of the difference between the effective public offering price per share of $* per share of Common Stock (and Common Stock underlying the Pre-Funded Warrants) and our as-adjusted net tangible book value per share immediately after the offering. Net tangible book value per share is equal to the amount of our total tangible assets, less total liabilities, divided by the number of outstanding shares of our Common Stock. As of June 30, 2025, our net tangible book value was approximately $(4.3) million, or approximately $(0.15) per share.

Our pro forma net tangible book value as of June 30, 2025, was approximately $(4.1) million or $(0.14) per share of Common Stock, based upon 29,568,612 shares of Common Stock outstanding as of August [●], 2025. Pro forma net tangible book value represents net tangible book value adjusted to take into account the issuance, subsequent to June 30, 2025, of: (i) an aggregate of 650,000 shares of Common Stock that we issued on October 21, 2024, upon the exercise of