Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 100

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 100
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27,925 | ) |     |   | (100 | )% |
| Total other (expense) income   |     |            $ | (74,736 | ) |     |    $ |  57,210 |   |     | $              | 131,946 |   |     |   |  231 | %  |

Other net income (expense) totaled $129 and $(27,796)
for the years ended December 31, 2024 and 2023, respectively, an increase of approximately $28,000, or 100%. The net other expense for
the year ended December 31, 2023 related to the loss on the disposal of an asset and other non-operating costs. The net other income for
the year ended December 31, 2024 related to approximately a $9,000 gain on a sale of an asset and offset by property taxes.

Interest income (expense)

We had net interest (expense) income of approximately
$(74,865) and $85,006 for the years ended December 31, 2024 and 2023, respectively. The prior year amount related to approximately $120,000
interest earned from money market account partially offset by interest paid in financing lease for laboratory equipment. The current year
amount related to approximately $18,000 interest earned from money market account offset by interest paid in financing lease for laboratory
equipment.

Liquidity and Capital Resources

To date, we have funded our operations primarily through
our IPO, exercise of warrants, and the sale of our equity and debt securities, resulting in gross proceeds of approximately $42.7 million.
We have evaluated whether there are conditions and events that raise substantial doubt about our ability to continue as a going concern
for at least one year after the date the consolidated financial statements are issued.

Recent Financings

February 2025 Warrant Inducement

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