Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 71

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 licensing transactions. There can be no assurance that we will be able to complete any
financing transaction in a timely manner or on acceptable terms or otherwise enter into a collaborative or strategic transaction. If we
are not able to raise additional cash, we may be forced to delay, curtail, or cease development of our diagnostic tests or therapeutic
products, or cease operations altogether.

Summary Statements of Cash Flows

The following information reflects cash flows for
the periods presented:

    Three Months Ended 

    March 31, 

    2025  
    2024 

    Cash and cash equivalents at beginning of period 
    $1,105,291  
    $2,821,570 
  
    Net cash used in operating activities 
     (1,641,775) 
     (2,345,975)
  
    Net cash used in investing activities 
     (50,786) 
     (41,387)
  
    Net cash provided by financing activities 
     1,031,976  
     2,018,957 
  
    Cash and cash equivalents at end of period 
    $444,706  
    $2,453,165 

21

Net Cash Used in Operating Activities

Net cash used in operating activities was approximately
$1.6 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The decrease of approximately $0.7 million
in cash used by operations during the three months ended March 31, 2025, compared to the same period in 2024 was primarily attributable
to an increase of approximately $660,000 in our loss from operations, a decrease in patient accounts receivables of approximately $487,000,
offset by an increase in accounts payable and accrued expenses of approximately $863,000.

Net Cash Used in Investing Activities

We used approximately $51,000 for the three months
ended March 31, 2025, in investing activities related primarily to the purchase of computer and laboratory equipment, compared to $41,000
used in investing activities for the three months ended March 31, 2024.

Net Cash Provided by Financing Activities

Cash provided by financing activities was approximately
$1.0 million compared to cash provided by financing activities of approximately $2.0 million for the three months ended March 31, 2025
and 2024, respectively. The change is primarily