Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 11

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 11
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 the interim periods presented. The condensed
consolidated balance sheet as of December 31, 2024, was derived from the audited consolidated financial statements at that date but does
not include all the information and footnotes required by GAAP. Operating results for the periods presented are not necessarily indicative
of the results that may be expected for the fiscal year ending December 31, 2025, or any future period. These unaudited condensed consolidated
financial statements should be read in conjunction with the audited annual consolidated financial statements and notes included in the
Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025 (the “2024 Form 10-K”).

Certain
prior period balances have been reclassified to conform to current period presentation. Any reclassifications had an immaterial effect
on the Company’s consolidated financial statements and had no effect on prior periods net income or stockholders’
equity.

All
share and per-share amounts in the accompanying footnotes have been retroactively adjusted to reflect the Company’s 1-for-30 reverse
stock split.

Liquidity
and Capital Resources

In
accordance with Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements – Going Concern
(Subtopic 205-40), the Company has evaluated whether there are conditions and events that raise substantial doubt about the Company’s
ability to continue as a going concern for at least one year after the date the condensed consolidated financial statements are issued.

The
Company has incurred significant losses and negative cash flows from operations since inception and expects to continue to incur losses
and negative cash flows for the foreseeable future. As a result, the Company had an accumulated deficit of approximately $65.4 million
at September 30, 2025. The Company’s cash and cash equivalents at September 30, 2025, were approximately $7.7 million. Based on
the Company’s current expected level of operating expenditures and the cash and cash equivalents on hand at September 30, 2025,
management concludes that there is substantial doubt about the Company’s ability to continue as a going concern for a period of
at least twelve (12) months subsequent to the issuance of the accompanying unaudited condensed consolidated financial statements. During
the third quarter of 2025, the Company completed various transactions to raise an additional $13.4 million in gross proceeds. Without
funding