Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 55

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 55
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 twelve (12) months subsequent to the issuance of the accompanying unaudited condensed consolidated
financial statements contained in this Quarterly Report. Our future is dependent upon our ability to obtain financing and upon future
profitable operations from the development of new business opportunities. There can be no assurance that we will be successful in accomplishing
these objectives. Without such additional capital, we may be required to curtail or cease operations and be required to realize our assets
and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a
substantial portion of their investment. WithumSmith+Brown, PC, our independent registered public accounting firm for the fiscal year
ended December 31, 2024, has included an explanatory paragraph in its opinion that accompanies our audited consolidated financial statements
as of and for the year ended December 31, 2024, indicating that our current liquidity position raises substantial doubt about our ability
to continue as a going concern.

We
are unable to precisely estimate when we will begin to generate significant profit from revenue, if ever, from PPLS’ services,
the amount of profit or revenue that will be generated, or the expenses that will be incurred.

Since
its acquisition in September 2023, we have generated $16.4 million in revenue from PPLS. Once we begin to generate profit from revenue,
there is no guarantee that it will be sufficient to realize the expected financial benefits of the acquisition. In addition, since we
have limited experience operating a clinical laboratory, we may not accurately estimate the expenses we will incur.

29

Risks
Related to Ownership of Our Common Stock and Warrants

Our
failure to maintain compliance with the continued listing requirements of The Nasdaq Capital Market could result in a de-listing of our
Common Stock.

The
shares of our Common Stock are currently listed for trading on The Nasdaq Capital Market under the symbol “BIAF” and our
tradeable warrants are listed for trading on The Nasdaq Capital Market under the symbol “BIAFW.” We must satisfy Nasdaq’s
continued listing requirements, including, among other things, a minimum stockholders’ equity of $2.5 million and a minimum
closing bid price of $1.00 per share or risk delisting, which would have a material adverse effect on our business. A delisting of our
common stock from Nasdaq could materially reduce the liquidity of our common stock and result in a corresponding material reduction