Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 20

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 20
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Even if we do achieve profitability, we may not be
able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would depress the
value of our Company and could impair our ability to raise capital, expand our business, maintain the research and development efforts,
diversify our diagnostic tests and therapeutic product offerings, or even continue our operations. A decline in the value of our Company
could also cause you to lose all or part of your investment.

| 8 |

We must raise additional capital to fund our operations in order to continue as a going concern.

As of December 31, 2024, we had an accumulated deficit
of $53.6 million and $1.1 million cash on hand. For the year 2024, cash used in operations was $7.1 million and net loss was $9.0 million.
Despite that we raised an additional $1.4 million in gross proceeds in February 2025 through a private placement offering, we will still
need to raise additional capital through the sale of additional equity or debt securities or other debt instruments, strategic relationships
or grants, or other arrangements to support our future operations. we may need to raise further capital through the sale of additional
equity or debt securities or other debt instruments, strategic relationships or grants, or other arrangements to support our future operations.
Our business plan includes expansion for our commercialization efforts which will require additional funding. If we are unable to improve
our liquidity position, we may not be able to continue as a going concern. Our ability to continue as a going concern is dependent upon
our ability to generate revenue and raise capital from financing transactions. Without funding from the proceeds of a capital raise or
strategic relationship or grant, management anticipates that our cash resources are sufficient to continue operations through April 2025.
Our future is dependent upon the 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