Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 39

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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 sputum.

On May 28, 2025, the Company announced the U.S. Patent
and Trademark Office (USPTO) issued a new patent covering a novel composition and method for selectively killing cancer by targeting the
CD320 and LRP2 receptors on the cell membrane. Company research and development of this broad-spectrum therapeutic approach will be applied
first to topical application for treatment of skin cancers.

Recent
Financings

On
May 7, 2025, the Company completed a public offering of securities for gross proceeds to the Company of $3.25 million, before deducting
agent fees and other estimated expenses payable by the company. The offering consisted of 10,156,250 shares of our Common Stock, of which
2,371,346 were pre-funded warrants, together with warrants to purchase up to 15,234,375 shares of Common Stock, at a combined offering
price for each share of common stock (or pre-funded warrant) and accompanying warrant of $0.32 per share. The warrants have an exercise
price of $0.352 per share and have certain provisions that allow for additional shares to be issued in the event of a reverse split of
the Company’s common stock. Additionally, the warrants include an anti-dilution adjustment which is subject to stockholder approval.

On August 13, 2025, the Company entered into a securities
purchase agreement with certain institutional and accredited investors, pursuant to which the Company agreed to issue and sell, in a private
placement, (i) 990 shares of the Company’s newly designated Series B Convertible Preferred Stock, with a par value $0.001 per share
and stated value of $1,000 per share, for gross proceeds to the Company of $990,000, initially convertible into 4,304,343 shares of the
Company’s Common Stock, par value $0.007 per share at an initial conversion price of $0.23 per share and (ii) warrants to purchase
up to 6,714,780 shares of the Company’s Common Stock at an exercise price of $0.352 per share of Common Stock.

On August 13, 2025, the Company entered into a warrant
inducement agreement with the holder of a warrant to purchase 450,000 shares of Common Stock originally issued on August 5, 2024, with
a current exercise price of $1.25 per share and a warrant to purchase 650