Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016927
Chunk: 92

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 92
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 procedures.”

On May 7, 2025, we completed a public offering of securities for gross proceeds to us of $3.25 million, before deducting agent fees and other estimated expenses payable by us. 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 our Common Stock. Additionally, the warrants include an anti-dilution adjustment which is subject to stockholder approval.

On April 1, 2025, we increased the list price of CyPath ®Lung to $2,900 from $1,900 after evaluating reimbursement provisions in agreements executed with private insurance carriers to take best advantage of payment terms.

On March 7, 2025, we announced targeted strategic actions to improve financial performance and accelerate the commercial growth of CyPath ®Lung, taking steps to deliver up to $3 to $4 million in annual cost savings at our subsidiary PPLS, while increasing resources to expand CyPath ®Lung sales in high-potential national markets. Specifically, cost savings are a result of labor cost reductions, operational efficiency enhancements, and discontinuing certain unprofitable pathology services to focus on high-margin services such as CyPath ®Lung.

On February 26, 2025, we entered into a warrant inducement agreement with certain holders of existing warrants, such holders exercised for cash a total of 2,438,473 warrants originally issued in August 2024 and October 2024, at the reduced exercise price of $0.58 per share, for aggregate gross proceeds of approximately $1.4 million, before deducting advisory fees and other expenses payable by us. In consideration of the immediate exercise of the October Warrants and August Warrants, we issued unregistered common warrants to purchase an aggregate of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the warrants) at an exercise price of $0.85 per share, which warrants are not exercisable until our stockholders approve such exercise.

Financial

To date