Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 70

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 options and warrants, and the sale of our securities, resulting in gross proceeds of
approximately $46.0 million. We have evaluated whether there are conditions and events that raise substantial doubt about our ability
to continue as a going concern for at least one year after the date the condensed consolidated financial statements are issued.

We have incurred losses since our inception in 2014
as a result of significant expenditures for operations and research and development and, prior to April 2022, the lack of any approved
diagnostic test or therapeutic products to generate revenue. For the three months ended March 31, 2025 and 2024, we had net losses of
$2.7 million and $2.0 million, respectively, and we expect to incur substantial additional losses in future periods. We have an accumulated
deficit of approximately $56.3 million as of March 31, 2025. Despite our recent financing in May 2025 in which we raised gross proceeds of $3.25 million, and our financing in February 2025, in which we
raised gross proceeds of approximately $1.4 million, we believe our current cash and anticipated revenue from operations will be sufficient to support our operations through
August 2025. Based on our current expected level of operating expenditures, current expected levels of revenue, and the cash and cash
equivalents on hand at March 31, 2025, of $0.4 million, management concludes that there is substantial doubt about our 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 contained in this Quarterly Report. We need to raise further capital through the sale of additional equity or debt
securities or other debt instruments, strategic relationships or grants, or through exercised outstanding warrants to support our future
operations unless our revenue increases significantly. 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.
There can be no assurance that we will be successful in accomplishing these objectives.

We continue to seek sources of financing to fund our
continued operations and research and development programs. To raise additional capital, we may sell additional equity or debt securities,
or enter into collaborative, strategic, and/or