Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 497

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 497
---
registered common warrants (the “February 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 October Warrants
and August Warrants) to such holders.

 55 

We
agreed in the February Inducement Agreement to file a registration statement to register the resale of the shares of Common Stock (the
“February Warrant Shares”) issuable upon exercise of the February Warrants (the “Resale Registration Statement”)
as soon as practicable (and in any event within 45 calendar days following the date of the Inducement Agreement), and to use commercially
reasonable efforts to have the Resale Registration Statement declared effective by the SEC and to keep such registration statement effective
at all times until the Holders no longer own any February Warrants or February Warrant Shares.

On
October 21, 2024, we issued to certain institutional investors (i) in a
registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement (the “October Private
Placement”), common warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant
to a securities purchase agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate
gross proceeds from the offerings of approximately $2.7 million, before deducting placement agent fees and other offering expenses. The
common warrants issued in the October Private Placement became exercisable on December 20, 2024, the date that our stockholders approved
the issuance of the shares of Common Stock issuable upon exercise of such warrants, and expire on December 19, 2029.

 56 

Financial

To
date, we have devoted a substantial portion of our efforts and financial resources to the development of our diagnostic test, CyPath®
Lung. As a result, since our inception in 2014, we have funded our operations principally through private sales of our equity or
debt securities.

We
have never been profitable, and as of December 31, 2024, we had a working capital deficit of $0.4 million and an accumulated
deficit of approximately $53.6 million. We expect to continue to incur significant operating losses for the foreseeable future as we
continue the development of