Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 94

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 94
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, reduced patient anxiety, and lower medical costs.

Commercial laboratory services, including CyPath©
Lung, are performed at our wholly owned subsidiary PPLS which we acquired by purchasing the assets of Village Oaks Pathology Services,
P.A., a Texas professional association d/b/a Precision Pathology Services, that included the CAP-accredited and CLIA-certified commercial
laboratory it owned. We now own and operate the clinical anatomic and clinical pathology laboratory. CyPath® Lung is offered for sale
to physicians by PPLS.

Through our wholly owned subsidiary, OncoSelect®
Therapeutics, LLC, we have conducted research that has led to discoveries and advancement of novel cancer therapeutic approaches that
specifically and selectively target cancer cells. We expect to present our findings at conferences and publish our research in the near
future. We intend to seek strategic partners to develop our therapeutic discoveries which could result in broad-spectrum cancer treatments
in the future.

Research and optimization of our platform technologies
are conducted in laboratories at our wholly owned subsidiary, PPLS and leased laboratory space at The University of Texas at San Antonio.

| 44 |

Current Year Financial Highlights

Key financial results for the year ended December
31, 2024 include:

| ● | Consolidated revenue increased approximately 270% to $9.4 million as compared to $2.5 million for the year ended December 31, 2023, primarily as a result of the acquisition of PPLS in September 2023.                                 |
| ● | CyPath® Lung testing revenue increased approximately 1,400% to $0.5 million as compared to $35 thousand for the year ended December 31, 2023, due to an increase in total test results delivered of more than 600 for the current year. |
| ● | Raised approximately $6.9 million in gross proceeds from equity transactions to fund operating activities.                                                                                                                              |

Recent Financial Developments

Targeted Strategic Actions

In March 2025, we announced targeted strategic actions
to improve financial performance and accelerate the commercial growth of CyPath® Lung, taking steps to deliver approximately $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
pathology services with suboptimal profit margins to focus on high-margin services such as CyPath Lung