Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 63

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 63
---
 provide context for the remainder of the MD&A.

    ●
    Results of Operations – Analysis of our financial results comparing three months ended March 31, 2025, to the comparable period in 2024.

    ●
    Liquidity and Capital Resources – Analysis of changes in our cash flows and discussion of our financial condition and potential sources of liquidity.

    ●
    Critical Accounting Estimates – Accounting estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

Company Overview

Business

We develop noninvasive diagnostics to detect early-stage
lung cancer and other diseases of the lung using flow cytometry and automated analysis developed by machine learning, a form of AI. One
of our diagnostic tests analyzes cell populations, including cancer and cancer-related cells, that are indicative of a specific diseased
state.

Our diagnostic test, CyPath® Lung,
addresses the need for noninvasive detection of early-stage lung cancer. Lung cancer is the leading cause of cancer-related deaths worldwide.
Physicians order CyPath® Lung to assist in their assessment of patients who are at high risk for lung cancer. The CyPath®
Lung test enables physicians to more confidently identify patients who will likely benefit from timely intervention and more invasive
follow-up procedures and those who are likely without lung cancer and should continue routine screening. CyPath® Lung has
the potential to increase overall diagnostic accuracy of lung cancer, which could lead to increased survival, fewer unnecessary invasive
procedures, 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