Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 41

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 41
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 million during the three months ended September
30, 2025 and 2024, respectively. The decrease of approximately $0.5 million for 2025 compared to 2024 was primarily attributable to the
targeted strategic actions which occurred in March 2025, aimed at streamlining operations and reducing costs related to our lab operations.

22

Research
and Development Expenses

Our
research and development expenses consist primarily of expenditures for lab operations, preclinical studies, compensation, and consulting
costs.

Research
and development expenses totaled approximately $331,000 and $275,000 for the three months ended September 30, 2025 and 2024, respectively.
The increase of approximately $56,000, or 20%, for the three months ended September 30, 2025, compared to the same period in 2024 was
primarily attributable to an increase project costs as we continue to advance development for diagnostic tests targeted at COPD and asthma.

Clinical
Development

Clinical
development expenses totaled approximately $143,000 and $94,000 for the three months ended September 30, 2025 and 2024, respectively.
The increase of approximately $49,000, or 53%, for the three months ended September 30, 2025, compared to the same period in 2024 was
primarily attributable to an increase in professional fees in 2025 related to managing our clinical strategy for our pivotal clinical
trial.

Selling,
General and Administrative

Our
selling, general and administrative expenses consist primarily of expenditures related to employee compensation, selling and marketing
costs, legal, accounting, tax and other professional services, and general operating expenses.

Selling,
general and administrative expenses totaled approximately $2.2 million and $2.4 million for the three months ended September 30, 2025
and 2024, respectively. The decrease of approximately $0.2 million, or 7%, for the three months ended September 30, 2025, compared to
the same period in 2024 was primarily attributable to a decrease in general and administrative costs related to lab operations as a result
of our targeted strategic actions which occurred in March 2025, aimed at streamlining operations and reducing costs. These decreases
were partially offset by an increase in employee compensation related to the addition of additional personnel and support services to
support sales of our diagnostic test, CyPath® Lung.

Depreciation
and Amortization

Deprec