Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 745

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 745
---

    December 31,  
    Versus 2023 

    2024  
    2023  
    $  
    % 
  
    Operating expenses: 

    Direct costs and expenses 
    $5,983,475  
    $1,740,884  
    $4,242,591  
     244%
  
    Research and development 
     1,461,227  
     1,467,936  
     (6,709) 
     0%
  
    Clinical development 
     321,655  
     256,661  
     64,994  
     25%
  
    Selling, general and administrative 
     9,943,473  
     6,790,654  
     3,152,819  
     46%
  
    Depreciation and amortization 
     605,637  
     249,592  
     356,045  
     143%
  
    Total operating expenses 
    $18,315,467  
    $10,505,727  
    $7,809,740  
     74%

Operating
expenses totaled $18.3 million and $10.5 million for the years ended December 31, 2024 and 2023, respectively. The increase in operating expenses is the result
of the following factors.

Direct
Costs and Expenses

Our direct costs and expenses are primarily direct labor for pathology
services, laboratory supplies and reagents, laboratory equipment and allocated shared facilities. Direct costs and expenses totaled approximately
$6.0 million and $1.7 million during 2024 and 2023, respectively. The increase of approximately $4.3 million, or 244%,
was primarily attributable to the laboratory operations of PPLS being owned for the full fiscal year 2024, compared to approximately 3.5
months in fiscal year 2023.

Research
and Development

Our
research and development expenses consist primarily of expenditures for lab operations, preclinical studies, compensation, and
consulting costs. Research and development expenses remained consistent year-over-year, totaling $1.5 million for the years ended
December 31, 2024 and 2023.

Clinical
Development

Clinical
development expenses totaled $321,655 and $256,661 for the years ended
December 31, 2024