Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 927

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 927
---
 
     (8,953,445) 
     (7,973,228)

    Non-operating
    income (expense), net 
     (74,736) 
     57,210 
  
    Net loss before income taxes 
     (9,028,181) 
     (7,916,018)
  
    Income
    tax expense 
     (11,650) 
     (20,993)
  
    Net loss 
    $(9,039,831) 
    $(7,937,011)

Research
and Development

Research
and development costs are charged to expense as incurred. The Company’s research and development expenses consist primarily of
expenditures for laboratory operations, preclinical studies, compensation, and consulting costs.

Accrued
Research and Development Costs

The
Company records accrued liabilities for estimated costs of research and development activities conducted by service providers, which
include preclinical studies. The Company records the estimated costs of research and development activities based upon the estimated
amount of services provided but not yet invoiced and includes these costs in accrued expenses in the accompanying consolidated
balance sheets and within research and development expense in the accompanying consolidated statements of operations.

The
Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established
with service providers. The Company makes significant judgments and estimates in determining the accrued expenses balance in each reporting
period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences
between accrued costs and actual costs incurred since its inception.

Regulatory
Matters

Regulations
imposed by federal, state, and local authorities in the U.S. are a significant factor in providing medical care. In the U.S., drugs,
biological products, and medical devices are regulated by the federal Food, Drug and Cosmetic Act, which is administered by the FDA and
CMS. The Company has not yet obtained marketing authorization from the FDA but is able to market its CyPath® Lung test
as a laboratory developed test sold by Precision Pathology Laboratory Services, a CAP-accredited, CLIA-certified clinical pathology laboratory
and wholly owned subsidiary.

    F-11

Note
3. ACCOUNTS AND OTHER RECEIVABLES, NET

Accounts
and other receivables at December 31, 2024 and 2023, are summarized below:

SCHEDULE
OF ACCOUNTS AND OTHER RECEIVABLES