Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 559

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 559
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 Statement declared effective by the SEC and to keep such registration statement effective
at all times until the Holders no longer own any February Warrants or February Warrant Shares.

On
October 21, 2024, we issued to certain institutional investors (i) in a
registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement (the “October Private
Placement”), common warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant
to a securities purchase agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate
gross proceeds from the offerings of approximately $2.7 million, before deducting placement agent fees and other offering expenses. The
common warrants issued in the October Private Placement became exercisable on December 20, 2024, the date that our stockholders approved
the issuance of the shares of Common Stock issuable upon exercise of such warrants, and expire on December 19, 2029.

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Financial

To
date, we have devoted a substantial portion of our efforts and financial resources to the development of our diagnostic test, CyPath®
Lung. As a result, since our inception in 2014, we have funded our operations principally through private sales of our equity or
debt securities.

We
have never been profitable, and as of December 31, 2024, we had a working capital deficit of $0.4 million and an accumulated
deficit of approximately $53.6 million. We expect to continue to incur significant operating losses for the foreseeable future as we
continue the development of our diagnostic tests and advance our diagnostic tests through clinical trials; however, we do expect
revenue to increase due to accelerating sales of CyPath® Lung and cost-saving measures we recently instituted at
PPLS. We intend to seek strategic partners for our therapeutic discoveries related to selective broad-spectrum cancer treatments
through pre-clinical and clinical development.

We
anticipate raising additional cash needed through the private or public sales of equity or debt securities, collaborative arrangements,
or a combination thereof to continue to fund our operations and develop our products. There is no assurance that any such collaborative
arrangement will be entered into or that financing will be available to us when needed in order to allow us to continue our operations
or, if available, on terms