Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 93

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 93
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information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated
financial statements from year to year, and the primary factors that accounted for those changes. To the extent that this discussion describes
prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In
addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions
that could cause the Company’s financial results to differ materially from management’s expectations. Factors that could cause
such differences are discussed in the “Cautionary Note Regarding Forward-Looking Statements” section of this prospectus and
in the “Risk Factors” in this prospectus.

Our MD&A is organized as follows:

| ● 
 ● | Company Overview – Discussion of our business plan and strategy to provide context for the remainder of the MD&A.                                                                                                                                                                                  
 Results of Operations – Analysis of our financial results comparing the year ended December 31, 2024, to the year ended December 31, 2023.                                                                                                                                                         |
|:--|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | 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 are those estimates made in accordance with U.S. generally accepted accounting principles (“GAAP”) 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 artificial
intelligence (“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