Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 50

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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financing transactions. There can be no assurance that we will be successful in accomplishing these objectives.

We
continue to seek sources of financing to fund our continued operations and research and development programs. To raise additional capital,
we may sell additional equity or debt securities, or enter into collaborative, strategic, and/or licensing transactions. There can be
no assurance that we will be able to complete any financing transaction in a timely manner or on acceptable terms or otherwise enter
into a collaborative or strategic transaction. If we are not able to raise additional cash, we may be forced to delay, curtail, or cease
development of our diagnostic tests or therapeutic products, or cease operations altogether.

Summary
Statements of Cash Flows

The
following information reflects cash flows for the periods presented:

    Six Months Ended 

    June 30, 

    2025  
    2024 

    Cash and cash equivalents at beginning of period 
    $1,105,291  
    $2,821,570 
  
    Net cash used in operating activities 
     (4,288,981) 
     (3,878,400)
  
    Net cash used in investing activities 
     (64,213) 
     (69,672)
  
    Net cash provided by financing activities 
     4,050,738  
     1,927,813 
  
    Cash and cash equivalents at end of period 
    $802,835  
    $801,311 

Net
Cash Used in Operating Activities

Net
cash used in operating activities was approximately $4.3 million and $3.9 million for the six months ended June 30, 2025 and 2024, respectively.
The increase of approximately $0.4 million in cash used by operations during the six months ended June 30, 2025, compared to the same
period in 2024 was primarily attributable to an increase of $2.6 million in our loss from operations, a decrease in accrued expenses
by $$0.2 million offset by a decrease in accounts receivable by $1.5 million compared to the prior year, and a fair value adjustment
to the warrant liability by $1.1 million related to the May 2025 warrant agreement.

26

Net
Cash Used in Investing Activities

We
used approximately $64,000 for the six months ended June 30, 2025, in investing activities related primarily to purchase of computer