Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016923
Chunk: 186

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 186
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 |     |                      | 12,873,602 |

Note 15. SUBSEQUENT EVENTS

On May 7, 2025, the Company completed
a public offering of securities for gross proceeds to the Company of $3.25
million, before deducting placement agent fees and other estimated expenses payable by the company. The offering consisted of 10,156,250
shares of our Common Stock, of which 2,371,346
were pre-funded warrants, together with warrants to initially purchase up to 15,234,375
shares of Common Stock, at a combined offering price for each share of common stock (or pre-funded warrant) and accompanying warrant
of $0.32
per share. The warrants have an exercise price of $0.352
per share and certain provisions that allow for additional shares to be issued in the event of a reverse split of the Company’s
common stock. Additionally, the warrants include an anti-dilution adjustment which is subject to stockholders approval. In connection
with this offering, the Company issued 304,687
warrants with substantially the same terms as the warrants issued as part of the public offering, except they will not have an anti-dilution
adjustment.

| F-14 |

<div align='center'>Report of Independent Registered Public Accounting Firm</div>

To the Board of Directors and Stockholders of

bioAffinity Technologies, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of bioAffinity Technologies, Inc. (the “Company”) as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders’ equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with principles generally accepted in the United States of America.

Substantial Doubt Regarding the Company’s Ability to Continue as a Going Concern

The accompanying consolidated financial statements
have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to