Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 9

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 7
Chunk 9
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    $1,105,291  
    $2,821,570 
  
    Net cash used in operating activities 
     (1,641,775) 
     (2,345,975)
  
    Net cash used in investing activities 
     (50,786) 
     (41,387)
  
    Net cash provided by financing activities 
     1,031,976  
     2,018,957 
  
    Cash and cash equivalents at end of period 
    $444,706  
    $2,453,165 

21

Net Cash Used in Operating Activities

Net cash used in operating activities was approximately
$1.6 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The decrease of approximately $0.7 million
in cash used by operations during the three months ended March 31, 2025, compared to the same period in 2024 was primarily attributable
to an increase of approximately $660,000 in our loss from operations, a decrease in patient accounts receivables of approximately $487,000,
offset by an increase in accounts payable and accrued expenses of approximately $863,000.

Net Cash Used in Investing Activities

We used approximately $51,000 for the three months
ended March 31, 2025, in investing activities related primarily to the purchase of computer and laboratory equipment, compared to $41,000
used in investing activities for the three months ended March 31, 2024.

Net Cash Provided by Financing Activities

Cash provided by financing activities was approximately
$1.0 million compared to cash provided by financing activities of approximately $2.0 million for the three months ended March 31, 2025
and 2024, respectively. The change is primarily attributable to the net proceeds from our financing in February 2025, in which we raised gross proceeds of approximately $1.4 million, compared to our
March 2024 financing, in which we raised gross proceeds of $2.5 million.

Contractual Obligations and Commitments

We enter into contracts in the normal course of business
with third-party contract organizations for clinical trials and other services and products used for research and development and operating
purposes. These contracts generally provide for termination following a certain period after notice, and therefore we believe that any
non-cancelable obligations under these agreements are not material.

Critical Accounting Estimates