Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 304

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 304
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. 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 Annual Report and in the “Risk Factors” in this Annual Report.

 54 

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, reduced patient anxiety, and lower medical costs.

Commercial
laboratory services, including CyPath© Lung, are performed at our wholly owned subsidiary P