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

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 3
Chunk 25
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 continue as a going concern.

As of March 31, 2025, we
had an accumulated deficit of $56.3 million and $0.4 million cash on hand. As of May 13, 2025, our cash and cash equivalents were
$2.3 million. Despite our recent financings, we will need to raise further capital through the sale of additional equity or debt securities
or other debt instruments, strategic relationships or grants, or other arrangements to support our future operations. Our business plan
includes expansion for our commercialization efforts which will require additional funding. If we are unable to improve our liquidity
position, we may not be able to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability
to generate revenue and raise capital from financing transactions. Without funding from the proceeds of a capital raise or strategic relationship
or grant, management anticipates that our cash resources are sufficient to continue operations through August 2025. Based on our current
expected level of operating expenditures, current expected levels of revenue, and the cash and cash equivalents on hand at March 31, 2025,
of $0.4 million, management concludes that there is substantial doubt about our ability to continue as a going concern for a period of
at least twelve (12) months subsequent to the issuance of the accompanying unaudited condensed consolidated financial statements contained
in this Quarterly Report. Our future is dependent upon our ability to obtain financing and upon future profitable operations from the
development of new business opportunities. There can be no assurance that we will be successful in accomplishing these objectives. Without
such additional capital, we may be required to curtail or cease operations and be required to realize our assets and discharge our liabilities
other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment.
WithumSmith+Brown, PC, our independent registered public accounting firm for the fiscal year ended December 31, 2024, has included an
explanatory paragraph in its opinion that accompanies our audited consolidated financial statements as of and for the year ended December
31, 2024, indicating that our current liquidity position raises substantial doubt about our ability to continue as a going concern.

We are unable to precisely estimate when we
will begin to generate significant profit from revenue, if ever, from PPLS’ services, the amount of profit or revenue that will
be generated, or the expenses that will be