Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 31

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 31
---
 toward physician education before any acceptance or demand for our proposed diagnostic tests or therapeutic products
is created, if at all.

We face substantial competition, which may result in others discovering, developing, or commercializing competing diagnostic tests or therapeutic products before or more successfully than we do.

The development and commercialization of new diagnostic
and therapeutic technologies is highly competitive. We will always face competition with respect to any diagnostic and therapeutic technology
that we may seek to develop or commercialize in the future from major diagnostic and pharmaceutical companies, LDT laboratories, smaller
diagnostic and pharmaceutical companies, and biotechnology companies worldwide.

A substantial number of the companies against which
we are competing or may compete against in the future may have significantly greater financial resources, established presence in the
market, and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory
approvals, and marketing approved diagnostic tests or therapeutic products. Mergers and acquisitions in the diagnostic, pharmaceutical,
and biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors.

Smaller and other early-stage companies may also prove
to be significant competitors, particularly through collaborative arrangements with large and established companies. These third parties
compete with us in recruiting and retaining qualified scientific, sales, marketing, and management personnel, establishing clinical trial
sites and patient registration for clinical trials, and acquiring technologies complementary to or necessary for our programs.

Our commercial opportunity could be reduced or eliminated
if our competitors develop and commercialize diagnostic tests or therapeutic products that are more accurate, more convenient, or less
expensive than any diagnostic tests or therapeutic products that we may develop. Our competitors also may obtain FDA or other regulatory
approval for their diagnostic tests or therapeutic products more rapidly than we may obtain approval for ours, which could result in our
competitors establishing a stronger market position. In addition, our ability to compete may be affected in many cases by insurers or
other third-party payors.

We may be unable to compete in our target marketplaces,
which could impair our ability to generate revenues, thus causing a material adverse impact on our results of operations.

| 14 |

Our success depends upon our ability to retain key executives and to attract, retain, and motivate qualified personnel, and the loss of these persons could adversely affect our operations and results.

We are highly dependent on the principal members of
our management, scientific, and clinical teams, including Maria Zannes, J.D., our President and Chief Executive Officer, Xavier Reveles,
MS