Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 92

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 92
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 Nasdaq Capital Market under the
symbol “BIAWF.” The last reported sale price of our Common Stock and Tradeable Warrants on Nasdaq on April 9, 2025 was $0.63
per share of Common Stock and $0.14 per Tradeable Warrant.

Holders of Record

As of April 10, 2025, there were approximately 92
holders of record of shares of our Common Stock. This number does not reflect the beneficial holders of our Common Stock who hold shares
in street name through brokerage accounts or other nominees.

Dividends

We have never declared or paid any cash dividends
on our capital stock. We intend to retain all available funds and future earnings, if any, to fund the development and expansion of our
business, and we do not anticipate declaring or paying any cash dividends in the foreseeable future. Any future determination regarding
the declaration and payment of dividends, if any, will be at the discretion of our Board of Directors and will depend on then-existing
conditions, including our financial condition, results of operations, contractual restrictions, capital requirements, business prospects,
and other factors our Board of Directors may deem relevant.

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<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS</div>

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing at the end of this prospectus. Some of the information contained in this discussion and analysis is set forth at the end of this prospectus, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the section entitled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward- looking statements. Please also see the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Market, Industry and Other Data.”

This section presents management’s perspective
on our financial condition and results of operations. The following discussion and analysis (the “MD&A”) is intended to
highlight and supplement data and information presented elsewhere in this prospectus. The MD&A is also intended to provide you with