Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 68

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 68
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 12%
  
    Depreciation and amortization 
     154,588  
     149,637  
     4,951  
     3%
  
    Total operating expenses 
    $4,480,736  
    $4,351,621  
    $129,115  
     3%

Operating expenses totaled
approximately $4.5 million and $4.4 million for the three months ended March 31, 2025 and 2024, respectively. The increase in
operating expenses is the result of the following factors:

Direct costs and expenses

Our direct costs and expenses are primarily direct
labor for pathology services, laboratory supplies and reagents, laboratory equipment, and allocated shared facilities. Direct costs and
expenses totaled $1.4 million and $1.6 million during the three months ended March 31, 2025 and 2024, respectively. The decrease of approximately
$206,000, or 13%, for 2025 compared to 2024 was primarily attributable to the targeted strategic actions which occurred in March 2025, aimed at streamlining operations and reducing costs related to our lab operations.

20

Research and Development Expenses

Our research and development expenses consist primarily
of expenditures for lab operations, preclinical studies, compensation, and consulting costs.

Research and development expenses
totaled approximately $367,000 and $394,000 for the three months ended March 31, 2025 and 2024, respectively. The decrease of
$26,000, or 7%, for the three months ended March 31, 2025, compared to the same period in 2024 was primarily attributable to a
decrease in compensation costs and benefits and lab supplies.

Clinical Development

Clinical development expenses
totaled approximately $138,000 and $49,000 for the three months ended March 31, 2025 and 2024, respectively. The increase of
$89,000, or 183%, for the three months ended March 31, 2025, compared to the same period in 2024 was primarily attributable to an
increase in professional fees in 2025 related to managing our clinical strategy for our pivotal clinical trial.

Selling, General and Administrative

Our selling, general and administrative expenses consist
primarily of expenditures related to employee compensation, selling and marketing costs, legal, accounting, tax and other professional
services, and general operating expenses.

Selling,