Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 76

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 7
Chunk 76
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 of significant expenditures for operations and research and development
and, prior to April 2022, the lack of any approved diagnostic test or therapeutic products to generate revenue. For the six months ended
June 30, 2025 and 2024, we had net losses of $6.7 million and $4.1 million, respectively, and we expect to incur substantial additional
losses in future periods. We have an accumulated deficit of approximately $60.4 million as of June 30, 2025. Despite our recent financing
in May 2025 in which we raised gross proceeds of $3.25 million, and our financing in February 2025, in which we raised gross proceeds
of approximately $1.4 million, we believe our current cash and anticipated revenue from operations will not be sufficient to support
our 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 June 30, 2025, of $0.8 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. We need to raise further capital through the
sale of additional equity or debt securities or other debt instruments, strategic relationships or grants, or through exercised outstanding
warrants to support our future operations unless our revenue increases significantly. 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. There can be no assurance that we will be successful in accomplishing these objectives.

We
continue to seek sources of financing to fund our continued operations and research and development programs. To raise additional capital,
we may sell additional equity or debt securities, or enter into collaborative, strategic, and/or licensing transactions. There can be
no assurance that we will be able to complete any financing transaction in a timely manner or on acceptable terms or otherwise enter
into a collaborative or strategic transaction. If we are not able to raise additional cash, we may be forced to delay, curtail, or cease
development of our diagnostic tests or therapeutic products, or cease operations altogether.

Summary