Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 104

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 104
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 the probability
associated with each source and use of cash resources in making our going concern determination. The research and development of our diagnostic
tests and therapeutic products are inherently subject to uncertainty.

Off-Balance Sheet Arrangements

We do not engage in transactions that generate relationships
with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities,
as a part of our ongoing business. Accordingly, we did not have any off-balance sheet arrangements during any of the periods presented.

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<div align='center'>BUSINESS</div>

Business Overview

We develop proprietary noninvasive diagnostics to
detect early-stage lung cancer and other diseases of the lung using flow cytometry and automated analysis developed by machine learning,
a form of artificial intelligence (“AI”). Our diagnostic tests analyze cell populations, including cancer and cancer-related
cells, that are indicative of a specific diseased state.

We were formed as a Delaware corporation on March
26, 2014. On June 15, 2016, we formed OncoSelect Therapeutics, LLC (“OncoSelect”),a
Delaware limited liability company and our wholly owned subsidiary which is a preclinical-stage biopharmaceutical discovery company that
has advanced our discoveries of novel potential cancer therapies that specifically and selectively target a broad spectrum of cancer cells
that have been grown in petri dishes without harm to healthy cells. We expect to present our findings at conferences and publish the results
of our research this year and seek strategic partners that have the resources to advance our therapeutic discoveries.

On August 14, 2023, we formed Precision Pathology
Laboratory Services, LLC (“PPLS”), a Texas limited liability company and our wholly owned subsidiary, which performs our clinical
laboratory services, including CyPath Lung operations. Research and optimization of our platform technologies for in vitro
diagnostics and therapeutic technologies are conducted in laboratories at The University of Texas at San Antonio and PPLS in San Antonio,
Texas.

In September 2023, through our wholly owned subsidiary
PPLS, we acquired the assets of Village Oaks Pathology Services, P.A. (“Village Oaks”), a Texas professional association d/b/a
Precision Pathology Services, including a clinical anatomic and clinical pathology laboratory and related services business in San Antonio,
Texas. The laboratory is accredited by the College of American Pathologists (“CAP”) and certified under the Clinical Laboratory
Improvement Amendments of 1988 (“CLIA”).

Our first