Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 83

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 83
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 $6.95 per share;                             |
| ● | 1,480,208                                                                                          
 shares of our Common Stock that are reserved for equity awards that may be granted under           
 our 2024 Equity Incentive Plan;                                                                    |
| ● | 75,074,993                                                                                         
 shares of Common Stock issuable upon the exercise                                                  
 of April 2025 Warrants sold in this offering; and                                                  |
| ● | 210,420                                                                                            
 shares of Common Stock issuable upon the exercise of Placement Agent Warrants issued in connection 
 with this offering.                                                                                |

| 37 |

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

If you invest in our securities in this offering, your ownership interest will be diluted immediately to the extent of the difference between the public offering price paid by the purchasers of the shares of Common Stock (or Pre-Funded Warrants) and accompanying April 2025 Warrants sold in this offering and the pro forma as adjusted net tangible book value per share of Common Stock after this offering.

Net tangible book value per share is determined by dividing our total tangible assets less total liabilities by the number of outstanding shares of our Common Stock. As of December 31, 2024, we had a net tangible book value of approximately $0.4 million or $0.03 per share of Common Stock based upon 15,576,674 shares of Common Stock outstanding as of that date.

Our pro forma net tangible book value as of December 31, 2024 was approximately $1.6 million or $0.09 per share of Common Stock, based upon 18,246,331 shares of Common Stock outstanding as of April 25, 2025. Pro forma net tangible book value represents net tangible book value adjusted to take into account the issuance, subsequent to December 31, 2024, of: (i) an aggregate of 1,302,082 shares of Common Stock upon the exercise of common warrants that we issued on August 5, 2024, at the reduced exercise price of $0.58 per share, and our receipt of approximately $755,000 in proceeds upon such exercise, and (ii) an aggregate of 1,136,391 shares of Common Stock upon the exercise of common warrants that we issued on October 21, 2024, at the reduced exercise price of $0.58 per share, and our receipt of approximately $659,000 in proceeds upon such exercise; (iii) an aggregate of 235