Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 103

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 103
---
 for
the years presented:

|                                                     |     |   Year Ended |            |   |     |      |            |   |
|:----------------------------------------------------|:----|-------------:|-----------:|:--|:----|-----:|-----------:|:--|
|                                                     |     | December 31, |            |   |     |      |            |   |
|                                                     |     |         2024 |            |   |     | 2023 |            |   |
| Cash and cash equivalents at beginning of year      |     |            $ |  2,821,570 |   |     |    $ | 11,413,749 |   |
| Net cash used in operating activities               |     |              | (7,264,795 | ) |     |      | (6,037,806 | ) |
| Net cash used in investing activities               |     |              |    (79,083 | ) |     |      | (2,209,399 | ) |
| Net cash provided by (used in) financing activities |     |              |  5,627,599 |   |     |      |   (344,984 | ) |
| Cash and cash equivalents at end of year            |     |            $ |  1,105,291 |   |     |    $ |  2,821,570 |   |

| 48 |

Net Cash Used in Operating Activities

Net cash used in operating activities was approximately
$7.3 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively. The increase of approximately $1.3 million
in cash used by operations was primarily attributable to the laboratory operations of PPLS being owned for the full fiscal year 2024,
compared to approximately 3.5 months in fiscal year 2023. Additionally, the increase was due to the expansion of sales efforts for CyPath
Lung.

Net Cash Used in Investing Activities

We used approximately $79,000 in investing activities
for the year ended December 31, 2024, compared to $2.2 million used for the year ended December 31, 2023. The significant decrease of
$1.4 million in cash used in investing activities was primarily due to equipment purchases in the current year, and the investing activities
in the prior year related to the acquisition of PPLS.

Net Cash Provided by Financing Activities