Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 91

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 91
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 those factors set forth in the section entitled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the section entitled “Risk Factors” to gain an understanding of the important factors that could cause actual results to differ materially from our forward- looking statements. Please also see the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Market, Industry and Other Data.”

This section presents management’s perspective
on our financial condition and results of operations. The following discussion and analysis (the “MD&A”) is intended to
highlight and supplement data and information presented elsewhere in this prospectus. The MD&A is also intended to provide you with
information that will assist you in understanding our consolidated financial statements, the changes in key items in those consolidated
financial statements from year to year, and the primary factors that accounted for those changes. To the extent that this discussion describes
prior performance, the descriptions relate only to the periods listed, which may not be indicative of our future financial outcomes. In
addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions
that could cause the Company’s financial results to differ materially from management’s expectations. Factors that could cause
such differences are discussed in the “Cautionary Note Regarding Forward-Looking Statements” section of this prospectus and
in the “Risk Factors” in this prospectus.

Our MD&A is organized as follows:

| ● 
 ● | Company Overview – Discussion of our business plan and strategy to provide context for the remainder of the MD&A.                                                                                                                                                                                  
 Results of Operations – Analysis of our financial results comparing the year ended December 31, 2024, to the year ended December 31, 2023.                                                                                                                                                         |
|:--|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ● | Liquidity and Capital Resources – Analysis of changes in our cash flows and discussion of our financial condition and potential sources of liquidity.                                                                                                                                              |
| ● | Critical Accounting Estimates – Accounting estimates are those estimates made in accordance with U.S. generally accepted accounting principles (“GAAP”) that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts. |

Company Overview

Business

We develop 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”). One