Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 89

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 89
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 CyPath ®Lung to assist in their assessment of patients who are at high risk for lung cancer. The CyPath ®Lung test enables physicians to more confidently identify patients who will likely benefit from timely intervention and more invasive follow-up procedures and those who are likely without lung cancer and should continue routine screening. CyPath ®Lung has the potential to increase overall diagnostic accuracy of lung cancer, which could lead to increased survival, fewer unnecessary invasive procedures, reduced patient anxiety, and lower medical costs.

Commercial laboratory services, including CyPath ®Lung, are performed at our wholly owned subsidiary PPLS which we acquired by purchasing the assets of Village Oaks Pathology Services, P.A., a Texas professional association d/b/a Precision Pathology Services, that included the CAP-accredited and CLIA-certified commercial laboratory it owned. We now own and operate the clinical anatomic and clinical pathology laboratory. CyPath ®Lung is offered for sale to physicians by PPLS.

Through our wholly owned subsidiary, OncoSelect ®Therapeutics, LLC, we have conducted research that has led to discoveries and advancement of novel cancer therapeutic approaches that specifically and selectively target cancer cells. We expect to present our findings at conferences and publish our research in the near future. We intend to seek strategic partners to develop our therapeutic discoveries which could result in broad-spectrum cancer treatments in the future.

Research and optimization of our platform technologies are conducted in laboratories at our wholly owned subsidiary, PPLS and leased laboratory space at The University of Texas at San Antonio.

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Current Year Financial Highlights

Key financial results for the year ended December 31, 2024 include:

| ● | Consolidated                                                                                                                     
 revenue increased approximately 270% to $9.4 million as compared to $2.5 million for the year ended December 31, 2023, primarily 
 as a result of the acquisition of PPLS in September 2023.                                                                        |
| ● | CyPath®                                                                                                                          
 Lung testing revenue increased approximately 1,400% to $0.5 million as compared to $35 thousand for the year ended December      
 31, 2023, due to an increase in total test results delivered of more than 600 for the current year.                              |
| ● | Raised                                                                                                                           
 approximately $6.9 million in gross proceeds from equity transactions to fund operating activities.                              |

Recent Financial Developments

Targeted Strategic Actions

In March 2025, we announced targeted strategic actions to improve financial performance and