Company: BIAF
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001641172-25-008629
Chunk: 82

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 82
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 of any Pre-Funded Warrants in this offering, and no exercise of the May 2025 Warrants or Placement Agent Warrants being offered in this offering. Similarly, each increase (decrease) of 1,000,000 in the number of shares of Common Stock offered by us would increase (decrease) each of our pro forma, as adjusted cash, cash equivalents, additional paid-in capital, total stockholders’ equity (deficit) and total capitalization by approximately $459,000, assuming the assumed combined offering price of $0.499 per share of Common Stock and accompanying May 2025 Warrant remains the same and after deducting Placement Agent fees and estimated offering expenses payable by us, and assuming no sale of any Pre-Funded Warrants in this offering, no exercise of the May 2025 Warrants or Placement Agent Warrants being offered in this offering.

The information above is based on 15,576,674 shares of Common Stock outstanding as of December 31, 2024, and excludes, as of that date:

| ● | 12,298,124                                                                                         
 shares of Common Stock issuable upon the exercise of outstanding warrants with a weighted          
 average exercise price equal to $2.95 per share;                                                   |
| ● | 304,125                                                                                            
 shares                                                                                             
 of Common Stock issuable upon the exercise of stock options issued under our equity incentive      
 plans with a weighted average exercise price equal to $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 May 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 May 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