Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016923
Chunk: 165

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 165
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AI”), to preferentially target
cancer cell populations and other cell populations indicative of a diseased state. The Company’s first diagnostic test, CyPath
Lung, is a noninvasive test for early detection of lung cancer, the leading cause of cancer-related deaths. CyPath Lung
is offered for sale to physicians by the Company’s subsidiary, Precision Pathology Laboratory Services, LLC (“PPLS”).
The Company also conducted and intends to seek strategic partners to advance therapeutic discoveries that could in the future result
in broad-spectrum cancer treatments. Research and optimization of the Company’s proprietary platform technologies are conducted
in laboratories at PPLS and laboratory space leased at The University of Texas at San Antonio.

Organization

The Company was formed on March 26,
2014, as a Delaware corporation with its corporate offices located in San Antonio, Texas. On June 15, 2016, the Company formed a wholly
owned subsidiary, OncoSelect Therapeutics, LLC, as a Delaware limited liability company. On August 14, 2023, the Company
formed a wholly owned subsidiary, PPLS, as a Texas limited liability company, to acquire the assets of Village Oaks Pathology Services,
P.A. (“Village Oaks”), a Texas professional association d/b/a Precision Pathology Services, including the clinical pathology
laboratory it owned.

Basis of Presentation

The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States
(“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. The condensed consolidated
financial statements are unaudited and in management’s opinion include all adjustments, including normal recurring adjustments
and accruals, necessary for a fair presentation of the results for the interim periods presented. The condensed consolidated balance
sheet as of December 31, 2024, was derived from the audited consolidated financial statements at that date but does not include all the
information and footnotes required by GAAP. Operating results for the periods presented are not necessarily indicative of the results
that may be expected for the fiscal year ending December 31, 2025, or any future period. These unaudited condensed consolidated financial
statements should be read in conjunction with the audited annual consolidated financial statements and notes included in the Annual Report
on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025