Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 35

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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reed to issue to the holder unregistered warrants (the “New Warrants”) to purchase up to 1,430,000 shares of the Company’s
Common Stock. The New Warrants, which have an exercise price of $0.352 per share and will not become exercisable until the Company’s
stockholders approve the issuance of shares of Common Stock.

As a result of the foregoing transactions on August
13, 2025, the Company will issue approximately 8.0 million additional warrants to the participants in the May 2025 public offering.

19

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

You
should read the following discussion and analysis of our financial condition and results of operations together with our financial statements
and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion
and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially
from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified
below, and those discussed in the section titled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2024 as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. All
amounts in this report are in U.S. dollars, unless otherwise noted.

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 AI. One of our diagnostic tests analyzes cell populations, including cancer and cancer-related
cells, that are indicative of a specific diseased state.

Our
diagnostic test, CyPath® Lung, addresses the need for noninvasive detection of early-stage lung cancer. Lung cancer is
the leading cause of cancer-related deaths worldwide. Physicians order 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 screening in accordance with guidelines. CyPath® Lung has the potential to increase overall diagnostic accuracy of lung cancer,
which could lead to increased survival, fewer unnecessary invasive