Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 85

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 85
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ution on a
per share basis:

| Exercise price of Common Warrants                                                     |     |   |      |     | $ | 0.85 |
| Historical net tangible book value per share as of December 31, 2024                  |     | $ | 0.03 |     |   |      |
| Pro forma net tangible book value per share                                           |     | $ | 0.10 |     |   |      |
| Increase in pro forma net tangible book value per share attributable to this offering |     | $ | 0.11 |     |   |      |
| Pro forma, as adjusted net tangible book value per share after this offering          |     |   |      |     | $ | 0.21 |
| Dilution in net tangible book value per share to new investors in this offering       |     |   |      |     | $ | 0.64 |

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; and                                       |
| ● | 1,480,208 shares of our Common Stock that are                                                         
 reserved for equity awards that may be granted under our 2024 Equity Incentive Plan.                  |

| 39 |

<div align='center'>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>

The following table sets forth information regarding
the beneficial ownership of shares of the Company’s Common Stock as of April 10, 2025, by (1) each person known to the Company to
beneficially own more than 5% of any class of the Company’s outstanding voting securities, (2) each director, (3) each of our named
executive officers, and (4) all of the Company’s current executive officers and directors as a group.

Beneficial ownership is determined according to the
rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared
v