Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 183

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 183
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 clinical trials, and acquiring technologies complementary
to or necessary for our programs.

Our
commercial opportunity could be reduced or eliminated if our competitors develop and commercialize diagnostic tests or therapeutic products
that are more accurate, more convenient, or less expensive than any diagnostic tests or therapeutic products that we may develop. Our
competitors also may obtain FDA or other regulatory approval for their diagnostic tests or therapeutic products more rapidly than we
may obtain approval for ours, which could result in our competitors establishing a stronger market position. In addition, our ability
to compete may be affected in many cases by insurers or other third-party payors.

We
may be unable to compete in our target marketplaces, which could impair our ability to generate revenues, thus causing a material adverse
impact on our results of operations.

Our
success depends upon our ability to retain key executives and to attract, retain, and motivate qualified personnel, and the loss of these
persons could adversely affect our operations and results.

We are highly dependent on the principal members of our management, scientific,
and clinical teams, including Maria Zannes, J.D., our President and Chief Executive Officer, Xavier Reveles, MS, CG(ASCP)cm,
our Chief Operating Officer, and Michael Edwards, our Chief Financial Officer, as well as Roby Joyce, M.D., the Medical Director of PPLS.

The
loss of the services of any of our executive officers or other members of our management team could impede the achievement of our research,
development, and commercialization objectives and seriously harm our ability to successfully implement our business strategy. Furthermore,
replacing executive officers and key employees may be difficult and may take an extended period of time because of the limited number
of individuals in our industry with the breadth of skills and experience required to successfully develop, gain regulatory approval of,
and commercialize diagnostic tests or therapeutic products. Competition to hire from this limited pool is intense, and we may be unable
to hire, train, retain, or motivate key personnel on acceptable terms given the competition among numerous biotechnology companies for
similar expertise. We also face competition from universities and research institutions for qualified scientific and clinical personnel.
In addition, we rely and expect to continue to rely to a significant degree on consultants and advisors, including scientific and clinical
advisors, to assist us in formulating our research and development and commercialization strategies. Our consultants and advisors may
be engaged by other entities and may have commitments under consulting or advisory contracts that may limit their availability to us.
If we are