Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 110

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 110
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Beginning in the fourth quarter of 2023 and through
2024, we have been selling CyPath Lung tests to the Department of Defense (DOD) to conduct an observational study, “Detection
of Abnormal Respiratory Cell Populations in Lung Cancer Screening Patients Using the CyPath Lung Assay,” and for
research and development on using bronchoalveolar lavage fluid as a biological sample to assess cardiopulmonary function and exercise
performance in military personnel post COVID-19 infection.

Public and Private Offerings

On February 26, 2025, pursuant to the terms of the
Inducement Agreement certain holders of existing warrants exercised for cash (i) October Warrants to purchase an aggregate of up to 1,136,391
shares of Common Stock, at the reduced exercise price of $0.58 per share, and (ii) August Warrants to purchase an aggregate of up to 1,302,082
shares of Common Stock, at the reduced exercise price of $0.58 per share. We received aggregate gross proceeds of approximately $1.4 million,
before deducting advisory fees and other expenses payable by us. In consideration of the immediate exercise of the October Warrants and
August Warrants by the holders thereof in accordance with the Inducement Agreement, we issued the Inducement Warrants to purchase an aggregate
of up to 2,926,166 shares of Common Stock (120% of the number of shares of Common Stock issuable upon exercise of the October Warrants
and August Warrants) to such holders.

On October 21, 2024, we issued to certain institutional
investors (i) in a registered direct offering, 2,048,294 shares of our Common Stock, and (ii) in a concurrent private placement, common
warrants to purchase an aggregate of 2,662,782 shares of Common Stock, with an exercise price of $1.50, pursuant to a securities purchase
agreement, dated October 18, 2024, that we entered into with such institutional investors, and received aggregate gross proceeds from
the offerings of approximately $2.7 million, before deducting placement agent fees and other offering expenses payable by us.

See “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” for a more detailed discussion of the foregoing transactions.

Our First Diagnostic Test – CyPath ®Lung

Lung cancer remains the most commonly diagnosed cancer
and the leading cause of cancer