Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 75

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 7
Chunk 75
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634)
  
    Net
    cash used in investing activities 
     (60,567) 
     (79,082)
  
    Net
    cash provided by financing activities 
     13,393,750  
     3,601,726 
  
    Cash
    and cash equivalents at end of period 
    $7,669,195  
    $756,580 

Net
Cash Used in Operating Activities

Net
cash used in operating activities was approximately $6.8 million and $5.6 million for the nine months ended September 30, 2025 and 2024,
respectively. The increase of approximately $1.2 million in cash used by operations during the nine months ended September 30, 2025,
compared to the same period in 2024 was primarily attributable to an increase of $5.7 million in our loss from operations, a decrease
in accounts payable and accrued expenses by $0.4 million offset by a decrease in accounts receivable by $1.2 million compared to the
prior year, and a fair value adjustment to the warrant liability by $3.8 million related to the May 2025 warrant agreement.

25

Net
Cash Used in Investing Activities

We
used approximately $60,000 for the nine months ended September 30, 2025, in investing activities related primarily to purchase of computer
and lab equipment, compared to approximately $80,000 used in investing activities for the nine months ended September 30, 2024.

Net
Cash Provided by Financing Activities

Cash
provided in financing activities was approximately $13.4 million compared to cash provided by financing activities of approximately $3.6
million for the nine months ended September 30, 2025 and 2024, respectively. The change in proceeds from prior year was primarily related
to net proceeds from the equity transactions of $13.7 million offset by payments for loans and finance leases of $0.3 million, compared
to the prior year of equity transactions of $3.6 million offset by payments for loans and finance leases of approximately $18,000.

Contractual
Obligations and Commitments

We
enter into contracts in the normal course of business with third-party contract organizations for clinical trials and other services
and products used for research and development and operating purposes. These contracts generally provide for termination following a
certain period after notice, and therefore we believe that any non-cancellable obligations