Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 64

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 our wholly owned subsidiary PPLS and leased laboratory space at The University of Texas at San Antonio.

Current Year Financial Highlights

Key financial results for the three months quarter
ended March 31, 2025, include:

    ●
    Consolidated revenue
    decreased approximately 23% to $1.9 million as compared to $2.4 million for the three months ended March 31, 2024, primarily as a
    result of the Company’s targeted strategic actions to discontinue certain unprofitable pathology services, reduce costs
    through operational efficiency and drive sales growth for CyPath® Lung.

    ●
    CyPath® Lung testing revenue increased approximately 275% to $169,000 as compared to $45,000 for the three months ended March 31, 2024, due to an increase in total test results delivered of approximately 200 for the current quarter.

    ●
    The Company raised approximately $1.4 million in gross proceeds from equity transactions to fund operating activities.

18

Recent Developments

On May 8, 2025, the Company released “CyPath®
Lung In Practice” authored by Gordon Downie, MD, PhD, Director of the Titus Regional Hospital Lung Nodule Clinic and Interventional
Pulmonology, in which he presented his experience and approach to using CyPath® Lung in medical practice, including four
case studies in which CyPath® Lung proved clinically determinative. Dr. Downie opined that “adding CyPath®
Lung to our algorithm has accelerated diagnosis, helped guide difficult clinical discussions, and prevented unnecessary invasive procedures.”

On
May 7, 2025, the Company completed a public offering of securities for gross proceeds to the Company of $3.25 million, before
deducting agent fees and other estimated expenses payable by the company. The offering consisted of 10,156,250 shares of our Common
Stock, of which 2,371,346 were pre-funded warrants, together with warrants to purchase up to 15,234,375 shares of Common Stock, at a
combined offering price for each share of common stock (or pre-funded warrant) and accompanying warrant of $0.32 per share. The
warrants have an exercise price of $0.352 per share and have certain provisions that allow for additional shares to be issued in the
event of a reverse split of the Company’s common stock. Additionally, the warrants include an anti-dilution adjustment which