Company: BIAF
Filing Date: 2025-05-02
Form Type: S-1
Source: 0001641172-25-008170
Chunk: 218

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-02
Form: S-1
Chunk 218
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 |    0.1 | % |     |      |   0.03 | % |
| Research and development credits |     |          |   -0.8 | % |     |      |  -0.83 | % |
| Deferred balance true-up         |     |          |   0.00 | % |     |      | -16.07 | % |
| Change in valuation              
 allowance                        |     |          |   21.7 | % |     |      |  37.87 | % |
| Effective                        
 income tax rate                  |     |          |   0.00 | % |     |      |   0.00 | % |

Unrecognized tax benefits

As of December 31, 2024, and 2023, the Company has unrecognized tax benefits related to tax credits of $ 281,207and $ 249,516, respectively. Noneof the unrecognized tax benefits as of December 31, 2024, if recognized, would impact the effective tax rate due to the valuation allowance, and no interest or penalties have been recognized. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:

SCHEDULE OF UNRECOGNIZED TAX BENEFITS

|                                           |     | December 
 31,      |    2024 |     |   |    2023 |
|:------------------------------------------|:----|:---------|--------:|:----|:--|--------:|
| Beginning balance                         |     | $        | 249,516 |     | $ | 190,228 |
| Deductions based on tax positions related 
 to the prior year                         |     |          |       — |     |   |  30,897 |
| Additions based on                        
 tax positions related to the current year |     |          |  31,691 |     |   |  28,391 |
| Ending balance                            |     | $        | 281,207 |     | $ | 249,516 |

Note 16. SUBSEQUENT EVENTS

On March 7, 2025, the Company announced targeted strategic actions to improve financial performance and accelerate the commercial growth of CyPath ®Lung, taking steps to deliver approximately $ 4million in annual cost savings at its subsidiary Precision Pathology Laboratory Services (PPLS), while increasing resources to expand CyPath ®Lung sales in high-potential national markets. Specifically, cost savings are