Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 495

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 495
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    Results
    of Operations – Analysis of our financial results comparing the year ended December 31, 2024, to the year ended December
    31, 2023.

    ●
    Liquidity
    and Capital Resources – Analysis of changes in our cash flows and discussion of our financial condition and potential sources
    of liquidity.

    ●
    Critical
    Accounting Estimates – Accounting estimates are those estimates made in accordance with U.S. generally accepted accounting
    principles (“GAAP”) that we believe are important to understanding the assumptions and judgments incorporated in our
    reported financial results and forecasts.

Company
Overview

Business

We develop noninvasive diagnostics to detect early-stage lung cancer and other diseases of the lung using flow cytometry
and automated analysis developed by machine learning, a form of artificial intelligence (“AI”). One of our diagnostic tests
analyzes cell populations, including cancer and cancer-related cells, that are indicative of a specific diseased state.

Our
diagnostic test, CyPath® Lung, addresses the need for noninvasive detection of early-stage lung cancer. Lung cancer is
the leading cause of cancer-related deaths worldwide. Physicians order CyPath® Lung to assist in their assessment of patients
who are at high risk for lung cancer. The CyPath® Lung test enables physicians to more confidently identify patients who
will likely benefit from timely intervention and more invasive follow-up procedures and those who are likely without lung cancer and
should continue routine screening. CyPath® Lung has the potential to increase overall diagnostic accuracy of lung cancer,
which could lead to increased survival, fewer unnecessary invasive procedures, reduced patient anxiety, and lower medical costs.

Commercial
laboratory services, including CyPath© Lung, are performed at our wholly owned subsidiary PPLS which we acquired by purchasing the
assets of Village Oaks Pathology Services, P.A., a Texas professional association d/b/a Precision Pathology Services, that included the
CAP-accredited and CLIA-certified commercial laboratory it owned. We now own and operate the clinical anatomic and clinical pathology
laboratory. CyPath® Lung is offered for sale to physicians by PPLS.

Through
our wholly owned subsidiary, OncoSelect® Therapeutics, LLC, we have conducted research that has led to discoveries and advancement
of novel cancer therapeutic approaches that specifically and selectively target cancer cells. We expect to present our findings at conferences
and publish our research in the near future. We intend to seek strategic partners to develop our therapeutic discoveries which could