Company: BIAF
Filing Date: 2025-09-24
Form Type: S-1
Source: 0001493152-25-014730
Chunk: 22

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-09-24
Form: S-1
Chunk 22
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 exercise price of $4 .50per share, and our receipt of approximately $1.1 million in proceeds upon such exercise.

Dilution represents the difference between the amount per share paid by purchasers in this offering and the pro forma as adjusted net tangible book value per share of Common Stock after the offering. After giving effect to the issuance and sale of 729,927 shares of Common Stock (or Pre-Funded Warrants in lieu thereof) in this offering at an assumed public offering price of $5.48 per share, and after deducting estimated underwriting discounts and commissions and estimated offering expenses, our pro forma as adjusted net tangible book value as of June 30, 2025, would have been $0.76 per share. This represents an immediate decrease in net tangible book value of $2.06 per share to existing stockholders and an immediate dilution in net tangible book value of $4.72 per share to purchasers of Common Stock in this offering, based on an assumed public offering price of $5.48 per share. The following table illustrates this per share dilution:

| Assumed public offering price per share of Common Stock                                         
 Historical net tangible book value per share as of June 30, 2025                                |     |   |  5.48 
 (4.52 | ) |
|:------------------------------------------------------------------------------------------------|:----|:--|------:|:--|
| Pro forma net tangible book value per share                                                     |     | $ | (1.30 | ) |
| Increase in pro forma net tangible book value per share attributable to this offering           |     | $ |  2.06 |   |
| Pro forma as adjusted net tangible book value per share after giving effective to this offering |     | $ |  0.76 |   |
| Dilution per share to the new investor in this offering                                         |     | $ |  4.72 |   |

The number of shares of Common Stock to be outstanding immediately after this offering is based on 948,652 shares of Common Stock outstanding as of June 30, 2025, and excludes, as of such date:

| ● | 939,680                                                                                                                            
 shares of Common Stock issuable upon the exercise of outstanding warrants with a weighted average exercise price equal to $41.60   
 per share;                                                                                                                         |
| ● | 9,530                                                                                                                              
 shares of Common Stock issuable upon the exercise of stock options issued under our equity incentive plans with a weighted average