Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 97

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 97
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 and development on using bronchoalveolar lavage fluid as a biological sample to assess cardiopulmonary
function and exercise performance in military personnel post-COVID-19 infection. The royalty income from CyPathLung and
clinical flow cytometry services income, beginning September 19, 2023, are related party income, and therefore, eliminated from consolidated
net revenues. See net revenue summarized in the table below.

|                                             |     | Year Ended December 31, |      2024 |     |   |      2023 |
|:--------------------------------------------|:----|:------------------------|----------:|:----|:--|----------:|
| Patient service fees1                       |     | $                       | 8,175,670 |     | $ | 2,199,558 |
| Histology service fees                      |     |                         | 1,103,751 |     |   |   272,660 |
| Medical director fees                       |     |                         |    66,576 |     |   |    19,324 |
| Department of Defense observational studies |     |                         |     8,654 |     |   |    19,442 |
| Other revenues                              |     |                         |     7,371 |     |   |    21,515 |
| Total net revenue                           |     | $                       | 9,362,022 |     | $ | 2,532,499 |

| 1 | Patient                                                                                                                          
 services fees includes direct billing for CyPath® Lung diagnostic test of approximately $516,000 and $35,000 for the years ended 
 December 31, 2024 and 2023, respectively.                                                                                        |

Operating Expenses

|                                     |     |   Year Ended 
 December 31, |            |     |      |            |     | Change in 2024 
 Versus 2023    |           |   |     |   |     |   |
|:------------------------------------|:----|-------------:|-----------:|:----|-----:|-----------:|:----|:---------------|----------:|:--|:----|:--|----:|:--|
|                                     |     |         2024 |            |     | 2023 |            |     | $              |           |   |     | % |     |   |
| Operating expenses:                 |     |              |            |     |      |            |     |