Company: BIAF
Filing Date: 2025-04-22
Form Type: 424B3
Source: 0001641172-25-005598
Chunk: 94

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-22
Form: 424B3
Chunk 94
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 before deducting placement agent fees and other offering expenses. The October Warrants became
exercisable on December 20, 2024, the date that our stockholders approved the issuance of the shares of Common Stock issuable upon exercise
of such warrants, and expire on December 19, 2029.

Financial

To date, we have devoted a substantial portion of
our efforts and financial resources to the development of our diagnostic test, CyPathLung. As a result, since our inception
in 2014, we have funded our operations principally through private sales of our equity or debt securities.

We have never been profitable, and as of December
31, 2024, we had a working capital deficit of $0.4 million and an accumulated deficit of approximately $53.6 million. We expect to continue
to incur significant operating losses for the foreseeable future as we continue the development of our diagnostic tests and advance our
diagnostic tests through clinical trials; however, we do expect revenue to increase due to accelerating sales of CyPath
Lung and cost-saving measures we recently instituted at PPLS. We intend to seek strategic partners for our therapeutic discoveries related
to selective broad-spectrum cancer treatments through pre-clinical and clinical development.

We anticipate raising additional cash needed through
this offering and in the event the offering is not successful from the private or public sales of equity or debt securities, collaborative
arrangements, or a combination thereof to continue to fund our operations and develop our products. There is no assurance that any such
collaborative arrangement will be entered into or that financing will be available to us when needed in order to allow us to continue
our operations or, if available, on terms acceptable to us. If we do not raise sufficient funds in a timely manner, we may be forced to
curtail operations, delay our clinical trials, cease operations altogether, or file for bankruptcy.

| 45 |

Results of Operations

Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Our results of operations have varied significantly from year to year and quarter to quarter and may vary significantly in the future. Net loss for the year ended December 31, 2024 was approximately $9.0 million, compared to a net loss of approximately $7.9 million for the year ended December 31, 2023, resulting from the operational activities described below.

Revenue

Post-acquisition, additional revenue streams have
been generated starting