Company: BIAF
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004915
Chunk: 80

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: DRS
Chunk 80
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 of the April 2025 Warrants or Placement Agent Warrants being offered in this offering.

The information above is based on 15,576,674 shares of Common Stock outstanding as of December 31, 2024, and excludes, as of that date:

| ● | 12,298,124                                                                                
 shares of Common Stock issuable upon the exercise of outstanding warrants with a weighted 
 average exercise price equal to $2.95 per share;                                          |

| ● | 304,125                                                                                       
 shares                                                                                        
 of Common Stock issuable upon the exercise of stock options issued under our equity incentive 
 plans with a weighted average exercise price equal to $6.95 per share;                        |

| ● | 1,480,208                                                                                
 shares of our Common Stock that are reserved for equity awards that may be granted under 
 our 2024 Equity Incentive Plan; and                                                      |

| ● | [                                                                              
 ] shares of Common Stock issuable upon the exercise of April 2025 Warrants and 
 Placement Agent Warrants sold in this offering.                                |

| 37 |

<div align='center'>DILUTION</div>

If you invest in our securities in this offering, your ownership interest will be diluted immediately to the extent of the difference between the public offering price paid by the purchasers of the shares of Common Stock (or Pre-Funded Warrants) and accompanying April 2025 Warrants sold in this offering and the pro forma as adjusted net tangible book value per share of Common Stock after this offering.

Net tangible book value per share is determined by dividing our total tangible assets less total liabilities by the number of outstanding shares of our Common Stock. As of December 31, 2024, we had a net tangible book value of approximately $0.4 million or $0.03 per share of Common Stock based upon 15,576,674 shares of Common Stock outstanding as of that date.

Our pro forma net tangible book value as of December 31, 2024 was approximately $1.8 million or $0.10 per share of Common Stock, based upon 18,248,623 shares of Common Stock outstanding as of April [ ], 2025. Pro forma net tangible book value represents net tangible book value adjusted to take into account the issuance, subsequent to December 31, 2024, of: (i) an aggregate of 1,302,082 shares of Common Stock upon the exercise of common warrants that we issued on August 5, 2024,