Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 46

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 46
---
 Other income (expense),
    net 
     (457,956) 
     (503) 
     (457,453) 
     (90,945)%
  
    Gain
    (loss) on remeasurement of warrant liabilities 
     (3,810,278) 
     —  
     (3,810,278) 
     —%
  
    Total
    other (expense) income 
    $(4,295,882) 
    $(54,392) 
    $(4,241,490) 
     7,998%

Other
Income (Expense)

Total
other income (expense), net totaled ($4.3 million) and approximately $(54,000) for the nine months ended September 30, 2025 and
2024, respectively. The increase in total other expenses of approximately $4.2 million is mostly attributable to the remeasurement
of warrant liability and offering costs related to the May public offering, which was further reclassified as equity after the completion of certain events which prevented equity classification.

Liquidity,
Capital Resources, and Going Concern

To
date, we have funded our operations primarily through our IPO, exercise of stock options and warrants, and the sale of our securities,
resulting in gross proceeds of approximately $58.2 million. We have evaluated whether there are conditions and events that raise substantial
doubt about our ability to continue as a going concern for at least one year after the date the condensed consolidated financial statements
are issued.

We
have incurred losses since our inception in 2014 as a result of significant expenditures for operations and research and development
and, prior to April 2022, the lack of any approved diagnostic test or therapeutic products to generate revenue. For the nine months ended
September 30, 2025 and 2024, we had net losses of $11.8 million and $6.1 million, respectively, and we expect to incur substantial additional
losses in future periods. We have an accumulated deficit of approximately $65.4 million as of September 30, 2025. Despite our recent
financing in the third quarter of 2025 in which we raised gross proceeds of $10.4 million, we believe our current cash and anticipated
revenue from operations will be sufficient to support our operations through May 2026. Based on our current expected level of operating
expenditures, current expected levels of revenue, and