Financial Performance - Net revenue for Q2 2024 was $2,397,652, a significant increase from $19,738 in Q2 2023, representing a growth of approximately 12,100%[11] - Total operating expenses for Q2 2024 were $4,485,450, compared to $1,798,088 in Q2 2023, indicating an increase of about 149%[11] - The net loss for Q2 2024 was $2,110,279, compared to a net loss of $1,740,173 in Q2 2023, reflecting an increase in losses of approximately 21%[11] - For the six months ended June 30, 2024, the net loss was $4,072,094, compared to a net loss of $3,272,963 for the same period in 2023, indicating an increase in losses of approximately 24%[16] - The Company reported total net revenue of $4,804,043 for the six months ended June 30, 2024, compared to $20,659 for the same period in 2023[36] - Total net revenue for the three months ended June 30, 2024, was $2,397,652, compared to $19,738 for the same period in 2023, reflecting a significant increase due to the acquisition of Precision Pathology Laboratories Services, LLC[45] Expenses and Losses - Research and development expenses rose to $402,433 in Q2 2024 from $335,125 in Q2 2023, marking an increase of about 20%[11] - Selling, general, and administrative expenses increased to $2,472,775 in Q2 2024, up from $1,404,917 in Q2 2023, which is an increase of approximately 76%[11] - Stock-based compensation expense for the six months ended June 30, 2024, was $569,907, compared to $327,868 for the same period in 2023, showing an increase of approximately 73.8%[16] - The company recognized advertising expenses of $131,125 for the six months ended June 30, 2024, up from $27,741 for the same period in 2023[29] - The company incurred total lease costs of $148,394 for the three months ended June 30, 2024, compared to $30 for the same period in 2023, indicating a substantial increase[60] Cash Flow and Financial Position - Cash used in operating activities for the six months ended June 30, 2024, was $3,878,400, compared to $2,888,990 for the same period in 2023, representing an increase of about 34.4%[16] - As of June 30, 2024, the company had cash and cash equivalents of $801,311, a decrease from $8,279,182 at the end of the same period in 2023[16] - The total cash balance at June 30, 2024, was $9,875,202, down from $10,911,736 at December 31, 2023[12] - The Company has significant cash balances that regularly exceed the federally insured limit of $250,000, posing a risk to its financial condition[28] - The Company incurred an accumulated deficit of approximately $48.7 million as of June 30, 2024, with cash and cash equivalents of approximately $0.8 million[21] Shareholder Equity and Stock Activity - The company reported a weighted average of 11,389,308 common shares outstanding in Q2 2024, compared to 8,520,714 in Q2 2023, indicating a growth of about 34%[11] - The Company has authorized a total of 100,000,000 shares of Common Stock, increasing from 25,000,000 shares, with 11,752,178 shares issued as of June 30, 2024[66] - The company issued 1,600,000 shares of Common Stock and warrants to purchase an aggregate of 1,600,000 shares in a registered direct offering on March 8, 2024, with an exercise price of $1.64[72] - The company has 8,838,717 warrants outstanding with a weighted average exercise price of $3.53, compared to 4,649,952 warrants as of December 31, 2023, indicating an increase of approximately 90.5%[71] Acquisitions and Subsidiaries - The company acquired substantially all assets of Village Oaks for a total consideration of $3.5 million, which included $2.5 million in cash and 564,972 shares of common stock valued at $1 million[24] - The acquisition resulted in recognized goodwill of $1.404 million, with total net assets acquired amounting to $3.5 million[25] - The company formed a new subsidiary, Precision Pathology Laboratory Services, LLC, on August 14, 2023, to enhance its diagnostic capabilities[18] - The company’s first diagnostic test, CyPathLung, is aimed at the early detection of lung cancer, which is the leading cause of cancer-related deaths[17] Future Outlook and Risks - The cash burn rate and projected financial position are critical factors for future operations, as highlighted in the management's discussion[5] - Future revenue estimates and capital requirements are subject to various risks, including the success of clinical trials and market acceptance of products[5] - The ongoing geopolitical tensions and economic instability may impact the company's operations and financial projections[7] - The company expects to continue incurring losses and negative cash flows for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[21] - The company plans to continue expanding its market presence and developing new products and technologies[9]

Core Points - bioAffinity Technologies, Inc. has entered into warrant exercise agreements with three accredited investors to exercise existing warrants for a total of 1,041,667 shares, generating approximately $1,302,083 in gross cash proceeds [1] - The exercise price of the existing warrants has been reduced from $1.64 to $1.25 per share, and new unregistered warrants have been issued for 1,302,083 shares at an exercise price of $1.50 per share [1] - A securities purchase agreement has been established for the purchase of 360,000 shares in a registered direct offering, along with private warrants for 450,000 shares at a combined purchase price of $1.25 [2] - The gross proceeds from the offering are expected to be around $450,000, excluding potential proceeds from the exercise of the private warrants [3] Company Actions - The closing of the offering is anticipated to occur on or about August 5, 2024, pending customary closing conditions [3] - WallachBeth Capital LLC is acting as the sole placement agent for the registered direct offering and private placement, as well as the financial advisor for the warrant inducement transaction [4] - The common stock will be issued under an effective shelf registration statement previously filed with the SEC, and the private warrants will be offered under an exemption from registration requirements [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 July 9, 2024 Date of Report (Date of earliest event reported) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.007 per share BIAF The Nasdaq Stock Market LLC Tradeable Warrants to purchase Common Stock BIAFW The Nasdaq Stock Market LLC 22211 W Interstate 10 Suite 1206 San Antonio, Texas 78257 (210) 698-5334 (Address of principal executive offices and Registrant's telephone number ...

News Release More than 547% annualized growth rate for CyPath Lung orders in first four months of 2024 over full-year 2023, leading to 35% increase in original 2024 forecast Key Highlights "CyPath Lung is positioned to set a new standard in the early detection of lung cancer – a market projected to reach $4.7 billion by 2030," Zannes continued. "As we continue to scale our operations and enhance our offerings, our focus remains steadfast on improving patient outcomes and delivering shareholder value. With M ...

Segment Information The Company is organized in two operating segments, Diagnostic Research and Development (R&D) and Laboratory Services, whereby its chief operating decision maker ("CODM") assesses the performance of and allocates resources. The CODM is the Chief Executive Officer. Diagnostic R&D includes research and development and clinical development on diagnostic tests. Any revenues assigned to Diagnostic R&D are proceeds received from observational studies. Laboratory services include all the operat ...

CyPathLung has not been tested directly against its competitors' products, but a comparison of the published performance numbers suggests CyPath Lung is among the highest performing tests on the market. Furthermore, CyPath Lung is noninvasive – not even requiring a needle stick – and cost effective, and processing and analysis procedures are easy to perform. 11 Published data and the results of clinical trials allow us to group lung cancer diagnostic tests into three categories: (1) balanced tests;( 2) rule ...

1 bioAffinity Technologies Reports Fourth Quarter and Full Year 2023 Financial Results ● Reported fiscal year 2023 revenue of $2.5 million, a significant increase from $5,000 in 2022, driven by the September 2023 acquisition of Precision Pathology Laboratory Services (PPLS) and increasing sales of CyPath Lung, the Company's noninvasive test to detect early-stage lung cancer. ● Achieved a milestone with the Centers for Medicare and Medicaid Services (CMS) final determination for payment for CyPath Lung for t ...

JERSEY CITY, N.J., March 8, 2024 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that bioAffinity Technologies, Inc. (Nasdaq: BIAF and BIAFW) has closed a securities purchase agreement with institutional investors for the purchase and sale of 1,600,000 shares of common stock in a registered direct offering and common warrants to purchase up to 1,600,000 shares of common stock in a concurrent private placement (together with ...

SAN ANTONIO--(BUSINESS WIRE)--bioAffinity Technologies, Inc. (Nasdaq: BIAF and BIAFW) today announced it has closed a securities purchase agreement with institutional investors for the purchase and sale of 1,600,000 shares of common stock in a registered direct offering and common warrants to purchase up to 1,600,000 shares of common stock in a concurrent private placement (together with the registered direct offering) at a combined purchase price of $1.5625 per common share. The common warrants issued purs ...

JERSEY CITY, N.J., March 6, 2024 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that BioAffinity Technologies (NASDAQ: BIAF; BIAFW) has entered into a securities purchase agreement with institutional investors for the purchase and sale of 1,600,000 shares of common stock in a registered direct offering and common warrants to purchase up to 1,600,000 shares of common stock in a concurrent private placement (together with th ...