| PROSPECTUS |
|
Filed Pursuant to Rule 424(b)(3) |
| |
|
Registration No. 333-298597 |

1,692,408
Shares of Common Stock
The selling stockholders named in this
prospectus (the “Selling Stockholders”) may use this prospectus to offer and resell from time to time up to 1,692,408
shares (the “Shares”) of our common stock, par value $0.007 per share (“Common Stock”), which are comprised of
(i) 564,136 shares of Common Stock (the “Pre-Funded Warrant Shares”) issuable upon exercise of pre-funded warrants (the “Pre-Funded
Warrants”) at an exercise price of $0.105 per share issued pursuant to a securities purchase agreement entered into by and between
us and an institutional investor dated August 12, 2026 (the “Purchase Agreement”), (ii) 564,136 shares of Common Stock (the
“Series A Warrant Shares”) issuable upon exercise of Series A Warrants (the “Series A Warrants”) at an initial
exercise price of $7.0905 per share, and subsequently adjusted to $4.9757 per share on August 31, 2026 following our reverse stock
split in accordance with the terms of the Series A Warrant, issued pursuant to the Purchase Agreement, and (iii) 564,136 shares
of Common Stock (the “Series B Warrant Shares” and together with the Pre-Funded Warrant Shares, the Series A Warrant Shares
and the Series B Warrant Shares, the “Warrant Shares”) issuable upon exercise of Series B Warrants (the “Series
B Warrants” and together with the Pre-Funded Warrants, the Series A Warrants and the Series B Warrants, the “Warrants”)
at an initial exercise price of $7.0905 per share, and subsequently adjusted to $4.9757 per share on August 31, 2026 following our
reverse stock split in accordance with the terms of the Series B Warrant, issued pursuant to the Purchase Agreement.
We will not receive any of the proceeds from the
sale by the Selling Stockholders of the Common Stock. Upon any exercise of the Warrants by payment of cash, however, we will receive
the exercise price of the Warrants, which, if exercised in cash with respect to the 1,692,408 shares of Common Stock offered hereby,
would result in gross proceeds to us of approximately $5.7 million. However, we cannot predict when and in what amounts or if
the Warrants will be exercised by payments of cash and it is possible that the Warrants may expire and never be exercised, in which case
we would not receive any cash proceeds.
The
Pre-Funded Warrants are immediately exercisable until such Pre-Funded Warrants are exercised in full. Each of the Series A Warrants,
the Series B Warrants, and the Placement Agent Warrants are exercisable following stockholder approval and expire five years following
issuance. The exercise price of each of the Series A Warrants and Series B Warrants is subject to adjustment following the first occurrence
of any share split, share dividend, share combination recapitalization or other similar transaction involving the Common Stock.
The
Warrants were issued to the Selling Stockholders in a private placement transaction in reliance upon the exemption from the registration
requirements in Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 of Regulation
D promulgated thereunder. For addition information regarding the issuance of the Warrants, see “August 2026 Private Placement”
beginning on page 4.
The
Selling Stockholders identified in this prospectus may offer the shares of Common Stock from time to time through public or private transactions
at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices
determined at the time of sale, or at negotiated prices. The registration of the shares of Common Stock on behalf of the Selling Stockholders;
however, does not necessarily mean that the Selling Stockholders will offer or sell their shares of Common Stock under this registration
statement or at any time in the near future. We provide more information about how the Selling Stockholders may sell their shares of
Common Stock in the section entitled “Plan of Distribution” on page 8.
The
Selling Stockholders will bear all commissions and discounts, if any, attributable to the sale or disposition of the shares of Common
Stock, or interests therein. We will not be paying any underwriting discounts or commissions in this offering. We will pay the expenses
of registering the shares of Common Stock pursuant to this prospectus.
Our
Common Stock is traded on The Nasdaq Capital Market under the symbol “BIAF.” On September 2, 2026, the last reported
sale price of our Common Stock was $9.75 per share.
We
may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read the entire
prospectus and any amendments or supplements carefully before you make your investment decision.
An
investment in our Common Stock involves a high degree of risk. See “Risk Factors” on page 3 of this prospectus
for more information on these risks.
Neither
the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities, or passed
upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is September 4, 2026
TABLE
OF CONTENTS
| |
|
Page |
| SUMMARY |
|
1 |
| RISK FACTORS |
|
3 |
| DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS |
|
4 |
| USE OF PROCEEDS |
|
4 |
| AUGUST 2026 PRIVATE PLACEMENT |
|
4 |
| SELLING STOCKHOLDERS |
|
5 |
| DESCRIPTION OF SECURITIES TO BE REGISTERED |
|
6 |
| PLAN OF DISTRIBUTION |
|
8 |
| SELECTED FINANCIAL INFORMATION |
|
9 |
| LEGAL MATTERS |
|
10 |
| EXPERTS |
|
10 |
| WHERE YOU CAN FIND MORE INFORMATION |
|
10 |
| INCORPORATION OF DOCUMENTS BY REFERENCE |
|
11 |
You
should rely only on the information provided in this prospectus, as well as the information incorporated by reference into this prospectus
and any applicable prospectus supplement. Neither we nor the Selling Stockholders have authorized anyone to provide you with different
information. Neither we nor the Selling Stockholders are making an offer of these securities in any jurisdiction where the offer is not
permitted. You should not assume that the information in this prospectus, any applicable prospectus supplement or any documents incorporated
by reference is accurate as of any date other than the date of the applicable document. Since the respective dates of this prospectus
and the documents incorporated by reference into this prospectus, our business, financial condition, results of operations and prospects
may have changed.
SUMMARY
The
following summary highlights selected information contained elsewhere in this prospectus and is qualified in its entirety by the more
detailed information and financial statements included elsewhere in this prospectus and the information incorporated by reference herein.
It does not contain all the information that may be important to you and your investment decision. You should carefully read this entire
prospectus, including the matters set forth under “Risk Factors,” and our financial statements and related notes included
elsewhere in this prospectus and incorporated by reference herein. In this prospectus, unless context requires otherwise, references
to “we,” “us,” “our,” “bioAffinity,” or “the Company” refer to bioAffinity
Technologies, Inc., a Delaware corporation, and its subsidiaries, unless the context otherwise requires.
Overview
Business
Overview
We
develop noninvasive diagnostic laboratory tests to detect early-stage lung cancer and other diseases of the lung using flow cytometry
and automated analysis informed by machine learning, a form of artificial intelligence (AI). Our first commercial diagnostic test, CyPath®
Lung, identifies and analyzes cell populations using flow cytometry, including cancer and cancer-related cells, that indicate a malignancy
in the lung.
CyPath®
Lung addresses the need for noninvasive detection of early-stage lung cancer with the proven ability to detect the leading cancer killer
at its curative Stage 1A. Lung cancer is the leading cause of cancer-related deaths worldwide. Physicians order CyPath® Lung to assist
in their assessment of patients who are at high risk for lung cancer. The CyPath® Lung test enables physicians to more confidently
identify patients who will likely benefit from timely intervention and more invasive follow-up procedures or those patients who are likely
without lung cancer and should continue screening in accordance with guidelines. For patients with small pulmonary nodules less than
20 millimeters (mm), CyPath® Lung has shown 92% sensitivity and 87% specificity with 88% accuracy in a clinical trial, offering the
potential to increase the overall diagnostic accuracy of lung cancer testing, which could lead to increased survival, fewer unnecessary
invasive procedures, reduced patient anxiety, and lower medical costs.
CyPath®
Lung is performed and offered by our wholly owned subsidiary PPLS, a clinical anatomic and pathology laboratory which we acquired by
purchasing the assets of Village Oaks Pathology Services, P.A., a Texas professional association. PPLS is a CAP-accredited and CLIA-certified
commercial laboratory that has been in operation for more than 18 years.
In
addition to CyPath® Lung, we are advancing development of our flow cytometry+AI platform for companion diagnostic tests targeted
at asthma and chronic obstructive pulmonary disease (“COPD”). Diagnostics under development are designed to quantify the
extent and type of inflammation in the lung associated with disease and further detect specific receptors in sputum that may determine
the effectiveness of new and emerging therapies for asthma and COPD that have proved to effectively treat specific types of inflammation.
Therapeutics for these lung diseases that are on the market or in development can help some but not all patients, and often it is unknown
before use whether a drug will be effective. Our tests in development are designed to help determine the most effective use of new and
emerging therapies for asthma and COPD and lessen the need for a trial-and-error approach to proscribing treatment.
Through
our wholly owned subsidiary, OncoSelect® Therapeutics, LLC, we have conducted research that has led to discoveries and advancement
of novel cancer therapeutic approaches that specifically and selectively target cancer cells. We continue to advance research and development
for use of this technology for topical treatment of squamous cell skin cancer. We expect to present our findings at conferences and publish
our research in peer-reviewed journals in the near future. We intend to seek strategic partners to develop our therapeutic discoveries
which could result in broad-spectrum cancer treatments in the future.
Research
and optimization of our platform technologies are conducted in laboratories at our wholly owned subsidiary PPLS and leased laboratory
space at The University of Texas at San Antonio (UTSA). UTSA provided notice in January 2026 that our lease would not be renewed, and
as a result we relocated our research operations from UTSA to privately owned laboratory space.
Recent
Developments
Distribution
Agreement with AvMEDICAL
On
August 18, 2026, we announced that we have entered into a distribution agreement with AvMEDICAL, a Service-Disabled Veteran-Owned Small
Business (SDVOSB) and established distributor of premium medical-surgical and laboratory services, supplies and equipment to government
agencies. The distribution agreement is expected to strengthen bioAffinity’s ability to commercialize CyPath®
Lung within the government healthcare market by leveraging AvMEDICAL’s established procurement channels, government contracting
expertise and existing customer relationships. bioAffinity and AvMEDICAL will develop co-branded marketing materials, and AvMEDICAL’s
sales team will actively promote CyPath Lung to its federal customers, including the U.S. Department of Veteran Affairs (VA). As an SDVOSB
with access to indefinite-delivery, indefinite-quantity (IDIQ) contracts, we believe that AvMEDICAL can provide an important advantage
for expanding adoption of CyPath Lung across government healthcare systems by simplifying the procurement process. The agreement is expected
to expand our commercial reach into the government healthcare supply chain and provides an additional channel for veterans to access
CyPath® Lung.
Reverse
Stock Split
On
August 20, 2026, we filed with the Secretary of State of the State of Delaware, a certificate of amendment to our certificate of incorporation
to effect a one-for-fifteen (1-for-15) reverse stock split (the “Reverse Stock Split”). The Reverse Stock Split became effective
at 4:01 p.m., Eastern Time, on August 21, 2026, and the Company’s Common Stock began trading on a split-adjusted basis when The
Nasdaq Stock Market (“Nasdaq”) opened on August 24, 2026. When the Reverse Stock Split became effective, every 15 shares
of Common Stock issued and outstanding were automatically reclassified and combined into one share of Common Stock, without any change
in the par value per share.
Corporate
Information
We
were incorporated in the State of Delaware on March 26, 2014. Our principal executive office is located at 3300 Nacogdoches, Suite 216,
San Antonio, Texas 78217, and our telephone number at that address is (210) 698-5334. Our website address is https://www.bioaffinitytech.com/.
Information contained on or that can be accessed through our website is not incorporated by reference into this prospectus. Investors
should not consider any such information to be part of this prospectus.
THE
OFFERING
| Common
Stock to be offered by the Selling Stockholders |
|
Up
to 1,692,408 shares of Common Stock, which are comprised of (i) 564,136 Pre-Funded Warrant Shares issuable upon exercise of
Pre-Funded Warrants at an exercise price of $0.105 per share issued pursuant to the Purchase Agreement, (ii) 564,136 Series A Warrant
Shares issuable upon exercise of Series A Warrants at an exercise price of $4.9757 per share issued pursuant to the Purchase
Agreement, and (iii) 564,136 Series B Warrant Shares issuable upon exercise of Series B Warrants at an exercise price of $4.9757
per share issued pursuant to the Purchase Agreement. |
| |
|
|
| Number
of shares of common stock outstanding prior to this offering |
|
600,736
shares |
| |
|
|
| Number
of shares of common stock to be outstanding after this offering (1) |
|
2,293,144
shares |
| |
|
|
| Use
of proceeds |
|
We
will not receive any proceeds from the sale of the shares of Common Stock by the Selling Stockholders, except for the Warrant exercise
price paid for the Common Stock offered hereby and issuable upon the exercise of the Warrants. See “Use of Proceeds”
on page 4 of this prospectus. |
| |
|
|
| Risk
factors |
|
Investing
in our common stock involves a high degree of risk. See “Risk Factors” beginning on page 3 of this prospectus, and
“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as incorporated by reference into
this prospectus, for a discussion of factors to consider prior to deciding to invest in our common stock, or warrants that will
accompany such securities. |
| |
|
|
| Nasdaq
Capital Market Symbol |
|
“BIAF”. |
(1)
The number of shares of our common stock to be outstanding after this offering is based on 600,736 shares of our Common Stock
outstanding as of September 2, 2026, and excludes:
| ● |
3,333
shares of common stock issuable upon the conversion of 150 shares of Series B Convertible
Preferred Stock at a conversion price of $45.00 per share; |
| |
|
| ● |
1,250,526
shares of Common Stock issuable upon exercise of outstanding warrants with a weighted average exercise price of $35.94; |
| |
|
| ● |
23,274
shares of Common Stock issuable upon exercise of outstanding options with a weighted average exercise price of $100.49; |
| |
|
| ● |
98,156
shares of our Common Stock that are reserved for equity awards that may be granted under our 2024 Equity Incentive Plan. |
Unless
otherwise indicated, all information in this prospectus assumes no exercise of the warrants or options or conversion of the outstanding
Series B Convertible Preferred Stock described above
RISK
FACTORS
Any
investment in our Common Stock involves a high degree of risk. Before deciding whether to purchase our Common Stock, investors should
carefully consider the risks described below together with the “Risk Factors” described in our most recent Annual Report
on Form 10-K and any updates described in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are incorporated
herein by reference, as may be amended, supplemented or superseded from time to time by other reports we file with the U.S. Securities
and Exchange Commission (the “SEC”). Our business, financial condition, operating results and prospects are subject to the
following material risks as well as those material risks incorporated by reference. Additional risks and uncertainties not presently
foreseeable to us may also impair our business operations. If any of the following risks actually occurs, our business, financial condition
or operating results could be materially adversely affected. In such case, the trading price of our Common Stock could decline, and our
stockholders may lose all or part of their investment in the shares of our Common Stock.
We
will not receive any proceeds from the sale of the shares of Common Stock by the Selling Stockholders covered by this prospectus.
We
are registering shares of Common Stock that may be issued by us to the Selling Stockholders upon exercise of the Warrants to permit the
resale of these shares of Common Stock from time to time after the date of this prospectus. We will not receive any of the proceeds from
the sale by the Selling Stockholder of the shares of Common Stock. We will, however, receive the net proceeds of any Warrants exercised
for cash.
The
Selling Stockholders may choose to sell the Shares at prices below the current market price.
The
Selling Stockholders are not restricted as to the prices at which they may sell or otherwise dispose of the Shares covered by this prospectus.
Sales or other dispositions of the Shares below the then-current market prices could adversely affect the market price of our Common
Stock.
A
large number of shares of Common Stock may be sold in the market following this offering, which may significantly depress the market
price of our Common Stock.
The
Shares sold in the offering will be freely tradable without restriction or further registration under the Securities Act. As a result,
a substantial number of shares of Common Stock may be sold in the public market following this offering. If there are significantly more
shares of Common Stock offered for sale than buyers are willing to purchase, then the market price of our Common Stock may decline to
a market price at which buyers are willing to purchase the offered Common Stock and sellers remain willing to sell Common Stock.
We
may require additional funding through further issuances of our Common Stock or other securities, which may negatively affect the market
price of our Common Stock.
To
operate our business, we may need to raise additional capital through sales of our Common Stock, securities exercisable for or convertible
into our Common Stock or debt securities pursuant to which interest and/or principal payments may be satisfied through the issuance of
our Common Stock. Future sales of such securities or our Common Stock could adversely affect the prevailing market price of our Common
Stock and our ability to raise capital in the future, and may cause you to incur additional dilution.
We
do not intend to pay dividends on our Common Stock so any returns will depend on appreciation in the price of our Common Stock.
We
have never declared or paid any cash dividends on our Common Stock. We currently anticipate that we will retain future earnings, if any,
for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable
future. Any return to stockholders will, therefore, be limited to the appreciation of their respective shares. There is no guarantee
that our Common Stock will appreciate in value or maintain the price at which you purchased them.
DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference into this prospectus and any applicable prospectus supplement contain various
forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities and Exchange Act
of 1934, as amended (the “Exchange Act”), which represent our expectations or beliefs concerning future events. Forward-looking
statements include statements that are predictive in nature, which depend upon or refer to future events or conditions, and/or which
include words such as “believes,” “plans,” “intends,” “anticipates,” “estimates,”
“expects,” “may,” “will” or similar expressions. In addition, any statements concerning future financial
performance, ongoing strategies or prospects, and possible future actions including any potential strategic transaction involving us,
which may be provided by our management, are also forward-looking statements. Forward-looking statements are based on current expectations
and projections about future events and are subject to risks, uncertainties, and assumptions about our company, economic and market factors,
and the industry in which we do business, among other things. These statements are not guarantees of future performance, and we undertake
no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise,
except as required by law. Actual events and results may differ materially from those expressed or forecasted in forward-looking statements
due to a number of factors. Factors that could cause our actual performance, future results and actions to differ materially from any
forward-looking statements include, but are not limited to, those discussed under the heading “Risk Factors” in this prospectus.
The forward-looking statements in this prospectus and the documents incorporated by reference into this prospectus and any applicable
prospectus supplement, represent our views as of the date such statements are made. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to the date such statements are made.
USE
OF PROCEEDS
We
will not receive any of the proceeds from the sale by the Selling Stockholders of the Common Stock. Upon any exercise of the Warrants
by payment of cash, however, we will receive the exercise price of the Warrants, which, if exercised in cash with respect to the 1,692,408
shares of Common Stock offered hereby, would result in gross proceeds to us of approximately $5.7 million. However, we cannot
predict when and in what amounts or if the Warrants will be exercised by payments of cash and it is possible that the Warrants may expire
and never be exercised, in which case we would not receive any cash proceeds.
AUGUST
2026 PRIVATE PLACEMENT
On
August 12, 2026, we entered into a securities purchase agreement with an institutional investor for the issuance and sale in a private
placement (the “Private Placement”) of (i) Pre-Funded Warrants at a purchase price of $6.9855 per Pre-Funded Warrant to purchase
up to an aggregate of 564,136 Pre-Funded Warrant Shares; (ii) Series A Warrants to purchase up to 564,136 Series A Warrant Shares; and
(iii) Series B Warrants to purchase up to 564,136 Series B Warrant Shares.
Each Warrant
has an initial exercise price of $7.0905 per share, which was adjusted pursuant to the terms thereof to $4.9757 following our
reverse stock split. The Warrants are exercisable following Stockholder Approval (as defined in the Purchase Agreement). The Warrants
will expire five (5) years after issuance. A holder may not exercise any portion of the Warrants to the extent the Purchaser would own
more than 4.99% of the outstanding Common Stock immediately after exercise. A holder may increase or decrease this percentage with respect
to either the Series A Warrants or the Series B Warrants to a percentage not in excess of 9.99%, except that any such increase shall
require at least 61 days’ prior notice to the Company.
The
Pre-Funded Warrants are immediately exercisable and may be exercised at a nominal exercise price of $0.105 per share of Common Stock
at any time until all of the Pre-Funded Warrants are exercised in full. A holder may not exercise any portion of the Pre-Funded Warrants
to the extent the Purchaser would own more than 9.99% of the outstanding Common Stock immediately after exercise.
As
compensation to the Placement, Agent, the Company paid the Placement Agent a cash fee of 7.5% of the aggregate gross proceeds raised
in the Private Placement and reimbursement of certain expenses and legal fees. The Company also issued the Placement Agent (or its designees)
Placement Agent Warrants to purchase up to 16,926 Placement Agent Warrant Shares.
In
connection with the Private Placement, the Company entered into a registration rights agreement (the “Registration Rights Agreement”),
dated as of August 12, 2026, with the Purchaser, pursuant to which the Company agreed to prepare and file a registration statement with
the SEC registering the resale of the Warrant Shares no later than 15 days after the date of the Registration Rights Agreement, and to
use best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later
than 45 days following the date of the Registration Rights Agreement (or 75 days following the date of the Registration Rights Agreement
in the event of a “full review” by the SEC).
The
Private Placement closed on August 14, 2026. The net proceeds to the Company from the Private Placement were approximately $3.5
million, after deducting placement agent fees and expenses and estimated offering expenses payable by the Company. The Company intends
to use the net proceeds received from the Private Placement for working capital and general corporate purposes.
SELLING
STOCKHOLDERS
The
Shares being offered by the Selling Stockholders are the Warrant Shares those issuable upon the exercise of the Warrants. For
additional information regarding the issuance of these securities, see “August 2026 Private Placement” beginning on page
4 of this prospectus. We are registering the Warrant Shares issuable upon exercise of the Warrants in order to permit the Selling
Stockholders to offer such shares for resale from time to time. Except as set forth below, none of the Selling Stockholders have had
any material relationship with us within the past three (3) years except as set forth below.
The
following table sets forth certain information with respect to each Selling Stockholder, including (i) the shares of Common Stock beneficially
owned by the Selling Stockholder prior to this offering, (ii) the number of Shares, being offered by the Selling Stockholder pursuant
to this prospectus and (iii) the Selling Stockholder’s beneficial ownership after completion of this offering. The second column
lists the number of shares of Common Stock beneficially owned by each selling stockholder, based on its ownership of the shares of our
securities, as of September 2, 2026, assuming full exercise of all Warrants held by the selling stockholders on that date, without
regard to any limitations on exercise. The registration of the Warrant Shares, does not necessarily mean that the Selling Stockholders
will sell all or any of such shares, but the number of shares of Common Stock and percentages set forth in the final two columns below
assume that all shares of Common Stock being offered by the Selling Stockholders are sold. The final two columns also assume the exercise
of all of the Warrants held by the Selling Stockholders as of September 2, 2026, without regard to any limitations on exercise
described in this prospectus or in the Warrants. See “Plan of Distribution.”
The
table is based on information supplied to us by the Selling Stockholders, with beneficial ownership and percentage ownership determined
in accordance with the rules and regulations of the SEC and includes voting or investment power with respect to shares of Common Stock.
This information does not necessarily indicate beneficial ownership for any other purpose. In computing the number of shares of Common
Stock beneficially owned by a Selling Stockholder and the percentage ownership of that Selling Stockholder, shares of Common Stock subject
to warrants held by that Selling Stockholder that are exercisable for shares of Common Stock within 60 days after September 2,
2026, are deemed outstanding. Such shares, however, are not deemed outstanding for the purposes of computing the percentage ownership
of any other stockholder.
This prospectus covers the resale of
up to an aggregate of 1,692,408 shares of Common Stock, consisting of: (i) 564,136 shares of Common Stock issuable upon exercise
of the Pre-Funded Warrants; (ii) 564,136 shares of Common Stock issuable upon exercise of the Series A Warrants; and (iii) 564,136
shares of Common Stock issuable upon exercise of the Series B Warrants. See “August 2026 Private Placement” beginning on
page 4 of this prospectus for further details relating to the Warrant Shares and the Warrants.
Under
the terms of the Warrants, a Selling Stockholder may not exercise the Warrants to the extent such exercise would cause such Selling Stockholders,
together with its affiliates and attribution parties, to beneficially own a number of shares of Common Stock which would exceed 4.99%
or 9.99%, as applicable, of our then outstanding Common Stock following such exercise, excluding for purposes of such determination shares
of Common Stock issuable upon exercise of such Warrants which have not been exercised. The number of shares in the second and fourth
columns do not reflect this limitation. The Selling Stockholders may sell all, some or none of their shares in this offering. See “Plan
of Distribution.”
| Name of Selling Stockholder | |
Number of Shares of Common Stock Owned Prior to Offering(1) | | |
Maximum Number of Shares of Common Stock to be Sold Pursuant to this Prospectus(1) | | |
Number of Shares of Common Stock of Owned After Offering | | |
Percentage of Shares Beneficially Owned After Offering(2) | |
| Armistice Capital Master Fund Ltd. (3) | |
| 1,692,408 | | |
| 1,692,408 | | |
| - | | |
| * | % |
*
Ownership of less than 1%
| (1) |
The
ability to exercise the Warrants held by the Selling Stockholders is subject to a beneficial ownership limitation that, at the time
of initial issuance of the Warrants was capped at 4.99% or 9.99% beneficial ownership of the Company’s issued and outstanding
Common Stock (post-exercise). These beneficial ownership limitations may be adjusted up or down, subject to providing advanced notice
to the Company. Beneficial ownership as reflected in the selling stockholder table reflects the total number of shares potentially
issuable underlying the Warrants, and does not give effect to these beneficial ownership limitations. Accordingly, actual beneficial
ownership, as calculated in accordance with Section 13(d) and Rule 13d-3 thereunder may be lower than as reflected in the table. |
| (2) |
Based on 600,736 shares of Common Stock outstanding
as of September 2, 2026. |
DESCRIPTION
OF SECURITIES TO BE REGISTERED
The
following is a summary description of the material terms of our Common Stock as provided in our Certificate of Incorporation, as amended
(“Certificate of Incorporation”), and Bylaws, as amended (“Bylaws”), copies of which are incorporated by reference
as exhibits to the registration statement of which this prospectus forms a part. The following discussion is only a summary and may not
contain all the information that is important to you or that you should consider before investing in our stock, and is qualified in its
entirety by reference to the complete text of the Certificate of Incorporation and Bylaws. For a more detailed description of these securities,
you should read the applicable provisions of Delaware law, our Articles of Incorporation, our Bylaws and the reports that we file with
the SEC, which are incorporated herein by reference.
The
Selling Stockholders are offering for resale up to an aggregate of 1,692,408 shares of Common Stock consisting of: (i) 564,136
Pre-Funded Warrant Shares issuable upon exercise of Pre-Funded Warrants at an exercise price of $0.105 per share issued pursuant to the
Purchase Agreement, (ii) up to 564,136 Series A Warrant Shares issuable upon exercise of the Series A Warrants at an exercise price of
$4.9757 per share issued pursuant to the Purchase Agreement, and (iii) up to 564,136 Series B Warrant Shares issuable upon
exercise of Series B Warrants at an exercise price of $4.9757 per share issued pursuant to the Purchase Agreement. The following summary of the terms of our shares of Common Stock is based upon our
Certificate of Incorporation and our Bylaws. The summary is not complete and is qualified by reference to our Certificate of Incorporation
and our Bylaws, which were included as exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Authorized
Capital Stock
We
are currently authorized to issue up to 350,000,000 shares of Common Stock, par value $0.007 per share, and 20,000,000 shares of Preferred
Stock, par value $0.001 per share. As permitted by the Company’s Certificate of Incorporation, the Company has designated (i) 5,400,000
shares of Preferred Stock as “Series A Convertible Preferred Stock,” par value $0.001 per share (the “Series A Preferred
Stock”), of which no shares are outstanding, and (ii) 990 shares of Preferred Stock as “Series B Convertible Preferred Stock,”
par value $0.001 per share (the “Series B Preferred Stock”), of which 150 shares are outstanding.
Common
Stock
Voting
Rights
Holders
of our Common Stock are entitled to cast one vote for each share held of record on all matters presented to the stockholders. Holders
of our Common Stock have no cumulative voting rights.
Dividend
Rights
The
Board is not obligated to declare a dividend, has never declared or paid cash dividends on its Common Stock, and does not anticipate
paying dividends on our Common Stock for the foreseeable future.
Rights
upon Liquidation
In
the event of our liquidation, dissolution, or winding up, either voluntary or involuntary, subject to the rights and preferences that
may apply to any shares of Preferred Stock outstanding at the time, the assets or surplus funds legally available for distribution to
our stockholders would be distributable ratably among the Common Stockholders based on the number of shares of Common Stock held by each
such holder, subject to prior satisfaction of all outstanding debt and liabilities.
No
Preemptive or Similar Rights
Holders
of our Common Stock are not entitled to preemptive rights to subscribe to additional shares if issued. Our Common Stock is not subject
to any redemption or sinking-fund provisions. All outstanding shares of our Common Stock are fully paid and non-assessable.
Transfer
Agent and Registrar
VStock
Transfer LLC is the transfer agent and registrar for our common stock.
Exchange
Listing
Our
Common Stock and the tradeable warrants trade on The Nasdaq Capital Market under the symbols “BIAF” and “BIAFW,”
respectively.
PLAN
OF DISTRIBUTION
Each
Selling Stockholder (the “Selling Stockholders”) of the securities and any of their pledgees, assignees, transferees,
donees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal Trading
Market or any other stock exchange, market or trading facility on which the securities are traded or in private transactions. These sales
may be at fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods when selling securities:
| ● |
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
| ● |
block
trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block
as principal to facilitate the transaction; |
| ● |
purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
| ● |
an
exchange distribution in accordance with the rules of the applicable exchange; |
| ● |
privately
negotiated transactions; |
| ● |
settlement
of short sales; |
| ● |
in
transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities at a stipulated
price per security; |
| ● |
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
| ● |
a
combination of any such methods of sale; or |
| ● |
any
other method permitted pursuant to applicable law. |
The
Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933,
as amended (the “Securities Act”), if available, rather than under this prospectus.
Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.
In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Stockholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.
We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Stockholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar
effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule
of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
SELECTED
FINANCIAL INFORMATION
On
April 30, 2026 at our annual meeting of our stockholders (the “Annual Meeting”), our stockholders approved an amendment to
our certificate of incorporation to effect a reverse stock split of our common stock at a ratio ranging from one-for-two (1:2)
to one-for-two hundred fifty (1:250), with the final ratio to be determined by our Board. Following
the Annual Meeting, our Board approved a one-for-fifteen (1-for-15) reverse split of our issued and outstanding shares of Common Stock
(the “Reverse Stock Split”). On August 20, 2026, we filed with the Secretary of State of the State of Delaware a certificate
of amendment to its certificate of incorporation (the “Certificate of Amendment”) to effect the Reverse Stock Split. The
Reverse Stock Split became effective as of 4:01 p.m. Eastern Time on August 21, 2026, and our Common Stock began trading on a split-adjusted
basis when the Nasdaq Stock Market opened on August 24, 2026.
Net
loss per share attributable to common stockholders, basic and diluted, has been derived from our audited financial statements
contained in our Annual Report on Form 10-K for the years ended December 31, 2025 and 2024 and our unaudited financial statements
contained in our Quarterly Report on Form 10-Q for the period ended June 30, 2026 for the three and six months ended June 30, 2026
and 2025, except that the net loss per share attributable to common stockholders, basic and diluted, has been revised to reflect the
new shares issued based on the Reverse Stock Split discussed above, as shown below.
The
historical financial information set forth below may not be indicative of our future performance and should be read together with
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical
financial statements and notes to those statements included in our Annual Report on Form 10-K for the year ended December 31, 2025,
our Quarterly Report on Form 10-Q for the period ended June 30, 2026, and any future filings or other reports we may file with the
SEC.
AS
REPORTED
| | |
Years
Ended December 31, | |
| | |
2025 | | |
2024 | |
| Net
loss | |
$ | (14,909,754 | ) | |
$ | (9,039,831 | ) |
| | |
| | | |
| | |
| Net
loss per common share, basic and diluted | |
$ | (8.66 | ) | |
$ | (22.50 | ) |
| | |
| | | |
| | |
| Weighted
average common shares outstanding | |
| 1,721,082 | | |
| 404,167 | |
AS
ADJUSTED FOR THE 1:15 REVERSE STOCK SPLIT
| | |
Years
Ended December 31, | |
| | |
2025 | | |
2024 | |
| Net
loss | |
$ | (14,909,754 | ) | |
$ | (9,039,831 | ) |
| | |
| | | |
| | |
| Net
loss per common share, basic and diluted | |
$ | (129.96 | ) | |
$ | (335.50 | ) |
| | |
| | | |
| | |
| Weighted
average common shares outstanding | |
| 114,729 | | |
| 26,944 | |
AS
REPORTED
| | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
| | |
| | |
| | |
| |
| Net
loss | |
$ | (3,366,082 | ) | |
$ | (4,060,787 | ) | |
$ | (6,996,692 | ) | |
$ | (6,721,204 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss per common share, basic and diluted | |
$ | (0.64 | ) | |
$ | (5.07 | ) | |
$ | (1.44 | ) | |
$ | (10.01 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted
average common shares outstanding | |
| 5,226,753 | | |
| 800,637 | | |
| 4,860,753 | | |
| 671,529 | |
AS
ADJUSTED FOR THE 1:15 REVERSE STOCK SPLIT
| | |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| | |
2026 | | |
2025 | | |
2026 | | |
2025 | |
| | |
| | |
| | |
| | |
| |
| Net
loss | |
$ | (3,366,082 | ) | |
$ | (4,060,787 | ) | |
$ | (6,996,692 | ) | |
$ | (6,721,204 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss per common share, basic and diluted | |
$ | (9.66 | ) | |
$ | (76.08 | ) | |
$ | (21.59 | ) | |
$ | (150.09 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted
average common shares outstanding | |
| 348,396 | | |
| 53,375 | | |
| 323,998 | | |
| 44,780 | |
LEGAL
MATTERS
The
validity of the issuance of the securities offered hereby will be passed upon for us by Sheppard, Mullin, Richter & Hampton LLP,
New York, New York. Additional legal matters may be passed upon for us or any underwriters, dealers, or agents by counsel that we will
name in the applicable prospectus supplement.
EXPERTS
The
consolidated financial statements of bioAffinity Technologies, Inc. as of December 31, 2025 and 2024, and for the years ended December
31, 2025 and 2024, incorporated by reference in this prospectus and registration statement have been audited by WithumSmith+Brown, PC,
independent registered public accounting firm, as set forth in their report thereon (which contains an explanatory paragraph describing
conditions that raise substantial doubt about bioAffinity Technologies, Inc.’s ability to continue as a going concern as described
in Note 1 to the consolidated financial statements) appearing elsewhere in the documents incorporated by reference, and are included
in reliance upon such report given on the authority of such firm as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
This
prospectus constitutes a part of a registration statement on Form S-1 filed under the Securities Act. As permitted by the SEC’s
rules, this prospectus and any prospectus supplement, which form a part of the registration statement, do not contain all the information
that is included in the registration statement. You will find additional information about us in the registration statement and its exhibits.
Any statements made in this prospectus or any prospectus supplement concerning legal documents are not necessarily complete, and you
should read the documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete
understanding of the document or matter.
You
can read our electronic SEC filings, including such registration statement, on the internet at the SEC’s website at www.sec.gov.
We are subject to the information reporting requirements of the Exchange Act, and we file reports, proxy statements and other information
with the SEC. These reports, proxy statements and other information will be available at the website of the SEC referred to above. We
also maintain a website at https://www.bioaffinitytech.com, at which you may access these materials free of charge as soon as
reasonably practicable after they are electronically filed with, or furnished to, the SEC. However, the information contained in or accessible
through our website is not part of this prospectus or the registration statement of which this prospectus forms a part, and investors
should not rely on such information in making a decision to purchase our securities in this offering.
INCORPORATION
OF DOCUMENTS BY REFERENCE
The
SEC allows us to “incorporate by reference” information into this prospectus, which means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The documents incorporated by reference into this
prospectus contain important information that you should read about us.
The
following documents are incorporated by reference into this prospectus and any applicable prospectus supplement:
| |
● |
our
Current Reports on Form 8-K filed with the Commission on March
17, 2026, March
25, 2026, April
1, 2026, April
7, 2026, April
14, 2026, April
30, 2026, May
8, 2026, May
12, 2026, May
27, 2026, June
2, 2026, June
16, 2026, June
18, 2026, June
30, 2026, July
7, 2026, July
22, 2026, July
27, 2026, July
31, 2026, August
7, 2026, August
14, 2026, August
18, 2026, August
20, 2026, September
1, 2026 and September 3, 2026 (other than any portions thereof deemed furnished and not filed); |
| |
|
|
| |
● |
Annual
Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 16, 2026; |
| |
|
|
| |
● |
Quarterly Report on Form 10-Q for the period ended
March 31, 2026 filed with the SEC on May
11, 2026 and our Quarterly Report on Form 10-Q for the period ended June 30, 2026 filed with the SEC on August
7, 2026; |
| |
|
|
| |
● |
Proxy
Statement on Schedule 14A filed on March 16, 2026; and |
| |
|
|
| |
● |
The
description of our Common Stock set forth in our registration statement on Form 8-A (Commission File No. 001-41463) filed with the
SEC on August 23, 2022, including any amendments thereto or reports filed for the purposes of updating this description. |
In
addition, all documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination
of the offering (excluding any information furnished rather than filed) shall be deemed to be incorporated by reference into this prospectus.
Notwithstanding
the statements in the preceding paragraphs, no document, report or exhibit (or portion of any of the foregoing) or any other information
that we have “furnished” to the SEC pursuant to the Exchange Act shall be incorporated by reference into this prospectus.
We
will furnish without charge to you, on written or oral request, a copy of any or all of the documents incorporated by reference in this
prospectus, including exhibits to these documents. You should direct any requests for documents to:
bioAffinity
Technologies, Inc.
3300
Nacogdoches Road, Suite 216
San
Antonio, Texas 78217
(210)
698-5334
Attn:
Chief Financial Officer
You
also may access these filings on our website at www.bioaffinitytech.com under the heading “Investor Relations—SEC
Filings.” We do not incorporate the information on our website into this prospectus or any supplement to this prospectus, and you
should not consider any information on, or that can be accessed through, our website as part of this prospectus or any supplement to
this prospectus (other than those filings with the SEC that we specifically incorporate by reference into this prospectus or any supplement
to this prospectus).
Any
statement contained in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed modified,
superseded or replaced for purposes of this prospectus to the extent that a statement contained in this prospectus modifies, supersedes
or replaces such statement. Any statement contained herein or in any document incorporated or deemed to be incorporated by reference
shall be deemed to be modified or superseded for purposes of the registration statement of which this prospectus forms a part to the
extent that a statement contained in any other subsequently filed document which also is or is deemed to be incorporated by reference
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part of the registration
statement of which this prospectus forms a part, except as so modified or superseded.

bioAffinity
Technologies, Inc.
1,692,408
Shares of Common Stock
PROSPECTUS
September
4, 2026