Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 291

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 291
---
 received
stockholder approval to increase the number of authorized shares of Common Stock from 25,000,000 shares to 100,000,000 shares, and on
June 5, 2024, the Company filed an amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware
to effect the increase. The Company has issued 15,576,674 shares of Common Stock, of which 349,057 are unvested restricted stock awards
as of December 31, 2024, and 9,505,255 shares of Common Stock, of which 110,645 are unvested restricted stock awards as of December 31,
2023.

Note
13. STOCK-BASED COMPENSATION

The
Company granted options and restricted stock awards under its 2014 Equity Incentive Plan (the “2014 Plan”). Under the 2014
Plan, the Company was authorized to grant options or restricted stock for up to 2,000,000 shares of Common Stock. On June 6, 2023, the
Company received stockholder approval to increase the number of authorized shares from 1,142,857 to 2,000,000. Options or restricted
stock awards may be granted to employees, the Company’s board of directors, and external consultants who provide services to the
Company. Options and restricted stock awards granted under the 2014 Plan have vesting schedules with terms of one to three years and
become fully exercisable based on specific terms imposed at the date of grant. The 2014 Plan expired according to the respective 10-year
term of the 2014 Plan in March 2024. A new 2024 Incentive Compensation Plan (the “2024 Plan”) was approved at the Annual
Meeting of Shareholders on June 4, 2024.

The
Company has recorded stock-based compensation expense related to the issuance of restricted stock awards in the following line items
in the accompanying condensed consolidated statements of operations:

SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION AWARDS

    2024  
    2023 

    Research and development 
    $99,174  
    $37,131 
  
    Selling, general and
    administrative 
     890,507  
     711,692 
  
    Total
    stock-based compensation expense 
    $989,681  
    $748