Company: BGLC
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001477932-25-006023
Chunk: 112

Company: BioNexus Gene Lab Corp
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 4
Chunk 112
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 organization (CDMO) model focused on biotechnology and high-technology manufacturing. This transition involves execution risk and could result in revenue shortfalls during the conversion period. Success will depend on completing facility upgrades, acquiring and installing specialized manufacturing equipment, hiring and retaining qualified technical personnel, and obtaining Good Manufacturing Practice (GMP) certification and other regulatory approvals. Delays or failures in meeting these milestones could reduce or postpone expected revenue growth. Furthermore, demand for our intended CDMO services may not materialize at projected levels, which could adversely affect our return on invested capital.

General Risk Factor

The occurrence of any of the risks discussed above, or any other risks referenced in our Annual Report on Form 10-K, could cause our actual results to differ materially from those expressed or implied in our forward-looking statements and could materially and adversely affect our business, financial condition, results of operations, and stock price.

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Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable to our Company.

Item 5. Other Information.

Equity Awards to Officers, Directors and Certain Employees

On August 15, 2025, our Board of Directors approved equity compensation arrangements for our Chief Executive Officer, Chief Financial Officer, each of our independent non-executive directors, and two key employees of MRNA Scientific Sdn. Bhd. (collectively, the “Participants”). These awards will be made as standalone compensatory arrangements, and issuance is subject to the fulfilling of all required regulatory approvals.

CEO Option Award. The Board approved non-qualified stock options to purchase four tranches of shares (300,000 each) with exercise prices of $8.00, $12.00, $20.00 and $30.00 per share, 10-year terms. Tranche A vests in three equal annual instalments, the first upon the fulfilling of all required regulatory approvals and then on January 1st of the applicable year thereafter. Tranches B, C, and D are performance-based and vest 100% upon achievement of a 20-trading-day VWAP at or above the applicable floor price within five years after the grant date, subject to continued service. Unvested Tranches B/C/D remain eligible to vest for up to 24 months following a termination other than for cause if the price hurdles are later met (subject to a customary release and transition cooperation). All un