Company: BIAF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023405
Chunk: 27

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 27
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 2025, the Company entered into an at-the-market issuance sales agreement (the “ATM Agreement”) with WallachBeth Capital
LLC (“WallachBeth”), as sales agent providing for the sale of our common stock from time to time in an “at the market
offering” program. The aggregate market value of the shares of Common Stock eligible for sale is currently $5,801,000. The ATM
Agreement provides that WallachBeth will receive 3.0% of the gross sales price sold under the ATM Agreement. From May 22, 2025, through
September 30, 2025, the Company sold 114,672 shares of Common Stock through the ATM Agreement which accumulated approximately $1.2 million
in gross proceeds.

    16

Note
13. STOCK-BASED COMPENSATION

Under
the Company’s 2104 Equity Incentive Plan (the “2014 Plan”), the Company is authorized to grant options or restricted
stock for up to 66,667 shares of Common Stock. On June 6, 2023, the Company received stockholder approval to increase the number of authorized
shares from 38,095 to 66,667, adjusted for the 30-1 reverse split. 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 at the end of its 10-year term 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 

    2025  
    2024  
    2025  
    2024 

    Three Months Ended  September 30,  
    Nine Months Ended  September 30, 

    2025  
    2024  
    2025  
    202