Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 57

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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 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 

    2025  
    2024 

    Three Months Ended  March 31, 

    2025  
    2024 

    Research and development 
    $21,250  
    $21,882 
  
    General and administrative 
     305,366  
     260,731 
  
    Total stock-based compensation expense 
    $326,616  
    $282,613 

The following table summarizes
stock option activity under the 2014 Plan and 2024 Plan:

SUMMARY OF OPTION ACTIVITY 

    Number of  options  
    Weighted-average  exercise price  
    Weighted-average  remaining contractual  term (in years)  
    Aggregate  intrinsic value 
  
    Outstanding at December 31, 2024 
     304,125  
    $6.95  
     4.45  
     — 
  
    Granted 
     —  
     —  
     —  
     — 
  
    Exercised 
     —  
     —  
     —  
     — 
  
    Forfeited 
     —  
     —  
     —  
     — 
  
    Outstanding at March 31, 2025 
     304,125  
    $6.95  
     4.20