Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 1253

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 1253
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 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  
    $748,823 

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

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,
    2023 
     683,695  
    $3.99  
     2.9  
    $158,332 
  
    Granted 
     —  
     —  
     —  
     — 
  
    Exercised 
     (208,031) 
     1.16  
     —  
     — 
  
    Forfeited 
     (171,539) 
     2.16  
     —  
     — 
  
    Outstanding at December
    31, 2024 
     304,125  
    $6.95  
     4.20  
    $— 

    Vested and exercisable
    at December 31, 2024 
     304,125  
    $6.95  
     4.20  
    $— 

As
of December 31, 2024, there was no unrecognized compensation cost related to non-vested stock options.

During the year ended December 31, 2024, 208,031 options were exercised at an exercise price of $1.155, of which 143,183 options were from a cashless exercise, and 137,854 options were forfeited due to