Company: BIAF
Filing Date: 2025-04-15
Form Type: DRS
Source: 0001641172-25-004915
Chunk: 203

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-15
Form: DRS
Chunk 203
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 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 |     | $ | 748,823 |

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