Company: LNAI
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001731122-25-001316
Chunk: 943

Company: Lunai Bioworks Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 8
Chunk 943
---
 June 30, 2024 
     3,094,876  
    $1.00  
     3.48 
  
    Granted 
     3,175,000  
    $0.82  
     0.65 
  
    Exercised 
     —  
    $—  
     — 
  
    Cancelled/Expired 
     —  
    $—  
     — 
  
    Outstanding and exercisable at June 30, 2025 
     6,269,876  
    $0.91  
     1.88 

At June 30, 2025, the
Company had 6,269,876
exercisable Common Stock Purchase Warrants outstanding. The total intrinsic value of warrants exercisable at June 30, 2025, was 0
zero. Intrinsic value is measured using the fair market value at the date of exercise (for shares exercised) and at June 30, 2025
(for outstanding warrants), less the applicable exercise price.

Restricted Stock Awards (RSA)

The Company recognized stock-based
compensation expense related to RSAs of $36,972 for the year ended June 30, 2025. The restricted stock awards are related to a grant
of 250,000 shares of restricted stock with a 5-year vesting period made to the Chief Executive Officer of Renovaro Cube with
a total value of $177,500. At June 30, 2025, the Company had $140,527 of unrecognized stock-based compensation expense remaining to be
amortized.

The Company recognized stock-based
compensation expense related to RSAs of $1,415,157 for the year ended June 30, 2024. The restricted stock awards are related to a
grant of 1,000,000 shares of restricted stock with a 3-year vesting period made to a former director as consideration for advisory
services, with a total value of $2,760,000.

    F-27

NOTE 11 — COMMITMENTS AND CONTINGENCIES

Commitments

On January 31, 2020, the Company
entered into a Statement of Work and License Agreement (the “HBV License Agreement”) by and among the Company, G Tech Bio,
LLC, a California limited liability company (“G Tech”), and G Health Research Foundation, a not-for