Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 59

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 59
---
 14. WARRANTS

The Company’s outstanding Common Stock warrants
are equity classified. As of March 31, 2025, and December 31, 2024, the Company had 12,873,602 and 12,298,124 warrants outstanding to
purchase one share of the Company’s Common Stock for each warrant at a weighted average exercise price of $2.74 and expire at various
dates through February 2030. During the three months ended March 31, 2025, a total number of 2,438,473 warrants were exercised into an
equivalent number of shares of Common Stock as compared to no warrants being exercised during the three months ended March 31, 2024. The
proceeds of the exercised warrants for the three months ended March 31, 2025, was $1,414,314, compared to no proceeds during the three
months ended March 31, 2024.

On February 25, 2025, the Company entered into a warrant
inducement agreement (the “February Inducement Agreement”) with certain holders (the “Holders”) of the Company’s
warrants to purchase shares of the Company’s common stock, issued in a private placement offering that closed on October 21, 2024
(the “October Warrants”), and a private placement offering that closed on August 5, 2024 (the “August Warrants”
and, together with the October Warrants, collectively, the “Existing Warrants”). Pursuant to the February Inducement Agreement,
the Holders of the Existing Warrants agreed to exercise for cash (i) October Warrants to purchase an aggregate of up to 1,136,391 shares
of Common Stock (the “October Warrant Shares”), at the reduced exercise price of $0.58 per share and August Warrants to purchase
an aggregate of up to 1,302,082 shares of Common Stock (the “August Warrant Shares” and, together with the October Warrant
Shares, the “Existing Warrant Shares”), at the reduced exercise price of $0.58 per share. The transactions contemplated by
the Inducement Agreement (the “Warrant Inducement”) were consummated on February 26, 2025.

In consideration of the Holders’ immediate exercise
of the Existing Warrants in accordance with the February Inducement Agreement, the Company issued unregistered Common Stock Purchase Warrants
(the “