Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 547

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 547
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 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

    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