Company: BIAF
Filing Date: 2025-04-11
Form Type: S-1
Source: 0001641172-25-003892
Chunk: 198

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-04-11
Form: S-1
Chunk 198
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 | (77,096 | ) |
| Balance at December 31, 2024 |     |              | 1,329,296 |   |     | $           | 2.24 |     | $          | 2,641,061 |   |     |                         | 980,239 |     |          | 349,057 |   |

During the year ended December 31, 2024, the Company issued restricted stock awards (“RSAs”) for 865,423shares of Common Stock to employees, non-employees, and the Board of Directors. The shares vest in equal monthly installments over terms of between immediately up to three years, subject to the employees and non-employees providing continuous service through the vesting date. During the year ended December 31, 2024, 31,973shares vested from RSAs granted prior to January 1, 2024, and 517,943shares vested from RSAs granted during the year ended December 31, 2024.

During the year ended December 31, 2023, the Company issued RSAs for 431,028shares of Common Stock to employees and non-employees. The shares vest in equal monthly installments over terms of between immediately up to one year, subject to the employees and non-employees providing continuous service through the vesting date. During the year ended December 31, 2023, 59,051shares vested from RSAs previously issued.

Note 14. WARRANTS

The Company’s outstanding Common Stock warrants are equity classified. As of December 31, 2024 and 2023, the Company had 12,298,124and 4,649,952warrants outstanding, respectively, to purchase one share of the Company’s Common Stock for each warrant at a weighted average exercise price of $ 2.95and expire at various dates through October 2029. During the year ended December 31, 2024, a total number of 1,066,767warrants were exercised into an equivalent number of shares of Common Stock as compared to nowarrants being exercised during the year ended December 31, 2023. The proceeds of the exercised warrants for the year ended December 31, 2024, was $ 1,343,390, compared to noproceeds during the year ended December 31, 2023.

On March 8, 2024, the Company issued to certain investors (1) in a registered