Company: BIAF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001840
Chunk: 1074

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9C
Chunk 1074
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 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, 31,973 shares vested from RSAs granted prior to January 1, 2024, and 517,943 shares vested from RSAs granted during the year
ended December 31, 2024.

During
the year ended December 31, 2023, the Company issued RSAs for 431,028 shares 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, 59,051 shares 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 12,298,124
and 4,649,952
warrants outstanding, respectively, to purchase one share of the Company’s Common Stock for each warrant at a weighted average exercise price
of $2.95
and expire at various dates through October 2029. During the year ended December 31, 2024, a total number of 1,066,767
warrants were exercised into an equivalent number of shares of Common Stock as compared to no
warrants 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 no
proceeds during the year ended December 31, 2023.

On
March 8, 2024, the Company issued to certain investors (1) in a registered direct offering, 1,600,000 shares of the Company’s
Common Stock and (2) in a concurrent private placement, warrants to purchase an aggregate of 1,600,000 shares of Common Stock,
with an exercise price of $1.64 (collectively, the “Transaction”), which Transaction constitutes a Dilutive Issuance
under the terms of the warrants. In addition, the placement agent was granted warrants to purchase 32,000 shares of Common
Stock, with an exercise price