Company: LNAI
Filing Date: 2025-02-19
Form Type: 10-Q/A
Source: 0001731122-25-000250
Chunk: 50

Company: Lunai Bioworks Inc.
Filing Date: 2025-02-19
Form: 10-Q/A
Chunk 50
---
|:-------|-----------:|:--|:----|:--------------------------|-----:|:----|:---------------------------|-----:|
| Outstanding at beginning of period           |     |        |  3,548,302 |   |     | $                         | 0.73 |     |                            | 4.80 |
| Granted                                      |     |        |  2,805,050 |   |     | $                         | 0.65 |     |                            | 3.25 |
| Exercised                                    |     |        | (3,951,344 | ) |     | $                         | 0.59 |     |                            |    — |
| Cancelled/Expired                            |     |        |          — |   |     | $                         |    — |     |                            |    — |
| Outstanding and exercisable at end of period |     |        |  2,402,008 |   |     | $                         | 0.87 |     |                            | 3.25 |

At March 31, 2024, the Company had 2,402,008 exercisable Common Stock Purchase
Warrants outstanding. The total intrinsic value of warrants exercisable at March 31, 2024, was $4,277,992. Intrinsic value is measured
using the fair market value at the date of exercise (for shares exercised) and at March 31, 2024 (for outstanding warrants), less the
applicable exercise price.

Restricted Stock Awards (RSA)

The Company recognized stock-based compensation expense related to RSAs of
$535,009 and $1,068,865 for the three and nine months ended March 31, 2024, respectively. 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 director as consideration for advisory
services, with a total value of $2,760,000. At March 31, 2024, the Company had $1,691,135 of unrecognized stock-based compensation expense
remaining to be amortized.

27

RENOVARO INC. AND SUBSIDIARIES
NOTES TO UNAUDITED RESTATED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 10 — COMMITMENTS AND CONTINGENCIES

Commitments

On July 9, 2018, the Company entered
into a consulting agreement with