Company: BIAF
Filing Date: 2025-06-27
Form Type: POS AM
Source: 0001641172-25-016923
Chunk: 181

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-06-27
Form: POS AM
Chunk 181
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 Company granted options and restricted
stock awards under its 2014 Equity Incentive Plan (the “2014 Plan”). Under the 2014 Plan, the Company is authorized to grant
options or restricted stock for up to 2,000,000
shares of Common Stock. On June 6, 2023, the Company received stockholder approval to increase the number of authorized shares from 1,142,857
to 2,000,000.
Options or restricted stock awards may be granted to employees, the 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

|                                        |     | Three Months Ended 
 March 31,          
 2025               |    2025 |     | 2024 |    2024 |
|:---------------------------------------|:----|:-------------------|--------:|:----|:-----|--------:|
| Research and development               |     | $                  |  21,250 |     | $    |  21,882 |
| General and administrative             |     |                    | 305,366 |     |      | 260,731 |
| Total stock-based compensation expense |     | $                  | 326,616 |     | $    | 282,613 |

The
following table summarizes stock option activity under the 2014 Plan and 2024 Plan:

SUMMARY OF OPTION ACTIVITY

|                                          |     | Number of 
 options   |         |     | Weighted-average 
 exercise price   |      |     | Weighted-average      
 remaining contractual 
 term                  
 (in years)            |      |     | Aggregate       
 intrinsic value |   |
|:-----------------------------------------|:----|:----------|--------: