Company: BIAF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010787
Chunk: 60

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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New Warrants”) to purchase an aggregate of up to 2,926,166 shares of Common Stock (the “New Warrant Shares”)
to the Holders of the Existing Warrants, with an exercise price of $0.85.

In addition, designees of the placement agent for
the Offering were granted warrants to purchase an aggregate of up to 87,785 shares of Common Stock, with an exercise price of $0.85.

The following table summarizes the calculated aggregate
fair values for the warrant derivative liability using the Black-Scholes method based on the following assumptions for the Offering:

SUMMARY OF AGGREGATE FAIR VALUES FOR THE WARRANT DERIVATIVE LIABILITY 

    Exercise price per share of warrant 
    $0.85 
  
    Fair market closing price per share of Common Stock 
    $0.58 
  
    Volatility 
     83%
  
    Expected term (years) 
     5 
  
    Risk-free interest rate 
     4.12%
  
    Dividend yield 
     0%

The fair value of the New Warrants using the assumptions
above was $601,752 for the warrants, $104,153 for the change in fair value related to the change in exercise price, and $31,422 for the
placement agent warrants. The fair value of the above warrants was recorded in Additional paid-in capital.

As of March 31, 2025, there were tradeable warrants
to purchase up to an aggregate of 1,601,259 shares of Common Stock outstanding and non-tradeable warrants to purchase an aggregate of
up to 3,269,791 shares of Common Stock outstanding.

SCHEDULE OF CLASS OF WARRANT 

    Number of  warrants issued  
    Weighted-
                                                                               average  exercise price  
    Number of  warrants exercised  
    Number of  warrants outstanding 
  
    Pre-IPO convertible notes 
     2,900,904  
    $5.31  
     —  
     2,900,904 
  
    IPO tradeable 
     2,326,835  
     3.06  
     (725,580) 
     1,601,255 
  
    IPO non-tradeable 
     3,015,464  
     3.06  
     (311,006) 
     2,704,458 
  
    Direct offering March 8, 2024