Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 25

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 25
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 The offering consisted of 10,156,250 shares of our Common Stock,
of which 2,371,346 were pre-funded warrants, together with warrants to initially purchase up to 15,234,375 shares of Common Stock, at
a combined offering price for each share of common stock and accompanying warrant of $0.32 per share. Each pre-funded warrant and accompanying
warrant was sold at a combined public offering price of $0.313 (See Note 14 – Warrants). In connection with this offering, the
Company paid a cash fee equal to 8.0% of the aggregate gross proceeds, expenses up to $120,000 and issued 304,687 warrants with substantially
the same terms as the warrants issued as part of the public offering, except the warrants do not have an anti-dilution adjustment.

On
May 22, 2025, the Company entered into an At-The-Market Issuance Sales Agreement (the “ATM Agreement”) with WallachBeth Capital
LLC (“WallachBeth”), as sales agent providing for the sale our common stock from time to time in an “at the market
offering” program. The aggregate market value of the shares of Common Stock eligible for sale is currently $5,801,000. The ATM
Agreement provides that WallachBeth will receive 3.0% of the gross sales price sold under the ATM Agreement. From May 22, 2025 through
June 30, 2025, the Company did not sell any shares through the ATM Agreement.

    16

Note
13. STOCK-BASED COMPENSATION

The
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