Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 26

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 26
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 service offerings, clinical
and pre-clinical research and development activities associated with strategic partnering and collaborations, as well as acquired product
candidates. These increases could include increased costs related to the hiring of additional personnel and fees to outside consultants,
lawyers, and accountants, among other expenses.

18

In
February 2024, we completed an underwritten offering of common stock and warrants generating approximately $5.7 million of net proceeds.

In
October 2024, we completed a registered direct offering of common stock and pre-funded warrants, and concurrent private placement of
common stock warrants generating approximately $2.7 million of net proceeds.

As
of March 31, 2025, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations
for at least a year beyond the filing date of the unaudited condensed consolidated financial statements. These factors raise substantial
doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon
the Company obtaining the necessary financing and/or revenues to meet its obligations arising from normal business operations when they
become due. Accordingly, we will seek additional capital to continue to execute our strategy as discussed above.

In
April 2025, the Company entered into an At-The-Market Sales Agreement with BTIG, LLC, pursuant to which the Company may offer and sell
shares of common stock, from time to time in its sole discretion, at the market price and having an aggregate offering price of up to
$20 million. The Company is not obligated to sell any shares, and BTIG is not required to sell any specific number or dollar amount of
shares of common stock. Accordingly, the Company will not receive any proceeds from such transaction until shares are actually sold by
BTIG. Subject to the Company’s request to sell shares, BTIG will use commercially reasonable efforts, consistent with its normal
trading and sales practices, to sell shares of common stock on the Company’s behalf in accordance with Company instructions. Notwithstanding
the foregoing, there can be no assurance that the Company will be able to sell, when needed, sufficient shares under the At-The-Market
Sales Agreement to fund planned operations.

Consolidated
Cash Flow Data

    Three Months Ended March 31,  

    2025  
    2024  
    Change 
  
    Net cash (used in) provided by 

    Operating activities 
    $(1,798