Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 237

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1B
Chunk 237
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 31, 2023, primarily due to increased personnel costs related to the hiring of additional staff members, as well as
associated increases in equity compensation costs and recruiting fees as we work to expand our headcount and capabilities.

Other Income
(Expense), Net 

Interest
expense decreased by approximately $61,000 for the year ended December 31, 2024, compared to the same period ended December 31, 2023
due to our outstanding notes converting or being paid off in 2023. In 2023, we also recognized a loss on the conversion of notes of approximately
$93,000 in the year ended December 31, 2023. Interest income increased by approximately $77,000 primarily due to an increase in our average
cash balances.

Liquidity
and Capital Resources

Through
December 31, 2024, the Company has an accumulated deficit of approximately $16.8 million and has funded its operations through the sale
of common stock, warrants and debt. We anticipate that our expenses will increase in the future to support our 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.

In
February 2023, the Company completed its IPO of 1,297,318 units at a price of $6.50 per unit for a total of approximately $8.4 million
of gross proceeds. Each unit consists of one share of the Company’s common stock, one tradeable warrant to purchase one share of
common stock at an exercise price of $7.80 per share, and one non-tradeable warrant to purchase one share of the Company’s common
stock at an exercise price of $8.125.

In
connection with, and immediately prior to, the IPO, the Company also completed a 1-for-7 reverse stock split of our common stock.

In
connection with the IPO, a simple agreement for future equity (“SAFE”) and convertible loan agreement held by a related party
converted into 55,787 shares of common stock. Additionally, all outstanding convertible bridge notes and accrued interest were converted
into 276,289 shares of common stock and 276,289 warrants to purchase common stock and were issued to the holders of such notes at conversion.

 27 

In
April 2023,