Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 15

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 15
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 BTIG under the ATM Agreement
and will reimburse BTIG for reasonable and documented out-of-pocket expenses incurred by BTIG, including the reasonable and documented
fees and disbursements of counsel to BTIG, subject to specified caps.

    10

In
June 2025, the Company received approximately $346,000 of gross proceeds from the sale of 211,589 shares of the Company’s common
stock at an average price of approximately $1.64 per share. In connection with these sales and the establishment of the ATM facility,
the Company incurred expenses of approximately $134,000, of which $50,000 remains unpaid at June 30, 2025. As of June 30, 2025, approximately
$19.7 million of capacity remains available under the ATM Agreement; however, the amount the Company is permitted to raise in any 12-month
period is limited based on its public float pursuant to SEC General Instruction I.B.6 of Form S-3. Accordingly, as of June 30, 2025,
the Company is limited to additional common stock sales of approximately $2.8 million. This amount is subject to adjustment based on
increases in the Company’s public float.

Dilutive
securities are excluded from the diluted earnings per share calculation because their effect is anti-dilutive. As of June 30, 2025, 73,449
shares of preferred stock, 6,935,042 warrants and 938,927 options for common shares were excluded from the calculation of net loss per
share. As of June 30, 2024, 73,449 shares of preferred stock, 5,307,444 warrants and 830,925 options for common shares were excluded
from the calculation of net loss per share. For each of the six months ended June 30, 2025 and
June 30, 2024, 274,286 pre-funded warrants issued in 2020 as consideration for services were
included in the calculation of net loss per common share.

2022
Equity Incentive Plan

In
November 2022, the Company’s Board of Directors adopted, and its shareholders approved, the 2022 Equity Incentive Plan (the “Plan”).
The Plan provides for the granting of equity-based awards to employees, directors, and consultants. The Plan provides for equity-based
awards including incentive stock options, non-qualified stock options, stock appreciation rights, performance