Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 48

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 48
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, 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 share awards, cash awards
and other equity-based awards. Awards are limited to a maximum term of 10 years and any exercise prices shall not be less than 100% of
the fair market value of one share of common stock on the grant date. The Plan authorized an initial maximum number of shares underlying
awards of 900,000 with an automatic annual increase to an amount equal to 15% of the total number of shares outstanding as of the end
of the preceding fiscal year. As of June 30, 2025, there are 497,260 awards authorized but unissued available under the Plan.

Stock
Options 

The
following tables summarize the stock option activity for the three months ended June 30,