Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 574

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 5
Chunk 574
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 company focused on using our AI/ML technology to advance medicines, any clinical development programs
will also require, in all cases, partners and the establishment of third-party relationships for execution and completion of clinical
trials.

 25 

Since
completing our initial public offering in February 2023 (the “IPO”), aided by the receipt of the IPO proceeds in addition
to the proceeds from our February 2024 and October 2024 offerings, we have implemented several initiatives: investor relations and marketing
to promote and raise awareness of the Company in the financial and business sectors, research and development, collaboration with J Craig
Venter Institute (“JCVI”) and initiated preclinical studies with our in-licensed drug programs. The Company is actively engaged
in developing and pursuing new intellectual property as it strives to continuously evolve its AI/ML platform.

Internally,
the Company has added incremental staff to accelerate execution and the development of processes and custom scripts for use in performing
new drug target discovery and analytical services for customers, while also launching initiatives targeting large public health data
sources and seeking access to proprietary health data sources, such as our agreement with the LIBD. We also transitioned our accounting
and financial reporting systems and processes to enhance our internal control environment as a public company. Capital from the IPO was
also used to retire two notes that were sold to fund the Company through the IPO as well as other debts accrued over time to our staff,
employees and consultants, and obligations related to the acquisition of our licensed drug programs.

The
Company has had negative cash flows from operations and operated at a net loss since inception. In the first quarter of 2023, we completed
our IPO.  In February 2024, we received net proceeds of approximately $5.7 million from an underwritten secondary public offering
of common stock and warrants. Additionally, in October 2024, we received net proceeds of approximately $2.7 million from a registered
direct offering of common stock and pre-funded warrants, and concurrent private placement of common stock warrants. As of December 31,
2024, the Company has a cash balance of approximately $5.4 million. As of December 31, 2024, 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 consolidated
financial statements. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability
to