Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 23

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 23
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 from an underwritten 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 March 31, 2025, the Company
has a cash balance of approximately $3.8 million. 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 or revenues to meet its obligations arising
from normal business operations when they become due.

Accordingly,
we will require additional capital to continue to execute our strategy. We anticipate raising this additional capital through various
avenues including sales of equity securities, debt transactions, licensing agreements and collaborative arrangements. Although management
believes that such funding sources will be available, including pursuant to the Company’s at-the-market common stock sales facility
entered into with BTIG, LLC in April 2025, there can be no assurance that any such arrangements will be consummated or provide sufficient
capital when needed to allow us to continue our operations, or if available, be on terms acceptable to us. If we do not raise sufficient
funds in a timely manner, among other things, we may be forced to delay, scale back or eliminate some or all our research and product
development programs and/or our capital expenditures or to enter into arrangements on unfavorable terms. We currently do not have commitments
for future funding from any source.

Our
Strategy

The
Company has a unique strategy designed to reduce risk and increase the frequency of cash flow. The first part of the strategy is to generate
revenues through strategic relationships with biopharma companies. These relationships will be structured as a combination of fees in
cash, equity, or other consideration and intellectual property based on the specific scope of the engagement. The objective of these
engagements will be to uncover valuable insights to reduce the risk and increase the speed of the drug development process which can
be achieved through manual or automated integration into the client’s workflow or analysis of discrete data sets.

In
the future, the second part of our strategy involves acquiring the rights to drugs at various