Company: BFRG
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-009946
Chunk: 45

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 8
Chunk 45
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 for 2029 and $50,000 for 2030 and each year after until the first commercial
sale, after which, the annual minimum royalty shall be $150,000. The license agreement also contains milestone payments for patent grants,
clinical development steps through the approval of an NDA and commercialization. As of March 31, 2025, the balance of accrued expense
related to this license agreement was $0. The Company assessed whether the license should be capitalized and determined that the licensed
program is in the early stage and therefore may not be recoverable. The Company will expense the license fee and development costs until
commercial viability is likely.

7. Subsequent Events

The
Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the unaudited condensed
consolidated financial statements are issued.

Other
than as disclosed in this Note 7 and as may be disclosed elsewhere in the notes to the accompanying unaudited condensed consolidated
financial statements, there have been no subsequent events that require adjustment or disclosure in the accompanying unaudited condensed
consolidated financial statements.

On
April 25, 2025, the Company entered into an At-The-Market Sales Agreement (the “ATM Agreement”) with BTIG, LLC, pursuant
to which the Company may offer and sell, from time to time in its sole discretion, shares of common stock having an aggregate offering
price of $20 million through BTIG, as the Company’s sales agent. The Company is not obligated to make any sales of common stock
under the ATM Agreement, and BTIG is not required to sell any specific number or dollar amount of shares. Subject to the Company’s
request to sell shares of common stock, BTIG will use commercially reasonable efforts, consistent with its normal trading and sales practices,
to sell such shares on the Company’s behalf. The Company will pay BTIG a commission of 3% of the gross sales price of any shares
of common stock sold through BTIG under the ATM Agreement.

14

Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations

References
in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us”, “we”,
“our” and similar terms refer to the Company. The following discussion and analysis of our financial condition and results
of operations should be read in conjunction with (1) our unaudited condensed consolidated financial statements and related notes included
elsewhere in this