Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 73

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 73
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19

The
Company has incurred 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 public offering
of common stock and warrants. 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. Through September 30, 2025, we received
approximately $1.1 million of net proceeds from the sale of our common stock pursuant to the ATM Agreement. As of September 30, 2025,
the Company has a cash balance of approximately $2.1 million, which includes $0.1 million of restricted cash held by a financial institution
as collateral for the Company’s corporate credit card program. As of September 30, 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. This risk factor, as well as other 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 securing this additional capital through various
avenues including revenues from licensing agreements and collaborative arrangements within our operating business and/or the selling
of equity securities or entry into debt transactions. Although management believes that such funding sources will be available, including
pursuant to the Company’s at-the-market common stock sales facility under our ATM Agreement and pursuant to our equity line of
credit facility provided by our purchase agreement with Lincoln Park Capital Fund, LLC, there can be no assurance that any such arrangements
will 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 capital expenditures or enter into arrangements on unfavorable terms. We currently
do not have commitments for future funding from any source other than those noted