Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 33

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 33
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 February 2024 and October 2024 offerings and our ongoing At-The-Market Sales Agreement with BTIG, LLC (the “ATM
Agreement”), we have implemented several initiatives including: investor relations and marketing to raise awareness for the Company
in the financial and business sectors, research and development, and initiation of 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 and consultants to accelerate execution and 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 LIBD. We are also continuing to
improve 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.

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