Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 68

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 68
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 to access and use certain curated
LIBD datasets solely for the application of artificial intelligence and machine learning to drug development, excluding diagnostic uses.
The license was exclusive for an initial one-year term beginning upon receipt of the first significant tranche of data and was subsequently
extended. The Company is responsible for all costs associated with the development plan and is required to provide LIBD with the resulting
deliverables upon completion of the exclusivity period.

The
MOU outlines key terms for a future commercial agreement governing the potential commercialization of products or services derived from
LIBD data. Under the proposed structure, LIBD would receive royalties on net sales and a percentage of sublicense revenue, with rates
varying based on the source of commercialization. The Company has also agreed to provide LIBD with any such products or services free
of charge for LIBD’s internal research use.

9.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 9 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.

Subsequent
to the quarter ended September 30, 2025, the Company continued to raise capital through sales of shares of its common stock under its
ATM Agreement. Subsequent to September 30, 2025, the Company raised gross proceeds of approximately $1.6 million, before deducting commissions
and offering expenses, through sales of shares of its common stock pursuant to the ATM Agreement.

17

Item 2.Management’s
                                            Discussion and Analysis of Financial Condition 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 Quarterly Report on Form 10-Q, and (2) our consolidated financial statements, related notes and management’s discussion
and analysis of financial condition and results of operations in our Annual Report on Form 10-K for the year ended December 31, 2024,
filed with the Securities and