Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 80

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 80
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     (4,955,473)
  
    Net (decrease) increase in cash and cash equivalents 
    $(3,340,271) 
    $1,614,258  
    $(4,954,529)

Cash
Flows Used in Operating Activities 

Net
cash used in operating activities for the nine months ended September 30, 2025 was materially unchanged compared to the same period ended
September 30, 2024 primarily due to the reduction in our prepaid director and officer insurance policy premium offset by payments of
vendor payables.

Cash
Flows Used in Investing Activities 

There
was no cash used in investing activities during the nine months ended September 30, 2025 or 2024.

Cash
Flows Provided by Financing Activities

Net
cash provided by financing activities for the nine months ended September 30, 2025 decreased compared to the same period of 2024 primarily
due to proceeds from our secondary offering and warrant exercises in 2024 along with a reduction in our director and officer insurance
policy premium financing partially offset by proceeds from sales of common stock under our ATM Agreement.

Item 3.
Quantitative and Qualitative Disclosures about Market Risk

As
a smaller reporting company, this disclosure is not required.

Item 4.
Controls and Procedures

Evaluation
of Disclosure Controls and Procedures 

We
are required to maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15(e) under the Securities
Exchange Act of 1934 (the “Exchange Act”). In designing and evaluating our disclosure controls and procedures, our management
recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of disclosure controls and procedures are met. The design of any disclosure controls and procedures is
also based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential future conditions. We conducted an evaluation of the effectiveness of
our disclosure controls and procedures as of September 30, 2025. Based on this evaluation, our chief executive officer and chief financial
officer concluded that our disclosure controls and procedures were not effective as of the end of the reporting period covered in this
Quarterly Report on Form 10-Q as a result of the previously identified material weaknesses in our internal control over financial reporting
described