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

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 25
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 with the service providers to reflect the actual amount
expended.

General
and Administrative Expenses

General
and administrative expenses include personnel costs and costs associated with being a public company such as directors and officers (“D&O”)
insurance, audit and tax provider fees, legal fees, and exchange listing costs. Additionally, our general and administrative costs include
expenses for our business development, investor relations and marketing efforts. We anticipate our general and administrative expenses
increasing in the future to support our service offerings and clinical and pre-clinical research and development activities associated
with strategic partnering and collaborations.

Results
of Operations - Comparison of Three Months Ended March 31, 2025 and 2024

    March 31,  
    Net Change 

    2025  
    2024  

    Operating expenses: 

    Research and development 
    $576,260  
    $552,126  
    $24,134 
  
    General and administrative 
     1,480,360  
     1,413,592  
     66,768 
  
    Total operating expenses 
    $2,056,620  
    $1,965,718  
    $90,902 

Research
and Development

Our
research and development expenses for the three months ended March 31, 2025 increased, compared to the same period ended March 31, 2024,
primarily due to increased licensing costs and the expansion of our target discovery and validation efforts.

General
and Administrative

Our
general and administrative expenses for the three months ended March 31, 2025 increased, compared to the same period ended March 31,
2024, primarily due to increased personnel costs for employee hirings and fringe benefits.

Other
Income (Expense), Net

Interest
income earned on cash held in an overnight sweep account was approximately $40,000 for the three months ended March 31, 2025 as compared
to income of approximately $65,000 for the three months ended March 31, 2024. The decrease was primarily due to a decrease in our average
cash balance in our interest-bearing bank accounts.

Liquidity
and Capital Resources

Through
March 31, 2025, we have an accumulated deficit of approximately $18.8 million and have funded our operations primarily through the sale
of common stock, warrants and debt. We anticipate that our expenses will increase in the future to support our