Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 58

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 58
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in the purchase agreement, and may occur from time to time, at the Company’s sole discretion, over the 36-month period commencing
on the date that the conditions to Lincoln Park’s purchase obligation set forth in the purchase agreement are satisfied, including
that a registration statement covering the resale by Lincoln Park of shares of common stock that have been and may be issued to Lincoln
Park under the purchase agreement, which the Company filed with the SEC in October 2025, is declared effective by the SEC. No shares
were sold under this facility during the nine months ended September 30, 2025. In connection with this agreement, the Company issued
147,682 shares of common stock valued at approximately $207,000 to Lincoln Park as a fee in advance of any sales pursuant to this facility.

Dilutive
securities are excluded from the diluted earnings per share calculation because their effect is anti-dilutive. As of September 30, 2025,
73,449 shares of preferred stock, 6,940,042 warrants, 866,412 options for shares of common stock, and 342,030 unvested RSUs were excluded
from the calculation of net loss per share. As of September 30, 2024, 73,449 shares of preferred stock, 5,307,444 warrants and 849,427
options for shares of common stock were excluded from the calculation of net loss per share. For
each of the three- and nine-month periods ended September 30, 2025 and September 30, 2024, 274,286 pre-funded warrants issued
in 2020 as consideration for services were included in the calculation of net loss per common share.

2022
Equity Incentive Plan

In
November 2022, the Company’s Board of Directors adopted, and its shareholders approved, the 2022 Equity Incentive Plan (the “Plan”).
The Plan provides for the granting of equity-based awards to employees, directors, and consultants. The Plan provides for equity-based
awards including incentive stock options, non-qualified stock options, stock appreciation rights, performance share awards, cash awards
and other equity-based awards. Awards are limited to a maximum term of 10 years and any exercise prices shall not be less than 100% of
the fair market value of one share of common stock on the grant date. The Plan authorized an initial maximum number of shares underlying
awards of 900,000 with