Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 63

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 63
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     663,891  
    $1.55  
     5.8  
    $964,513 

During
the three and nine months ended September 30, 2025, the Company recognized $792 of compensation expense related to certain warrants.
During the three and nine months ended September 30, 2024, the Company recognized $0 and $3,007, respectively, of compensation expense
related to certain warrants. 

As
of September 30, 2025, there was $3,958 of unrecognized compensation expense related to unvested warrants.

7.Income
                                            Taxes

The
Company has not recorded any tax provision or benefit for the nine months ended September 30, 2025 and 2024. The Company has provided
a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefits from deductible temporary
differences, net operating losses, credit carryforwards, and research and development credits are not more-likely-than-not to be realized
at September 30, 2025 and December 31, 2024.

8.Material
                                            Agreements

JHU-APL
Technology License 

In
February 2018, the Company entered into an exclusive, world-wide, royalty-bearing license with JHU-APL (the “2018 License Agreement”).
The license covers three (3) issued patents, one (1) new provisional patent application, non-patent rights to proprietary libraries of
algorithms and other trade secrets, as well as modifications and improvements. In October 2021, the Company executed an amendment to
the original license for improvements and new advanced analytics capabilities. In consideration of the rights granted to the Company
under the 2018 License Agreement, JHU-APL received a warrant equal to five percent (5%) of the then fully diluted equity base of the
Company, which was diluted following the closing of the Company’s IPO and subsequent financings.

    15

In
July 2022, the Company entered into an exclusive, world-wide, royalty-bearing license from JHU-APL for the additional technology developed
to enhance the bfLEAP™ platform (the “2022 License Agreement”). The new license provides additional intellectual property
rights including patents, copyrights, and know-how to be utilized under the Company’s bfLEAP™ analytical AI/ML platform.
This 2022 License Agreement supersedes the previous 2018 License Agreement