Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 80

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 80
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,258  
     2,581,856  
     (105,598)
  
    Total operating expenses 
    $3,532,815  
    $3,647,681  
    $(114,866)

Research
and Development 

Our
research and development expenses for the six months ended June 30, 2025 decreased, compared to the same period ended June 30, 2024,
primarily due to a reduction in personnel costs, partially offset by an increase in costs for our target discovery and validation efforts.

General
and Administrative 

Our
general and administrative expenses for the six months ended June 30, 2025 decreased, compared to the same period ended June 30, 2024,
primarily due to reductions in our director and officer insurance policy premium and recruiting fees, partially offset by 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 $63,500 for the six months ended June 30, 2025 as compared
to income of approximately $143,413 for the six months ended June 30, 2024. The decrease was primarily due to a decrease in our average
cash balance.

Results
of Operations

Liquidity
and Capital Resources

Through
June 30, 2025, we have an accumulated deficit of approximately $20.3 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 service offerings, clinical
and pre-clinical research and development activities associated with strategic partnerships and collaborations, as well as acquired product
candidates. These increases could include increased costs related to the hiring of additional personnel and fees to outside consultants,
lawyers, and accountants, among other expenses.

In
February 2024, we completed an underwritten offering of common stock and warrants generating approximately $5.7 million of net proceeds.

20

In
October 2024, we completed a registered direct offering of common stock and pre-funded warrants, and concurrent private placement of
common stock warrants generating approximately $2.7 million of net proceeds.

In
April 2025, the Company entered into an ATM Agreement with BTIG, LLC, pursuant to which
the Company may offer and sell shares of common stock, from time to time in its sole discretion, at the market price and having an