Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 77

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 77
---
 
    $1,402,549  
    $1,632,409  
    $(229,860)
  
    General and administrative 
     3,715,319  
     3,835,213  
     (119,894)
  
    Total operating expenses 
    $5,117,868  
    $5,467,622  
    $(349,754)

Research
and Development 

Our
research and development expenses for the nine months ended September 30, 2025 decreased, compared to the same period ended September
30, 2024, primarily due to a reduction in personnel costs and the allocation of certain personnel costs from research and development
to cost of revenue related to our collaboration with Eleison, partially offset by an increase in licensing fees.

General
and Administrative 

Our
general and administrative expenses for the nine months ended September 30, 2025 decreased, compared to the same period ended September
30, 2024, primarily due to reductions in our director and officer insurance policy premium and recruiting fees, partially offset by increases
in personnel costs and noncash stock-based compensation expense.

Other
Income (Expense), Net

Interest
income earned on cash held in an overnight sweep account was approximately $83,000 for the nine months ended September 30, 2025 as compared
to approximately $205,000 for the nine months ended September 30, 2024. The decrease was primarily due to a decrease in our average cash
balance.

22

Liquidity
and Capital Resources

Through
September 30, 2025, we have an accumulated deficit of approximately $21.8 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 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.

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