Company: BFRG
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001493152-25-010367
Chunk: 710

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 7
Chunk 710
---
 associated with strategic partnering 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 2023, the Company completed its IPO of 1,297,318 units at a price of $6.50 per unit for a total of approximately $8.4 million
of gross proceeds. Each unit consists of one share of the Company’s common stock, one tradeable warrant to purchase one share of
common stock at an exercise price of $7.80 per share, and one non-tradeable warrant to purchase one share of the Company’s common
stock at an exercise price of $8.125.

In
connection with, and immediately prior to, the IPO, the Company also completed a 1-for-7 reverse stock split of our common stock.

In
connection with the IPO, a simple agreement for future equity (“SAFE”) and convertible loan agreement held by a related party
converted into 55,787 shares of common stock. Additionally, all outstanding convertible bridge notes and accrued interest were converted
into 276,289 shares of common stock and 276,289 warrants to purchase common stock and were issued to the holders of such notes at conversion.

 27 

In
April 2023, the holders of outstanding warrants exercised 436,533 warrants for common stock at various exercise prices and the Company
received net proceeds of approximately $1.5 million.

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.

During
2024, we received approximately $0.1 million from the exercise of warrants.

As
of December 31, 2024, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations
for at least a year beyond the filing date of the consolidated financial statements. These factors raise substantial doubt about the
Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company obtaining
the necessary financing and/or revenues to meet its obligations arising from normal business operations when they become due. Accordingly,
we will seek additional capital to continue to execute our strategy as discussed