Company: BFRG
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023560
Chunk: 52

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 52
---
    $-  

    Exercised 
     (14,285) 
    $2.66  

    Forfeited / canceled 
     -  
    $-  

    Outstanding at June 30, 2024 
     663,891  
    $1.55  
     6.1  
    $474,323 
  
    Vested at June 30, 2024 
     663,891  
    $1.55  
     6.1  
    $474,323 

During
the three and six months ended June 30, 2025, the Company did not recognize any compensation expense related to warrants issued as consideration
for services. During the three and six months ended June 30, 2024, the Company recognized $610 and $3,007, respectively, of compensation
expense related to warrants issued as consideration for services.

As
of June 30, 2025, there was no unrecognized compensation expense as no unvested warrants issued as consideration for services remain.

    13

7.
Income Taxes 

The
Company has not recorded any tax provision or benefit for the six months ended June 30, 2025 or 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 June
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.