Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 38

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 38
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 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 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 up to an aggregate offering price of $20 million. The Company is
not obligated to sell any shares, and BTIG is not required to sell any specific number or dollar amount of shares of common stock. Accordingly,
the Company will not receive any proceeds from such transaction until shares are actually sold by BTIG. Subject to the Company’s
request to sell shares, BTIG will use commercially reasonable efforts, consistent with its normal trading and sales practices, to sell
shares of common stock on the Company’s behalf in accordance with Company instructions. Notwithstanding the foregoing, there can
be no assurance that the Company will be able to sell, when needed, sufficient shares under the ATM Agreement to fund planned operations.
In the nine months ended September 30, 2025, the Company received approximately $1.1 million of net proceeds from the sale of 693,487
shares of the Company’s common stock at an average price of approximately $1.58 per share.

In
September 2025, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant
to which Lincoln Park committed to purchase up