Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 49

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 49
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7 million, respectively, from the sale
of its common stock pursuant to the Company’s At-The-Market Sales Agreement with BTIG, LLC (the “ATM Agreement”). As
of September 30, 2025, 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 unaudited condensed consolidated financial statements. This risk factor, as well as
other 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 or revenues to meet its obligations arising from normal
business operations when they become due.

Accordingly,
the Company will require additional capital to continue to execute its strategy. The Company anticipates securing this additional
capital through various avenues including revenues from licensing agreements and collaborative arrangements within its operating business
and/or the selling of equity securities or entry into debt transactions. Although management believes that such funding sources will
be available, including pursuant to the Company’s at-the-market common stock sales facility provided by our ATM Agreement and pursuant
to the Company’s equity line of credit facility provided by our purchase agreement with Lincoln Park Capital Fund, LLC, there can
be no assurance that any such arrangements will provide sufficient capital when needed to allow the Company to continue its operations,
or if available, be on terms acceptable to it. If the Company does not raise sufficient funds in a timely manner, among other things,
it may be forced to delay, scale back or eliminate some or all of its research and product development programs and capital expenditures
or enter into arrangements on unfavorable terms. The Company currently does not have commitments for future funding from any source other
than those noted above. Furthermore, the issuance of additional equity securities may be significantly dilutive to the Company’s
current shareholders.

On
August 21, 2025, the Company received a letter from the listing staff of The Nasdaq Stock Market LLC (“Nasdaq”) that the
Company was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on Nasdaq pursuant
to Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”). The Stockholders’ Equity Rule requires companies
listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 or to meet alternatives of market value
of listed securities or net income from continuing operations, which the Company