Company: BFRG
Filing Date: 2025-12-01
Form Type: 424B3
Source: 0001493152-25-025570
Chunk: 36

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-12-01
Form: 424B3
Chunk 36
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, business developments and opportunities that may arise. We may find it necessary or advisable to use portions of the proceeds we receive from our sale of shares of common stock to Lincoln Park under the Purchase Agreement for other purposes. Pending the use of any net proceeds, we expect to invest the net proceeds in interest-bearing, fixed income securities.

We will bear all of the costs, fees and expenses incurred in effecting the registration of the shares covered by this prospectus, including, without limitation, the registration and filing fees, printing fees, and fees and expenses of our counsel and our accountants, but all selling and other expenses incurred by the selling stockholder will be paid by the selling stockholder.

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<div align='center'>DILUTION</div>

The sale of common stock to Lincoln Park pursuant to the Purchase Agreement will have a dilutive impact on our stockholders. In addition, the lower our stock price is at the time we elect to sell shares to Lincoln Park under the Purchase Agreement, the more shares of our common stock we will have to sell to Lincoln Park to achieve the same gross proceeds amount, in which case our existing stockholders would experience greater dilution.

The amount that Lincoln Park will receive for our common stock when resold pursuant to this prospectus will depend upon the timing of sales and will fluctuate based on the trading price of our common stock.

As of August 29, 2025, we had a historical net tangible book value of $2,188,110, or $0.21 per share of common stock, based on shares of common stock outstanding at August 29, 2025. Our historical net tangible book value per share is the amount of our total tangible assets less our total liabilities, at August 29, 2025, divided by 10,249,805 shares of common stock.

After giving effect to the sale of 4,852,318 shares to Lincoln Park pursuant to the Purchase Agreement at an assumed price of $1.43 per share, the closing price of our common stock on Nasdaq on October 9, 2025, deducting estimated offering expenses of approximately $109,015, which includes $30,000 paid to Lincoln Park as reimbursement for certain expenses incurred in connection with the offering, and without giving effect to the Beneficial Ownership Cap under the Purchase Agreement, our as adjusted net tangible book value as of August 29, 2025, would have been approximately $9.0 million, or $0.60 per share.